<PAGE>

                                                                    EXHIBIT 99.5


                         FORM OF LETTER OF TRANSMITTAL
                                  TO EXCHANGE
                       SENIOR FLOATING-RATE NOTES DUE 2009
                                       FOR
                  SENIOR FLOATING-RATE NOTES DUE 2009, SERIES B
                  (REGISTERED UNDER THE SECURITIES ACT OF 1933)
                                       OF
                               LENNAR CORPORATION




THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON [     ],
2004, UNLESS IT IS EXTENDED.


                 J.P. MORGAN TRUST COMPANY, N.A., EXCHANGE AGENT

<TABLE>
<S>                                 <C>                                    <C>
By Mail:                            By Hand:                               By Overnight Courier:
J.P. Morgan Trust Company, N.A.     J.P. Morgan Trust Company, N.A.        J.P. Morgan Trust Company, N.A.
[                             ]     [                             ]        [                             ]
New York, NY [     ]                New York, NY [     ]                   New York, NY [     ]
Attn: [      ]                      Attn: [           ]                    Attn: [           ]
</TABLE>

Delivery of this instrument to an address other than as set forth above will not
constitute a valid delivery.


        This Letter of Transmittal is to be used to submit Senior Floating-Rate
Notes ("Initial Notes") of Lennar Corporation ("Lennar") for Senior
Floating-Rate Notes , Series B ("New Notes") of Lennar. This Letter of
Transmittal must be delivered to J.P. Morgan Trust Company, as exchange agent
(the "Exchange Agent"). Delivery of this Letter of Transmittal to DTC does not
constitute delivery of the Initial Notes to the Exchange Agent.




<PAGE>

THE EXCHANGE OFFER IS MADE UPON THE TERMS AND SUBJECT TO THE CONDITIONS SET
FORTH IN THE PROSPECTUS AND IN THIS LETTER OF TRANSMITTAL. HOLDERS SHOULD
CAREFULLY REVIEW THE INFORMATION SET FORTH IN EACH DOCUMENT.


      ALL CAPITALIZED TERMS USED HEREIN AND NOT DEFINED HEREIN SHALL HAVE THE
MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS.


      The undersigned must complete, execute and deliver this Letter of
Transmittal to indicate the action the undersigned desires to take, or have
taken, with respect to the exchange offer.


           [THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]

<PAGE>

        THE INITIAL NOTES MUST BE DELIVERED BY BOOK-ENTRY TRANSFER TO THE
        EXCHANGE AGENT'S ACCOUNT AT DTC, YOU MUST COMPLETE THE FOLLOWING:

Account Number at DTC:

___________________________________
Transaction Code Number:

___________________________________

<PAGE>

                   DESCRIPTION OF THE INITIAL NOTES SUBMITTED


<TABLE>
<CAPTION>
NAME(S) AND ADDRESS(ES) OF              INITIAL NOTES SUBMITTED
  REGISTERED HOLDER(S)           (ATTACH ADDITIONAL LIST IF NECESSARY)
(PLEASE FILL IN, IF BLANK)      ----------------------------------------
--------------------------                           PRINCIPAL AMOUNT OF
                                                        INITIAL NOTES
                                PRINCIPAL AMOUNT OF        SUBMITTED
                                   INITIAL NOTES     (IF LESS THAN ALL)*
                                -------------------  --------------------
<S>                             <C>                  <C>
                                _________________________________________

                                _________________________________________

                                _________________________________________

                                _________________________________________

                                _________________________________________

                                Total Amount of
                                Initial Notes:  _________________________

</TABLE>


-------------------------
*     Initial Notes may be tendered in whole or in part in denominations of
      $1,000 and integral multiples thereof. Unless otherwise indicated it will
      be assumed that all Initial Notes described above are being submitted.

<PAGE>

                    NOTE: SIGNATURES MUST BE PROVIDED BELOW.

              PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.

LADIES AND GENTLEMEN:


By execution hereof, upon the terms and subject to the conditions of the
exchange offer set forth in the accompanying Prospectus, the undersigned hereby
tenders to Lennar the principal amount of Initial Notes indicated in the table
above.



