Real Estate Merchant Banking

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Real Estate Merchant Banking 2006
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Real Estate Merchant Banking
REMB provides custom tailored (structured)
financing solutions to private and public owners
of real estate.
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Lending Philosophy

• REMBs business is about the identification,
  assessment, allocation and pricing of risk
• Underwriting standards focus on quality of
  property, sponsor and cash flow while requiring
  cash equity subordination and exit strategies
  that work in normalized interest rate
  environment.
• Covenants include DSCR and LTV ratios as part of
  an ongoing focus on asset performance, and
  stability/quality of property cash flow.
• Structures include amortization, future funding
  reserves, acceleration premiums in multi-asset
  financings and cash-flow sweep provisions for
  deteriorating or underperforming assets.

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Loan Products

• Interim/Bridge/Acquisition
• Construction/Renovation
• Mezzanine Partnership Secured
• Participating Debt
• Entity Financing

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Investment Products

• Invest in B Notes or Non-Investment Grade CMBS
• Purchase Performing/Non-Performing Commercial
  Mortgages
• Invest in Private Real Estate Investment Funds
• Co-invest with Selected Existing Relationships

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11 Offices Nationwide
Minneapolis
Boston
San Francisco
Chicago
New York
D.C.
Los Angeles
Dallas
Irvine
Atlanta
Houston
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Resources

• 69 Team Members
• Managing Director Experience Average of 15-20
  years in Real Estate (most with WF)
• Client Manager Experience Average of 5 to 10
  years in Real Estate

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Competitive Advantages

• Dedicated professional team with significant
  expertise, transaction experience and proven
  execution skills
• Nationwide focus with local market presence
• Deliver value-added and flexible financial
  solutions with competitive terms and rate
  structure
• Consistent market presence
• Capital strength
• Speed and certainty of execution

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Results

• Transaction Volume - Originated 18 Billion of
  Real Estate Financings since 1995.
• 125 Transactions Closed in Each of the Last 3
  Years
• 150 Clients
• Financial Results
• 1998 1999 2000 2001 2002
  2003 2004 2005
• Loan Outstanding 1.7B 1.9B 2.7B 3.0B
  2.8B 2.9B 3.4B 4.2B
• NIAT (MM) 63 53 80 95 80
  60 97 100

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• Real Estate Merchant Banking