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COMMERCIALBANC
REAL ESTATE CAPITAL
MARKETS
APARTMENT FINANCING GROUP
APARTMENT LOAN
UNDERWRITING GUIDELINES
THE EASIEST WAY TO FIND SPECIFIC
ITEMS IS THROUGH THE TABLE OF CONTENTS
TABLE OF CONTENTS
APARTMENT LENDING PREAMBLE
INTRODUCTION
SECTION 1 (PROPERTY)
SECTION 2 (BORROWER)
SECTION 3 (PARAMETERS)
EXHIBITS
PLEASE KEEP IN MIND THAT EVERY
EFFORT HAS BEEN MADE TO ENSURE ACCURATE AND CURRENT INFORMATION.
AS SUCH, COMMERCIALBANC AND LASALLE CORPORATION, REAL ESTATE
CAPITAL MARKETS/MULTIFAMILY FINANCE GROUP RESERVES THE RIGHT TO
CHANGE, ALTER, AND ELIMINATE ANY INFORMATION WITH OR WITHOUT
PRIOR WRITTEN NOTICE.
COMMERCIALBANC -
REAL ESTATE CAPITAL MARKETS
MULTIFAMILY FINANCE GROUP
APARTMENT LOAN UNDERWRITING TABLE OF CONTENTS
PREAMBLE
INTRODUCTION
SECTION I- PROPERTY
U100.00 LOCATION OF PROPERTY
U100.10
APARTMENT LENDING
MARKETS
U110.00
ELIGIBLE PROPERTY
TYPES
U120.00
INELIGIBLE PROPERTY
TYPES
U130.00
PROPERTY CONDITION
ASSESSMENT
U140.00 REPAIRS AND
MODERNIZATIONS
U140.10 Repair/Modernization
Holdback Agreements
U140.20 Repair/Modernization
Letter Agreements
U140.25 Advisory
Repair/Modernization Letters
U140.30 Seller Contributions
For Repairs
U140.40 Repair/Modernization
Holdback Agreements/Letter Agreements For Low LTVs
U150.00
ENVIRONMENTAL HAZARD
GUIDELINES
U150.10 Common Environmental
Hazards
U150.20
Definition Of
Environmental Site Assessments
U150.21 Transaction Screen
Questionnaires
U150.22 Phase I ESAs/Phase II
ESAs
U150.23 Limited Phase I ESAs
U150.30 Use Of An Approved
Environmental Assessment Firm
U150.40 Reviewing The Limited
Phase I ESA By AAAL
U150.50 Criteria For Loan
Denial
U160.00
PROPERTY AND
LIABILITY INSURANCE REQUIREMENTS
U160.10 Property Insurance
U160.20 General Liability
Insurance
U160.30 Other Insurance
Requirements
SECTION II- BORROWER(S)
U200.00
ELIGIBLE BORROWERS
FOR MULTI-SERIES APARTMENT LOAN PROGRAM
U200.10 Borrower’s Age
U200.20 Citizen, Resident &
Immigration Status
U200.30 Guarantors,
Co-Signers And Non-Purchasing Spouses
U200.40 Title Entity and
Guaranty Requirements
U200.41 Layered Entities
U200.42
Corporations
U200.43 Limited Liability
Companies (LLCs)
U200.44 General Partnerships
U200.45 Limited Partnerships
U200.46 Limited Liability
Partnerships (LLPs)
U200.47 Living Trusts
U200.48 Realty Trusts
(Massachusetts only)
U200.49 Land Trusts
U200.50 Property Management
Experience/Management Letters
U200.60
Multiple Mortgages To
The Same Borrower
U210.00 DOWNPAYMENT/ RESERVE
REQUIREMENTS
U210.10
Qualifying Assets
U210.20 Reserve Requirement
U210.30 Impounds
U220.00
PAYMENT OF SETTLEMENT
COSTS
U220.10 Contributions By
Non-Participants
U220.20 Excessive
Contributions
U230.00 INCOME AND CREDIT
ANALYSIS
U230.10 Credit Report
U230.20 Reviewing The Credit
Report
U230.30 Borrower(s) Without
Established Credit
U230.40 Credit Scoring
SECTION III- APARTMENT
FINANCING PARAMETERS
U300.00 ELIGIBLE
APARTMENT MORTGAGES
U300.10
Apartment Loan Purchases
U300.20
Apartment Loan Refinances
U300.21
Apartment Loan No Cash-Out Refinance
U300.22
Apartment Loan Cash-Out Refinances
U300.30 Minimum/Maximum
Apartment Mortgage Amount Limits
U310.00 PROPERTY ANALYSIS
U310.10 Remaining Economic
Life/Amortization Periods
U310.20 Debt Coverage Ratio
(DCR) And Combined Debt Coverage Ratio (CDCR)
U310.21
Apartment Loan Purchases
U310.22
Apartment Loan No Cash-out
Refinances
U310.23
Apartment Loan Cash-out Refinances
U310.30 Current Cash-Flow
Analysis
U310.40 Historical Cash-Flow
Analysis- Purchases
U310.50 Historical Cash-Flow
Analysis- Refinances
U310.60 Rent Stabilization
Holdback
U310.70 Extraordinary
Appreciation
U320.00
APARTMENT FINANCING LOAN-TO-VALUE RATIOS
U320.10
Apartment Loan Purchases
U320.20
Apartment Loan Refinances
U320.21 Unseasoned
U320.22 Seasoned
U330.00 SUBORDINATE
APARTMENT FINANCING
U330.10
Apartment Loan Repayment Terms
U330.20 Ineligible Types Of
Subordinate Financing
U340.00 RECOURSE REQUIREMENTS
U350.00 REQUIRED
APARTMENT LOAN
DOCUMENTATION
U350.10 LaSalle Bank
Corporation, Real Estate Capital Markets/Multifamily
EXHIBITS-
U300-1 CLIENT
DETAILED UNDERWRITING SUBMISSION CHECKLIST
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Done
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