Update (a) What is “Private Mortgage Finance”? Briefly put …

Private lending is fundamentally "the oldest form of mortgage lending".  The borrower and lender have a direct, personal relationship. It is the lender who is  the mortgagee and who holds the security. With financial institutions, there is no  such direct relationship in the sense that the institution makes loans using funds  which have either been pooled for the specific purpose of making that loan or raised  from the capital markets, deposits by investors or other security instruments for  making loans generally. We operate in the private lending market in its simplest form. We collect, and present material and information to private investors in a format  where the investor may complete due diligence and make an informed decision as to whether or not to make a loan. We are mortgage managers. By its nature, private  lending is usually a transitional or “bridging” loan alternative or supplement to  institutional funding for reasons varying from urgency to time relief for sales of  leftover development stock after maturity of the development loan. There may be  many reasons, and each proposal is treated as a clean canvas. It is not intended to  be an alternative to longer term, institutional funding and is priced accordingly. Urgency, location, nature of the security, equity and the exit strategy is of key  importance.