Over 35 years Commercial Real Estate Experience including Appraisal, Mortgage Banking, Underwriting and Consultation.

A sole proprietorship, providing advisory services in the areas of real property and business, including development, appraisal, consultation, feasibility and underwriting. Clients include both large and small financial institutions, corporations and individuals. A.R.E.A.'s network of associated professionals in development and lending has been established over more than 20 years experience and is truly national, from coast to coast, in scope.

Joined this ailing Savings and Loan to restructure both its mortgage lending policies and operations. On February 14, 1985, after FSLIC take-over I was retained (with both titles and positions) to continue these new and ethical policies during that period of reorganization. Under reorganization, new director ship was subsequently established by late 1986.

EXECUTIVE VICE PRESIDENT – CROCKER MORTGAGE COMPANY - LOS ANGELES

Underwrote and negotiated a $65,000,000 joint venture on behalf of Crocker National Bank which resulted in a 50% return on equity and a $52,000,000 construction loan with a $1,250,000 fee for the bank and a $350,000 fee for the mortgage company. All fees and profits were booked and the loan was paid in full.

Designed and participated in Crocker National Bank's Real Estate Committee which reviewed all bank real estate investments, resulting in a direct reduction of non performing loans.

Secured unique authorization from the Federal Reserve to allow Crocker to arrange equity financing which opened a new line of business generating over $800,000 in new fee income.

Conceived and wrote initial servicing evaluation model which provided Crocker Mortgage Company the valuation to sell over $700,000,000 of servicing providing a $6,000,000 profit.

Conceived and implemented the nations first conventionally backed single family pass-thru certificate for $80,000,000. This concept is now accepted throughout the single family lending industry.

Introduced the program of bullet loan financing with capital from pension fund G.I.C. accounts. This now represents the bulk of life insurance lending.

Created a system-wide word processing network with a communication link nationally, thereby reducing loan processing time over 30%.

Developed a profit center budget generating system reducing processing time from one month to five days, and providing management information on all business lines.

Implemented a processing fee schedule for Loan Administration Division which generated new income in excess of divisional operational costs.

Participated in the design and initial sales of New York Life's Real Estate Separate Account designed for pension funds, resulting in generating $25,000,000 of new real estate capital during the first year of sales.

Introduced the program of a domestic letter of credit as a replacement for liquidated damages on mortgage loan commitments. This is now a standard industry procedure.

Launched internal rate of return analysis (IRR) on equities and joint ventures at New York Life while holding position of acting Chief Appraiser, a position formerly held by L.W. (Pete) Ellwood. This methodology has been accepted as the industry standard.

Developed the theory and wrote the tables for mortgage loans with payments calculated in arrears and payable in advance.

Majors in Real Estate and Finance

Minors in Economics and Urban Economics

Qunninipiac College

Major in Accounting

Columbia University

School of General Studies

American Institute of Real Estate Appraisers

Completed Experience Requirements for MAI Designation in 1977

New York Life Insurance Company Advanced Management Training

Crocker National Bank Advanced Management Training

Life Insurance Executives Seminars-Rockford, IL

Over 28 years experience as a commercial mortgage loan underwriter and appraiser for the life insurance, commercial bank, savings and loan industries. Appointed as an executive officer under the FSLIC management by consignment program. Acting as a Real Estate Consultant for the past fifteen years.

American Guild of Appraisers, Guild 44, AFL-CIO

National Association of Review Appraisers and Mortgage

Underwriters. (CRA, RMU)

American Bankers Association

Mortgage Bankers Association

California Mortgage Bankers Association

Southern California Mortgage Bankers Association

National Association of Home Builders

Urban Land Institute

Corporate Strategic Planning Committee

Electronics Applications Committee

CROCKER NATIONAL BANK

Real Estate Industries Investment Committee

Executive Committee of Crocker Mortgage Company

AMERICAN DIVERSIFIED SAVINGS BANK

(Appointed under FSLIC MCP Program)

Chairman of Investment Committee

Management Committee

Executive Committee

Finance Committee

Michigan Real Estate Broker

Michigan Brokers License #6501250515

Passed State Certified Appraiser Examination July 16, 1991

Michigan License I.D. #1201001015