Transitional Line of Credit

• 3- or 5-year interest only.
• Two conditional 1-year extension options.

• $100 million preferred minimum.
• Up to 50% of initial commitment amount in expansion rights.

Seasoned and well-capitalized multifamily owner/operators with strong credit performance; preferably with prior credit facility borrowing experience.

Floating rate.

First-lien mortgages of mission-based workforce housing.

• LTV/DSCR sublimits measured at the TLC level with no limits at the property level.
• No minimum occupancy requirement.

• Each property is evaluated individually and must meet the sublimit requirements individually.
• No minimum occupancy requirement.

50% – 75%.

Minimum DSCR varies by product type:

• Conventional multifamily: 1.45x
• Manufactured housing communities: 1.45x-1.50x
• TAH: 1.40x*
• Uncrossed pools adder: +0.10x

*Subject to Freddie Mac review/approval

• Without interest rate cap: index floor + stress rate (100 bps) + gross spread.
• With interest rate cap: cap strike rate + gross spread.

$50,000 for each extension year.

20 bps charged annually on the difference between the commitment amount and unpaid principal balance drawn.

50 bps charged annually (paid monthly) at the asset level beginning in the fourth year the asset isin the TLC.

Securitized Product Exit

• No release fee.
• If exit into floating-rate securitized product, increased call protection may be required on new Freddie Mac securitized loan.

Property Sale

1% of the allocated loan amount; waived if new buyer finances with a Freddie Mac securitized product.

All Other Exits

• Years 1 to 3 of TLC: 2% of the allocated loan amount.
• After Year 3 of TLC: 1% of the allocated loan amount.