Subject to, and effective upon, the acceptance for exchange of the Initial Notes
tendered herewith in accordance with the terms, and subject to the conditions
of, the exchange offer, the undersigned hereby sells, assigns and transfers to,
or upon the order of, Lennar, all right, title and interest in and to the
Initial Notes tendered hereby. The undersigned hereby irrevocably constitutes
and appoints the Exchange Agent the true and lawful agent and attorney-in-fact
of the undersigned (with full knowledge that the Exchange Agent also acts as the
agent of Lennar and the trustee under the indenture) with respect to such
Initial Notes, with full powers of substitution and revocation (such
power-of-attorney being deemed to be an irrevocable power coupled with an
interest), to (1) present such Initial Notes and all evidences of transfer and
authenticity to, or transfer ownership of, such Initial Notes on the account
books maintained by DTC to, or upon the order of, Lennar, (2) present such
Initial Notes for transfer of ownership on the books of the relevant security
register, and (3) receive all benefits and otherwise exercise all rights of
beneficial ownership of such Initial Notes.



By the execution and delivery of this Letter of Transmittal, the undersigned is
tendering to Lennar the principal amount of Initial Notes indicated in the table
above.


<PAGE>





The undersigned understands that tenders of Initial Notes may be withdrawn by
written notice of withdrawal received by the Exchange Agent at any time at or
prior to 5:00 p.m., New York City time, on ______________, 2004.


If Lennar terminates the exchange offer, then any Initial Notes tendered
pursuant to the exchange offer and not accepted for exchange will be credited to
the account maintained at DTC from which such Initial Notes were delivered, and
the Amendment will not become effective. Notwithstanding any termination of the
exchange offer, Lennar reserves the right to exchange any Initial Notes tendered
pursuant hereto. If Lennar makes a material change in the terms of the exchange
offer or the information concerning the exchange offer or waives a material
condition of the exchange offer, then Lennar will disseminate additional
material in respect of the exchange offer and will extend the exchange offer to
the extent required by law.


The undersigned understands that for a withdrawal of a tender of the Initial
Notes to be effective, a written or facsimile notice of withdrawal or a Request
Message (as defined below) must be timely received by the Exchange Agent at its
address set forth on the front cover of this Letter of Transmittal, at or prior
to 5:00 p.m., New York City time, on ______________, 2004. Any such notice of
withdrawal must (1) specify the name of the person who tendered the Initial
Notes to be withdrawn, (2) contain the aggregate principal amount represented by
such Initial Notes and (3) be signed by the holder of such Initial Notes in the
same manner as the original signature on the Letter of Transmittal by which such
Initial Notes were tendered (including any required signature guarantees) or be
accompanied by (a) documents of transfer sufficient to have the trustee register
the transfer of the Initial Notes into the name of the person withdrawing such
Initial Notes and (b) a properly completed irrevocable proxy that authorizes
such person to effect the revocation on behalf of such holder. In lieu of
submitting a written or facsimile notice of withdrawal or revocation, DTC
participants may electronically transmit a request for withdrawal or revocation
to DTC. DTC will then verify the request and send a Request Message to the
Exchange Agent. A withdrawal of Initial Notes can only be accomplished in
accordance with these procedures.



The undersigned understands that the tender of the Initial Notes pursuant to any
of the procedures described in the prospectus and in the Instructions to this
document (and any subsequent acceptance of such Initial Notes by Lennar) will
constitute a binding agreement between the undersigned and Lennar in accordance
with the terms, and subject to the conditions, set forth in the prospectus, this
Letter of Transmittal and, if applicable, the Notice of Guaranteed Delivery.



The undersigned represents and warrants that the undersigned has full power and
authority to exchange the Initial Notes tendered hereby and that, when such
tendered Initial Notes are accepted for exchange by Lennar, Lennar will acquire
good title thereto, free and clear of all liens, restrictions, charges and
encumbrances and not subject to any adverse claim or right.

<PAGE>





For purposes of the Exchange Offer, the undersigned understands that validly
tendered Initial Notes (or defectively tendered Initial Notes with respect to
which Lennar has waived, or has caused to be waived, such defect) will be deemed
to have been accepted for exchange if, as and when Lennar gives oral (confirmed
in writing) or written notice thereof to the Exchange Agent.



All authority conferred or agreed to be conferred by this Letter of Transmittal
shall not be affected by, and shall survive, the death or incapacity of the
undersigned, and every obligation of the undersigned under this Letter of
Transmittal shall be binding upon the undersigned's heirs, personal
representatives, executors, administrators, successors, assigns, trustees in
bankruptcy and other legal representatives.



The undersigned understands that the delivery and surrender of the Initial Notes
is not effective, and the risk of loss of the Initial Notes does not pass to the
Exchange Agent, until receipt by the Exchange Agent of (a) (1) this Letter of
Transmittal (or a manually signed facsimile copy hereof) properly completed and
duly executed, together with all accompanying evidences of authority, or (2) a
properly transmitted Agent's Message, and (b) all other required documents in
form satisfactory to Lennar. All questions as to the form of documents and the
validity (including the timeliness of receipt or delivery) and acceptance of
tenders and withdrawals of Initial Notes will be determined by Lennar, in its
sole discretion, which determination shall be final and binding.


