Loan Application

Date:       April 5 2006

To:          Al Baillères

                                Mortgage Funding Trust

Re:          Loan Request

Loan Thesis:  We are seeking a loan of $950,000 to refinance

Original Purchase Date and Price:  May 1995 for $1,445,000

Terms:  One year note, monthly payments interest only. The loan of $950,000

1. Use of funds:  The $950,000 will refinance a 24,000 sq/ft building on a 1.4-acre site that appraised in 2002 for 1,950,000.  The current loan is being called due, its balance is $924,775.   The borrower will bring any additional funds required to closing in the form of cashiers check

2. Building acquired in 1995 at $1,445,000

3. Collateral: 24,000 sq/ft one story commercial building, and a 2^nd on personal residence

4. Value of Collateral: $2,000,000+

5. FICO: 771

6. Occupation: Lawyer (refer to enclosed resumé)

7. Borrowers annual income: $455,000

8. Borrowers Net Worth: $4,675,000 (refer to enclosed financials)

9. Cash contributed by borrower:  $700,000

10. A brief history: The building was originally built in 1992.  It is currently 70% leased, generating $170,000 in gross annual revenues in rents (refer to enclosed financials).  Front section of property remolded and opened as a legal office - owner/operator.

LOAN DETAILS:	Approved / Funded
Loan Amount	$950,000
Origination Fees	$66,500
Interest Rate	15%
Term	1 year interest only
Personal Guarantees	owner/occupant
Additional Guarantor
Collateral	subject 24,000 sq/ft building + primary residence
Appraised value of subject property	$2,000,000
Gross annual rents	$170,0000