<PAGE>


                                                                    EXHIBIT 99.4





SUN HOME SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001


<PAGE>


SUN HOME SERVICES, INC. AND SUBSIDIARIES
--------------------------------------------------------------------------------

CONTENTS

<TABLE>
<CAPTION>
                                                                                          PAGE(s)
<S>                                                                                        <C>
REPORT OF INDEPENDENT ACCOUNTANTS............................................................1


CONSOLIDATED FINANCIAL STATEMENTS

Balance Sheets...............................................................................2

Statements of Operations.....................................................................3

Statements of Stockholders' Equity...........................................................4

Statements of Cash Flows.....................................................................5

Notes to Financial Statements ............................................................6-11
</TABLE>


<PAGE>


                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors and Stockholders of
Sun Home Services, Inc.


In our opinion, based upon our audits and the report of other auditors, the
accompanying consolidated balance sheets and the related consolidated statements
of operations, of stockholders' equity and of cash flows present fairly, in all
material respects, the financial position of Sun Home Services, Inc. and its
subsidiaries at December 31, 2002 and 2001, and the results of their operations
and their cash flows for the year ended December 31, 2002 in conformity with
accounting principles generally accepted in the United States of America. These
financial statements are the responsibility of the Company's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We did not audit the financial statements of Origen Financial,
L.L.C., an investee of the Company, which statements reflect total assets of
$227,748,000 at December 31, 2002 and total revenues of $20,835,000 for the year
ended December 31, 2002. Those statements were audited by other auditors whose
report thereon has been furnished to us, and our opinion expressed herein,
insofar as it relates to the amounts included for Origen Financial, L.L.C., is
bases solely on the report of the other auditors. We conducted our audits of
these statements in accordance with auditing standards generally accepted in the
United States of America, which require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits and the report of other auditors provide a reasonable basis for our
opinion.

The accompanying consolidated statements of operations, of stockholders' equity
and of cash flows of Sun Home Services, Inc. and its subsidiaries for the year
ended December 31, 2001 were not audited by us and, accordingly, we do not
express an opinion on them.

/s/ PRICEWATERHOUSECOOPERS LLP
------------------------------
    PRICEWATERHOUSECOOPERS LLP

Detroit, Michigan
March 12, 2003


                                       1


<PAGE>

SUN HOME SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2002 AND DECEMBER 31, 2001
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                         2002                  2001
<S>                                                                   <C>                <C>
Assets
Cash                                                                  $   4,065,350      $    487,104
Accounts receivable                                                         845,918           756,850
Accounts receivable -- related party                                          5,000           105,000
Inventory                                                                14,142,543        12,636,211
Prepaid expenses and other current assets                                   620,916           391,219
                                                                      -------------      ------------
   Total current assets                                                  19,679,727        14,376,384
Property and equipment, net                                              18,733,261         4,170,793
Investment in equity investee                                                    --        16,069,674
Loan receivable -- equity investee                                       33,559,540                --
Deferred income taxes                                                     2,325,000         1,275,000
Other assets                                                                482,293           389,269
                                                                      -------------      ------------
    TOTAL ASSETS                                                      $  74,779,821      $ 36,281,120
                                                                      =============      ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable                                                      $     446,667      $    477,002
Accounts payable -- related party:
  Interest bearing                                                       33,559,540                --
  Noninterest bearing                                                    51,801,254        28,475,438
Line of credit                                                            7,462,882         7,803,273
Accrued liabilities                                                         724,375           467,737
                                                                      -------------      ------------
   Total current liabilities                                             93,994,718        37,223,450

STOCKHOLDERS' EQUITY
Common stock, voting, $1 stated par value per share,
  30,000 shares authorized, 1,000 shares issued and
  outstanding                                                                 1,000             1,000
Preferred stock, cumulative participating, $1 stated value
  per share, 30,000 shares authorized, 100 shares issued
  and outstanding                                                               100               100
Stock subscription receivable                                                (1,100)           (1,100)
Additional paid-in capital                                                  662,994         1,452,468
Retained earnings (deficit)                                             (19,877,891)       (2,394,798)
                                                                      -------------      ------------
  Total stockholders' equity (deficit)                                  (19,214,897)         (942,330)
                                                                      -------------      ------------

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                          $  74,779,821      $ 36,281,120
                                                                      =============      ============
</TABLE>

   The accompanying notes are an integral part of the consolidated financial
                                  statements.



