Permanent loans on new construction.

Up to 15 year maturity; 30-year amortization.

2% of the loan amount.

Fixed rate based upon Treasuries of comparable maturities plus a minimum of 2.25%, subject to an interest rate floor of 7.50%.

An interest rate lock is available for a maximum period of 2 years for a fee of .50% of the approved loan amount. The interest rate is set at the time of the election to lock at a rate equal to 2.75% over the 15-year treasury constant maturity (interpolated rate), subject to an interest rate floor of 7.50%. The election to lock may be exercised anytime within the 24 months from issuance of the commitment, but the rate lock will expire 2 years from the commitment date.

First Deed of Trust.

The lower of 75% maximum of appraised value or allowable debt service with reasonable expenses which include acceptable amounts included for reserve for replacement and management expense on for profit loans.

Maximum of 80% of all debt is allowed.

A minimum of 1.15:1 on WCRA debt - 1.0:1 minimum on total debt. At funding, debt service is based on the current rents and income annualized and the appraiser's vacancy/credit loss and expenses. All appraisals must be dated less than 12 months prior to loan closing.

Yes.

FNMA guidelines; 1% thereafter.

No minimum; loans restricted to projects of 5 units or more.

$7.5 million.

Yes; affordability maintained for life of loan.