b e r k e l e y p o i n t

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b e r k e l e y p o i n t®

Berkeley Point Capital offers the full complement

of products and designs to facilitate capital

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Property Type

Conventional Multifamily

Multifamily Affordable Housing

Student Housing

Manufactured Housing

Seniors Housing

Products

Fixed and Adjustable Rate Loans

Early Rate Lock

Interest-Only and Fully Amortizing

Negotiated Transactions, Credit Facilities, REMIC

Tax-Exempt Bond Credit Enhancements

Low Income Housing Tax Credits (LIHTC)

Rehab Loans

Preservation Transaction (Section 8)

Forward Commitments for New Construction or Substantial Rehab,

Funded & Unfunded

Purpose

Acquisition

Refinance

Second Mortgage

Streamline Refinance

Single Asset Substitution

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description

Berkeley Point Capital offers competitive, assumable, long-term fixed rate loans

through the Fannie Mae DUS™ loan program. The loans are available for

refinance, purchase or construction take-out of quality, well-located multifamily properties.

benefits / features

• Competitive risk-based pricing from a reliable source of capital • Versatile terms, yield maintenance and amortization schedules

loan structure

optional features

Loan Amount $5 million (minimum)

Loan to Value 80% (maximum)

Debt Service Coverage 1.25x (minimum)

Loan Term 5, 7, 10, 15, 18, 25 and 30 years

Amortization 30 years for most properties; Interest-only available

Recourse Loans are non-recourse with standard carve-outs

Rates Competitive rates priced daily

Early Rate Lock Available for qualified transactions – up to 12 months (special pricing applies for early rate locks beyond 120 days)

Supplemental Financing DUS™ supplemental mortgage available after one year, subject to approval

Prepayment Yield maintenance or Graduated Prepayment options available

Assumability Fully assumable with Lender’s consent and upon payment of 1% fee

Extended Maturity Available for qualified transactions with 5, 7, 9, 10 or 15 year terms that use Fixed + 1 or Execution

DUS program summary

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description

Berkeley Point Capital offers very competitive short-term interest rate and a simple execution under Fannie Mae’s Structured ARM Product. A Structured ARM may be used for standard DUS loans including Conventional Multifamily, Manufactured Housing Communities, Seniors Housing, and Student Housing. Moderate Rehabilitation loans may be eligible on a case-by-case basis. This product may not be used for Multifamily Affordable Housing loans, bond credit enhancements, new construction, and substantial rehabilitation.

benefits / features

• Attractive low-cost financing: Significantly better pricing due to characteristics that are appealing to investors, such as a 1 day look back for rate changes, no delay in remittances, and no caps

• Simple, par-based execution: Interest accruals and rate adjustments like any standard ARM; no need to estimate discounts or sell a security every 3 months

• Convertibility from variable-rate to fixed-rate: Ability to convert to a fixed-rate loan at any rate change date after the first 3 months

• Improved cash flow: Higher cash flow than standard ARMs in the early years due to amortization based on a fixed rate

loan structure

Loan Amount Single Assets: $25 MM (minimum); Multiple Assets: $50 MM (minimum)

Loan Term 5, 7, or 10 years are available

Debt Service Coverage •DSCR is calculated based on a variable underwriting rate equal to the index, plus margin, plus interest rate cap escrow (if cap term shorter than loan term), plus 3%, converted to an amortizing constant

•The minimum DSCR depends on the LTV and other risk characteristics of the loan and may be as low as 1.00x at the Variable Underwriting Rate (Tier 2)

Amortization Up to 30 years; Interest Only options available

Rates Structured ARMs may be indexed to 1-month or 3-month LIBOR; Competitive rates priced daily call for quote

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optional features

conversion to fixed rate loan

• Borrower can elect to convert the loan to a 7- or 10-year fixed rate loan beginning on the first day of the second loan year and ending on the first day of the third month prior to maturity

• 7-year loan with either a 5-year or a 6.5-year yield maintenance period • 10-year loan with either a 7-year or a 9.5-year yield maintenance period • 7- through 10-year Extended Maturity loan (cash only, no MBS)

