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David & Bonnie Hang <br />~obert & Marietta Wood <br />c/o Tom Barbour <br />262 Church St. SE <br />Salem, OR 97301 <br /> <br />RE: Proposed 62 pad mobile home park <br /> Aumsville, OR <br /> <br />Dear Mr. & Mrs. Hau~ and Rr. & MrS. Wood; <br /> <br />I am writing this letter in regards to the construction <br />and permanent financing'of the above m~ntloned project. <br />United Savings Bank ia now processing a loan request of <br />$220,000. This will be for Phase I of the project, which <br />will develop 23 Dada. It is this banks understanding <br />that once Phase I is complete, and has obtained a <br />predetermined rent level, the horrowers will he <br />requesting financing for Phase II, and subsequently <br />Phase III. <br /> <br />I can not commit this bank to providing the financing <br />for Phase II and III at thla time. However, based on <br />preliminary information, if Phase I is completed,, and <br />rented aa anticipated there is no reason why this bank <br />would not proceed with the processing of the final <br />Phases. <br /> <br />Baaed on the appraisal ~eport completed by Robert <br />MeWherter, there appears to he a strong market demand <br />fu~. a new mobile home p~rk in Aumsville. <br /> <br />I am looking forward to working with yon on this pro- <br />Jecb. If you have any questions please feel free to call <br />me at 64~-593~. <br /> <br />S~San Car/son <br />Assistant Vice President <br /> <br />Jg <br /> <br /> <br />