Lincoln Property Company I thought that I would send this letter of recommendation to you who have assisted us over the years. It has been a pleasure working with you in the structuring and negotiation of the transactions that we’ve been involved in together. In our last transaction, I appreciated the very quick response with which you were able to make the equity placement with your institutional partners. Quick response is something everyone in the development business needs. Your relationship approach to lending is certainly appreciated. Whether it was our $75,000,000 project in Seal Beach or a small $7,000,000 refinancing, the size didn’t matter…the response was always there. It’s a pleasure to do business with someone that understands the transaction in depth and detail as you do. We look forward to doing more business with you in the future as we go forward. Bill Hirsch,Partner Ryland Homes/M.J. Brock & Sons, Inc. I’d like to take the opportunity to thank you and your staff for your recent efforts on behalf of J.J. Brock and The Ryland Group in locating financing in some difficult areas, particularly with regard to our rancho Vista project in Palmdale. We certainly appreciate the substantial due diligence efforts you have undertaken in understanding the projects and presenting them to the most viable lenders in the marketplace. We intend to utilize you and your firm as a prime resource in helping us meet our financing needs. Alan J. Mikal,Joint Venture Administrator Pendleton Development Limited LLC, Dallas • Phoenix We would like to acknowledge our appreciation to your firm for handling our 1999 development financing and equity needs. The hybrid equity structure you developed with AMRESCO for our $18,000,000 StoneGate Village project has made the project a financial success. Furthermore, your ability to provide an equity source for our second Chandler, AZ project, a $31,000,000 – 392 unit luxury apartment community in just 8 days was truly nothing short of amazing. Larry White, CPM,President Michael Andrew Group, Inc. Our firm has had the pleasure of dealing with Richard Hill Adams for the last several years. Richard Hill Adams has represented the Michael Andrew Group in the financing of several projects both in Northern and Southern California during this period of our relationship. The financing provided has covered construction loans, joint ventures, and straight debt financing for our projects from multi-family to single family for sale product. In a project which was just completed for the build out of 272 houses in the Sacramento market, Richard Hill Adams arranged a $43,521,000 commitment to provide acquisition, development and construction financing on very favorable terms in a participating mortgage structure. We have currently engaged Richard to provide straight debt financing for our projects and look forward to doing more business with him in the future. R. M. Scharringhausen,Chief Executive Officer G & G Investment Company I would like to take this opportunity to thank you for your highly professional approach to providing financing for some of our real estate projects over the past few years. Whether we needed joint venture financing or straight debt, from forward commitments to refinances, you were always there to assist us. The greatest asset you bring are the business relationship’s you have created with your lenders over the years. Your knowledge of the finance markets combined with due diligence have made your financing structures work for all concerned. I would recommend your services to anyone who asked. Good luck in the future. Robert H. Grant Hopkins Real Estate Group I just wanted to drop you a note to thank you for your hard work and effort in procuring and consummating a new loan… Obviously, your hard work and diligence paid off. It took a very coordinated effort to put everything together, and you made everything seamless. Stephen C. Hopkins Centennial Capital, Inc. Richard Hill Adams has provided Centennial Capital, Inc. (CCI), and its affiliates with real estate consulting services, mortgage underwriting services and mortgage brokerage services. Richard has performedhis duties in the utmost professional manner and produced results through his efforts on our behalf. In conclusion, I highly recommend the real estate/mortgage banking services provided by Richard Hill Adams. CENTENNIAL CAPITAL, INC. Douglas, J. Crozier, President Munson Properties We would like to thank you for your support of Munson Properties during 1987. With your involvement and many others, we were able to have another outstanding year. Again, thank you for the opportunity to work with you ....... Laurance N. Munson,President Grant Realty Group Now that the dust has settled on the purchase of Lynnehaven, I wanted to take time out to thank you and reflect on what you managed to accomplish. Having known you for the many years that I have I was familiar with the many contacts that you maintain in the financial community. This was a chance to put you to the test. In a very short time a first trust deed was arranged and a lender for the equity portion was identified. Just when I thought we had it made, the equity lender had to pull out leaving us dead in the water. Within one day you had