• No prepayment premium is charged at the time that the loan converts • Conversion requires minimal re-underwriting; lender determines that

current NOI can support the new fixed rate loan

• There is no increase in the loan amount; however, the borrower may request a Supplemental Mortgage Loan, subject to meeting eligibility criteria • There is no change in guaranty or servicing fees when the loan converts

Early Rate Lock Available for qualified transactions

Supplemental

Financing Both fixed- and adjustable-rate DUS SupplementalLoans are permitted

Prepayment •Option 1: One-year lock-out, then declining prepayment premium; 4% second year, 3% third year, 2% fourth year, 1% thereafter

•Option 2: One-year lock-out followed by a 1% prepayment premium thereafter; No prepayment premium during the last 3 months of the loan term

Assumability Loans are assumable, subject to review and approval by Lender and Fannie Mae

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description

Berkeley Point Capital offers competitive, assumable, short- and long-term adjustable rates under the Fannie Mae DUS™ loan program. The loans are available for refinance, purchase or construction take-out of quality, well-located multifamily properties.

benefits / features

• Starting interest rates lower than those of comparable fixed-rate loans; a choice of 1-month or 3-month LIBOR

• Convertible to a Fannie Mae fixed-rate loan with streamlined underwriting and only minor changes to loan documents

• Two options for prepaying the loan

• Lifetime interest rate caps ranging from 2% to 6% over the initial start rate • Less costly exit fees than a fixed rate

conversion to fixed rate loan

• Borrower may elect a convertible or non-convertible loan; Election is made at the time of rate lock

• Loan may convert to a 7- or 10-year fixed rate loan beginning on the first day of the second loan year and ending on the first day of the third month prior to maturity

• 7-year loan with either a 5-year or a 6.5-year yield maintenance period • 10-year loan with either a 7-year or a 9.5-year yield maintenance period • 7- through 10-year Extended Maturity loan (cash only, no MBS)

• No prepayment premium is charged at the time that the loan converts • Conversion requires minimal re-underwriting; lender determines that

current NOI can support the new fixed rate loan

• There is no increase in the loan amount; however, the borrower may request a Supplemental Mortgage Loan, subject to meeting eligibility criteria • There is no change in guaranty or servicing fees when the loan converts

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loan structure

optional features

Supplemental

Financing DUS™ supplemental mortgage available after oneyear, subject to Lender’s approval

Prepayment •Option 1: One-year lock-out, then declining prepayment premium; 4% second year, 3% third year, 2% fourth year, 1% thereafter

•Option 2: One-year lock-out followed by a 1% prepayment premium thereafter; No prepayment premium during the last 3 months of the loan term; Choice of prepayment schedule, after 1 year lockout; (i) declining scale or (ii) 1% per year

Debt Service Coverage 1.00x (minimum) at capped interest rate; for loans with lifetime rate caps of 2.0% or 2.5% a 3% lifetime cap must be used for underwriting; loan amount shall not exceed that of a fixed-rate loan with similar terms

Loan Term 5, 7, and 10 years (max LTV for 5 years is 75%)

Amortization 30 years for most properties; Amortization schedule is based on the current fixed-rate for a comparable maturity; Interest only available

Rates Competitive rates priced daily, call for quote

Rate / Payment

Adjustment 1 or 3 months Lifetime Cap 2% - 6% are available

Interest Rate Cap •If built-in interest rate cap option is not chosen, Borrower must purchase an interest rate cap at no less than 300 basis points above the underwritten interest rate

•The cap must be assigned to Fannie Mae and the term must at least two years

•The third party cap provider must be approved by Fannie Mae

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description

Berkeley Point Capital provides financing options for residential real estate developments where the Borrower owns the Manufactured Housing Community (MHC) sites and associated common amenities and infrastructure. Eligibility includes:

• Existing stabilized high quality, professionally managed MHC, with or without age restrictions, having a minimum of 50 pad sites

• At least one Key Principal of the Borrower should have experience in operating MHC

• Lenders experienced in financing MHC and approved by Fannie Mae

for participation

benefits / features

• Competitive risk-based pricing from a reliable source of capital • Flexible financing

• Customized solutions

• Certainty and speed of execution

loan structure

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Loan Term 5 to 30 years

Amortization Up to 30 years for age restricted communities. Up to 25 years for all age (family) communities

Maximum LTV 80%

Minimum DSCR 1.25x

Recourse Non-recourse. Standard carve-outs for “bad acts” such as fraud and bankruptcy are required

Minimum Underwritten

Vacancy/Collection Loss Minimum 5% economic vacancy assumption; 10% onallowable commercial income

Third Party Reports Standard DUS third-party reports – Appraisal, Phase I Environmental Assessment, and a Physical Needs Assessment – are required.

