APARTMENT PROPERTIES FIXED RATE MORTGAGES  PURCHASE OR REFINANCE Eligible Properties: Apartments which are existing, 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: $750,000 and larger   Maximum Loan: Amount equal to the lesser of: 80% of appraised value; or 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-year schedule   Personal Recourse: None, except for standard exceptions to non-recourse which are the responsibility of the Key Principal(s) Assumability: Assumable, subject to HUD’s 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: Property description and location map Representative color photographs Current rent roll and year-to-date operating statement Operating history - prior 3 years, if available Current year operating budget Existing debt and cost basis Sponsor resume