Apartment Properties Fixed-Rate Mortgages
Purchase or Refinance

ELIGIBLE PROPERTIES:
Apartments which are existing or recently completed (both newly constructed or substantially rehabilitated). Properties must have a minimum occupancy of 90% at the time of commitment and the preceding three-month period.

LOAN TYPE:
Balloon mortgages with a 5, 7, 10, 15 or 18-year term.
Also 20, 25 and 30-year fully amortizing structures.

PREFERRED LOAN SIZE:
$3 million and larger.

MAXIMUM LOAN:
Amount equal to the lesser of:

1. 80% of appraised value; or
2. 1.25 debt service coverage.

INTEREST RATES:
Determined by market rates at the time of rate lock. Rates vary by loan-to-value ratio, debt service coverage and property quality.

AMORTIZATION:
Up to 30 years.

PERSONAL RECOURSE:
None, except for standard exceptions to non-recourse which are the responsibility of the Key Principal(s).

ASSUMABILITY:
Assumable, subject to CWCapital approval and a 1% transfer fee.

PREPAYMENT:
Yield maintenance or defeasance options.

SUBORDINATE FINANCING:
Fannie Mae Supplemental Loans (second mortgages) available 12 months after initial loan closing.

Supplemental loans can be provided on a fixed or adjustable-rate basis.

ESCROWS:
125% to 150% of estimated cost of required repairs, if any, as determined by physical inspection.

Monthly escrows for real estate taxes, property insurance and replacement reserves.

APPLICATION FEE:
Based on estimated underwriting costs for appraisal, architectural / engineering report, environmental assessment and other loan processing costs.

FINANCING FEE:
Negotiable.

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

PRELIMINARY SUBMISSION PACKAGE:
Include the following in your request for a loan quote:

1. Property description and location map.
2. Representative color photographs.
3. Current rent roll and year-to-date operating statement.
4. Operating history - prior 3 years, if available.
5. Current year operating budget.
6. Existing debt and cost basis.
7. Sponsor resume.

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This is a summary of general program terms, which are subject to change. This is not a commitment to lend.