Rates Fixed and variable rate options are available

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optional features

requirements

• The ratio of tenant-occupied homes to owner-occupied homes cannot exceed 5%

• Generally, homes should conform to applicable Manufactured Housing HUD Code standards

• Leases cannot contain the option to purchase pad sites

Supplemental Financing Supplemental Loans are available

Rate Lock 30 to 90-day commitments. An early rate lock feature is available allowing the borrower to lock a rate 45 to 180 days in advance of closing

Prepayment Yield maintenance and other graduated prepayment options are available

Escrows Standard DUS escrow requirements for taxes and insurance. Replacement Reserves are required at a minimum of $25 per site per annum (but may be waived)

Assumability Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience.

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description

Berkeley Point Capital provides negotiated financing for multiple asset transactions. Eligible loans include refinance, acquisition and moderate rehabilitation of large loans or a portfolio of loans for garden, mid-rise and high-rise apartments and cooperative properties. Other property types include seniors housing and assisted living properties. Although each transaction varies depending on pool size, data quality, and uniformity of loans, you can expect the entire process – from initial due diligence to funding – to take about eight to twelve weeks.

financing options

• Fixed Rate and Variable Rate Mortgages (including Fannie Mae’s DMBS

product line)

• Interest-only balloon and fully amortizing mortgages

• MBS and Cash Executions Available

benefits / features

• A strategic approach to managing real estate debt capital at the portfolio level; Take advantage of balance sheet restructuring by strategically considering sales of loan pools or swaps of loans in overall mortgage portfolio management strategies

• Improve the liquidity of your portfolio with our ability to structure seasoned loan transactions

• Manage and mitigate your concentration risks, be they credit, geographic, or borrower, by selling or securitizing your loans

• Improve asset value relative to whole loans when you securitize your loans with mortgage-backed securities (MBS)

• Preferred pricing

• Greater underwriting flexibility; pre-negotiated loan documents • Maximizes cash flow

• Streamlined approval process

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loan structure

optional features

Loan to Value 80% (maximum); but higher may be acceptable with additional credit support, subject to Fannie Mae approval.

Debt Service Coverage 1.10x (minimum combined DSCR)

Loan Term 1.25x (minimum), but lower DSCs may be acceptable with additional credit support subject to Fannie Mae approval

Amortization 30 years (maximum), interest-only option available

Recourse Loans are non-recourse with standard carve-out provisions

Rates Competitive rates priced daily; call for quote

Collateral Substitution Borrower has the ability to substitute assets within the pool with minimum fees and underwriting requirements

Supplemental Financing Fannie Mae second mortgage may be allowed subject to Lender approval; additional financing may be allowed on a case-by-case basis

Prepayment Yield maintenance but other structures of prepayment may also be available

Assumability Loans are assumable, subject to review and approval

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description

Berkeley Point Capital offers very competitive, long-term fixed or variable rate loans under Fannie Mae’s Dedicated Student Housing Product. Eligible properties include:

• Existing stabilized properties that, because of construction or location, specifically cater to a student tenant base and are not readily convertible to conventional multifamily housing

• Properties that have undergraduate or graduate students comprising at least 80% of their tenant base and may have been either specifically constructed as a student property or have been built as a conventional multifamily asset and function as dedicated student housing

• Properties located at a university with at least 10,000 students, the majority of which are full time, and should be located within two miles of campus or on a university sanctioned bus line

• Properties that have operated for at least one (1) full school year (August/September through April/May) and be leased for the beginning of the second (2nd) full school year

• Properties may not be located on college/university-owned land not offer food service

benefits / features

• Recognition of the unique nature: A customized product that takes into account the specialized nature of the student housing market

