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Page 1of1 <br /> • Steinmetz, Heidi <br /> From: Doug Hafner[dhafner@mybwbank.com] <br /> Sent: Monday, August 08, 2005 5:00 PM <br /> To: hsteinmetz@ci.elk-river.mn.us <br /> Subject: MN Fab request- <br /> Heidi, <br /> Attached is our proposal/Terms sheet. <br /> The loan is approved under SBA 7(a) and requires a subordination of the EDA loan. Please note we <br /> have completed a new appraisal which indicates a market value of <br /> $900,000, dated July 7, 2005. I would be happy to provide a copy if you wish. <br /> Please note also that the property is expected to be deeded from Mn Fabrication to SKD Real Estate <br /> Holdings, LLC, as the borrower needed to move some of the debt off balance sheet to strengthen their <br /> company balance sheet. You may need to either do an assignment and assumption agreement, or <br /> simply satisfy your existing mortgage and file a new one behind ours at our closing. <br /> Let me know if I can be of any further help. <br /> Best Regards, <br /> • Douglas 1 5-fafner <br /> Branch President <br /> Boundary Waters Bank <br /> 11800 Aberdeen St NE, Suite # 102 <br /> Blaine, MN. 55449 <br /> (763) 862-9962 (0) (763) 862-1568 (FAX) <br /> (612) 382-0808 (Cell) <br /> dhafner@mybwbank.com <br /> I <br /> 8/8/2005 <br />