Exhibit 99.1
 SPT  SWRC, LLC
Balance Sheet
As of December 31, 2008  (Unaudited)
 ASSETSAccounts
Receivable
    
    $
    6,228.64Winchester Hills  Land Basis
    
    
    2,000,000.00Winchester Hills  Capitalized Project Costs
    
    
    534,937.99Total Winchester Hills
    
    
    2,534,937.99TOTAL ASSETS
    
    $
    2,541,166.63LIABILITIES & EQUITYEquityCapital
Contribution  Shopoff Partners, LP
    
    $
    2,541,166.63Total Capital
    
    
    2,541,166.63Total Equity
    
    
    2,541,166.63TOTAL LIABILITIES & EQUITY
    
    $
    2,541,166.63
 SPT  SWRC, LLC
Statement of Operations
For the Period October 28, 2008 (Inception) to December 31, 2008  (Unaudited)
 Period
from October 28, 2008 (Inception) to December 31, 2008Net Income
    
    
    0.00




---



##### 



Pulte
 Winchester Hills 
Winchester, CA
Pro Forma
(Unaudited)
 PRODUCT SUMMARY
 Avg
    
    
    Total
    
    
    
    
    
    
    Price/Units
    
    
    Price
    
    
    Revenue
    
    
    Acres
    
    
    AcreSFD Lots Sales South
    
    
    58
    
    
    
    50,000
    
    
    
    2,900,000
    
    
    
    10.85
    
    
    
    267,281SFA Cluster
    
    
    225
    
    
    
    20,000
    
    
    
    4,500,000
    
    
    
    14.89
    
    
    
    302,216SF Lot Sales North
    
    
    186
    
    
    
    50,000
    
    
    
    9,300,000
    
    
    
    34.70
    
    
    
    268,012Totals
    
    
    469
    
    
    
    35,608
    
    
    
    16,700,000
    
    
    
    60.44
    
    
    
    276,307
 PROJECT CASH FLOW
 Without Loans
    
    
    After LoansTotal Net Cash Flow
    
    
    14,815,144
    
    
    
    14,815,144Max Net Cost Outstanding
    
    
    4,750,306
    
    
    
    4,750,306Internal Rate of Return (%)
    
    
    38.90
    
    
    
    38.90Net Present Value
    
    
    14,815,144
    
    
    
    14,815,144Land Residual Value
    
    
    16,815,144
    
    
    
    16,815,144Discount
Rate (%)
    
    
    0.00
    
    
    
    0.00
 PROFIT SUMMARY
 Net Profit before Returns on Equity
    
    
    14,815,144(%) of Gross Sales Revenue
    
    
    88.71(%) of Total Costs
    
    
    252.33Net Profit after Returns on Equity
    
    
    14,815,144(%) of Gross Sales Revenue
    
    
    88.71(%) of Total Costs
    
    
    252.33
 EQUITY PARTICIPATION
 InvestorTotal Equity Advanced
    
    
    
    
    
 
    4,750,306(%) of Total Equity
    
    
    
    
    
 
    100.00(%) of Total Cost
    
    
    
    
    
 
   80.91Maximum Equity Balance
    
    
    
    
    
 
    4,750,306Return Annual (%)Return on Equity ReceivedProfit Distribution
    
    
    
    
    
 
    14,815,144(%) of Profit Distribution
    
    
        
    
    
 
    100.00Management Fee ReceivedNet Present Value
    
    

    
    
    
 
     14,815,144Discount Rate (%)
    
    

    
    
    
 
     0.00Internal Rate of Return (%)
    
    

    
    
    
 
     38.79
 ABSORPTION
 Average Unit Absorption per Sales Month
    
    
    36.1Project Duration (months)
    
    
    60




---



##### 



Pulte  Winchester Hills
Winchester, CA
Pro Forma
(Unaudited)
 SFD Lots
    
    
    SFA-
    
    
    SF Lot
    
    
    Grand
    
    
    Unit
    
    
    Per
    
    
    (%) of
    
    
    (%) ofBUDGET REPORT:
    