                                       2


<PAGE>

SUN HOME SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                2002           2001
                                                                            (unaudited)
<S>                                                        <C>            <C>
Revenues
  Home sales                                               $  20,490,750  $  26,399,826
  Rental home revenue                                          1,993,423        306,367
  Other income                                                    31,859          9,959
                                                           -------------  -------------
   Total revenues                                             22,516,032     26,716,152
                                                           -------------  -------------
Expenses
  Cost of home sales                                          15,815,521     21,287,106
  Rental home                                                  1,768,142        197,976
  Selling, general and administrative                          7,137,248      6,579,245
  Depreciation and amortization                                  558,551        368,836
  Interest                                                       474,263        588,356
                                                           -------------  -------------

   Total expenses                                             25,753,725     29,021,519
                                                           -------------  -------------
Loss before loss from equity investee and income taxes        (3,237,693)    (2,305,367)
  Loss from equity investee                                  (15,295,400)            --
                                                           -------------  -------------
Loss before income taxes                                     (18,533,093)    (2,305,367)
  Income tax benefit                                           1,050,000        785,000
                                                           -------------  -------------
   Net loss                                                $ (17,483,093) $  (1,520,367)
                                                           =============  =============
</TABLE>



   The accompanying notes are an integral part of the consolidated financial
                                  statements.



                                       3


<PAGE>

SUN HOME SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                                      Stock       Additional      Retained
                                 Common   Preferred subscription    paid-in       earnings
                                  stock    stock     receivable     capital      (deficit)         Total
<S>                              <C>      <C>        <C>          <C>          <C>             <C>
Balance,
  January 1, 2001, unaudited     $1,000      $100    $(1,100)     $  662,994   $   (874,431)   $    (211,437)

Capital contributions                                                789,474                         789,474

Net loss, unaudited                                                              (1,520,367)      (1,520,367)
                                 ------      ----     ------      ----------   ------------    -------------

Balance, December 31, 2001        1,000       100     (1,100)      1,452,468     (2,394,798)        (942,330)

Distributions                                                       (789,474)                       (789,474)

Net loss                                                                        (17,483,093)     (17,483,093)
                                 ------      ----    -------      ----------   ------------    -------------
Balance, December 31, 2002       $1,000      $100    $(1,100)     $  662,994   $(19,877,891)   $ (19,214,897)
                                 ======      ====    =======      ==========   ============    =============
</TABLE>

   The accompanying notes are an integral part of the consolidated financial
                                  statements.




                                       4


<PAGE>

SUN HOME SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                              2002           2001
                                                                          (UNAUDITED)
<S>                                                     <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                 $ (17,483,093)  $ (1,520,367)
Adjustments to reconcile net loss to net cash
 used by operations:
   Depreciation and amortization                               558,551        368,836
   Deferred income taxes                                    (1,050,000)      (785,000)
   Loss on sale of assets                                           --          3,998
   Loss from equity investee                                15,295,400             --
   Changes in operating assets and liabilities:
      Accounts receivable                                       10,932       (102,454)
      Inventory                                            (16,412,026)    (4,764,517)
      Prepaid expenses and other current assets               (229,697)      (222,049)
      Other assets                                            (120,201)       328,302
      Accounts payable and accrued liabilities                 226,303        139,203
                                                         -------------    -----------
        NET CASH USED BY OPERATING ACTIVITIES              (19,203,831)    (6,554,048)
                                                         -------------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES
Investment in equity investee                                       --    (16,069,674)
Advances to equity investee                                (33,559,540)            --
Purchases of property and equipment                           (237,686)      (424,643)
Proceeds from sale of assets                                    34,338        134,622
                                                         -------------    -----------
        NET CASH USED IN INVESTING ACTIVITIES              (33,762,888)   (16,359,695)
                                                         -------------    -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related party                                 56,885,356     21,233,221
Net borrowing (repayments) under line of credit               (340,391)     1,076,395
Capital contributions                                               --        789,474
                                                         -------------    -----------
        NET CASH PROVIDED BY FINANCING ACTIVITIES           56,544,965     23,099,090
                                                         -------------    -----------

Net increase in cash                                         3,578,246        185,347
Cash, beginning of period                                      487,104        301,757
                                                         -------------    -----------
Cash, end of period                                      $   4,065,350    $   487,104
                                                         =============    ===========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest                                   $     474,263    $   588,356
                                                         =============    ===========
SUPPLEMENTAL NON-CASH INVESTING AND OPERATING ACTIVITIES
Transfer of inventory to property and equipment
  in connection with the rental home program             $  14,905,694    $ 1,997,576
                                                         =============    ===========

Distribution of equity investment to stockholder         $     789,474    $        --
                                                         =============    ===========
</TABLE>

   The accompanying notes are an integral part of the consolidated financial
                                  statements.



