| LOAN AMOUNT | $750,000 minimum |
| LOAN TERM | 5 to 30 years |
| AMORTIZATION | Up to 30 years |
| MINIMUM DSCR | 1.0x for cooperative; 1.55x as market rental project |
| MAXIMUM LTV | 55% (on a market rental basis) |
| RATE STRUCTURE | Fixed rate |
| ELIGIBLE PROPERTIES | Cooperative projects, minimum five units, property condition rating of two or better, limited equity cooperative properties for low- and moderate-income families |
| ELIGIBLE BORROWER | Single asset cooperative corporations |
| MARKET ACCEPTANCE | Property must be located in an area evidencing strong market acceptance of cooperative housing |
| OCCUPANCY REQUIREMENT | 85% physical occupancy and 70% economic occupancy for 90 days prior to commitment date |
| TAX & INSURANCE ESCROWS | Monthly deposits required |
| REPLACEMENT RESERVE | Underwritten at a minimum $250 per unit per annum |
| RECOURSE | Nonrecourse execution available with standard carve-outs for “bad acts” such as fraud and bankruptcy |
| COMMERCIAL SPACE | Eligible |
| REQUIRED REPORTS | Appraisal, Property Condition Assessment and Phase I Environmental |
| PREPAYMENT | Loans may be voluntarily prepaid upon payment of yield maintenance |
| SUBORDINATE FINANCING | Available through Fannie Mae supplemental loan program |
| PRICING | Tiered pricing matrix; more favorable terms available for higher DSC and lower LTV |
| RATE LOCK | 30- to 180-day commitments; borrowers may lock a rate with the Streamlined Rate Lock option |
| APPLICATION DEPOSIT | $20,500; covers estimated processing and legal fees |
| ORIGINATION FEE | Minimum 1%; par pricing available |
| GOOD FAITH DEPOSIT | 2% of loan amount, due at rate lock, refundable post-closing |
