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3/1/2011 <br />ks ay r filling a <br />~OanS, Ufi... <br />Not on raw land (unless VERY LOW loan-to-value) <br />Property appraised values depressed due to weak <br />sale market <br />Regulators forcing banks to "whip their loan <br />portfolios into shape" <br />Developers have to "buy down" loans to achieve LTV <br />guidelines <br />Result of lower LTV, lower appraised values: ~,:; - ~,~ f~'~7 :r~` <br />more developer equity required ~ ,~~~~~ ~~ ~,~ ~ ~~, <br />T '~ 4 <br />iri ~ ~r, EWE rr~ uii~', r~6rc ;' <br />bevel ers r el e <br />a achy <br />Reduced people resources <br />Reduced capital available for "pursuit" (pre- <br />development) costs <br />Focus on investing resources to create 201 1 or <br />2012 returns profits <br />~'.~,~.. ~ 'fk~,;s <br />~,ror <br />~.f~d~t+~ o-tlr' f~i~;e' <br />7 <br />