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Loan Documentation The documentation of your Pecten Funding loan will be initiated once you have successfully qualified for a Pecten Funding loan. Loan documentation will include, but will not be limited to, a Credit Agreement, Note, Legal Counsel Opinion Letters, Mortgage and related financing statements. Once complete, all documents will be sent to you, your counsel and title company for review. Closing Closing is the final step in the preparation and execution of your Pecten Funding loan. A Pecten Funding real estate administrator will coordinate with the title company to handle this process. The steps include: Obtain the title policy. Obtain an ALTA survey. Prepare draft documents. Obtain the Opinion Letters from the Lender and Borrower Attorney. The title company will issue a Title Policy and will provide all other loan documentation as required. Closing costs will include standard "lender-related" real estate closing costs, including but not limited to a title search, examination, commitment fee, state and county UCC searches, and title insurance policy endorsements. The actual closing of your Pecten Funding loan (including the execution of Loan Documents) will occur at the local office (in your area) of an agent of the title company you specify in your loan application. Certain closing costs may be netted from loan proceeds. For details on this and cost estimates, see the Estimated Closing Costs section. Funding After closing, assuming all closing conditions have been satisfied, the loan funding date will be set and funds will be disbursed to the Title Company (netted of appropriate unpaid fees) and the balance will be forwarded pursuant to your funding instructions. The funding occurs within a week after the closing. Floating Rate: 7.17 % The floating rate was posted on December 12, 2008 and is subject to change on a monthly basis. Please contact Pecten Funding to obtain interest rate pricing for loans to Wholesaler Supplied Dealers.