If the box captioned "Special Issuance Instructions" is completed, please issue
and deliver the confirmation of book-entry transfer as indicated. Lennar
noteholders who deliver Initial Notes to be exchanged by book-entry transfer
may, by making an appropriate entry under "Special Issuance Instructions,"
request that any Initial Notes which are not accepted for exchange be returned
by crediting a different account at DTC. The undersigned is aware that Lennar
has no obligation because of Special Issuance Instructions or otherwise to
transfer any Initial Notes which are not accepted for exchange from the name of
the registered holder of those Initial Notes to the name of another person.

<PAGE>

                                PLEASE SIGN HERE


           (To Be Completed By All Tendering Holders of Initial Notes
             Who Complete the Substitute Form W-9 Contained Herein)






      This Letter of Transmittal must be signed by the registered holder(s) of
the Initial Notes exactly as the name(s) of such holder(s) appear(s) on a
security position listing as the owner of the Initial Notes, or by person(s)
authorized to become registered holder(s) by bond powers transmitted with this
Letter of Transmittal. Endorsements on the Initial Notes and signatures on bond
powers by registered holders not executing this Letter of Transmittal must be
guaranteed by an Eligible Institution. See Instruction 4 below. If this Letter
of Transmittal is signed by a trustee, executor, administrator, guardian,
attorney-in-fact, officer or other person acting in a fiduciary or
representative capacity, such person must set forth his or her full title below
under "Capacity" and submit evidence satisfactory to Lennar of such person's
authority to so act. See Instruction 4 below.



      IF THE SIGNATURE APPEARING BELOW IS NOT OF THE REGISTERED HOLDER(S) OF THE
INITIAL NOTES, THEN THE REGISTERED HOLDER(S) MUST SIGN A CONSENT PROXY, WHICH
SIGNATURE MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION. THE CONSENT PROXY
SHOULD ACCOMPANY THIS LETTER OF TRANSMITTAL.


X  _____________________________________________________________________________

X  _____________________________________________________________________________
          Signature(s) of Registered holder(s) or Authorized Signatory

Dated: ___________________, 2004

Name(s):  ______________________________________________________________________

          ______________________________________________________________________
                                 (Please Print)

Capacity: ______________________________________________________________________

Address:  ______________________________________________________________________
                              (Including Zip Code)

Area Code and Telephone No.:____________________________________________________

Tax Identification or
Social Security No.:____________________________________________________________

                  SIGNATURE GUARANTEE (SEE INSTRUCTION 4 BELOW)
        CERTAIN SIGNATURES MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION

________________________________________________________________________________
             Name of Eligible Institution Guaranteeing signature(s))

________________________________________________________________________________
   (Address (including zip code) and Telephone Number (including area code) of
                              eligible institution)

________________________________________________________________________________
                             (Authorized Signature)

________________________________________________________________________________
                                 (Printed Name)

________________________________________________________________________________
                                     (Title)

Dated: ___________________, 2004

<PAGE>

                          SPECIAL ISSUANCE INSTRUCTIONS

To be completed ONLY if the New Notes or the Initial Notes which are not
accepted for exchange are to be issued in the name of someone other than the
undersigned, or if the Initial Notes delivered by book-entry transfer which are
not accepted for exchange are to be returned by credit to an account at DTC
other than that designated above.

Issue:   [ ] New Notes

         [ ] Initial Notes not accepted for exchange

to:

Name

_______________________________
(PLEASE PRINT)

Address

_______________________________
_______________________________
_______________________________
(INCLUDE ZIP CODE)

_______________________________
(TAX IDENTIFICATION OR SOCIAL SECURITY NUMBER.)

[ ]   Credit Initial Notes which were delivered by book-entry transfer and are
      not accepted for exchange to the following DTC account:

_______________________________
(ACCOUNT NUMBER)

<PAGE>

                                  INSTRUCTIONS
                 FORMING PART OF THE TERMS OF THE EXCHANGE OFFER


      1. GUARANTEE OF SIGNATURES. No signature guarantee is required on this
Letter of Transmittal if (i) this Letter of Transmittal is signed by the
registered holder of the Initial Notes to be exchanged (which, for purposes of
this document, includes any participant in DTC whose name appears on a security
position listing as the owner of the Initial Notes to be exchanged) unless the
holder has completed the box entitled "Special Issuance Instructions" or (ii)
the Initial Notes to be exchanged are submitted for the account of a member firm
of a registered national securities exchange or a member of the National
Association of Securities Dealers, Inc. or by a commercial bank or trust company
which has an office or correspondent in the United States (collectively,
"Eligible Institutions"). In all other cases, all signatures on this Letter of
Transmittal must be guaranteed by an Eligible Institution. See Instruction 4.



