Jim,

 I would appreciate your help in locating financing for the project I 
described to you last week.  The project is a 134 unit apartment complex in 
San Marcos.  There will be a builder/developer plus myself and possibly a 
couple of other investors involved.  As I mentioned last week, I would like 
to find interim financing (land, construction, semi-perm) that does not 
require the investors to personally guarantee.  If there is a creative way to 
structure the deal, I would like to hear your suggestions.  One idea that has 
been mentioned is to obtain a "forward commitment" in order to reduce the 
equity required.  I would also appreciate hearing from you how deals of this 
nature are normally financed.  Specifically, the transition from interim to 
permanent financing.  I could use a quick lesson in what numbers will be 
important to banks. 

 I am faxing you a project summary.  And I will have the builder/developer 
email or fax his financial statement to you.

 Let me know what else you need.  The land is scheduled to close mid January.


Phillip Allen