Borrower Management and/or ownership should be experienced and creditworthy.  The asset must be held by a single asset entity.
The Property Existing apartments.  Moderate rehabilitation is also eligible, as long as current rents and occupancy supports loan underwriting.  Economic occupancy of at least 85% will be required. 
History At least two years of operation with growing N.O.I.
Loan Amount Minimum $2,000,000: no maximum.  Mezzanine financing available.
Loan Term Fixed rate, 5 to 20 years with 20 to 25 years amortization.
Interest Rate Fixed two days prior to closing. Rates priced at 105 to 420 basis points over the corresponding Treasury Bills' Index. Rate locks are available. 
L-T-V Ratio up to 75% of MAI appraised value.
Debt Coverage 1.20x - 1.40x
Assumptions Allowed with lender's prior approval plus 1% assumption fee.
Prepayments Loans are locked for a minimum period with yield maintenance requirements.
Liabilities Non-recourse to borrower and principals with exceptions for environmental abuse and misrepresentation, etc.
Reserves & Escrow Deferred maintenance, if any, escrowed at loan closing. Ongoing replacement, taxes and insurance reserves funded monthly from cash flow.
Fees & Costs Application Fee:  $5,000 plus out-of-pocket expenses, which are NON REFUNDABLE.  Additional deposit shall be required against other lender's anticipated expenses, such as third party reports (appraisals, engineering, and environmental) and other related due diligence expenses.  Processing Fee and Deposits are due upon acceptance of Loan Commitment.  Commitment Fee/Lender Points:  Established at time of application and may range between 1% and 2% of the Loan Amount.  Par pricing available.
Submissions See Exhibits to Preliminary Information sheet enclosed herein.
Proposals will be quoted within 48 hours.