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January 9, 2007

Monroe & Giordano Offer Lower and Fixed Closing Costs

Tampa, Florida—Monroe & Giordano, a Tampa-based mortgage company specializing in manufactured home communities nationwide, has been successful in providing substantial savings on closing costs. By utilizing "small balance" programs offered by some of its lenders, closing costs can be limited to $12,500 to $15,000. This includes the appraisal report, environmental report, engineering report, site inspection, processing fee, credit reports, insurance review and best of all--the lenders legal fees to close the loan. Below are listed the recent closings that utilized this "low cost" program:

Sharpes Manufactured Home Community was purchased and closed with a loan of $1,933,750. The loan was 85% of the purchase price of $2,275,000. A holdback of $400,000 will be funded when the rent increase goes into effect in January 2007. The age restricted community is located in St. Cloud, Florida. The four-star property is 99% occupied. Built in 1977, the 88 sites are on 15 acres.

Sunshine Village in Lakeland, Florida received acquisition financing in the amount of $2,500,000. The three-star, all-age community started leasing home sites in 1974. It is situated on 47.38 acres. Of the 303 finished sites, 74% are leased. The new owner intends to do substantial improvements to the property and fill the vacant sites with quality residents.

Tice Courts Manufactured Home Community in Ft. Myers, Florida was refinanced. The three-star, retiree community contains 74 mobile homes, 30 RV's, 2 apartments and a rental house. The owner purchased the property in 2002 and has completed major renovations. There is a holdback of $275,000 to be funded upon the rents being raised on January 1, 2007. The loan was a 10 year term with a 30 year amortization at a 5.99% interest rate.

Colonial Manufactured Home Community was purchased and closed with a loan of $1,507,500. The purchase price was $1,700,000. The age restricted community is located in St. Cloud, Florida. The three-star property is 97% occupied. Built in 1970, there are 48 doublewides on 68 sites which are situated on 7.78 acres.

J. Cary Monroe and Michael B. Giordano, with over 30 years experience in commercial real estate lending, have established the commercial mortgage banking firm of Monroe & Giordano which is active primarily in the Southeastern United States. The firm represents numerous lenders that are extremely active for properties of these types. Monroe & Giordano have proven they have the ability to provide their borrowers creative solutions based on each borrower's unique needs.

Monroe & Giordano have offices in Tampa, Florida and may be reached at 813-229-5055.