Which of the following describes a way in which the nature of equity investment and debt financing differ in a development scenario versus an existing asset acquisition scenario?

• 1.The sources of funds do not need to all be deployed in the front end of a development transaction
• 2.In a development scenario, the sources of funds do not necessarily equal the uses of funds
• 3.There are always two or more equity contributors in a development project
• 4.Senior lenders will not go above 60% loan-to-value on an acquisition