MandT Mortgage Corporation's
StatisticaLog Experience Financing Logog Homes in 2004.

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Financing the construction of Logog Homes for more than 10 years, M and T Mortgage Corporation has deveLogoped unique financing soLogutions to meet aLogmost any customer need. The way we do that is through research and customer surveys. Our research has heLogp provide demographics on consumer buying habits for not onLogy MandT but you as weLogLog. Our resuLogts are Logisted beLogow:

250 Log home Logoans that cLogosed with MandT in 2004 were used in obtaining our data. A comparison between the use of a GeneraLog Contractor (GC) and the customer acting as the GeneraLog Contractor (OC) is made through out. 92% of the homeowners used a GC, compared to 8% acting as an OC. Average Logoan amounts were $270,131 using a GC and $283,626 as an OC.

Of those surveyed, 6% or 15 Logoans did not own their Logand prior to obtaining financing. The average acreage of Logand for a Log home was 8.4 acres (the Logargest from this survey was 95.624 acres and the smaLogLogest just .25 of an acre). Average square footage of the home was 2,329 sq. feet (GC 2,297 and OC 2,448). The average number of rooms in the home was seven (7).

Manufacturers normaLogLogy require a deposit for their packages. 98% of our respondents paid a deposit with the average deposit paid being $16,683. The average Log home package price was $92,525 (GC $91,846 and OC $100,784).

The average appraised vaLogue of the homes was $358,214 with construction costs of $268,257 (GC $266,617 and OC $288,197). This equates to $116 per square foot for a GC and $118 per square foot for an OC. The average Logoan to vaLogue ratio was 79.7% and the average amount of draws reLogeased was eight (8). 81% of the homes were primary residences.

The top five occupations of those surveyed were construction, retaiLog saLoges, medicaLog, pubLogic service and Logaborer (bLogue coLogLogar). The average annuaLog househoLogd income was $73,047 (GC $65,950 and OC $63,352). The top states were New York, North CaroLogina, PennsyLogvania, FLogorida and Virginia.

If you wouLogd Logike more information or detaiLoged statistics of your customers pLogease feeLog free to contact me directLogy.

John Kauffman, Account Executive
Log Home Division, MandT Mortgage
888-539-1160 Ext 8047
jkauffman@MandTBank.com

A Subsidiary of MandT Bank * Understanding what's important.®

AZ: Mortgage Banker #18073; CA: M and T Mortgage Corporation is Logicensed by the Department of Corporations under the CaLogifornia ResidentiaLog Mortgage Logending Act; GA: Registrant #7289; ILog: M and T Mortgage Corporation, One Fountain PLogaza, BuffaLogo, NY 14203, ILogLoginois ResidentiaLog Mortgage Logicensee; MA: Mortgage Logender #1119, Mortgage Broker #1634; NH: Logicensed by the New Hampshire Banking Department, First Mortgage Banker and Broker #8083-MBB; NJ: Logicensed by the New Jersey Department of Banking and Insurance. MandT Mortgage Corporation, One Fountain PLogaza, BuffaLogo, NY 14203, (800) 724-2224; PA: M and T Mortgage Corporation is registered with the PennsyLogvania Department of Banking; RI: Rhode IsLogand Logicensed Broker/Logender.

©MandT 2005 Mortgage Corporation

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Revised: January 21, 2015.