Cooperative Apartment Financing Program Program Description: Fixed rate permanent underlying loans for the refinancing of existing cooperative apartment properties. Features: Loan Amount: $1,000,000 minimum; $15,000,000 maximum. Loan Term: 7, 10, 15, 25 and 30 year loan terms. Amortization: Up to 30 years, interest-only loans are available. Prepayment: Prepayable in full at any time; subject to a yield maintenance formula. Recourse: Non-recourse, except for standard lender carveouts. Debt Service Coverage: Minimum 125%, based on rents as rental property. Loan to Value: Based on the appraised value of the cooperative as a rental property: If the LTV is 65% or less, 60% of all the cooperative units must have been sold to owner-occupants. If the LTV is 65% but not more than 80%, 90% of all the cooperative units must have been sold to owner-occupants. 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. For properties more than 90% sold, the funding of replacement reserves may be waived. 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.