• Flexible financing terms: The full range of Fannie Mae’s financing solutions, including Supplemental Loans and Structured Transactions

loan structure

Loan Term Up to 30 years

Amortization 30 years for most properties

Rates Fixed and variable rates are available; Competitive rates priced daily; Call for quote

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optional features

requirements

• Minimum vacancy and collection loss of 10%

• 12 month leases are required with parental guarantee or equivalent credit for employed students

Extended Rate Lock Available for qualified transactions

Supplemental Financing DUS Supplemental Loans are available

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description

Berkeley Point Capital offers Supplemental Mortgages under the Fannie Mae DUS™ loan program, allowing borrowers with an existing Fannie Mae loan to obtain additional loan proceeds. Standard DUS™ fixed-rate or ARM loans, Multifamily Affordable Housing, Seniors Housing, Student Housing, and Manufactured Housing Community loans are eligible for Supplemental Loans. Bond Credit Enhancement transactions are eligible with the prior approval of Fannie Mae.

benefits / features

• Greater access to capital before maturity of first mortgage: Only one supplemental loan is permitted except for the following: (i) one additional supplemental loan is permitted in connection with a sale and assumption of the property to an unrelated new Borrower (i.e. a total of two supplemental loans), (ii) a supplemental loan utilized to refinance an existing mezzanine loan done under Fannie Mae’s CI Mezz-Moderate Rehabilitation or DUS Plus transaction

• Maximum proceeds: Combined debt service coverage as low as 1.30x

• Choice of interest rate options: Ability to place a fixed-rate or adjustable-rate Supplemental Loan regardless of the rate structure of the pre-existing Fannie Mae mortgage

• Streamlined documentation: Ability to use either an updated database search in lieu of new Phase I Environmental Assessment and potential reduced Borrower Credit Review; Borrower Certification that there has been no change to organizational documents is accepted in lieu of updated organizational documents

loan structure

Loan Term 5 to 30 years

Amortization 30 years for most properties; Interest only available

Rates •Fixed-rate or adjustable-rate options available regardless of the pre-existing rate structure

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optional features

Early Rate Lock Available for qualified transactions (up to 45 – 180 days in advance of closing)

Supplemental Financing DUS™ supplemental mortgage available after one year, subject to Lender’s approval

Prepayment Yield maintenance and other graduated prepayment options are available

Maturity •Coterminous loans may mature at the same time as the first mortgage or no more than two years beyond the earlier of the maturity date or prepayment period end date of the first mortgage

•Non-coterminous loans must mature at least two years after the maturity date of the first mortgage

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freddie mac program plus

®

capital markets execution℠ “CME”

description

Berkeley Point Capital LLC offers very competitive fixed and adjustable rates under the Freddie Mac Capital Markets Execution℠ (CME) to provide a financing vehicle that connects Borrowers to the capital markets via a securitization. Freddie Mac will aggregate multifamily loans for sale or hold them in their portfolio. Loans for sale will go to a specified institutional investor(s), whom will securitize the loans and sell them to a qualified Special Purpose Entity (SPE). The SPE will then issue securitized bonds backed by the multifamily whole loans, and an investor with the appropriate risk appetite can then purchase each bond. Freddie Mac intends to guarantee or purchase the senior bonds of each issuance.

• Targeted Property Types: Multifamily, age-restricted multifamily, purpose-built student housing, multifamily with student concentration, cooperating housing, Section 8 HAP

benefits / features

• Typically provides lower interest rates over a portfolio execution; fixed and adjustable rates now available

• A Freddie Mac supplemental loan is available after the first mortgage has seasoned for 12 months

• If the appraisal for the property is less than anticipated and such difference results in a reduced loan amount that is no greater than 5 percent of the rate-locked loan amount, Freddie Mac will still purchase the mortgage at the lower loan amount and no breakage fees will be due for the 5 percent difference

loan structure

Loan Amount $5 to $100 million (minimum)

Loan Term 5, 7, and 10 years

Amortization 30 years for most properties; Interest-only option may also be available