                                       5


<PAGE>


SUN HOME SERVICES, INC. AND SUBSIDIARIES
--------------------------------------------------------------------------------


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    ORGANIZATION
    Sun Home Services, Inc. (the "Company") sells and rents new and used
    manufactured homes, manages a golf course, and provides activities and other
    services for residents living in manufactured home communities throughout
    the United States. The manufactured home communities are owned by Sun
    Communities Inc. ("Sun"), a real estate investment trust and the holder of
    the Company's preferred stock who is entitled to ninety-five percent of the
    operating cash flow. The Company was initially formed to perform all
    operations that generate income of a nonqualifying nature for real estate
    investment trusts. The common stock is owned by one officer of Sun and the
    estate of a former officer of Sun who collectively are entitled to receive
    five percent of the operating cash flow.

    PRINCIPLES OF CONSOLIDATION
    The financial statements include the accounts of the Company and its
    subsidiaries, all of which are wholly owned. All material intercompany
    accounts and transactions have been eliminated.

    CASH
    Cash includes cash on hand and balances in noninterest-bearing accounts. For
    the purposes of the statement of cash flows, the Company considers all
    highly liquid investments with an initial maturity of three months or less
    to be cash equivalents.

    REVENUE RECOGNITION/ACCOUNTS RECEIVABLE
    Revenue from the sale of manufactured homes is recognized upon transfer of
    title at the closing of the sales transaction.

    Revenue from leasing rental homes is recognized over the term of the lease
    in accordance with the lease agreement. Lease terms are typically twelve
    months and are renewable by mutual agreement of the Company and resident.

    Accounts receivable consists primarily of receivables from finance and
    mortgage companies related to the sales of homes.

    INVENTORY
    Inventory is stated at lower of specific cost or market.






                                       6



<PAGE>


SUN HOME SERVICES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

    PROPERTY AND EQUIPMENT

    Property and equipment are stated at cost less accumulated depreciation.
    Depreciation is computed on a straight-line basis over the estimated useful
    lives of the assets. Useful lives are 30 years for golf courses,
    improvements, sales offices and building; and 7 to 20 years for rental
    homes, furniture, equipment, vehicles and signs. Adjustments of the assets
    and related accumulated depreciation are made in connection with retirements
    and disposals, and the related gain or loss is included in operations.

    INVESTMENT IN EQUITY INVESTEE

    Bingham Financial Services Corporation ("BFSC") was formed by Sun in 1997 in
    response to demand for financing from purchasers and residents in Sun's
    communities. As BFSC's business developed, its objectives and opportunities
    expanded and Sun concluded that its business could be operated and grown
    more effectively as a separate public entity. BFSC's initial public offering
    occurred in November 1997. In December 2001, Sun, through the Company, made
    a $15 million equity investment in a newly formed company, Origen Financial,
    L.L.C., that was merged with Origen Financial, Inc., subsidiary of BFSC, as
    part of the recapitalization of BFSC. As a result of this equity investment,
    the Company owns approximately a thirty percent (30%) interest in the
    surviving company ("Origen"), which company holds all of the operating
    assets of BFSC and its subsidiaries. Origen's business has suffered as a
    result of the general economic recession, excessive amounts of repossession
    inventory, declining recovery rates in the repossession market and the
    deteriorating asset-backed securitization market. While the Company believes
    Origen can still become a profitable national manufactured housing lender in
    its industry, the Company wrote-off its remaining investment in Origen in
    the fourth quarter of 2002 after an extensive analysis of the investment.

