Exhibit 99.3

UNAUDITED PRO FORMA CONDENSED SEPARATE FINANCIAL STATEMENTS AND RELEATED NOTES THERETO

The following unaudited pro forma condensed separate financial statements are based upon the separate historical financial position and results of operations of True North Finance Corporation (TN). The unaudited pro forma separate financial statements give effect to the deconsolidation on June 30, 2010.

The unaudited pro forma condensed separate financial information is provided for informational purposes only and is not necessarily indicative of deconsolidated results of operations of TN had the deconsolidation occurred on the date indicated above, or that would be realized in the future.

UNAUDITED PRO FORMA SEPARATE BALANCE SHEET

ASSETS
	TN Consolidated						Pro Forma at
	December 31, 2009			Pro Forma Adjustments			December 31, 2009
CURRENT ASSETS
Cash	$	69,220		$	(10,383	)	$	58,837
Interest receivable		3,798			(3,798	)		-
Other current assets		70,559			(70,559	)		-
Total current assets		143,577			(84,740	)		58,837

Property and equipment		128,460			(43,278	)		85,182
Investments in notes receivable net of allowance of $1,643,485					-
as of December 31, 2009		1,250,000			(1,250,000	)		-
Investments in notes receivable, related party, net of allowance of $0					-
as of December 31, 2009		171,489			(171,489	)		-
Investments in real estate loans, net of allowance of $0					-
as of December 31, 2009		6,426,000			(6,426,000	)		-
Real estate held for sale		39,540,000			(28,540,000	)		11,000,000
Deposits and other assets		1,112,768			(609,890	)		502,878
Total assets	$	48,772,294		$	(37,125,397	)	$	11,646,897

LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable	$	1,056,922		$	(918,380	)	$	138,542
Accounts payable, related party		59,464			(59,464	)		-
Current portion of notes payable		60,782,223			(49,782,223	)		11,000,000
Current portion of notes payable, related party		1,300,000			(1,300,000	)		-
Other current liabilities, related party		538,784			(509,367	)		29,417
Other current liabilities		7,934,675			(6,384,998	)		1,549,677
Total current liabilities		71,672,068			(58,954,432	)		12,717,636

LONG TERM LIABILITIES
Notes payable		9,930,000			-			9,930,000
Notes payable, related party		628,000			-			628,000
Total liabilities commitments and contingencies		82,230,068			(58,954,432	)		23,275,636

STOCKHOLDERS' DEFICIT
Preferred stock, $1,000 stated value, 50,000 shares authorized;
35,473 shares issued and outstanding		16,700,298			-			16,700,298
Common stock (Series A), $.01 par value, 1,000,000 shares authorized;
1,000,000 shares issued and outstanding		10,000			-			10,000
Common stock (Series B), $.01 par value, 150,000,000 shares authorized;
67,354,092 and 36,331,993 shares issued and outstanding
at December 31, 2009 and December 31, 2008, respectively		673,541			-			673,541
Additional paid-in capital		41,687			-			41,687
Accumulated (deficit)		(46,951,058	)		17,896,793			(29,054,265	)
Total True North Finance Corporation stockholders' deficit		(29,525,532	)		17,896,793			(11,628,739	)
Noncontrolling interests		(3,932,242	)		3,932,242			-
Total stockholders' deficit		(33,457,774	)		21,829,035			(11,628,739	)
Total liabilities and stockholders' deficit	$	48,772,294		$	(37,125,397	)	$	11,646,897

STATEMENTS OF OPERATIONS

(Unaudited)

							PRO FORMA
	For the Year Ended December 31, 2009			Proforma Adjustments			For the Year Ended December 31, 2009
INTEREST AND FEE INCOME
Interest and fee income	$	100,550		$	(100,550	)	$	-
Interest and fee income, related party		37,458			(37,458	)		-
		138,008			(138,008	)		-

OPERATING EXPENSES
Insurance		53,325			(18,994	)		34,331
Payroll		228,699			(105,810	)		122,889
Professional fees		236,090			(165,823	)		70,267
Interest expense		5,043,160			(3,873,453	)		1,169,707
Interest expense, related party		80,834			(80,834	)		-
Provision for doubtful accounts		6,609,273			(4,616,515	)		1,992,758
Other expense		3,279,024			(2,488,041	)		790,983
Other expense, related party		1,279,864			(1,279,864	)		-
Total operating expenses		16,810,269			(12,629,334	)		4,180,935
Loss from operations		(16,672,261	)		12,528,784			(4,180,935	)

