Sandpiper High Yield Fund - Representative Investments

In December of 2006 the Fund provided $1 million in mezzanine debt through a Secured Promissory Note to facilitate the development of 427 acres of land located just outside of Denver, CO.  The Note is secured by a first deed of trust on the land and the personal guarantee of the principal of the issuing company.

In April of 2006 the Fund provided $2 million in mezzanine debt through Secured Promissory Notes in order to repay indebtedness incurred in connection with the acquisition of vacant agricultural land located in Arizona.  The Notes were secured by an assignment by 100% of the current holders’ membership interests in the operating company, as well as the personal guarantee of the principal of the issuing company.

In July of 2005 the Fund provided a $300,000 bridge loan in order to finance the acquisition, development and construction of 19 warehouse/office condominium units located just outside of Ft. Lauderdale, FL.  The loan was secured by a first deed of trust on the existing land, as well as the personal guarantee of the principal of the issuing company.