another institution identified to fund the equity. Then in just five working days documented and funded the equity portion. If it had not been my deal, I would not believe it possible to conclude financing that quickly. Gerald Grant,Managing Partner Cove Properties, Inc. Richard Hill Adams has represented Cove Development and its various partnerships over the last several years to provide project financing. Richard Hill Adams has been involved in financing projects for Cove from as small as $4.5 million in construction financing to a $58 million roll-up representing 13 properties in three separate counties in Southern California for entity joint venture financing. The last transaction which was closed for Cove was approximately $10 million in construction financing with a mini-perm feature for an industrial development in the Santa Ana Canyon. Through the years we have found real estate lending to become harder with the demise of the savings and loan industry. In recognizing the difficulty in construction financing in today’s lending environment, we have been very pleased with the performance of Richard Hill Adams for providing financing solutions for our project lending. We look forward to working with Richard Hill Adams in the future and highly recommend his professional services to the real estate community. Bert Ryan,Executive Vice President Riley Bower, Inc. Real Estate Development and Construction Your diligence and experience enabled us to obtain financing during a period when most lenders had adapted a “wait and see” attitude and funding was hard to come by. The $8,400,000 construction/permanent loan and the $1,400,000 in equity financing funded in a timely manner and enabled us to close our land escrow and begin construction on schedule. All this and at terms which we considered under market. All of us at Riley Bower extend to you our appreciation for a job well done. James S. Riley,President IDM, Corporation Please accept my sincere appreciation for the fine work you’ve done on behalf of IDM. In both the Oak Park Development ($44,000,000, 444 unit apartment community), and the Mid-Wilshire Mixed-Use Development ($24,000,000, mid-rise office and apartment complex), you have provided us excellent results and service. In reviewing qualities setting your firm apart, I’m convinced your depth of resources and knowledge in the financial marketplace are two of the more significant factors. Additionally, the conferences you chair across the nation provide you and your client’s tremendous real estate lending opportunities. Shel W. Glina,Vice President, Acquisitions Dynex Residential I was reflecting on our clients and the financing that we have provided to you and the Mira Flores project came to mind. When we made the loan to your company for almost Four Million Dollars in thirteen days, I think we set a record for performance to a new borrower. You should receive credit for making it easy by providing one of the best loan packages that we have ever seen. It was complete and thorough, a lenders delight. If you ever need a reference for the quality of work or the way that you handled the facility, please feel free to use Dynex Residential and myself as a reference. Thomas R. Kranz,Senior Vice President United Commercial Bank I would like to thank you and congratulate you for the funding of the Mira Murrietta LLC deal recently. United Commercial Bank, and myself in particular, appreciate the professionalism exhibited by you and the employees of your firm. Your responsiveness and understanding of this complex transaction made the deal much easier to complete. Again, we appreciate your business and I look forward to reviewing your next loan package. Douglas M. Koerber,Vice President Long Beach Mortgage Company This letter is to verify that while I was an officer with American Realty Advisors, Inc. an affiliate of Southmark Corporation, you placed approximately $50,000,000 in commercial loans through our company. The largest of the credits was on a substantially completed quality high rise condominium project in Long Beach, California known as The Ocean Club for approximately $25,000,000. I have a high regard of your business connections and relationships. I have worked with you for a number of years and look forward to working with you in the future. Jule J. Keen,Division Vice President PFF Bank & Trust I wanted to take the opportunity to thank you for the business relationship between PFF Bank & Trust and American Realty Capital Advisors, Inc. Thanks in part to your efforts, the Bank’s construction loan department increased originations by approximately 50 percent in 1996. We appreciate you and your firm’s professionalism and knowledge of product. From a personal stand point, I have enjoyed working with you over the past five or six years and together we have been able to provide what I would classify as outstanding customer service (originating loans within 30 days on occasion these days is not small feat). Kevin R. Brooks,Vice President,Manager, Major Loan Dept. National Bank of Canada It is my pleasure to recommend Richard Hill Adams to your financial institution. I have known Richard for five years. The National Bank of Canada recently closed two commercial real estate loan transactions