    Sales South
    
    
    Cluster
    
    
    Sales North
    
    
    Total
    
    
    Average
    
    
    Acre
    
    
    Sales
    
    
    CostProduct Mix:Sales Units
    
    
    58
    
    
    
    225
    
    
    
    186
    
    
    
    469
    
    
    
    1
    
    
    
    8Total Acres
    
    
    10.85
    
    
    
    14.89
    
    
    
    34.70
    
    
    
    60.44
    
    
    
    0.13
    
    
    
    1.00Units per Acre
    
    
    5.35
    
    
    
    15.11
    
    
    
    5.36
    
    
    
    7.76Revenue:Sales Revenue
    
    
    50,000
    
    
    
    20,000
    
    
    
    50,000
    
    
    
    16,700,000
    
    
    
    35,608
    
    
    
    276,307
    
    
    
    100.00
    
    
    
    284.43CFD Revenue
    
    
    11,936
    
    
    
    4774
    
    
    
    11,936
    
    
    
    3,986,500
    
    
    
    8,500
    
    
    
    65,958
    
    
    
    23.87
    
    
    
    67.90Less:Commissions
    
    
    2,000
    
    
    
    800
    
    
    
    2,000
    
    
    
    668,000
    
    
    
    1,424
    
    
    
    11,052
    
    
    
    4.00
    
    
    
    11.38Closing Costs
    
    
    250
    
    
    
    100
    
    
    
    250
    
    
    
    83,500
    
    
    
    178
    
    
    
    1,382
    
    
    
    0.50
    
    
    
    1.42Total Net Revenue
    
    
    59,686
    
    
    
    23,874
    
    
    
    59,686
    
    
    
    19,935,000
    
    
    
    42,505
    
    
    
    329,831
    
    
    
    119.37
    
    
    
    339.53Disbursements:Land Acquisition
    
    
    5,988
    
    
    
    2,395
    
    
    
    5,988
    
    
    
    2,000,000
    
    
    
    4,264
    
    
    
    33,091
    
    
    
    11.98
    
    
    
    34.06Property Tax Payments
    
    
    1,326
    
    
    
    531
    
    
    
    1,326
    
    
    
    442,999
    
    
    
    945
    
    
    
    7,330
    
    
    
    2.65
    
    
    
    7.55Land
Acquisition Closing Costs
    
    
    19
    
    
    
    7
    
    
    
    19
    
    
    
    6,237
    
    
    
    13
    
    
    
    103
    
    
    
    0.04
    
    
    
    0.11Acquisition Fee/Shopoff Advisors
    
    
    180
    
    
    
    72
    
    
    
    180
    
    
    
    60,000
    
    
    
    128
    
    
    
    993
    
    
    
    0.36
    
    
    
    1.02Acquisition Due Diligence
    
    
    105
    
    
    
    42
    
    
    
    105
    
    
    
    35,000
    
    
    
    75
    
    
    
    579
    
    
    
    0.21
    
    
    
    0.60CFD Prepay for Reconveyance
    
    
    1,440
    
    
    
    576
    
    
    
    1,440
    
    
    
    480,908
    
    
    
    1,025
    
    
    
    7,957
    
    
    
    2.88
    
    
    
    8.19Project Costs
    
    
    1,796
    
    
    
    719
    
    
    
    1,796
    
    
    
    600,000
    
    
    
    1,279
    
    
    
    9,927
    
    
    
    3.59
    
    
    
    10.22Bond Premium
    
    
    1,198
    
    
    
    479
    
    
    
    1,198
    
    
    
    400,000
    
    
    
    853
    
    
    
    6,618
    
    
    
    2.40
    
    
    
    6.81Site Maintenance
    
    
    1,946
    
    
    
    778
    
    
    
    1,946
    
    
    
    650,000
    
    
    
    1,386
    
    
    
    10,754
    
    
    
