October 2007

Client #1 signed his contract on October 10, 2007 and was told he would need to get a bond to back the project. He attempted to get a bond through the builder on his own and then was told that the lender could get it done for him more quickly. He wired $5000 to the broker involved, Matthew Jackson to "expedite" the process...

"Commitment Letter"

J AND FAMILY TRUST, INC.
1207 FRANKLIN AVENUE
LAURINBURG, N C 28352
PH. 910-276-2994/ CELL 910-373-8337
FX. 910-276-2995
E-mail jcjndjfmly@bellsouth.net

DATE: 10.10/07


Re: Comittment to refy construction loan

Dear Mr. & Mrs.

We are please to extend to you an offer to refinance your property located at .
Leesburg, VA. We have reviewed your documents sent to us on your
behalf for a loan.
We are prepared to make you a Loan in the amount of $850,000.00 for one (1) year.
The loan will be as follows:
1. A Copy of the most recent appraisal
2. An Irrevacable Letter of Credit made payable to J AND J FAMILY TRUST, INC in the
above amount.
3. A copy of your credit reports
4. Interest rate six (6) percent annually/ interest only with a balloon in 1 yr.
6. Interest payment $ 4,250.00 per month
7. Processing fee of $5,000.00 to expidite transaction is to be wired to
Chevy Chase Bank
Atty. Diann Dawsond/ Client trust account for the benefit of J AND J FAMILY TRUST,INC.
Acct. # 593269225
Rt. # 255071981
8. Borrower agrees to pay any other reasonable cost associated with loan
9. Approx. net proceeds to borrwers $525,00.00 after sale of Note discounted by J AND J
10. Borrwer agrees to pay Consultant fee at closing
11. Borrwer agrees to pay J and J FAMILY TRUST, INC FOUR (4) POINTS at closing
12. A copy of the construction contract and permits

Upon receipt of line items 1, 3 and 7 we are prepared to close within 72 hours after receipt of
the documents.
If these terms and conditions are acceptable, please sign.

Best regards,

Matthew Jackson

Client was assured that he would close within 72 hours...all necessary requirements were sent and there was no funding!