1. CONDO HOTELS ARE RED HOT… …condo hotel mortgages are not

2. defining ‘condo hotel’ Condo w/ Rental Program: a traditional condo with a working kitchen, over 600 sq ft, possibly with access to hotel amenities, but situated outside of the hotel. Less than 15% commercial space in the project. Financing is plentiful, easy and up to 100% for your buyers thru FNMA/FHLMC. Resort Condo: similar to above, a traditional condo ‘carved out’ within a mixed use resort, may participate in limited rental program, but likely to be used primarily as second home. Condo Hotel: typically a new construction hotel project, with suites that exceed 600 sq ft, traditional living floor plans with kitchens. Condo units are part of the nightly/transient rental business of a commercial hotel. Hotel Condo: typically a conversion of an existing hotel to condo ownership. Units are less than 600 sq ft, have limited kitchen/wet bar, full hotel amenities, nightly rental, entirely part of the commercial hotel operations. Limited second home use, a rental for 11+ months/yr. Condotel: a less than 3-star motel that has been converted to condo ownership. Yesterday’s product. Learn more@ www.vacation-finance.com **Source: Bob Waun, White Paper #4, Oct 2005www.vacation-finance.com America’s First Second-Home Lender

3. Lender’s View of Condo Hotel/Hotel Condo we are a developer’s best exit strategy… buyer financing is your problem too… a condo-tel (motel) is not a condo hotel, many lenders do not see a difference lenders do not use the rental income to qualify why FHMLC/FNMA/lenders struggle to finance condo hotel: –less than 600 sq ft –no ‘real’ kitchen –commercial percentage > 15% –less than 2 years turned over to HOA –separately metered utilities –pooled rents –commercial investment property or second home? –timeshare/fractional content –> 20% project concentration –no secondary market – yet… we’ve been thinking ahead… America’s First-Second Home Lender www.vacation-finance.comwww.vacation-finance.com

4. 80% portfolio arm mortgages rates within 75 bps of a typical investment home purchase no minimum sq ft or kitchen requirements a ‘real’ understanding of a true condo hotel and why your buyers want them 100% project financing – one stop experienced people who understand buyers to reinforce your sales effort Unique Insurance and Commercial Loan solutions unique point-of-sale joint marketing relationship (with approved projects/developers) we offer… America’s First-Second Home Lender www.vacation-finance.comwww.vacation-finance.com

5. get your project approved for end loans –documents needed are listed on www.vacation-finance.comwww.vacation-finance.com have your buyers pre-approved on site. when you bought your last car, did you wait 2 weeks to get approved for the loan? –see our exclusive quick app at www.vacation-finance.comwww.vacation-finance.com does your project work for a second home buyer? –is it an expense offset or are you selling income? is your sales effort complimented by the banker’s message? America’s First-Second Home Lender www.vacation-finance.comwww.vacation-finance.com let’s work together

6. Bob Waun, CEO bwaun@vacation-finance.combwaun@vacation-finance.com Tom Balames, Chairman Sharon Jacon, VP Florida Lending Sara Hansemann, VP Operations JH Heck, N. MI Lending Ed Walsh, Commercial Lending George Yedinak, Wholesale Lending Danielle Hammel, Ins/Risk Mgmt Over 15 years experience on average… Get to Know Our Experienced Team… America’s First-Second Home Lender www.vacation-finance.comwww.vacation-finance.com

7. You’re buyers are elated about their condo hotel purchase while on vacation… What will they worry about when they go home? “buyers remorse is a natural/real phenomenon” Answer their concerns before you close the sale… –Financing: get your buyers approved at the point of sale –Insurance: We have developed a unique condo hotel liability insurance product, that truly covers your buyer’s risks –Appraisals: our staff appraisers understand what a condo hotel is and is not, we know how to properly value your project’s sales –Title Insurance: why spend hours explaining your project to a title company, we have pro’s who already understand leave nothing to chance More @ www.vacation-finance.comwww.vacation-finance.com

8. own your vacation vacation-finance.com America’s First-Second Home Lender www.vacation-finance.comwww.vacation-finance.com