    3.89
    
    
    
    11.07Mgmnt
Fee/Shopoff Advisors
    
    
    1,331
    
    
    
    533
    
    
    
    1,331
    
    
    
    444,712
    
    
    
    948
    
    
    
    7,358
    
    
    
    2.66
    
    
    
    7.57Total Disbursements
    
    
    15,329
    
    
    
    6,132
    
    
    
    15,329
    
    
    
    5,119,856
    
    
    
    10,917
    
    
    
    84,710
    
    
    
    30.66
    
    
    
    87.20Net Profit
    
    
    44,357
    
    
    
    17,743
    
    
    
    44,357
    
    
    
    14,815,144
    
    
    
    31,589
    
    
    
    245,122
    
    
    
    88.71
    
    
    
    252.33Profit
Margin on Sales Revenue(%)
    
    
    88.71
    
    
    
    88.71
    
    
    
    88.71
    
    
    
    88.71
    
    
    
    88.71
    
    
    
    88.71
    
    
    
    88.71
    
    
    
    88.71Product Totals:Product Sales Total
    
    
    2,900,000
    
    
    
    4,500,000
    
    
    
    9,300,000
    
    
    
    16,700,000Product Profit Total
    
    
    2,572,690
    
    
    
    3,992,105
    
    
    
    8,250,350
    
    
    
    14,815,144Profit As:(%) of Costs
    
    
    252.33
    
    
    
    252.33
    
    
    
    252.33
    
    
    
    252.33(%) of Sales
    
    
    88.71
    
    
    
    88.71
    
    
    
    88.71
    
    
    
    88.71Dollars Per Acre:Sales Price
    
    
    267,281
    
    
    
    302,216
    
    
    
    268,012
    
    
    
    276,307Net Profit
    
    
    237,114
    
    
    
    268,106
    
    
    
    237,762
    
    
    
    245,122Product Mix As:% of Total Units
    
    
    12.37
    
    
    
    47.97
    
    
    
    39.66
    
    
    
    100.00% of Total Profit
    
    
    17.37
    
    
    
    26.95
    
    
    
    55.69
    
    
    
    100.00Maximum Balances:Cumltv Cost Outstndng
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,750,306
    
    
    
    10,129
    
    
    
    78,595
    
    
    
    28.44
    
    
    
    80.91Total Equity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,750,306
    
    
    
    10,129
    
    
    
    78,595
    
    
    
    28.44
    
    
    
    80.91Before Loans:Net Present Value
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,815,144
    
    
    
    31,589
    
    
    
    245,122
    
    
    
    88.71
    
    
    
    252.33Internal Rate Return
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38.90Land Residual Value
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16,815,144
    
    
    
    35,853
    
    
    
    278,212
    
    
    
    100.69
    
    
    
    286.39After Loans:Net Present Value
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,815,144
    
    
    
    31,589
    
    
    
    245,122
    
    
    
    88.71
    
    
    
    252.33Internal Rate Return
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38.90Land Residual Value
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16,815,144
    
    
    
    35,853
    
    
    
    278,212
    
    
    
    100.69
    
    
    
    286.39




---



##### 



Pulte  Winchester Hills
Winchester, CA
Pro Forma
(Unaudited)
 Total
    
    
    Total
    
    
    Total
    
    
    Total
    
    
    Total
    
    
    Total
    
    
    Grand2008
    
    
    2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    TotalSFD Lots Sales SouthUnits Closed
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    58
    
    
    
    
    
    
    
    58Cumulative Closings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    58
    
    
    
    58
    
    
    
    58Acres Closed
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10.85
    
    
    
    
    
    
    
    10.85Gross Sales
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,900,000
    
    
    
    
    
    
    
    2,900,000Cash @ Closings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,900,000
    
    
    
    
    
    
    
    2,900,000SFA - ClusterUnits Closed
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    225
    
    
    
    
    
    
    
    225Cumulative Closings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    225
    
    
    
    225
    
    
    