for $25 Million to a large, well-know local developer. Richard performed in a very timely and professional manner. It is their practice to take minimal time from the lender and to provide maximum time for “doing the legwork” throughout a transaction. I look forward to continuing a successful relationship with this organization. You are welcome to contact the undersigned should you require further information. Sandra Rudy Brown,Vice President GE Capital GE Capital has developed a successful, ongoing business relationship with Richard Hill Adams and its Chairman, Richard Adams. Throughout this period, Mr. Adams has continually demonstrated a high degree of professionalism in representing his clients, while promoting a “spirit of teamwork and cooperation” between lender and borrower. The projects which have been submitted to GE Capital by Richard Hill Adams are always thoroughly researched and well prepared. Mr. Adams and his company have always been responsive and display a positive “can do” attitude. Thomas D. Pomeroy,Western District Manager Pacific Federal Savings and Loan Association We can and will attest to the excellent relationship that has developed over the past years between you and our association. The loan submissions received from your company are complete in detail and are of excellent quality. In addition to these verifications, we will be most pleased to reaffirm our confidence in your own personal integrity and business acumen. I will be most happy to recommend you and your company as an excellent source of business. Sam P. Swaringen,Vice President Bank of America We have had a successful relationship with Richard Hill Adams. The loans which they referred to our Bank were from builders and others for whom we were able to provide funds. “The loan packages that they prepared were excellent. Our experience has been good and they have tried to help borrowers that we have referred to them. We recommend them for their professionalism and stand ready to do business with them in the future. John C. Tunks,Vice-President Fidelity Federal Savings and Loan Association For the past six years the undersigned has had a good working relationship with Richard Hill Adams. I have found they represent their clients in a highly professional manner in placing loan requests with various lenders. They present thorough loan packages and have an excellent knowledge of the transactions in which they are involved. They communicate well between borrower and lender and know each lender’s lending criteria in order to place packages in a timely manner. I highly recommend the services of Richard Hill Adams. Philip B. Goss,Vice President, Production ManagerMajor Loan Division Gibraltar Savings It has been my pleasure to have known Richard Adams since 1980. In my capacity as a loan officer at various associations, I have dealt with them on all types of real estate. From multi-family to retail centers they have consistently delivered quality packages that were thoroughly underwritten for qualified borrowers. I can honestly say that Richard Hill Adams is one of the leading professional firms that I have had the pleasure of maintaining an ongoing business relationship with. Les Rahmeyer,Loan Production Officer Income Property Lending Marine Midland Bank It was certainly good seeing you again last week. It’s hard to believe that it has been almost two years since we last worked together. You haven’t changed at all and still have the ability to jiggle multiple projects simultaneously. Let’s continue to keep in touch and I look forward to the next time we have an opportunity to work together. Thanks for lunch and good luck to you in the future. Joseph H. Suppers, Jr.,Vice President Corporate Real Estate Services Wells Fargo Bank Mr. Richard H. Adams has been known to me for approximately three years. During that time he has referred real estate loans to Wells Fargo Bank. The vast majority of referrals have been good quality loans and submitted in a neat and complete package. I would estimate that at least 75% of these loans have been approved by Wells Fargo Bank. F. R. Grohmann,Assistant Vice-President and Manager Deloitte & Touche I wanted to take a moment to thank you for all of your diligent efforts on my behalf in assisting us with placing the first trust deed loan on our new personal residence in Corona Del Mar. For my wife and I, the process was painless and smooth, no doubt due to your efforts on our behalf. Everything you said would happen did in fact happen, and it was a pleasure working with you. I look forward to having the opportunity to work with you again in the future, and again many thanks for all of your help. Mark C. Colman, Managing Partner of Real Estate Practice Pizza Hut Just a quick note to thank you and your staff on the recent refinance of my home here in Orange County. I’ve dealt with a number of lenders and brokers over the years, and have never experienced the type of professionalism that you exhibited. From the loan application in my office to closing, you delivered on your promises…something rare in your industry. Richard, I would highly recommend you to friends and associates. Good luck to you as the economy improves in California. William F. Schrader, Jr., Director of Real Estate | 
