Underwriting Constraints *MultiFamily/Apts. Mobile Home Park Office Retail Industrial Self-Storage *Hotel/Motel LTV 80% 80% 80% 80% 80% 75% 70% DSCR 1.20x 1.20x 1.25x 1.25x 1.25x 1.30x 1.40x Vacancy Rate 5% 5% 7% 7% 5% 10% 25% Managment Fee 4% 4% 4% 4% 3% 6% 5% Replacement Reserves $250/unit $50/Pad $0.20/SF $0.15/SF $0.10/SF $0.10/SF 5% TI/LC N/A N/A $0.70/SF $0.70/SF $0.30/SF N/A 5% Capitalization Rate 9.75% 10% 9.75% 10.5% 10.5% 10.75% 10.25%