    225Acres Closed
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14.89
    
    
    
    
    
    
    
    14.89Gross Sales
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,500,000
    
    
    
    
    
    
    
    4,500,000Cash @ Closings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,500,000
    
    
    
    
    
    
    
    4,500,000SF Lot Sales NorthUnits Closed
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    186
    
    
    
    186Cumulative Closings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    186
    
    
    
    186Acres Closed
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    34.70
    
    
    
    34.70Gross Sales
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,300,000
    
    
    
    9,300,000Cash @ Closings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,300,000
    
    
    
    9,300,000CASH FLOW REPORT:Total Units
    
    
    469
    
    
    
    469
    
    
    
    469
    
    
    
    469
    
    
    
    469
    
    
    
    469
    
    
    
    469Total Acres
    
    
    60.44
    
    
    
    60.44
    
    
    
    60.44
    
    
    
    60.44
    
    
    
    60.44
    
    
    
    60.44
    
    
    
    60.44Units Closed
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    283
    
    
    
    186
    
    
    
    469Cumulative Units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    283
    
    
    
    469
    
    
    
    469Acres Closed
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25.74
    
    
    
    34.70
    
    
    
    60.44Cumulative Acres
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25.74
    
    
    
    60.44
    
    
    
    60.44Gross Sales Revenue
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,400,000
    
    
    
    9,300,000
    
    
    
    16,700,000Receipts:Cash@ Closings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,400,000
    
    
    
    9,300,000
    
    
    
    16,700,000CFD Revenue
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,405,500
    
    
    
    1,581,000
    
    
    
    3,986,500Less:Commissions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    296,000
    
    
    
    372,000
    
    
    
    668,000Closing Costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    37,000
    
    
    
    46,500
    
    
    
    83,500Net Receipts
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,472,500
    
    
    
    10,462,500
    
    
    
    19,935,000Disbursements:Land Acquisition
    
    
    2,000,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,000,000Property Tax Payments
    
    
    37,792
    
    
    
    138,247
    
    
    
    92,164
    
    
    
    92,164
    
    
    
    64,357
    
    
    
    18,275
    
    
    
    442,999Land Acquisition
Closing Costs
    
    
    6,237
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,237Acquisition
Fee/Shopoff Advisors
    
    
    60,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    60,000Acquisition Due Diligence
    
    
    35,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    35,000CFD Prepay for Reconveyance
    
    
    480,908
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    480,908Project Costs
    
    
    
    
    
    
    50,000
    
    
    
    125,000
    
    
    
    200,000
    
    
    
    150,000
    
    
    
    75,000
    
    
    
    600,000Bond Premium
    
    
    
    
    
    
    100,000
    
    
    
    100,000
    
    
    
    100,000
    
    
    
    100,000
    
    
    
    
    
    
    
    400,000Site Maintenance
    
    
    
    
    
    
    118,000
    
    
    
    58,000
    
    
    
    358,000
    
    
    
    58,000
    
    
    
    58,000
    
    
    
    650,000Mgmnt
Fee/Shopoff Advisors
    
    
    
    
    
    
    52,404
    
    
    
    52,404
    
    
    
    52,404
    
    
    
    150,000
    
    
    
    137,500
    
    
    
    444,712Net Disbursements
    
    
    2,619,937
    
    
    
    458,651
    
    
    
    427,568
    
    
    
    802,568
    
    
    
    522,357
    
    
    
    288,775
    
    
    
    5,119,856Cash Flow Before Loans
    
    
    -2,619,937
    
    
    
    -458,651
    
    
    
    -427,568
    
    
    
    -802,568
    
    
    
    8,950,143
    
    
    
    10,173,725
    
    
    
    14,815,144CASH FLOW ANALYSIS:Cash Flow Before Loans
    
    
    -2,619,937
    
    
    
    -458,651
    
    
    
    -427,568
    
    
    
    -802,568
    
    
    
    8,950,143
    
    
    
    10,173,725
    
    
    
