Liberty Mortgage Acceptance Corporation

Liberty Loans $2.925 Million on Walnut Ranch Apartments

Sacramento, California - May 29, 1997 - Liberty Mortgage Acceptance Corporation funded a $2,925,000 first mortgage on the 95 unit Walnut Ranch Apartments complex located at 1340 West H street in Dixon, California.

Liberty originated, underwrote and funded the permanent mortgage financing with a ten-year term and a fixed rate of 8.95%; amortized over 30 years.

The loan is part of a mortgage pool that Liberty is currently assembling for securitization according to Joe Cunningham, President and co-founder of the Sacramento, California-based commercial mortgage lender. Liberty Mortgage Acceptance Corporation makes commercial real estate loans on all types of income property on a nationwide basis.

Walnut Ranch Apartments is a 95-unit, two-story apartment complex constructed in 1984. Amenities include covered parking spaces, an outdoor swimming pool and in-ground jacuzzi, a children's playground area, and a two-story office/clubhouse that features a fireplace, kitchen area and second-level pool table room with a balcony overlooking the pool area. Walnut Ranch's specific location at the intersection of Pitt School Road and West H Street in Dixon provides easy access to nearby Interstate 80, the primary east/west thoroughfare connecting Sacramento and San Francisco. Dixon is a small community located in Solano County, approximately 15 miles east of Sacramento and to the northwest of the San Francisco Bay Area. University of California-Davis is approximately six miles east of Dixon. Solano County has been experiencing a rapid population growth (45% from 1980 to 1990), and is home to Travis Air Force Base, one of the area's largest government facilities. While agriculture and mining are the primary employment sectors for the city of Dixon, nearby Vacaville and Sacramento have both been attracting large technology firms to the area, and have seen a large increase in the number of retail establishments, as well.

Founded in 1992, California-based Liberty Mortgage Acceptance Corporation is a private mortgage lender specializing in the securitization of commercial real estate mortgages on apartments/multifamily, shopping centers, factory outlet centers, mobile home parks, light industrial or R&D, office buildings, hotels, and health care facilities nationwide. A direct lender, Liberty provides a highly liquid security to the investment community. For more information, please contact Liberty at 4980 Hillsdale Circle, El Dorado Hills, CA 95762; Phone (916) 568-0100; Fax (916) 568-0110; or E-Mail: info@libertymac.com.