Eligibility
Dedicated student housing with 80% or more of units rented to students (Properties with food service are not eligible.)

Loan amounts
$2 million minimum. No maximum.

Term/amortization
5, 7, and 10 year term
25 year amortization (standard)
30 year amortization (qualifying properties)

Interest rates
Fixed or adjustable

Debt service coverage ratio
1.30x minimum
1.05x minimum

Loan to value
75% maximum

Personal recourse
Non-recourse with standard "Carve-Outs" and Key Principal obligations

Prepayment   
Yield maintenance, defeasance or graduated prepayment

Origination fee
1% / $20,000 minimum

Commitment fee
2% (refundable)

Third party fees
Includes legal, appraisal, engineering, and environmental reports. Seismic reports and survey may also be required.

Minimum occupancy requirement
90% sustained for 90 consecutive days
(85% acceptable for special circumstances)

Replacement reserve impounds
Required - not less that $200/unit
(waiver considered for special circumstances)

Taxes and insurance impounds
Required
(may be waived for low leverage transactions)

Assumability
Assumable with lender approval and a 1% fee

Supplemental mortgages   
Available after 1 year (up to 2 available, plus 1 more upon sale and assumption)

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