Multifamily Sample Underwriting Analysis Loan Information Underwriting Results Multifamily Max. Loan @ Min. Property Type $ 1,558,582 Purchase DSCR Max. Loan @ Loan Purpose $ 1,520,000 Max. LTV Loan Term 10 1.23 yrs DSCR @ Proposed Loan1 2.150% Loan Amortization 80.0% 30 yrs Loan Type LTV @ Proposed Loan2 $ 126,307 Fixed Requested Interest Rate Proposed Annual Debt Svc $ 10,526 7.300% Interest Rate Index Proposed Monthly Pymt $ 1,309,263 10 Yr US Treasury Current Index Yield Balloon @ Maturity 5.150% Interest Rate Spread Purchase Price Value Analysis $ 1,900,000 Last Appraised Value $ 1,900,000 3 $ 1,900,000 Direct Capitalization Rate Underwriting Constraints 8.50% Value at Market Cap Direct Capitalized Value $ 1,828,425 Max. LTV 80.0% Cap Rate @ Appr. Value Min. DSCR Requested LTV4 1.20 80.5% Min. Vacancy Reserve Est. Terminal LTV 5.0% 68.9% Min. Management Fee Loan Constant 4.0% 0.08310 12 Interest Accrual Method Actual 360 Interest Rate Rounding Purchase Price Cap 8.18% No Rounding TI/LC Stress DSCR 1.10 Rent Roll Start Date Loan Conclusion 1/30/2005 Avg. Lease Term (months) Expense Growth Rate $ 1,530,000 Requested Loan 3.0% Replacement Reserve Max. Allowable $ 1,520,000 $ 250/Unit Loan5 Notes: Calculations Notes DSCR @ Proposed Loan (NCF / Annual Debt Svc) LTV @ Proposed Loan (NOI - Cap Ex / Cap Rate) Cap Calculations based on (NOI - Cap Ex) LTV Calculations based on (NOI - Cap Ex) Max. Allowable Loan is the lesser of Max. Loan @ Max. LTV, Max. Loan @ Min. DSCR or Requested Loan.
Multifamily Sample Underwriting Analysis Loan Information Underwriting Results Property Type Loan Purpose Multifamily Purchase Max. Loan @ Min. DSCR Max. Loan @ Max. LTV $ 1,558,582 $ 1,520,000 Loan Term 10 yrs DSCR @ Proposed Loan1 1.23 Loan Amortization Loan Type Requested Interest Rate Interest Rate Index Current Index Yield Interest Rate Spread 30 yrs Fixed 7.300% 10 Yr US Treasury 5.150% 2.150% LTV @ Proposed Loan2 Proposed Annual Debt Svc Proposed Monthly Pymt Balloon @ Maturity 80.0% $ 126,307 $ 10,526 $ 1,309,263 Purchase Price Last Appraised Value $ 1,900,000 $ 1,900,000 Value Analysis 3 Underwriting Constraints Direct Capitalized Value Direct Capitalization Rate Value at Market Cap $ 1,900,000 8.50% $ 1,828,425 Max. LTV Min. DSCR Min. Vacancy Reserve Min. Management Fee 80.0% 1.20 5.0% 4.0% Cap Rate @ Appr. Value Requested LTV4 Est. Terminal LTV Loan Constant 80.5% 68.9% 0.08310 Interest Accrual Method Interest Rate Rounding TI/LC Stress DSCR Rent Roll Start Date Avg. Lease Term (months) Actual 360 No Rounding 1.10 1/30/2005 12 Purchase Price Cap 8.18% Loan Conclusion Expense Growth Rate Replacement Reserve 3.0% $ 250/Unit Requested Loan Max. Allowable Loan5 $ 1,530,000 $ 1,520,000 Notes: Calculations Notes DSCR @ Proposed Loan (NCF / Annual Debt Svc) LTV @ Proposed Loan (NOI - Cap Ex / Cap Rate) Cap Calculations based on (NOI - Cap Ex) LTV Calculations based on (NOI - Cap Ex) Max. Allowable Loan is the lesser of Max. Loan @ Max. LTV, Max. Loan @ Min. DSCR or Requested Loan.
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