ELIGIBLE PROPERTIES: Market Rate Apartments Class A, B, C, or Mixed use or
Affordable Housing Properties.  Loans greater than $2,500,000 are cost effective
for the borrower

LOAN TYPE TERM - AMORTIZATION: Permanent fixed rate, 35-year fully
amortizing loan

MAXIMUM LOAN: The lessor of 83% of appraised value (75% Cash Out), 1.20 debt
service coverage, statutory limits - Except for 100% affordable with 87% loan to
value limit  

REFINANCE: 1. The Greater of the cost to refinance; or (b) 83% of value

PURCHASE: 83% of the cost of acquisition  

INTEREST RATES: fixed for 35 years about under has been under 5%
including MIP for over five year

NO PERSONAL RECOURSE: Non-recourse other than standard carve outs  

ASSUMABILITY: Assumable, subject to approval.  SUBORDINATE FINANCING:
Some soft seconds allowable, subject to HUD criteria  

PREPAYMENT: Negotiable. Typically 5 to 9 years of prepayment penalties  

REPAIRS: Repairs may not exceed 15% of the value after repairs

ANNUAL MORTGAGE INSURANCE PREMIUM: 1.0% of the mortgage amount is
payable at closing. Thereafter, the MIP is escrowed monthly based on a rate of .45%
per year

ESCROWS: Monthly escrows for property insurance, real estate taxes, reserves
for replacement (and mortgage insurance premiums. An initial deposit to
replacement reserve and 100% of repair costs are escrowed from mortgage

COMMERCIAL SPACE: Commercial area shall not exceed 10% of the total net
rentable area of the project and commercial income shall not exceed 15% of
effective gross income  

ENVIRONMENTAL ISSUES: rules apply for properties which are located in Flood
Hazard Zones as designated by FEMA. Lead-based paint and asbestos must be

APPLICATION FEE: Appraisal, environmental assessment, property condition
reports costs about $15,000. FHA charges a 0.3% exam fee at the time of application

FINANCING AND PLACEMENT FEES: Varies by deal 1% - 2%  

CLOSING EXPENSES: Standard transaction costs, including legal fees, title
insurance and survey     

1.        Property description
2.        Area and Neighborhood description  
3.        Location map
4.        Units breakdown with rents by unit type
5.        Current rent roll
6.        Vacancy and Concessions, bad debt other rent loss for last 12 months  
7.        Year-to-date operating statement.
8.        Operating history – prior 3 years, if available.
9.        Pro-Forma 12 month operating budget.
10.      Existing debt, purchase price, date purchased if applicable  
11.      Owner resume  
12.      Owner Financial Statement
13.      Interior and Exterior Photos
14.      If purchase, purchase agreement and time remaining on contract
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