    The Company and two other participants (one unaffiliated and one affiliated
    with the President and common stock holder) began providing financing to
    Origen in December 2002 and are subject to the risks of being a lender.
    Similar financing was directly provided by Sun to Origen prior to the loan
    being assigned to the Company in December 2002. These risks include the
    risks relating to borrower delinquency and default and the adequacy of the
    collateral for such loans. This financing consists of a $48 million line of
    credit and a $10 million term loan of which the Company's commitment is
    $35.5 million ($33.6 million was outstanding as of December 31, 2002). The
    line is due December 31, 2003, bears interest at a per annum rate equal to
    700 basis points over thirty-day LIBOR, with a minimum interest rate of 11
    percent per annum and a maximum interest rate of 15 percent per annum. Of
    the Company's $35.5 million participation, $18 million is subordinate in all
    respects to the first $40.0 million funded under the facility by the three
    participants. This line of credit is collateralized by a security interest
    in Origen's assets, which is subordinate in all respects to all
    institutional indebtedness of Origen, and a guaranty and pledge of assets by
    BFSC. The Company funds this line of credit with a similar financing
    arrangement from Sun due December 31, 2003 and which bears interest at a
    per annum rate equal to 750 basis points over LIBOR, with a minimum interest
    rate of 11.5 percent and a maximum interest rate of 15.5 percent. Origen
    paid the Company $21,894 in interest income and the Company paid Sun $23,076
    in interest expense for the year ended December 31, 2002 related to this
    financing.




                                       7
<PAGE>


SUN HOME SERVICES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

    INVESTMENT IN EQUITY INVESTEE (CONTINUED)

    Origen's summarized financial data as of December 31, 2002 and 2001 follows:

<TABLE>
<CAPTION>
                                                           2002             2001
                                                      -------------     -------------
         <S>                                          <C>               <C>
         Loans receivable, net.....................   $ 173,764,000     $ 127,412,000
         Other assets..............................      53,984,000        49,813,000
                                                      -------------     -------------
         Total assets..............................   $ 227,748,000     $ 177,225,000
                                                      =============     =============

         Advances under repurchase agreements......   $ 141,085,000     $ 105,564,000
         Debt payable to Sun Home Services, Inc....      33,560,000               ---
         Debt payable to Sun.......................             ---        11,185,000
         Other liabilities ........................      42,799,000        20,634,000
                                                      -------------     -------------
         Total liabilities.........................     217,444,000       137,383,000
         Equity....................................      10,304,000        39,842,000
                                                      -------------     -------------
         Total liabilities and equity .............   $ 227,748,000     $ 177,225,000
                                                      =============     =============


         Revenues .................................   $  20,385,000     $   1,016,000(a)
         Expenses..................................      49,572,000           633,000(a)
                                                      -------------     -------------
         Net income (loss).........................   $ (29,187,000)    $     383,000
                                                      =============     =============


</TABLE>

    (a) Financial data for the period from December 19, 2001 to December 31,
        2001.

    INCOME TAXES

    The Company recognizes deferred tax assets and liabilities for the expected
    future tax consequences of events that have been included in the financial
    statements or tax returns. Under this method, deferred tax assets and
    liabilities are determined based on the differences between the financial
    and tax reporting basis of assets and liabilities using enacted tax rates in
    effect for the year in which the differences are expected to reverse.

    ESTIMATES
    The preparation of financial statements in conformity with generally
    accepted accounting principles requires management to make estimates and
    assumptions that affect the reported amounts of asset and liabilities and
    disclosure of contingent assets and liabilities at the date of the balance
    sheet. Actual results could differ from those estimates.



                                       8


<PAGE>
SUN HOME SERVICES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

2.  INVENTORY

    Inventory at December 31, 2002 and 2001 consists of the following:

<TABLE>
<CAPTION>
                                                      2002            2001
    <S>                                         <C>             <C>
    New homes                                    $ 10,524,175    $  9,487,278
    Used homes                                      3,618,368       3,148,933
                                                -------------   -------------
                                                 $ 14,142,543    $ 12,636,211
                                                 ============   =============
</TABLE>

3.  PROPERTY AND EQUIPMENT

    Property and equipment at December 31, 2002 and December 31, 2001 consist of
    the following:

<TABLE>
<CAPTION>
                                                       2002             2001
<S>                                                <C>              <C>
Rental homes                                       $ 16,903,270     $ 1,997,576
Furniture and fixtures                                  981,745         957,025
Sales offices                                           325,280         290,894
Signs                                                    27,320          24,198
Golf course and other improvements                      427,086         373,011
Equipment and vehicles                                  540,921         487,919
Buildings                                               476,857         457,976
                                                    -----------     -----------
                                                     19,682,479       4,588,599
      Less accumulated depreciation                  (1,651,963)     (1,120,551)
                                                    -----------     -----------
                                                     18,030,516       3,468,048
Land                                                    702,745         702,745
                                                    -----------     -----------
                                                   $ 18,733,261     $ 4,170,793
                                                    ===========     ===========
</TABLE>

    Accumulated depreciation related to rental homes at December 31, 2002 and
    2001 is approximately $492,000 and $135,000, respectively.

