SPRING BRANCH TOWNHOMES, LP	HOME
FRENCH ESTATES (update 2/9/03)	UPDATE

Partnership Formed:	Spring Branch Townhomes, LP (12/21/2001) 800038890 EIN 68-0505899
Loan Status:	Foreclosed; property sold.
Borrower / Developer:	Al Bullard; Woodbend Builders has finished construction for the partnership
Develop / Project Stage:	100% complete
Project Name:	French Estates
Property Address:	7733 Longpoint, Houston, Texas 77055
Guarantor:	None
Loan Funding Term:	None
Original Loan Amount:	$2,980,000.00 15%
Principal Balance:	$2,653,839
Stage Funding Due:	None
Title of Property:	Property Sold to Woodbend Builders
Lien:	None
Advances by Premiere:	$2,035,108.69
Exit Strategy:
General Partner:	Jefferson Advisors GP, LLC
Loan Maintenance by:	Jefferson Advisors GP, LLC
Description of Prop:	Residential lot development; 3.867 acres Property includes 2 model townhomes, and 24 undeveloped lots. The sale has been completed. The net proceeds after taxes and closing costs resulted $781,808.65. The partnership has settled with the estate for cash to the partnership in the amount of $500,000. We will be making a distribution as soon as we receive the estate money, and the investors return their verifications of investment. We will have some costs of attorney's fees and accounting costs. 2/9/03 A final payment of $500,000 was received by the estate. The amount has been distributed to the investors, except for $30,000 is was held as a reserve for payment of attorneys fees and accounting. Any remaining amount will be returned prorata to the investors by 3/04.

Photo of Property, if available:

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