Interest Accrual A/360 standard; 30/360 available

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freddie mac program plus

®

capital markets execution℠ “CME”

optional features

Supplemental Financing Yes, available no sooner than 12 months after closing only with a Freddie Mac Supplemental Mortgage. Maximum LTV: same as first mortgage. Minimum DCR: 5-<7 years: 1.35x; 7 to 10 years: 1.30x

Prepayment Fixed rate and adjustable rate prepayment options are available, speak with a loan officer

Assumability Fully assumable with Lender’s consent and upon payment of applicable fees

Escrows Replacement Reserves, Tax Escrows and Insurance Escrows are generally required

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freddie mac program plus

® standard and capped adjustable rate mortgage

description

Berkeley Point Capital LLC offers very competitive, convertible, adjustable rates under the Freddie Mac Program Plus®_{loan program. Rates can be set}

over LIBOR or the Freddie Mac Reference Bill. The loan documents allow for a simple conversion process to a fixed rate loan, utilizing the streamline refinance program.

• Standard ARM: Borrowers who choose Freddie Mac’s Standard ARM

must purchase an interest-rate cap from a third-party cap provider. • Capped ARM: Allows for a floating-rate for the full term with an established

maximum interest rate. The cost of purchasing the cap is financed by Freddie Mac as part of the spread. Since Freddie Mac provides the cap protection, the purchase of a third-party interest-rate cap is not required, which eliminates third-party transaction fees, agreements and negotiations.

• Uncapped ARM: No cap necessary for loans less than 60% loan to value

benefits / features

• Choice of indices: 1-month or 3-month Freddie Mac Reference Bill®_index

or a 1-month or 3-month London Interbank Offered Rate (LIBOR) index • Built-in Interest rate Cap available

• Refinance to a Freddie Mac fixed-rate loan (after lockout) with possible prepayment waived on existing ARM loan

loan structure

Loan to Value Up to 80% (maximum)

Debt Service Coverage 1.05x (minimum) underwritten at the max note

Loan Term 5, 7, or 10 year loan terms (shorter terms will affect minimum sizing requirements)

Amortization 30-year amortization for most properties, partial interest only and full term interest only options available in some instances

Rates Competitive rates priced daily, call for quote

Rate/Payment

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optional features

Supplemental Financing Fixed or variable rate supplemental mortgage available after one year, subject to Lender’s approval.

Assumability Standard ARM: Generally not assumable

Capped ARM: Fully assumable with Lender’s consent and upon payment of 1% fee

Prepayment

Option One:

•1-year lockout period

•1% prepayment premium if paid off after the lockout period

•No prepayment premium for last 90 days of loan term

•Starting in year two, Freddie Mac will waive the 1% prepayment premium if the loan is refinanced to a Freddie Mac fixed-rate loan

Option Two: Year Prepayment Premium

1 3%

2 2%

3 and beyond 1%

•No prepayment premium for last 90 days of loan term •Starting in year 4, Freddie Mac will waive the 1% prepayment premium if the loan is refinanced to a Freddie Mac fixed rate loan Option Three: Year Prepayment Premium 1 5%

2 4%

3 3%

4 2%

5 and beyond 1%

•No prepayment premium for last 90 days of loan term •Starting in year 6, Freddie Mac will waive the 1% prepayment premium if the loan is refinanced to a Freddie Mac fixed rate loan Option Four: Year Prepayment Premium 1 7% 2 6% 3 5% 4 4% 5 3% 6 2% 7 and beyond 1%

• No prepayment premium for last 90 days of loan term

•Starting in year 8, Freddie Mac will waive the 1% prepayment premium if the loan is refinanced to a

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Key Benefits

• Ability to lock credit terms and spreads prior to identifying properties • Pre-negotiated loan documents provide efficient execution

• Certainty of execution and continuous access to capital • Excellent financing vehicle for transitional assets

Product Summary

Product

Description • • Secured line-of-credit;On Book/Portfolio Bridge-like product

Collateral • Conventional first lien mortgages (multifamily, seniors housing and/or student housing, except for cooperatives) for acquisition rehabilitation/upgrade, acquisition, or refinance

• No minimum occupancy per property requirement

Facility Amount • Initial commitment of $100 million or more (lower commitment amount permitted on a negotiated basis)

