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home mobile refinance

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									DCR Requirements: 30 YEAR AMORTIZATION: REL >= 30 years, AGE <= 50 years (unless property is in good
condition as rated by Lender’s appraisers/inspectors), DCR >= 1.20.
 Transaction Type                                                                 CDCR (Lender Approved Secondary
 (Apartments, Mobile Home               DCR          CDCR (refinances with        Financing through Mezzanine Capital
 Parks & Mixed-Use)                                       pre-existing            Finance)
                                                     subordinate financing)
 Purchases                               1.2                   N/A                                        1.05
 No Cash-Out Refinances                  1.2                    1.2                                       1.05
 Cash-Out Refinances                     1.2                    1.2                                       1.05

LTV Requirements:
         PROPERTY TYPE                         LTV              CLTV (Lender Approved Secondary Financing through
          (PURCHASES)                                                      Mezzanine Capital Finance)
 Apartments/Mobile Home Parks/Mixed-           80.00%                                        85.00%
 Use <=$3,000,000
 Apartments/Mobile Home Parks/Mixed-       75.00%*                                          80.00%*
 Use > $3,000,000


     PROPERTY TYPE                              LTV          CLTV (refinances with pre-existing subordinate financing)
 (NO CASH OUT REFINANCE)

 Apartments/Mobile Home Parks/Mixed-            80.00%                                        85.00%
 Use <=$3,000,000

 Apartments/Mobile Home Parks/Mixed-           75.00%*                                       80.00%*
 Use > $3,000,000



 PROPERTY TYPE                         LTV           CLTV (refinances with        CLTV (Lender Approved Secondary
  (CASH OUT REFINANCE)                               pre-existing                 Financing through Mezzanine Capital
                                                     subordinate financing)       Finance)
 Apartments/Mobile Home                75.00%            80.00%                                         85.00%
 Parks/Mixed-Use <=$3,000,000
 Apartments/Mobile Home                70.00%*           75.00%*                                        80.00%*
 Parks/Mixed-Use > $3,000,000

* Lender will go up an additional 5% on loans over $3,000,000 for A, B, or C properties as classified by
  Lender.

RECOURSE REQUIREMENTS: If
property is rated as “Excellent” the 0%                  EXPENSE REQUIREMENTS:
Recourse, otherwise, if rated “Good” or                  Real Estate Taxes: Rely on Appraiser, unless have tax bill for analysis.
                                                         Insurance: Rely on Appraiser, unless have policy, must include flood, etc.
“Fair” then:                                             Utilities: Per Appraiser.
          LTV              PERCENT OF                    Repairs: minimum $100 per unit (for mobile homes, based on appraiser’s forecast)
                             RECOURSE                    Decorating: minimum $100 per unit (not for mobile home parks).
                                                         Janitorial: $100 per unit for 12 units or more. (not for mobile homes)
     75.00-80.00%                         100%           Resident Man. Salary: based on “staff unit” calculation, refer to guidelines.
                                                         (does not apply to mobile home parks).
     70.00-74.99%                          50%           Off-Site: For <=$1,500,000, higher of contract or 5% of EGI. For >$1,500,000, higher of
                                                         contract or 4% of EGI. For mobile home parks–based on appraiser’s forecast, no lower than 4% of
     65.00-69.99%                          40%           EGI.
                                                         Plus $25 per unit for more than 2 bldgs. For mobile home parks, based on $50 per pad.
     60.00-64.99%                          30%           General & Administrative (mobile home parks only): Based on appraiser’s forecast.
                                                         Payroll (mobile home parks only): Based on appraiser’s forecast.
     55.00-59.99%                          20%           Reserves: If Good Condition then $150 per unit, Average condition is $175, Fair condition is
     50.01-54.99%                          10%           $200.
                                                         Plus $25 per unit for more than 2 bldgs. For mobile home parks, based on $50 per pad.
     50.00% & Under                            0%

VACANCY: Minimum 5% or market.
RENTAL CONCESSIONS:
Concessions in submarket only: Forecasted rents are adjusted
Concessions in subject or in subject & submarket: Actual rents adjusted

MEZZANINE REQUIREMENTS: Mezzanine Lending will be allowed for purchase and refinance transactions on Multifamily, Mixed-Use
and Mobile Home Parks with stable present and historical operations that meet the following criteria:
“B” Loan Amount: Up to 10.00% of appraisal value as determined by Lender.                Credit Score: 700 and above
Fully Amortizing: “A” up to 30, “B” Loan is 5, 7 or 10 Yr                                Asset Quality: Condition of “Good or
Min/Max Loan Size: $100,000 to $400,000                                                  better” as determined by Lender
CLTV & CDCR: See charts above                                                            Location: Alaska & Hawaii on exception
Recourse: Both A and B Notes 100% Recourse regardless of LTV/CLTV/Condition              Prepayment Penalty: Yield Maintenance



                          MOBILE HOME PARK SUMMARY
                                                                                                                                    8/2006

								
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