HTHR Hawthorne Finl (MM)

Hawthorne Savings Funds $10,779,000 Million Worth of Construction Loans for Three Custom Homes by the Beach EL SEGUNDO, Calif., April 14 /PRNewswire/ -- Hawthorne Savings, F.S.B. ("Hawthorne"), a subsidiary of Hawthorne Financial Corporation , announced today the funding of three separate multi-million dollar single-family residential construction loans along the coast of Southern California. * A $3,965,000 loan was funded for a 5,874 square foot home in Santa Barbara County. Planned for resale, the property is located in an unincorporated area of the County known as Montecito. The home will be a 4-bedroom, 4 1/2-bath, single-level Spanish design with extensive sound and optic systems, pool, spa and a separate 487 sq ft cabana house. Kennedy Wilson Builders, Inc. is the contractor. * A $3,350,000 loan was funded for a 5,039 square foot home in the "Sand Section" of Hermosa Beach. The three-story home, with beach frontage, will have views of the ocean and of the Hermosa Pier. A Mediterranean style will include a foyer, theater, game room, 4-bedrooms, 5 1/2-bathrooms, dining room, kitchen, library, great room and a master suite. Rooms will feature cherry wood cabinets. The kitchen will feature custom granite counters, center-island and Viking appliances. Fireplaces will adorn the great room, library and master bedroom. Hawthorne has funded four previous loans for the borrower. * A $3,464,000 loan was funded for a 3,800 square foot home in Newport Beach. The proposed two-story home will have 5-bedrooms, 4 1/2-baths, 2-decks and a 3-car garage. Features will include stone flooring, French doors, recessed lights, fireplaces in the living room and master bedroom and marble counters. Hawthorne has funded several prior loans for the borrower. About Hawthorne Savings Hawthorne Savings, F.S.B., an El Segundo, California-based financial institution, and federally-chartered savings bank, was incorporated in 1950 and commenced operations on May 11, 1951. The Bank's 15 full-service retail branches are located in the coastal communities of Southern California, from Westlake Village to Mission Bay in San Diego, with its newest branches located in Baldwin Hills and Irvine. Hawthorne maintains a strong presence in the South Bay region of Los Angeles County and was voted 'Best Bank in the South Bay' for three of the last four years. Hawthorne also specializes in real estate secured loans within the markets it serves. Loan types comprise: 1) permanent loans collateralized by single family residential property, 2) permanent loans secured by multi-family residential and commercial real estate and 3) loans for the construction of multi-family residential, commercial and individual single family residential properties and the acquisition and development of land for the construction of such projects. The Company funds its loans predominantly with retail deposits generated through its fifteen full service retail offices and FHLB advances. For more information, please call 888-TRUE-411 or visit the bank online at http://www.hawthornesavings.com/. DATASOURCE: Hawthorne Savings, F.S.B. CONTACT: Michelle Menna, Marketing Liaison of Hawthorne Savings, F.S.B., +1-310-725-1866 Web site: http://www.hawthornesavings.com/

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