| Loan Amount: | Minimum of $1,000,000 |
Liability:
| Non-recourse |
Assumability:
| With consent of Lender |
Index:
| British Bankers' Association 3 Month LIBOR |
Loan Term:
| 5, 7 & 10 years |
| Amortization: | Up to 30 years |
|
Interest Rate:
Adjustments:
|
Changes daily. Please call your local Originator for today's rates.
Every 3 Months
±1.0%
|
Caps:
Lifetime
Ceiling/Floor
DUS Cash: | ±3.0%, 3.5%, 4.0%, 4.5%, 5.0%, 5.5% |
Lifetime
Ceiling/Floor
MBS/DUS: | ±3.0%
(Loans underwritten at ceiling interest rate)
|
Pricing Categories:
(Refer to
Rate Sheet) |
| Tier | Min DSC* | Combined Max LTV | | II | 1.00 | 77.5% | | III | 1.10 | 65% | | IV | 1.30 | 55% |
* Based on maximum lifetime interest rate limit of the mortgage |
| Prepayment: | ARM Prepayment Terms (09/24/01) |
| Reserves: | Taxes and Insurance
Funded Replacement Reserves may be waived for Tier III & IV loans. |
| Application Deposit: | $13,000 (Includes appraisal, environmental assessment and physical needs assessment costs.) |
| Lender's Legal Fee: | $3,500 |
| Survey: | Required (Unless specific waiver approval granted.) |
| Origination Fee: | Greater of 1% or $20,000, payable at Closing |
|
Commitment Fee: |
2% (Refundable) |
| Occupancy: | Minimum of 85% for 90 continuous days |
| Early Rate Lock: | Available. Please call for more information. |
Supplemental Mortgages:
| Not available |