4.  LINE OF CREDIT

    The Company's financing arrangement at December 31, 2002 and 2001 consists
    of the following:

<TABLE>
<CAPTION>

                                                                  2002         2001
     <S>                                                        <C>          <C>
      Bank One, Michigan revolving line of credit, interest
       at a one month LIBOR base rate plus 230 basis
       points per annum or prime rate minus 0.50% per annum
       (3.68% at December 31, 2002), due upon sale of inventory,
       $15,000,000 available based on borrowing base formula,
       expiration date August 31, 2003                          $7,462,882   $7,803,273
                                                                ==========   ==========
</TABLE>




                                       9
<PAGE>
SUN HOME SERVICES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


4.  LINE OF CREDIT (CONTINUED)

    At December 31, 2002 and 2001, the Company pledged certain inventories with
    a carrying value of approximately $9,500,000 and $10,000,000, respectively,
    as collateral for the revolving line of credit.

5.  INCOME TAXES

    Deferred taxes reflect the estimated future tax effect of temporary
    differences between the carrying amounts of assets and liabilities for
    financial reporting purposes and the amounts used for income tax purposes.
    The Company has net operating loss carryforwards for federal income tax
    purposes of approximately $6,800,000 at December 31, 2002. A deferred tax
    asset of approximately $2,325,000 and $1,275,000 principally related to the
    net operating loss carryforwards, exclusive of losses related to the
    Company's investment in Origen, has been established at December 31, 2002
    and 2001, respectively. The deferred tax asset at December 31, 2002 is net
    of a valuation allowance of $5,200,000 related to the Company's losses on
    its investment in Origen. The net operating losses will begin to expire in
    2011 through 2022 if not offset by future taxable income.

    Management believes its deferred tax asset will be realized but realization
    is continuously subject to an assessment as to recoverability in the future.

6.  RELATED PARTIES

    The Company pays fees to Sun for various operating costs, including site and
    office rents and payroll. Total expenses paid during the years ended
    December 31, 2002 and 2001 were approximately $3,010,000 and
    $852,000 (unaudited), respectively. The Company receives revenues from Sun,
    including broker agent fees. Total revenues received for the years ended
    December 31, 2002 and 2001 were $94,500 and $87,000 (unaudited),
    respectively. Additionally, the Company sold $226,000 in homes to Sun during
    the year ended December 31, 2002 at cost. Noninterest bearing related party
    balances in the accompanying balance sheet are due to/from Sun, and are due
    on demand.

7.  RECENT ACCOUNTING PRONOUNCEMENTS

    In January 2003, the Financial Accounting Standards Board ("FASB") issued
    FASB Interpretation No. 46 ("FIN No. 46"), "Consolidation of Variable
    Interest Entities." The objective of this interpretation is to provide
    guidance on how to identify a variable interest entity ("VIE") and determine
    when the assets, liabilities, non-controlling interests and results of
    operations of a VIE need to be included in a company's consolidated
    financial statements. A company that holds variable interests in an entity
    will need to consolidate the entity if the company's interest in







                                       10
<PAGE>
SUN HOME SERVICES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


7.  RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)

    the VIE is such that the company will absorb a majority of the VIE's
    expected losses and/or receive a majority of the VIE's expected residual
    returns, if they occur. FIN No. 46 also requires additional disclosures by
    primary beneficiaries and other significant variable interest holders. The
    provisions of this interpretation became effective upon issuance with
    respect to VIEs created after January 31, 2003 and to VIEs in which a
    company obtains an interest after that date. The provisions of this
    interpretation apply in the first interim period beginning after June 15,
    2003 (i.e., third quarter of 2003) to VIEs in which a company holds a
    variable interest that it acquired before February 1, 2003. The Company is
    in the process of assessing whether its interest in Origen may require
    consolidation in the third quarter of 2003 pursuant to FIN No. 46.









                                       11