The document is a letter from S.T.P.1-14N Blanciard Associates to Phillip D. London discussing using Blanciard's 1,980 acre ranch located in Ventura County as collateral for a note instead of a subordination agreement. The ranch has year-round streams, is zoned for parcels of at least 40 acres, has views of the Pacific Ocean and Channel Islands, and could be valued between $8.8-15.6 million based on recent sales of neighboring properties. Blanciard leases the ranch for cattle and keeps personal horses and mobile homes on the property. He requests London expedite a decision so the Coastal Commission can issue permits.