Exhibit 10.6
                        LASER MORTGAGE MANAGEMENT, INC.
                           51 JOHN F. KENNEDY PARKWAY
                         SHORT HILLS, NEW JERSEY 07078


                                                        As of March 1, 1999

Mr. Robert J. Gartner
311 Anderson Street
Hackensack, New Jersey 07601

Dear Mr. Gartner:

We hereby extend an offer to you to join LASER Mortgage Management, Inc. (the
"Company") as a full-time employee under the following terms:

FUNCTION:                     Responsible for day-to-day investment management
                              decisions for the Company pursuant to the
                              practices and policies of the Company as set forth
                              from time to time by the Company's Board of
                              Directors.

TITLE:                        Vice President, Treasurer and Secretary.

TERM:                         The term shall commence on the date hereof and
                              shall terminate on June 30, 1999. Upon the
                              expiration of said period, this Agreement shall be
                              automatically renewed on a month to month basis
                              unless terminated by either the Company or you by
                              the giving of written notice of termination to the
                              other party hereto at least 15 days' prior to the
                              expiration of the initial term or any successive
                              term.

COMPENSATION:                 Your salary will be paid at the rate of $50,000
                              per month (less applicable deductions), payable in
                              accordance with the Company's normal payroll
                              practices. In the event this agreement is not
                              renewed by the Company or you shall be terminated
                              other than for cause, the Company shall pay to you
                              $90,000, payable at the conclusion of the
                              Company's next payroll period following such
                              nonrenewal or termination other than for cause.

VACATION:                     Four (4) weeks per annum (pro-rated for 1999).

BENEFITS:                     The Company will pay for or reimburse the cost of
                              coverage of a health insurance plan for you and
                              your family up to $2,000 per month.

RESIGNATION/TERMINATION       In the event that you shall resign or your
 FOR CAUSE:                   employment is terminated by the Company for cause
                              at any time, the Company's only obligation shall
                              be to pay to you the salary which has accrued as
                              of the date of such resignation or termination.
                              For purposes hereof, "cause" shall mean that (i)
                              you committed an act constituting a misdemeanor
                              involving moral turpitude or a felony under the
                              laws of the United States or any state or
                              political subdivision thereof; (ii) you committed
                              an act constituting a breach of fiduciary duty,
                              gross negligence or willful misconduct; (iii) you
                              engaged in conduct that violated the Company's
                              internal policies or procedures and which is
                              detrimental to the business, reputation, character
                              or standing of the Company or any of its
                              affiliates; (iv) you committed an act of fraud,
                              dishonesty or misrepresentation that is
                              detrimental to the business, reputation, character
                              or standing of the Company; (v) you engaged in a
                              conflict of interest or self-dealing; or (vi) you
                              materially breached your obligations as set forth
                              in this agreement or you failed to perform your
                              duties as an employee of the Company (including as
                              a result of your permanent disability whereby you
                              are unable to perform the essential functions of
                              your job for four (4) consecutive weeks).
                              

CONFIDENTIAL                  You acknowledge that the information and
INFORMATION:                  knowledge obtained from the Company and not
                              generally available from other sources in the
                              course of your performance of the services
                              requested hereunder relating to the Company's
                              business (the "Confidential Information") are of a
                              confidential nature, that the Confidential
                              Information is a valuable and unique asset of the
                              Company, access to and knowledge of being
                              essential to the performance of your duties.
                              Except as required to perform the services
                              required as an officer of the Company, you shall
                              not, during your employment or any time
                              thereafter, disclose, in whole or in part, such
                              Confidential Information to any person, firm,
                              corporation, association, or other entity for any
                              reasons or purpose whatsoever, or make use of such
                              Confidential Information for your own purposes or
                              for the benefit of such person or other entity
                              under any circumstances. You shall, prior to or
                              upon leaving the Company, deliver to the Company
                              any and all records, items, media of any type
                              (including all partial or complete copies or
                              duplicates) containing or otherwise relating to
                              Confidential Information whether prepared or
                              acquired by you or provided to you by the Company.
                              You also acknowledge that all such records, items
                              and media are at all times and shall remain the
                              property of the Company. 

                              You acknowledge that the improper use or
                              disclosure of any Confidential Information may
                              cause irreparable damage, and that the Company
                              shall have the right to seek injunctive relief to
                              prevent such unauthorized use or disclosure, and
                              to such damages as are occasioned by such
                              unauthorized use or disclosure.
                              


GOVERNING LAW:                This agreement will be governed by and construed
                              in accordance with the laws of the State of New
                              York.

MODIFICATION:                 This agreement contains the entire understanding
                              of the parties and may be modified only in a
                              document signed by the parties and referring
                              explicitly hereto.

If you accept this offer, please sign in the space provided below and return a
copy of this letter.

                                     Very truly yours,


                                     LASER MORTGAGE MANAGEMENT, INC.

                                     By: /s/ Frederick N. Khedouri
                                        -------------------------------
                                             Frederick N. Khedouri
                                             President

Agreed to and Accepted by:

/s/ Robert J. Gartner
-------------------------
Robert J. Gartner