References

ASSET MANAGEMENT

A number of asset management services are available to our clients upon request in addition to portfolio performance reporting. Varying according to properties, markets and objectives, these services will be tailored individually to the client.

REHABILITATION MANAGEMENT

When rehabilitation work is required for a client's property, we are able to assist in the following areas:

- Scope of work analysis
- Work write-up and bid specification
- Architectural/Planning services
- Competitive bidding
- Job cost accounting
- Rehabilitation construction supervision
- General contracting
- Fire Reconstruction

CONSULTING & RECEIVERSHIPS

In addition to our regular services we offer to our clients, upon request, the following consultation services:

- Acquisition analysis
- Disposition analysis
- Financing consultation
- Development consultation
- Rehabilitation analysis and supervision
- Construction supervision
- Other consultation services available upon request

ASSET MANAGEMENT

REHABILITATION MANAGEMENT

When rehabilitation work is required for a client's property, we are able to assist in the following areas:

CONSULTING & RECEIVERSHIPS

In addition to our regular services we offer to our clients, upon request, the following consultation services:

MARKETING & BROCKERAGE

As licensed real estate brokers, with investor contacts throughout the United States, we are able to offer our clients real estate brokerage services when the proper time is determined for disposition of the property. Since we are continuously involved with all of the aspects of our client's property, objectives and motivations, we are the best choice for marketing and brokerage services. There is no lost time in exposing the property to maximum number of qualified investors. Our Marketing and Brokerage services include:

-A thorough analysis of the property.
-Professional preparation of the marketing package.
-Complete financial analysis of the existing and potential income and expenses.
-Research of potential financing methods and prospective lenders.
-Strategic planning, including identification of the best prospects.
-Direct marketing to proven buyers and existing clients.
-Broad exposure to the commercial real estate industry and commercial brokers.
-Protection of our client's interest by providing the necessary confidentiality.
-Negotiating the best price and terms obtainable in a given time constraint.
-Providing a negotiating buffer between the buyer and seller to screen prospects.

Cambridge Property Management cooperates fully with other commercial brokers, sharing our commissions, to give the Property the broadest exposure to insure the best price and terms for our client. Our broker network is local and national in scope. Our professional affiliations and qualifications insure that we are instantly current on local investment trends and matters affecting the values of real estate. Our brokers know the investor motivations, whether it be return on investment, tax criteria or any number of other factors. This enables us to match the needs of the buyer and seller. The bottom line is RESULTS! We are ready to professionally represent your interests in all matters of marketing and selling your property. When time is money, can you afford anything less than the best?

PROPERTY MANAGEMENT

Cambridge Property Management offers to its clients a variety of property management services to optimize investment asset performance. In addition to the traditional property management functions of physical asset management and reporting, Cambridge Property Management offers the following services to its clients:

* Market Research - Upon the initial takeover of a project, and then periodically thereafter, we perform a complete analysis of the marketplace in which the client's property is competing. These reports are used to assist us in maximizing the marketing effectiveness of our client's property. These reports are available upon request to our clients.

* Marketing - Based upon the extensive marketing research performed periodically, we formulate a written marketing plan for our client's properties. This marketing plan will include such things as the targeted market for the project, cost effective advertising plan and budget, and performance evaluation criteria. In addition to internal resources, we draw upon considerable external sources to validate our research.

* Leasing - Depending upon the requirements of our client, or the project, we will create appropriate leasing point of sale materials, design an effective leasing program, and train leasing agents in sales and closing techniques to maximize leasing results. Leasing activity and performance reporting is available to our clients at any time upon request.

* Budget Formulation - Of primary importance in achieving optimal returns on a real estate investment, is the close monitoring of financial information. We will prepare a proforma operations budget upon assumption of management responsibilities and annually thereafter. Following client approval of the budget we report budget versus actual operating results information to the client on a schedule which they specify. Our goal is to insure that necessary funds are spent on the clients behalf in a timely manner, but that unnecessary spending is never done. Careful management of our client's financial resources is not only a fiduciary responsibility but our greatest concern.

* Operating Cost Analysis - Following naturally out of budget formulation services is operating cost analysis. We will prepare for our clients at whatever interval they request, a complete and thorough analysis of the cost of operation of their property, along with suggestions and recommendations for change and improvement.* Financial Analysis - Upon client request, we are able to provide analysis of the investment performance results of our clients property. We are ready to assist our clients in seeking ways of improving financial performance through tax strategy, debt restructuring, operational efficiencies and other means.

* Accounting - A detailed, computerized monthly report is provided on each property, including comparative year-to-date, budget, and monthly activity. This provides real management information tools to gauge property performance and allows our managers to guide your property to peak performance. Our accountant is available as needed for additional detailed services.

* Maintenance - Maintenance personnel preserve and protect the underlying physical asset of the real estate investment. Our goal is to not only maintain the property, but to achieve operational efficiencies through aggressively seeking discounts on parts and supplies, maintaining detailed maintenance records, performing preventative maintenance and by training maintenance personnel to perform work which might otherwise need to be done at greater cost by outside contractors. Our program is aggressive rather than reactive.