NY:	(212) 564-1257
MIAMI:	(305) 961-1177

City Commercial Mortgage

HUD VERSUS OTHER LOAN-TYPES

	HUD	AGENCY	CMBS	LIFECO / OTHER
Asset-Classes	Market-Rate Multifamily, Affordable Multifamily Healthcare (ALF, SNF)	Market-Rate Multifamily Affordable	All Commercial	All Commercial
Term	35-40 Years (Non-Recourse)	5-10 Years	5-10 Years	2-10 Years
Interest Rate	3.50%	4.80%	5.00%	3.50%
Non-Recourse	Yes	Yes	Yes	?
Fixed vs. Floating	Fixed	Fixed or Floating	Fixed or Floating	Fixed or Floating
Annual Mortgage Insurance Premium	25 - 65BPS	NA	NA	NA
LTV / LTC	85% - 90%	75% - 80%	70% - 75%	<70%
Pre-Payment	Customizable, No Lockout 10, 9, 8, 7, 6, 5, 4, 3, 2, 1%	1-2 Year Lockout Yield Maintenance	1-2 Year Lockout Yield Maintenance	Flexible Pre-Pay Structures
Servicer	Greystone	Greystone	3rd Party	3rd Party
Target Loan Size	$5 - 100MM	$1+MM	$5+MM	$5+MM
Execution	6-9 Months	2-3 Months	2-3 Months	1-3 Months

QUICK MAP FACTS

MAP is a response to a need to modernize and streamline the FHA mortgage insurance program.
MAP was created in response to lenders who value FHA mortgage insurance and wanted to see its expansion in the marketplace.
The goal of MAP is to establish HUD as the #1 multifamily finance source.
MAP strikes a balance between expedited processing and acceptable risks.
MAP efficiently utilizes HUD staff resources by balancing workload among the Program Centers within each of the 18 Hubs.
MAP recognizes that employees who specialize in a specific program, perform better than those who must work several program areas.
The MAP Guide was designed with Field, Headquarters, and lender input.
MAP establishes specific norms and timeframes for work to be accomplished.
MAP provides consistency of reviews, but flexibility in the administration of FHA program underwriting.
MAP accomodates Traditional Processing (TAP) by establishing teams within each Program Center to process non-MAP work, like Section 202/811, Section 223(2)(7), Section 241, Sectino 207 Mobile Home Park, etc.

Section 221(d)(3) & 221(d)(4)- New Construction and Substantial Rehabilitation for Rental Housing

Section 223(f)- Refinance

Projects must be at least 3 years' old and remain rental housing for at least 5 years
Fixed interest rate (market)
Non-recourse & Assumable
5 or more units
No cap on the number of units or the loan amount
Statutory limits vary by location
No Davis-Bacon rates
Equity take-outs possible
35-year term or 75% of remaining economic life
LTV 85%
DSC 85%

Section 232 & 232/223(f)- Nursing Homes, Intermediate Care Facilities, Assisted Living, and Board and Care