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-----Original Message----- From: [log in to unmask] <[log in to unmask]> To: [log in to unmask] <[log in to unmask]> Date: Sunday, July 05, 1998 8:59 AM Subject: Business WAS I SLOW IN GETTING THAT ONE DONE FOR YOU? THE TIME IT HAS TAKEN TO WORK UP THIS SUCKER NOTWITHSTANDING, I AM CONSCIOUS OF THE NEED FOR SPEEDIER WORK AND I WILL "DO BETTER." THIS ONE HAS JUST BEEN..... WELL, NOT OVERWHELMING, BUT DEFINITELY A CHALLENGE. I GUESSED WRONG A NUMBER OF TIMES ON WHAT DO BUT THERE WAS A LOT OF INFO, SOME CONTRADICTORY, SOME UNREADABLE, ETC. ENOUGH EXCUSES. ONE THING THO, IF THEY HA D GOTTEN YOU THE DETAIL ON '97 THAT YOU ASKED FOR IN YOUR 5/30 FAX TO THEM IT WOULD HAVE GONE QUICKER. I HAVE EXACTLY 1 PAGE ON "97. >Not any easy one. Lost Santa Monica to Nomura. Soon as the broker showed it >to them (now based in SF), they put 4 people on the phone with the borrower. >Immediately sent 2 people to SM, plus a CB Commercial appraiser, who had just >appraised another medical building for Nomura a block away. They committed it >within a week. I found this all out when I went back to the broker to reduce >my spread from 155 to 150. Nomura did it at 150, but no reserves after this >rollover - the latter would have been a problem in any event. > >Sirata > >Got some problems. Your footnote says you didn't count the restaurant rent >that phased in in mid-1997, but you did use it for 1999 and 2000. Why the >difference? NO IDEA. I DIDN'T REVISIT '97 BEFORE I SENT '99 & '00 OFF TO U LAST NIGHT. I need help getting to the initial loan too, after I figured out >some of your numbers. That is what counts for the big jump in Other Income, >from Actual 1997 to 1999? > YUP. THE RENTAL INCOME FOR THE TWO RESTAURANTS IS IN BOTH '99 & ''00 AT $120,000 PA (ALTHOUGH THERE IS SUPPOSED TO BE SOME KIND OF ANNUAL ADJUSTMENT TO ONE OF THEM AT LEAST). >Actual Rooms Department expense was 24.5% in 1997. There is no way in the >world David will buy it dropping to 19.7%, especially when Smith's confirms >the original percentage. > RAISED IT TO 23% AND NOW LOAN AMOUNT IS JUST UNDER THEIR ASKING AMOUNT - $24.2MM. I HAD TO ADD $283,000 TO EXPENSE TO DO IT. TO USE THIS HIGHER EXPENSE YOU WOULD HAVE TO BUY INTO THE IDEA OF USING THE PROJECTED BANQUET INCOME THO.. Here's the spreadsheet on which I've been trying to come up with Current >Underwritten numbers. I AM SENDING BACK MY SPREADSHEET WITH THE 23% CNANGE. DO YOU WANT ME TO CONSOLIDATE THE SHEETS.? [I AM HAVING TROUBLE SAVING THE SPREADSHEET. JUST ADD $283,149 TO ROOM DEPT EXPENSE. I HAVE TO DO] I AM LEAVING TO GO TO CAMP IN A HALF HOUR. I HAD AGRREED TO STAY ALL DAY BUT WILL BE HOME THIS EVENING. (FIRST YEAR SINCE 1987 I AM NOT STAYING OVERNIGHT AT CAMP) wHAT DO YOU WANT NEXT FROM ME AT THIS STAGE ON THIS APP? LOOKS LIKE A NICE DAY OUT. I PLAYED GOLF WITH A WOMAN ON SANNIBEL WHO TOLD ME SHE SAW AN ALLIGATOR SNEAK UP AND EAT A PELICAN. THAT MUST HAVE BEEN A SIGHT.