PROPERTY TYPES

■ Single Family/2-4 Unit/Townhomes/PUD/Warrantable Condos

■ 5-8 Unit Multifamily and Eligible Mixed Use Properties allowed up to 15% of Loan Amount

LOAN AMOUNT

$150,000 - $50,000,000

LOAN TYPES

■ 30-Year Fixed Rate Mortgage (Fully Amortizing)

■ 5/6, 7/6, 10/6 Hyrbid ARMs (Partial IO or Fully Amortizing)

MAXIMUM LOAN TO COST

If Owned < 3 months, 80% of Total Cost Basis

MAXIMUM LOAN TO AS-IS VALUE (SUBJECT TO MINIMUM FICO)

■ Purchase/Rate-Term Refinance: 80%

■ Cashout Refinance: 75%

MINIMUM DEBT SERVICE COVERAGE RATIO (NET CASH FLOW/DEBT SERVICE)

■ For portfolios with ≤ $2MM AND ≤ 10 properties: 1.10x (Gross Rent/PITIA)

■ For all other portfolios: 1.20x (Net Cash Flow/Debt Service)

TERM LENGTH

5, 10 & 30 Years

RECOURSE

Non Recourse with bad-boy carveouts and Pledge of Equity of Borrowing Entity

MINIMUM GUARANTOR FICO

■ For portfolios with ≤ $2MM AND ≤ 10 properties: Mid-Score of 660

■ For all other portfolios: Mid-Score of 680

LEASE REQUIREMENTS

Minimum Occupancy Rate of 90% by Unit Count

■ Leased Units: Lower of (i) In-Place Rent & (ii) Market Rent

■ Unleased Units: 90% of Market Rent (Purchase Loans only)