      2. DELIVERY OF LETTER OF TRANSMITTAL AND CERTIFICATES. This Letter of
Transmittal is to be completed by noteholders even though the Initial Notes are
being submitted in accordance with the procedures for delivery by book-entry
transfer described in the Exchange Instructions. The Exchange Agent must
receive, at or before the Expiration Time, confirmation by DTC of transfer of
the Initial Notes to be exchanged to an account of the Exchange Agent, together
with a properly completed and executed Letter of Transmittal.



      Submission may not be conditional or contingent. The method of delivery of
this Letter of Transmittal and confirmation of delivery of the Initial Notes to
be exchanged through DTC, is at the option and risk of the exchanging
noteholder. Delivery will not be deemed made until items are actually received
by the Exchange Agent. If delivery is by mail, registered mail with return
receipt requested, properly insured, is recommended.



      3. INADEQUATE SPACE. If the space provided in this Letter of Transmittal
is inadequate, the numbers of the Initial Notes being submitted for exchange
should be listed on a separate signed schedule, which should be attached to this
Letter of Transmittal.



      4. SIGNATURES ON LETTER OF TRANSMITTAL. The signature(s) on this Letter of
Transmittal must correspond exactly with the name(s) in which the Initial Notes
to be exchanged are held.



      If the Initial Notes to be exchanged are owned of record by two or more
joint owners, all the owners must sign this Letter of Transmittal.



      If this Letter of Transmittal is signed by a trustee, executor,
administrator, guardian, attorney-in-fact, officer of a corporation or other
person acting in a fiduciary or representative capacity, that person should so
indicate when signing, and submit evidence satisfactory to Lennar of the
person's authority so to act.



      5. TRANSFER TAXES. Except as set forth in this Instruction 5, Lennar will
pay any transfer taxes with respect to the transfer to it of the Initial Notes
to be exchanged. If the New Notes or the Initial Notes which are not accepted
for exchange are to be credited to an account at DTC other than the account
designated above, the New Notes will not be issued until Lennar or the Exchange
Agent receives satisfactory evidence of the payment of, or an exemption from the
need to pay, transfer taxes.


<PAGE>

      6. SPECIAL ISSUANCE INSTRUCTIONS. Noteholders may request that the New
Notes and the Initial Notes which are not accepted for exchange be credited to
an account at DTC which the noteholder designates. If no instructions are given,
notes tendered by book-entry transfer which are not accepted for exchange will
be returned by crediting the account at DTC designated above.


      7. REQUESTS FOR ASSISTANCE OR ADDITIONAL COPIES. Requests for assistance
may be directed to, or additional copies of the prospectus and this Letter of
Transmittal may be obtained from, Lennar Corporation Attention: Director of
Investor Relations at 700 Northwest 107th Avenue, Miami Beach, Florida, 33172,
or from your broker, dealer, commercial bank or trust company.


      8. WAIVER OF REQUIREMENTS. The requirements described above may be waived
by Lennar, in whole or in part, at any time and from time to time, in Lennar's
sole discretion, and may be waived as to the Initial Notes submitted by
particular noteholders, even if similar requirements are not waived as to other
noteholders.


IMPORTANT: THIS LETTER OF TRANSMITTAL, TOGETHER WITH CONFIRMATION OF BOOK-ENTRY
TRANSFER, MUST BE RECEIVED BY THE EXCHANGE AGENT BEFORE 5:00 P.M., NEW YORK CITY
TIME, ON [     ], 2004.


<PAGE>

                       (DO NOT WRITE IN THE SPACES BELOW)

Date received:                 Accepted by:              Checked by:

_____________________________  _______________________   _______________________

<TABLE>
<CAPTION>
INITIAL NOTES    INITIAL NOTES                        INITIAL NOTES
  SUBMITTED        ACCEPTED        NEW NOTES ISSUED      RETURNED     BLOCK NO.
-------------    -------------     ----------------   -------------   ---------
<S>              <C>               <C>                <C>             <C>
_____________    _____________     ________________   _____________   _________

_____________    _____________     ________________   _____________   _________

_____________    _____________     ________________   _____________   _________
</TABLE>

Delivery Prepared by:          Checked by:               Date:

_____________________________  _______________________   _______________________


