Here is my thinking:

On the sources side, I would use the same number as the past two quarters for total sources (loan proceeds, loan sales, asset sales, etc.): just over $630M per quarter. I deem this to be a conservative starting point (assuming the economy doesn’t get significantly worse) as this number is significantly less than the preceding quarters and I think SFI should be able to liquidate NPLs at a faster rate in 2010 as the foreclosure process has a long lead-time.

In any event over the next 5 quarters I see the following:

Sources: $630M * 5 = $3,150

Uses: Freemont Note = $675M
Remaining Fundings = $325M
Bonds Due in 2010 = $800

Net: $1,350M

Add that to the current cash and I think they can enter 2011 with over $1.5B in cash and capacity.

Obviously, 2011 is an important year as they have over $2.5B is debt due that year, but its spread out of the year and my numbers don’t factor in the $250M of bonds they pre-paid this past quarter as a portion are 2010/11 maturities and thus being incorrectly accounted for on the Uses side.