Browsing folders and SVN

Hi all,
we'd like to build the following FS+SVN structure:

- Folder1 (physical folder)
-- Folder2 (physical folder = list of repos)
--- Folder3 (physical folder = repo)
---- Folder4 (svn folders/files)

Is it possible?
So far, I defined them but I have errors.
If I type 'svn list http://server:8080/folder1/folder2/' I recevice the error 'Redirect cycle detected' for URL ...
If I type 'svn list http://server:8080/folder1/folder2/folder3' I recevice the correct svn content.

We also like to browse the folders by the web browser but we cannot overlap the svn folder with a <Directory> declaration.
So I'm able to browse the http://server:8080/folder1/folder2/folder3 items but not the above ones.

How can I solve it?
Regards

----
Ing. Stefano Mora