H U D M U L T I F A M I L Y

H U D M U L T I F A M I L Y

H U D M U L T I F A M I L Y

L o a n A m o u n t

L o a n Te r m Maximum term of 35 years

A m o r t i z a t i o n Loan will fully amortize over term

M i n i m u m D S C 1.18x

M a x i m u m LT V a) 85% of appraised value;

b) Loan amount that would achieve a debt service coverage ratio of 1:18 to 1.0;

c) Refinancing: 100% of outstanding debt plus transaction costs and proposed repairs. (If an equity takeout is being requested, then the loan amount may be 80% of the project’s appraised value under this loan criterion if that amount is greater than the cost of the refinance.);

d) Acquisition: 85% of the acquisition price plus transaction costs and proposed repairs

F i x e d R a t e Yes

A d j u s t a b l e R a t e No

E l i g i b l e P ro p e r t y Multifamily *(see Notes for details)

E l i g i b l e B o r ro w e r Single-asset entity

A s s u m a b l e Loan is assumable, subject to HUD approval and payment of an assump-tion fee and related transaction expenses

Ta x a n d I n s u r a n c e E s c ro w s Taxes and insurance are required to be escrowed monthly

R e p l a c e m e n t R e s e r v e s Replacement reserves are required in accordance with HUD guidelines; the amount is determined in conjunction with the third-party engineer report

C o m m e rc i a l S p a c e

R e c o u r s e Non-recourse

R e q u i re d R e p o r t s Appraisal, reduced physical needs assessment and environmental screen

P re p a y m e n t Negotiable. Typically two-year lockout with 8% penalty in third year, reducing 1% each succeeding year

:• EMYH _1_ Funding

H U D M U L T I F A M I L Y

S u p p l e m e n t a l L o a n s No

P r i c i n g

R a t e L o c k After acceptance of FHA commitment and prior to closing (contact to dis-cuss early rate lock options)

F e e s a n d E x p e n s e s

e) Third party report cost

O r i g i n a t i o n F e e

*Notes

a) Market rate, moderate-income and subsidized properties

b) Existing projects, at least three years old, with no more than minimal required levels of repair and with no substantial rehabilitation within the past three years

c) No rent control

d) Student housing is not excluded, but multiple rents from one unit will not be underwritten

e) Limitation on commercial space: No more than 20% of the net rentable area and 20% of effective gross income

t EMYH _1_ Funding

H U D M U L T I F A M I L Y