Arbor Mortgage

Mr. Kovarik serves as the Chief Credit Officer of Arbor Realty Trust, Inc. and is a Voting Member of Arbor's Credit Committee. He is responsible for the management of the underwriting process for all structured finance transactions. This group originates, structures, underwrites and funds debt and equity financing for various asset types and classes of commercial real estate nationwide. Mr. Kovarik has more than 20 years of experience in commercial real estate underwriting and credit analysis. Since joining Arbor, Mr. Kovarik has managed the underwriting of more than $800 million in new, commercial real estate loan originations. Mr. Kovarik is a member of the Commercial Mortgage Securities Association and has spoken at various industry conferences. Prior to joining Arbor, Mr. Kovarik was a Senior Vice President with RER Resources, LLP, a commercial real estate consulting firm. He holds a Master of Science (with Distinction) in Real Estate from New York University and a Bachelor of Business Administration in Accounting from the George Washington University.

Fred Weber is a member of Arbor's Executive Board and is responsible for managing and overseeing the origination, structuring and funding of all structured and principal transactions for both Arbor Commercial Mortgage, LLC and Arbor Realty Trust. This group originates, structures, underwrites and funds debt and equity financing for various asset types and classes of commercial real estate nationwide. With more than 20 years of experience in the mortgage banking industry, Mr. Weber has extensive real estate finance and acquisition experience as well as substantial expertise in the restructuring and workouts of troubled loans. His development and implementation of the creative technologies used with mezzanine and preferred equity products has served as an industry model. Since joining Arbor in May, 1999, Mr. Weber has structured in excess of $5 billion of sophisticated real estate and finance transactions. Mr. Weber is a member of the Real Estate Finance Committee of the Real Estate Board of New York, the International Council of Shopping Centers and the Mortgage Bankers Association of New York. He is also a member of the National Association of Real Estate Investment Trusts, the Real Estate Lenders Association, the Urban Land Institute, the Commercial Mortgage Securities Association and the RealShare Structured Finance Advisory Board. He has lectured at the International Council of Shopping Centers and other industry conferences. Before joining Arbor, he was a partner and co-head of the real estate department with Kronish, Lieb, Weiner & Hellman. He was also a partner with the law firm of Weil, Gotshal & Manges.

Walter Horn has served as General Counsel and Secretary for Arbor Realty Trust since November 2003. He is also responsible for providing all legal services for Arbor Commercial Mortgage and serves on the Company's executive committee. Mr. Horn, who has more than 30 years of legal experience, served as General Counsel with Arbor National Holdings from 1991 until its sale in 1995. He assumed the role of General Counsel at Arbor Commercial Mortgage when the company was formed in 1996. Mr. Horn's experience also includes serving as General Counsel with Resource One, Inc. and Long Island Trust Company.

Mr. Permut has served on the board of our company since August 2005. Prior to becoming a member of the Arbor board, Mr. Permut served as a Managing Director at Canadian Imperial Bank of Commerce (CIBC), the largest bank in Canada and one of the 10 largest in North America. In this position, he was head of CIBC World Markets Debt Capital Markets Group in the United States. He was a member of the firm's USA Management Committee, its Executive Board and the Debt Capital Markets Management Committee. Mr. Permut retired from CIBC in 2005.

Dr. Helmreich has served as one of our directors since June 2003. Dr. Helmreich is the founder, and since 1980, owner and president of Byron Research and Consulting, a market research firm specializing in financial research, political polling, legal consulting, and issues relating to food products and real estate. He is a professor of Sociology at City College of New York and the CUNY Graduate Center where he teaches sociology of marketing and consumer behavior. Since 2000, Dr. Helmreich has also been retained as chairman for Academic Affairs for North Shore Hebrew Academy. He is a member of the board of Transaction Inc., North Shore Hebrew Academy, North Shore Hebrew Academy High School and NSH Affordable Housing of Indiana, Inc., as well as other not for profit boards, and was, for many years, a senior vice president of Good Earth Teas.