Seniors Housing Loan

• Experienced owner/operator of comparable facilities.
• If the loan is less than $5 million, the borrower may be a Single Asset Entity with some additional restrictions and may be a limited partnership, general partnership (no individuals may be general partners), limited liability company, corporation, or real estate investment trust (must be a corporation, not a trust).
• If the loan is $5 million or more, the borrower may be a limited partnership, a corporation, or a limited liability company and must be a Single Purpose Entity (SPE); see Section 6.13 of the Loan Agreement for basic SPE requirements.
• If the borrower is structured as a tenancy in common (TIC), each tenant in common must be an SPE (Note: TICs are not encouraged).

• Independent living properties.
• Assisted living properties.
• Memory care properties.
• Properties with a limited amount of skilled nursing (maximum 20% of net operating income (NOI)).
• Any combination of the above.

5-10 years (up to 30 years for fixed-rate loans).

• Fixed-rate loans.
• Standard and capped floating-rate loans.
• Supplemental loans (subject to requirements in the Loan Agreement) and other options.
• Other Freddie Mac loan programs may be available on a waiver basis.

• Acquisition or refinance loans.
• Bond credit enhancements.
• Our Targeted Affordable Housing products.

Generally required.

Generally required.

Available for extended periods, including our standard early rate-lock and Index Lock options; Optigo lenders should consult with their regional Lument representative to determine eligibility.

Quoted loan spreads are held for 75 days from signed loan application, allowing sufficient time to close loans at quoted spreads and, if applicable, at Index Lock rates.

Greater of $5,000 or 0.15% of loan amount.

No Refinance Test is necessary if the loan has a loan-to-value (LTV) ratio of 55% or less and an amortizing debt coverage ratio (DCR) of:

• For independent living: ≥ 1.45x.
• For assisted living: ≥ 1.55x.
• For assisted living with skilled nursing beds: ≥ 1.60x.
• For stand-alone memory care: ≥ 1.75x.

All partial-term interest-only loans must pass the Refinance Test.