INCOME (LOSS) FROM REAL ESTATE HELD FOR SALE
Income related to real estate held for sale		233,054			(233,054	)		-
Expenses related to real estate held for sale		(232,750	)		232,750			-
Write-downs on real estate held for sale		(29,890,000	)		29,890,000			-
Total loss from real estate held for sale		(29,889,696	)		29,889,696			-

Loss before provision for income taxes		(46,561,957	)		42,418,480			(4,180,935	)
					-
Deferred income tax benefit		-			-			-
Net loss		(46,561,957	)		114,726,656			(4,180,935	)
Net loss attributable to noncontrolling interests		7,667,596			(7,667,596	)		-
Net loss attributable to True North	$	(38,894,361	)		107,059,060		$	(4,180,935	)

Loss per share:
Basic and diluted attributable to True North Stockholders	$	(0.73	)		0.66		$	(0.08	)
Weighted average basic and diluted shares outstanding		52,970,531			-			52,970,531

STATEMENTS OF OPERATIONS

(Unaudited)

							PRO FORMA
	For the Three Months Ended March 31, 2010			Proforma Adjustments			For the Three Months Ended March 31, 2010
INTEREST AND FEE INCOME
Interest and fee income	$	-		$	-		$	-
Interest and fee income, related party		2,981			(2,981	)		-
		2,981			(2,981	)		-

OPERATING EXPENSES
Insurance		29,889			-			29,889
Payroll		166,583			-			166,583
Professional fees		101,779			(22,039	)		79,740
Interest expense		2,235,625			(1,754,768	)		480,857
Interest expense, related party		50,291			(50,291	)		-
Other expense		703,838			(230,803	)		473,035
Other expense, related party		375,065			(375,065	)		-
Total operating expenses		3,663,070			(2,432,966	)		1,230,104
Loss from operations		(3,660,089	)		2,429,985			(1,230,104	)

INCOME (LOSS) FROM REAL ESATE HELD FOR SALE
Income related to real estate held for sale		119,156			(119,156	)		-
Expenses related to real estate held for sale		(135,281	)		135,281			-
Total loss from real estate held for sale		(16,125	)		16,125			-

OTHER INCOME
Gain from sale of investments		84,500			(84,500	)		-
Total other income		84,500			(84,500	)		-
Loss before provision for income taxes		(3,591,714	)		2,361,610			(1,230,104	)

Deferred income tax benefit		-			-			-
Net loss		(3,591,714	)		2,361,610			(1,230,104	)
Net loss attributable to noncontrolling interests		427,267			(427,267	)		0
Net loss attributable to True North	$	(3,164,447	)	$	1,934,343		$	(1,230,104	)

Loss per share:
Basic and diluted attributable to True North Stockholders	$	(0.05	)	$	(0.05	)	$	(0.02	)
Weighted average basic and diluted shares outstanding		68,354,092			-			68,354,092

NOTES TO UNAUDITED PRO FORMA CONDENSED SEPARATE FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

The unaudited pro forma condensed separate financial statements do not give any effect to any restructuring cost, potential cost savings or other operating efficiencies that are expected to result from the Deconsolidation. The unaudited pro forma condensed separate financial statements are based upon certain assumptions and do not purport to be indicative of the results which would have been achieved if the Deconsolidation had been consummated on the dates indicated or which may be achieved in the future.

On June 30, 2010 the Company transferred the assets and liabilities of their subsidiary Capital Solutions Monthly Income Fund, LP, after these assets had been voluntarily surrendered to the Company pursuant to the Company’s security interest, to a liquidating trust not controlled by the Company. The Company has no continuing involvement with the Capital Solutions Monthly Income Fund, LP. The Company received no cash consideration in the transfer. In addition, the Company issued 12,000 shares of preferred stock to Capital Solutions Monthly Income Fund, LP’s Series 1 Note-holders. At the time of the deconsolidation, Capital Solutions Monthly Income Fund, LP’s liabilities exceeded their assets by $26,611,512.

2. PRO FORMA ADJUSTMENTS

The pro forma adjustments on the Balance Sheet and Statement of Operations exclude the financial information of the entities deconsolidated on June 30, 2010.

True North Finance Corp 8-K/A