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AMERICAN CAPITAL RESOURCE
January 30, 1996 Alphonse Moucad, President V & M Management, Inc. 10 Hammond Street Roxbury, Massachusetts 02120 Subject: Mandela Apartments Roxbury, Massachusetts Dear Mr. Mourad: Upon analyzing Mr. Robert F. Munro's (CPA),worst case scenario Cor projected 1996 earnings, for the subject project/ ACR would be able to refinance to project in an approximate amount of $9,000,000. This would be based on the 1996 Net Operating Income (N0I). Mr, Munro's figures are based on the likelihood of the rents being converted from Section 8 rents to Market Rents. ACR is very able and committed to refinancing this project, subject to the NOT. Should you have any questions please feel free to contact me at your convenience, Very truly yours, Larry Nelson, Vice President |