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                                                                   EXHIBIT 10.27

                                 March 10, 2004


Sunset Financial Resources, Inc.
4231 Walnut Bend, Suite 1-A
Jacksonville, Florida 32257

Ladies and Gentlemen:

Bridge Capital (USVI), LLC ("Bridge") hereby agrees to sell to Sunset Financial
Resources, Inc. ("Purchaser") and Purchaser hereby agrees to purchase from
Bridge the undivided Participation Interests (herein so called) listed on
Exhibit A attached hereto and incorporated herein by reference, subject to the
following terms and conditions:

PURCHASE PRICE:            The purchase price for each Participation
                           Interest shall be equal to the outstanding principal
                           balance of the underlying loan on the date of closing
                           pro rated in accordance with Bridge's ownership
                           interest in such loan.

RECOURSE:                  The Participation Interests shall be conveyed to
                           Purchaser without recourse as to the future
                           performance of any borrower.

EXCEPTIONS FROM
CONVEYANCE:                Bridge shall reserve from the conveyance of each
                           Participation Interest all servicing rights on all
                           underlying loans and all rights to receive all
                           interest and fees realized on the underlying loans in
                           excess of interest at the rate of 10% per annum. All
                           conveyances of Participation Interests shall be
                           subject to any existing third party participation
                           agreements.

DUE DILIGENCE
DOCUMENTATION:             Within five (5) days of the date of this letter,
                           Bridge shall provide to Purchaser the following
                           documents:

                           1.       Copy of original note

                           2.       Copy of all collateral documents including
                                    original mortgage or deed of trust

                           3.       Amortization table

                           4.       Copy of mortgagee's title policy

                           5.       Copy of borrower's certificate of hazard
                                    insurance

                           6.       Payment history (affidavit form)

                           7.       Copies of all underlying notes, mortgages,
                                    deeds of trust, and/or other liens, along
                                    with payoff amounts for each.

                           8.       Copy of original closing statement

                           9.       Photos of real property (if any)

                           10.      Borrowing resolution
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                           11.      Copy of legal opinion

                           12.      Copy of any third party participation
                                    agreement.

DOCUMENTATION:             At Closing Bridge and Purchaser shall execute and
                           deliver a Master Acceptance Agreement and
                           Participation Agreements for each Participation
                           Interest in form and substance reasonably
                           satisfactory to Bridge and Purchaser. The obligations
                           of Bridge and Purchaser hereunder are subject to the
                           closing of the initial public offering of Purchaser's
                           common stock.

CLOSING:                   Unless this agreement shall be extended in writing by
                           Bridge and Purchaser, the Closing of the transactions
                           contemplated herein shall occur on or before March
                           31, 2004, at which time the obligations of the
                           parties hereunder shall terminate. In the event that
                           Purchaser fails to close on any Participation
                           Interest listed on Exhibit A and presented by Bridge
                           for conveyance, then Purchaser agrees to reimburse
                           Bridge for all costs and expenses incurred by Bridge
                           in connection with the documentation of such
                           Participation Interest, including, without
                           limitation, reasonable attorneys fees.

                                           BRIDGE CAPITAL (USVI), LLC


                                           By:     /s/ John K. Baldwin
                                               --------------------------------
                                           Title:  Manager

AGREED:

SUNSET FINANCIAL RESOURCES


By:      /s/ Thomas G. Manuel
   ------------------------------------------------
Title:   Secretary and Executive Vice President-
         Compliance and Operations



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                                   EXHIBIT "A"



<Table>
<Caption>
                                                    FACE AMOUNT
BORROWER/LOCATION/COLLATERAL                          OF LOAN                     BRIDGE INTEREST
----------------------------                          -------                     ---------------
<S>                                                 <C>              <C>
Pacific Islandia California, Inc., Anaheim,          $23,000,000     50%  Participation Interest, pari passu
CA, First Lien Deed of Trust in Hotel Property                       with all other participants

Rutter/KW Kohanaiki LLC, Kona, HI, First             $15,000,000     Existing loan; Purchase of entire loan by
Mortgage in Mixed Use Development                                    Bridge pending

RightStar International, Inc.,  HI, Mortgage in      $34,000,000     20.3% Second Loss Participation Interest
Cemetery                                                             pari passu with Vestin Mortgage, Inc.

North Idaho Resorts, LLC, Pend Oreille, ID,           $8,000,000     Pending loan to be 100% owned by Bridge
Deed of Trust Lien in Master Planned Community
</Table>