- 21 -
respectively, on that property. Also attached to the 1986 loan
application were the unaudited projected financial statements for
Design Consultants for 1986 that indicated that the gross re-
ceipts of Design Consultants for the remainder of 1986 was
projected to be $1,350,000.
On June 28, 1988, petitioners signed an application for a
$277,200 loan from an undisclosed source with respect to the
purchase for a total of $308,000 of two units in Cranmore Condo-
miniums in North Conway, New Hampshire. Petitioners made a
downpayment of $30,800 on those purchases.
Certain Automobiles Purchased by Petitioners
During April 1985, petitioners secured a loan from Indian
Head in the amount of $33,345 for the purchase of a 1984 Porsche.
Petitioners made monthly payments of $926 on that loan until
April 7, 1988, when they made a final payment of approximately
$1,900.
In March 1986, petitioners secured a loan of $12,278 from
Indian Head for the purchase of a 1986 Chevrolet Blazer. Peti-
tioners made monthly payments of $404 on that loan until on or
about June 5, 1987, when they made a final payment of approxi-
mately $7,700.
On May 28, 1987, Ms. Olbres used a treasurer's check in the
amount of $28,650 that she purchased with part of a $48,650
withdrawal from the Indian Head business savings account to buy a
1984 Mercedes Benz.
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