DAVIS-PENN MORTGAGE CO.

estimated timeframe
	1.)	Preliminary information is sent to DPMC for initial analysis: - Current rent roll - Operating statements - Site description with Unit Composition - Location Map, Site Plan & Floor Plans - Acquisition Price or Existing Debt - Any repairs to be included in the Mortgage - Market Survey
4 Weeks	2.)	If project appears feasible, third-party reports are ordered (Appraisal, Physical Needs Assessment, Environmental Phase One, etc.) and Sponsor submits all exhibit requirements.
1 Week	3.)	DPMC completes Underwriting and submits FIRM Application to HUD.
60 days	4.)	HUD reviews Application and issues a FIRM Commitment to insure.
2-3 Weeks	5.)	DPMC prepares closing documents and proceeds to closing.
4 months