SIGNET PARTNERS

FINANCIAL SERVICES

Mortgage Underwriting, Debt Workout & Restructure

Loan Review, Risk Analysis & Cost Mitigation

Transaction & Litigation Management

Professional Staff Augmentation

Asset Due Diligence & Valuation

Evaluation of financial feasibility and real property performance are fundamental to our company's capability. Since inception in 1988, Signet has combined physical inspections, market assessment and financial analysis into a comprehensive underwriting service for the purpose of determining economic viability under financial conditions. Whether the objective is to justify investment, determine property redevelopment feasibility, or restructure debt for future performance viability, Signet is able to provide expert guidance. Signet has continuously served bank regulators, federal agencies and private investors in the financial alignment of property investment and performance. Our bank and regulator debt workout experience includes a broad variety of commercial, residential and development loan portfolios. These underwriting skills, honed over the last 25 years, have also been applied to the financial restructure of low income multifamily projects nationwide, redevelopment feasibility of federally-owned office and industrial properties and performance oversight of loan workouts and restructures conducted by lenders.

Representative Engagements

Clients

U.S. Dept. of Housing and Urban Development, Office of Recapitalization (HUD) - May 1999 to Present

Scope

1997 legislation prompted the HUD "Mark-to-Market Program" (M2M) for the comprehensive underwriting, subsidy realignment and debt restructure for 10,000 expiring FHA-insured Section 8 project-based multifamily properties, housing 1.6 million tenants. Now in our 15th year of project participation, Signet has applied the M2M program to over 900 properties in 35 states, resulting in $850 million in loan restructures and saving approximately $400 million in excess rent subsidies. Noteworthy services include:

Comprehensive modeling to underwrite property economic potential, restructure debt and conduct post-closing monitoring.

Assessment of existing property management, financial performance and ownership controls.

Market subsidy analysis, pro-forma and capital reserves modeling, physical needs assessment and property valuation.

Financial and transactional structuring including 3rd party ownership conveyance, tax credits and grants of additional funds for capital improvements.

Transaction management, including negotiation (on HUD's behalf) regarding debt restructure, Section 8 subsidies and capital reserves and closing coordination with owners, HUD, housing authorities, lenders, legal counsel, title companies and post-closing dockets.