    14,815,144Cumulative
Cash Before Loans
    
    
    -2,619,937
    
    
    
    -3,078,588
    
    
    
    -3,506,156
    
    
    
    -4,308,724
    
    
    
    4,641,419
    
    
    
    14,815,144
    
    
    
    14,815,144




---



##### 



Pulte  Winchester Hills
Winchester, CA
Pro Forma
(Unaudited)
 Total
    
    
    Total
    
    
    Total
    
    
    Total
    
    
    Total
    
    
    Total
    
    
    Grand2008
    
    
    2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    TotalCash Flow Before Equity
    
    
    -2,619,937
    
    
    
    -458,651
    
    
    
    -427,568
    
    
    
    -802,568
    
    
    
    8,950,143
    
    
    
    10,173,725
    
    
    
    14,815,144Cumulative
Cash Before Equity
    
    
    -2,619,937
    
    
    
    -3,078,588
    
    
    
    -3,506,156
    
    
    
    -4,308,724
    
    
    
    4,641,419
    
    
    
    14,815,144
    
    
    
    14,815,144Equity Contributions
    
    
    2,619,937
    
    
    
    458,651
    
    
    
    427,568
    
    
    
    802,568
    
    
    
    441,582
    
    
    
    
    
    
    
    4,750,306Returns of Equity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    -4,750,306
    
    
    
    
    
    
    
    -4,750,306Profit Distribution
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    -4,383,894
    
    
    
    -10,431,250
    
    
    
    -14,815,144Net Cash Flow
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    257,525
    
    
    
    -257,525Cash Balance
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    257,525Discounted Cash:Discount Rate (%)N.P.V. All Cash
    
    
    14,815,144
    
    
    
    17,435,081
    
    
    
    17,893,732
    
    
    
    18,321,300
    
    
    
    19,123,868
    
    
    
    10,173,725
    
    
    
    14,815,144I.R.R. All Cash
    
    
    38.90
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38.90N.P.V. Leveraged
    
    
    14,815,144
    
    
    
    17,435,081
    
    
    
    17,893,732
    
    
    
    18,321,300
    
    
    
    19,123,868
    
    
    
    10,173,725
    
    
    
    14,815,144I.R.R. Leveraged
    
    
    38.90
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38.90Land Residual ValueAssumed Profit (%)Adjd Flow/Cash
    
    
    -619,937
    
    
    
    -458,651
    
    
    
    -427,568
    
    
    
    -802,568
    
    
    
    8,950,143
    
    
    
    10,173,725
    
    
    
    16,815,144Adjd Flow/Leveraged
    
    
    -619,937
    
    
    
    -458,651
    
    
    
    -427,568
    
    
    
    -802,568
    
    
    
    8,950,143
    
    
    
    10,173,725
    
    
    
    16,815,144Residual Value/Cash
    
    
    16,815,144
    
    
    
    17,435,081
    
    
    
    17,893,732
    
    
    
    18,321,300
    
    
    
    19,123,868
    
    
    
    10,173,725
    
    
    
    16,815,144Residual
Value/Leveraged
    
    
    16,815,144
    
    
    
    17,435,081
    
    
    
    17,893,732
    
    
    
    18,321,300
    
    
    
    19,123,868
    
    
    
    10,173,725
    
    
    
    16,815,144Finance Summary:Net Proj Cost Outstanding
    
    
    2,619,937
    
    
    
    3,078,588
    
    
    
    3,506,156
    
    
    
    4,308,724
    
    
    
    -4,641,419
    
    
    
    -14,815,144
    
    
    
    -14,815,144Loans &
Equity Outstanding
    
    
    2,619,937
    
    
    
    3,078,588
    
    
    
    3,506,156
    
    
    
    4,308,724Less Equity Outstanding
    
    
    2,619,937
    
    
    
    3,078,588
    
    
    
    3,506,156
    
    
    
    4,308,724Secured Loans OutstandingMax Cost Outstanding
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,750,306
    
