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Monday, November 01, 2010 <br />Paul Cie <br />Advantage Townhome Management, Inc. <br />4756 Banning Ave, Ste 220 <br />White Bear Lake, MN 55110 <br />Clear Paul: <br />Thank you for the $402,000 loan inquiry on behalf of the Labe Joc.;ephine Apartment <br />Association. I regret to inform you that the Association does not rneet our underwriting <br />requirements for minimum project down payment and collateral requir(�ments for <br />financing. Lake Area Bank requires that constructionlrenovation projects have a <br />minimum of 25% of the project cost as a project down payment. Also, since the <br />Association does not own the real property where the common area improvements are <br />proposed, there are limited viable alternatives for securing the loan amount. I <br />appreciate the opportunity to review your request and look forward to assisting you and <br />the Association with future banking needs. <br />Sin,00rely, �$ <br />Ile <br />f . Ze �. <br />Paula R Williams <br />Vice President <br />Lake Area (Bank <br />Visit Us Online .,fit: www.lakeareabank.com <br />Rhone Banking 24 hours a day, 7 days a creek Metro (6S1) 2S7 -1115 Toll Free (888) 257 -111S Member FIT <br />.,Almelund ® Forest Lake v Harris a Hugo a Lindstrom e Maplewood ® Stilliffater a White Bear Lame <br />