Eligible Properties: Post-1980 construction is preferred, although older properties having had a material rehabilitation will be considered. Properties should have a stable or increasing RevPAR Loan Type: 10-year fixed rate mortgage (other terms may be available upon request) Preferred Loan Size: $3 million and larger Maximum Loan: Amount equal to the lesser of: 1. 65-75%* of appraised value; or 2. 1.40-1.60* debt service coverage *depending on age, condition and property type 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 25-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 CWC Capital approval and a 1% transfer fee  Underwriting Parameters: Minimum occupancy – 60%.  Minimum reserves – 5%. Management Fee – 5%. Prepayment: Standard defeasance (yield maintenance options may be available) Subordinate: Generally not permitted Escrows: 125% of estimated cost of required repairs, if any, as determined by physical inspection Additionally, the Borrower must contribute to a monthly escrow for reserve for replacement, 1/12 of the greater of (a) 4-5% of total annual revenues or (b) the amount indicated in the engineering report as the amount of annual capital expenditures/FF&E necessary to maintain the property. Monthly escrows will be collected for real estate taxes and property insurance. 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:  12-month trailing operating statement We can assemble it for you if you submit a minimum of a) year-to-date operating statement (this year and last year) along with occupancy (number of occupied rooms) and ADR statistics; b) prior year-end operating statement with occupancy (number of occupied rooms) and ADR statistics. Prior 3-year operating statements with occupancy (number of occupied rooms) and ADR statistics Representative photographs (interior/exterior) if available and Hotel brochure If the property is on a ground lease, provide an abstract or copy of the lease Management Fees and Franchise Fees need to be clearly identifiable in the financial statements or disclosed as to amount and where they are included. Any one-time or unusual expenditures should be disclosed