Unit Limitations:                          $1 million to $7.5 million in all markets

                                                    Note: Loan between $6 million and $7.5 million in Small and Very Small

                                                    Markets by exception.

                                                    Loan less than $6 million no unit limitations

                                                    Loans between $6 million and 7.5 million up to 100 units

                                                    (exceptions permitted above 100 units)

Loan Purpose:                              Acquisition or Refinance (Cash-Out Available)

Eligible Properties:                      Conventional multifamily housing with five residential units or more.

                                                    Mixed-use properties subject to limitations.

Loan Terms &

Rate Structure:                           20 Year Hybrid ARM with initial 5, 7, or 10-year fixed-rate period

                                                   5, 7, or 10-year fixed-rate mortgage.

                                                   Partial interest-only and full-term interest-only may be available.

Amortization:                             Up to 30 years

Prepayments:                             Declining schedules and yield maintenance available for all loan types

Debt-Service

Coverage:                                   1.20x Top                                 1.25x Standard

                                                   1.30x Small                              1.40x Very Small

Maximum LTV:                           80% available in Top and Standard Markets

Recourse:                                  Non-recourse with standard carve-out provisions

Net-Worth &

Liquidity:                                  Net-worth equal to or greater than loan amount

                                                 Liquidity equal to or greater than 9 months P&I prior to closing

Credit:                                      Minimum FICO score of 650

Occupancy:                               Minimum 90% occupancy of units for 90 days prior to underwriting

Program Highlights:

• Non-recourse
• Highly competitive rates
• Flexible terms and prepayment options
• Streamlined process - faster closing times
• Interest-only available
• Up to 80% LTV in certain areas