Program Description: Fixed rate permanent loans for purchasing or refinancing of existing, well-maintained apartment properties (including recently completed developments). Available for properties throughout the United States. Features: Loan Amount: $1,000,000 minimum; $15,000,000 maximum. Loan Term: 7, 10, 15, 18, 25 and 30 year loan terms. Amortization: Up to 30 years. Prepayment: Prepayable in full at any time; subject to a yield maintenance formula. Recourse: Non-recourse, except for standard lender carveouts. Borrower: All properties must be owned by a single asset or single purpose entity. Debt Service Coverage: Minimum 125%. Loan to Value: Up to 80% of appraised value for a refinancing transaction. For an acquisition, up to 80% of the purchase price and approved closing costs of up to 3% of the purchase price. Subordinate Financing: Fannie Mae funded second mortgages of $1,000,000 or more available after the first year. Occupancy: Properties must be 90% physically occupied at loan funding and for the 90 day period prior to commitment. Assumability: Yes, subject to NYCL approval and the payment of a processing fee and a 1% assumption fee. Reserves: Tax and insurance escrows are required. Replacement reserves and repairs required as determined by the engineer's report and can be waived for properties with a loan to value of less than 65%. Rate Lock: Rates are fixed ten days prior to closing. Application Fee: $12,500. Covers the cost of all third party reports, travel expenses and other out-of-pocket expenses. Financing Fees: 1% of the loan amount. Par pricing is available with an increased rate of interest. Timing: Commitments issued in 45 days or less. Pricing: Contact your NYCL representative for a price quote.