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                                                        PARTNERSHIP EXHIBIT 10.7

THIS FACILITY AGREEMENT is made on the 28th day of March 2001.

BETWEEN:

1.       FAIRCLOUGH HOMES GROUP LIMITED, a company incorporated England with
         registered number 2804113 whose registered office is at Meirion House,
         18-28 Guildford Road, Woking, Surrey GU22 7QF (the "LENDER"); and

2.       CENTEX DEVELOPMENT FUNDING COMPANY UK LIMITED, a company incorporated
         in England with registered number 4167358 whose registered office is at
         Meirion House, 18-28 Guildford Road, Woking, Surrey GU22 7QF (the
         "BORROWER").

RECITAL

The Lender and the Borrower have agreed that the Borrower may request that the
Lender make, and the Lender may (but shall not be bound to) agree to make
available to the Borrower a single sterling denominated advance (the "ADVANCE"),
subject to the terms and conditions contained in this Agreement and provided
that the Advance shall not be made if the amount requested is greater than
L.12,703,888.

THE PARTIES AGREE AS FOLLOWS:

1.       ADVANCES AND INTEREST

1.1      Any request for the Advance shall be made no later than 10 am London
         time on the relevant funding date.

1.2      The Advance shall be denominated in pounds sterling and shall be made
         in such amount and for such duration as the Borrower may consider
         appropriate, save that the Advance shall be of a principal amount not
         greater than L.12,703,888.

1.3      Interest on the Advance shall be charged at a rate equal to the cost to
         the Lender as determined by the Lender of borrowing the relevant amount
         and shall be calculated on a daily basis on the principal amount of the
         Advance, based on a 365 day year. Payments of interest in respect of
         the Advance shall be made on each anniversary of the date of drawdown
         of the Advance on a day (other than on Saturday or Sunday) which is not
         a public holiday on which banks are open for general business in London
         and New York City whilst such Advance is outstanding and on the
         maturity date or date of repayment of the Advance.

1.4      The purpose of the Advance is the general corporate purposes of the
         Borrower.

2.       WARRANTIES

2.1      The Borrower represents and warrants to the Lender that:

         (a)      the Borrower is a company duly organized and validly existing
                  under the laws of England and has the power to enter into and
                  perform this Agreement and has taken all necessary action to
                  authorize the entry into and performance of this Agreement and
                  the transactions contemplated hereby;



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         (b)      this Agreement constitutes a legal, valid and binding
                  obligation of the Borrower and the entry into and performance
                  of this Agreement and the transactions contemplated hereby do
                  not and will not conflict with (i) any law or regulations
                  applicable to the Borrower, or (ii) the memorandum and
                  articles of association of the Borrower, or (iii) any
                  agreement or document to which the Borrower is a party or by
                  which the Borrower is bound; and

         (c)      all authorisations, approvals, consents, licenses, exemptions,
                  filings, registrations, notarisations and other matters,
                  official or otherwise, required or advisable in connection
                  with the entry into, performance, validity and enforceability
                  of this Agreement and the transactions contemplated hereby
                  have been obtained or effected and are in full force and
                  effect.

3.       REPAYMENT

         The Advance (together with all interest accrued thereon and other
         amounts due or owing to the Lender in connection therewith) shall be
         repayable by the Borrower upon the demand of the Lender at any time or
         as otherwise agreed between the Lender and the Borrower.

4.       PREPAYMENT

         The Borrower may prepay without penalty the whole or any part of the
         Advance (together with interest accrued thereon and any other amounts
         due or owing to the Lender at such time) at any time unless otherwise
         agreed.

5.       PAYMENTS

         Unless required by law and unless the Lender and the Borrower agree
         otherwise, all payments made by the Borrower hereunder shall be made
         free and clear of and without any deduction for or on account of any
         tax, set-off or counterclaim.

6.       GENERAL

6.1      No failure or delay by the Lender in exercising any right, power or
         privilege hereunder shall operate as a waiver thereof or of any other
         right, power or privilege.

6.2      Either party may terminate this Agreement by giving to the other party
         thirty days notice.

6.3      A notice shall be given in writing by post or facsimile and addressed
         to the other party at its designated place of business and shall be
         deemed to be delivered one business day after posting or on the next
         business day after transmitting.

6.4      This Agreement represents the entire understanding of the parties. It
         may only be amended or varied by written agreement and signed by both
         parties.

6.5      This Agreement shall be governed by and construed in accordance with
         English Law.

6.6      This Agreement may be executed in any number of counterparts and by
         each party hereto on separate counterparts, each of which when executed
         and delivered shall be an original but all the counterparts together
         shall constitute one and the same instrument.



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IN WITNESS whereof the parties hereto have entered into this Agreement on the
date first above written.



Signed for and on behalf of                      )
FAIRCLOUGH HOMES GROUP LIMITED                   )        /s/ PAUL BAK
acting by its duly authorised representative     )





Signed for and on behalf of                      )
CENTEX DEVELOPMENT FUNDING                       )       /s/ STEWART BASELEY
COMPANY UK LIMITED                               )
acting by its duly authorised representative     )



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