Eligible Properties:

• Existing Apartment Properties with 5+ Units
• Limited Mixed-Use Acceptable
• No Properties with Deferred Maintenance in Excess of 5%

Loan Size:

• Minimum: $500,000
• Maximum: $3,000,000

Location:

• Nationwide

Programs:

• Highly Competitive with a wide array of Rate Plans:
• 6 month, 3, 5, 6, 10 yr Fixed Terms followed by a Floating Rate Period for up to 30 yrs
• 15 year Fixed Rate Fully Amortizing
• 3 and 5 yr Interest Only Structures Available

Prepayment:

• Fixed Declining (No Yield Maintenance or Defeasance)

Minimum Debt Service Coverage (DSC):

• 1.2 based on the Actual Loan Constant

Fees:

• Fixed 3^rd Party Cost of $3,500
• Property Condition Report Required based on Asset Condition/Quality

Loan to Value (LTV):

• 80% for Purchase, Rate and Term Refinance

Rate Lock:

• 60 day Forward Rate Lock Available requiring a $500 Deposit Credited at Closing

Personal Guarantees:

• Required
• Guarantee Drops to 50% with LTV below 75%
• No Recourse at 50% LTV