Property Type:

Acquisition or Refinance

Loan Amount:

$1,000,000 minimum

Loan Term:

35 years (self-amortizing)

Loan To Value:

85% maximum

Minimum DSCR:

1.176

Reserves:

Initial reserves are funded out of the loan proceeds
Annual contributions made by the borrower

Interest Rate:

See pricing grid

Liability:

Non-recourse to the principal of the borrower

Entity:

Single asset entity

Prepayment:

5 year lock-out with 5 year negotiated tail; typically 5%, 4%, 3%, 1%; thereafter, at par.

Assumption:

Subject to HUD approval and fee payment

Property Type:

New Construction / Rehabilitation

Loan Type:

Acquisition or Refinance

Loan Amount:

$1,000,000 minimum

Loan Term:

40 years (self-amortizing)

Loan to Value:

90% maximum

Minimum DSCR:

1.11

Reserves:

Initial reserves are funded out of loan proceeds
Annual contributions made by borrower

Interest Rate:

See pricing grid

Construction Loan:

Fixed at closing

Permanent Loan:

Fixed at closing of construction loan

Liability:

Non-recourse to the principal of the borrower

Entity:

Single asset entity

Prepayment:

5 year lock-out with 5 year negotiated tail; typically 5%, 4%, 3%, 1%; thereafter, at par.

Assumption:

Subject to HUD approval and fee payment

Property Type:

Apartments

Loan Type:

Acquisition or Refinance/ Equity Out (75%)

Loan Amount:

$500,000 - $3,000,000

Loan Term:

1, 3, 5, 7, 10 year fixed (no balloon)
15 year fixed (self-amortizing)

Amortization:

15 - 30 year

Loan to Value:

80% Maximum

Junior Financing:

Not allowed at purchase

Interest Rate:

Fixed weekly. See pricing grid

Minimum DSCR:

1.20

Replacement Reserves:

150/unit annual. Not escrowed with monthly payment

Rate Lock:

Point of loan registration, 60 days

Liability:

Full recourse to the borrower, may close in an entity. Non-recourse at 50% LTV.

Prepayment:

No prepayment penalty upon sale. Borrower may prepay 20% per year without penalty. Prepayment penalty may apply upon refinance if proposed rate is lower than existing.

Transaction Schedule:

60 days depending upon loan volume.

Property Type:

Apartment

Loan Type:

Acquisition or Refinance.

Loan Amount:

$400,000 minimum

Loan Term:

9 - 24 month construction term.

Amortization:

Interest only

Loan to Value:

75% of purchase or value construction up to 90%

Interest Rate:

See pricing grid

Minimum DCR:

1.25 based upon the first year projected NOI

Construction Carry:

Yes, percentage based upon projected loan to value and quality of transaction.

Liability:

Full recourse

Transaction Schedule

40 - 60 day period

Property Type:

Apartments

Loan Type:

Acquisition or Refinance/Equity Out

Loan Amount:

Minimum $750,000

Loan Term:

5, 7, 10, 15, 20 year

Amortization:

15 - 30 years

Loan To Value:

80% maximum

Interest Rate:

See pricing grid

Minimum DSCR:

1.20

Replacement Reserves:

250/unit

Rate Lock:

60 day period with 2% deposit refunded at closing

Spread:

Locked at application

Liability:

Non-recourse except for standard carve-outs

Entity:

Single asset entity

Prepayment:

Prepayment options will vary; yield to maintenance, defeasance, negotiated terms.

Reserves:

250/unit

Assumption:

1% fee with lender credit approval.

Transaction Schedule:

45-60 days