    
    
    
    
    
    
    4,750,306Max Total Equity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,750,306
    
    
    
    
    
    
    
    4,750,306Max Investor Equity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,750,306
    
    
    
    
    
    
    
    4,750,306LOAN FLOW REPORT:Investor Participation:Begin Equity Balance
    
    
    
    
    
    
    2,619,937
    
    
    
    3,078,588
    
    
    
    3,506,156
    
    
    
    4,308,724Equity Contribution
    
    
    2,619,937
    
    
    
    458,651
    
    
    
    427,568
    
    
    
    802,568
    
    
    
    441,582
    
    
    
    
    
    
    
    4,750,306Return of Equity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,750,306
    
    
    
    
    
    
    
    4,750,306End Equity Balance
    
    
    2,619,937
    
    
    
    3,078,588
    
    
    
    3,506,156
    
    
    
    4,308,724Profit Distribution
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,383,894
    
    
    
    10,431,250
    
    
    
    14,815,144Net Cash Flow
    
    
    -2,619,937
    
    
    
    -458,651
    
    
    
    -427,568
    
    
    
    -802,568
    
    
    
    8,692,618
    
    
    
    10,431,250
    
    
    
    14,815,144Net Cash Balance
    
    
    -2,619,937
    
    
    
    -3,078,588
    
    
    
    -3,506,156
    
    
    
    -4,308,724
    
    
    
    4,383,894
    
    
    
    14,815,144
    
    
    
    14,815,144Net Present Value
    
    
    14,815,144
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,815,144Internal Rate of Return
    
    
    38.79
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38.79PROFIT & LOSS:Sales
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,400,000
    
    
    
    9,300,000
    
    
    
    16,700,000Cost of Sales
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,268,679
    
    
    
    2,851,177
    
    
    
    5,119,856Gross Profit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,131,321
    
    
    
    6,448,823
    
    
    
    11,580,144(%) of Sales
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    69.3
    
    
    
    69.3
    
    
    
    69.3Direct Expense:Commissions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    296,000
    
    
    
    372,000
    
    
    
    668,000Closing Costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    37,000
    
    
    
    46,500
    
    
    
    83,500Total Direct Expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    333,000
    
    
    
    418,500
    
    
    
    751,500




---



##### 



Pulte  Winchester Hills
Winchester, CA
Pro Forma
(Unaudited)
 Total
    
    
    Total
    
    
    Total
    
    
    Total
    
    
    Total
    
    
    Total
    
    
    Grand2008
    
    
    2009
    
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    TotalTotal Misc Receipts
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,405,500
    
    
    
    1,581,000
    
    
    
    3,986,500Profit Before Tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,203,821
    
    
    
    7,611,323
    
    
    
    14,815,144(%) of Sales
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    97.3
    
    
    
    81.8
    
    
    
    88.7Profit Margin(%)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    97.3
    
    
    
    81.8
    
    
    
    88.7BALANCE SHEET:Assets:Cash
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    257,525Capitalized Costs
    
    
    2,619,937
    
    
    
    3,078,588
    
    
    
    3,506,156
    
    
    
    4,308,724
    
    
    
    2,562,402Total Assets
    
    
    2,619,937
    
    
    
    3,078,588
    
    
    
    3,506,156
    
    
    
    4,308,724
    
    
    
    2,819,927Liabilities & Equity:Total Loan BalanceTotal LiabilitiesNet Cash Invested
    
    
    2,619,937
    
    
    
    3,078,588
    
    
    
    3,506,156
    
    
    
    4,308,724
    
    
    
    -4,383,894
    
    
    
    -14,815,144
    
    
    
    -14,815,144Cumulative
Profit/(Loss)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,203,821
    
    
    
    14,815,144
    
    
    
    14,815,144Total Liabilities & Equity
    
    
    2,619,937
    
    
    
    3,078,588
    
    
    
    3,506,156
    
    
    
    4,308,724
    
    
    
    2,819,927