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Sources Amount Percent
Proceeds from sale of class A unit $132,918 2.32
Proceeds from sale of class B unit 56,900 1.00
Proceeds from sale of class C unit 208,750 3.64
Proceeds from sale of class D unit 75,000 1.31
Proceeds from sale of class E unit 290,850 5.07
Proceeds from sale of additional class(es)450,000 7.85
Capital contributions of general partner12,266 0.21
First mortgage loans 3,453,450 60.24
Builder rebates 755,287 13.17
General partner advances 297,400 5.19
Total 5,732,821 100.00
Uses
Purchase price of homes 3,956,700 69.02
Sales commissions to broker/dealers 97,153 1.70
Escrows and prepaid insurance 18,070 .32
First mortgage loan origination fees 138,138 2.40
Organizational fee to general partner 85,009 1.48
Estimated cash-flow deficits
through September 30, 1984 473,417 8.26
Available for cash-flow deficits 964,334 16.82
Total 5,732,821 100.00
As set forth above, it was anticipated that $473,417 of
the proceeds of the offering would be offset by cash-flow
deficits through September 30, 1984, and $964,334 of the
offering proceeds would be available for cash-flow deficits
after that date.
The projected annual income and operating costs of
EA 84-III as set forth in the 84 offering memorandum shows
an annual operating deficit of $431,115 calculated as
follows:
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