Eligible Properties: Masonry construction preferred. Post-1990 construction or substantial rehab 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. 70-75%* of appraised value; or 2. 1.30-1.35* debt service coverage *depending on age and condition of property 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 CWC Capital approval and a 1% transfer fee Prepayment: Standard defeasance (yield maintenance options may be available) Subordinate Financing: Generally not permitted Underwriting Parameters: Vacancy – greater of 7.5% or market. Minimum reserves - $.15/sf Escrows: 125% 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