• Subsequent commitment amount can be expanded or contracted at the Borrower’s discretion

Facility Term 5 years. The facility will have a 1-year extension option at the Borrower’s discretion

Pricing • Floating rate; the Facility will be indexed to 1mo or 3mo LIBOR

• Spreads locked for life of facility for three DCR levels and one LTV level

Minimum DCR/

Maximum LTV Minimum DCR: 1.45x IO / Maximum LTV: 75%.See next page for details

Amortization None. Full Term Interest Only

Cross–

collateralization Under one or more notes, assets will be cross-collateralizedand cross-defaulted (uncrossed Facility will be considered on a case by case basis)

Release of

Collateral • Permitted, subject to the Facility being in compliancewith sublimits.

• If the property is financed through Freddie Mac’s CME

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Product Summary

Annual Valuation Each property value and NOI will be updated on or about the facility anniversary

Fees • Transaction Fee: 5 bps of the entire Facility Commitment Amount

• Loan Application Fee: 10 bps on each loan that goes into the Facility

• Unused Capacity Fee: 100 bps on the unused portion of the funding capacity amount

• Unused Commitment Fee: 10 bps per annum payable monthly on unused Commitment Amount

• Seasoning Fee: 25 bps per annum for each property that remains in the facility >2 years

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Collateral Type Maximum LTV/Minimum DCR1

Multifamily Housing 75% / 1.45x

Student Housing 75% / 1.50x

Seniors Housing – Independent Living 75% / 1.50x Seniors Housing – Assisted Living2 _{75% / 1.60x}

Loan-to-Value (LTV) Ratio & Interest-Only

Debt Coverage Ratio (DCR)

1_{Underwriting rate will be subject to an index floor of 1.50%, and a stress rate of 1.25%.} 2_{With no skilled nursing beds.}

*Servicing Fee of __bps not included in spreads

Interest Only DCR Spread Over 30-Day LIBOR*

1.45 to 1.649 TBD

1.65 to 1.849 TBD

1.85+ TBD

Indicative Pricing Grid

Facility Commitment Amount $ 100,000,000

Funding Capacity (supported by the assets) $ 75,000,000

Funded Amount $ 70,000,000

Gross Note Rate 2.72%

Annual Interest Payment $ 1,904,000

Annual Unused Capacity Fee (paid monthly) $ 50,000 Payments

LIBOR (6/24/2013 ) 0.27%

Net Spread 2.40%

Servicing 0.05%

Gross Note Rate 2.72% Actual Interest Pmt $ 1,904,000 Actual DCR 2.77 Underwriting Sublimits LIBOR Floor 1.50% Net Spread 2.40% Servicing 0.05% Underwriting Stress 1.25% Underwriting Rate 5.20% Underwriting DS $ 3,640,000 Underwriting DCR 1.45

Revolving Credit Facility Illustration

Unused Capacity Fee Calculation Seasoning Fee

$ 75,000,000Funding Capacity Property Loan Amount times: (70,000,000) Funded Amount Year 3 25 bps

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Rate-Lock Program Highlights

Freddie Mac Fast Track Early Rate-Lock

Program Highlights

Description Allows qualified borrowers the opportunity to rate-lock the entire coupon, establish the mortgage amount, and set all key provisions with reduced documentation and no breakage fees. Eligibility Repeat borrowers who have had a Capital Markets

Execution loan purchased within the last two years Purpose Applies to conventional cash (fixed or

floating-rate) refinance transactions only (no acquisitions) Requirements 2% good faith deposit / 2% termination fee

-5% / +0.05x inside policy-defined LTV and DSCR Must pass Refinance Test

Tier 5 Markets or better Policy-compliant interest only Loans of limited complexity

Loan Amount Capped at $50M

Benefits Elimination of coupon risk

Lock of both the Treasury Index and spread No breakage fees

Simple, streamlined legal agreement and process No changes to underwriting requirements or standards

Borrower principal “certification” replaces previously required forms

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Program Highlights

Freddie Mac Index Lock Program Highlights

Description Allows borrowers to lock Treasury rate any time (at quote or during underwriting) with less documentation and faster execution than traditional lock process

Benefits Allows borrowers to mitigate risk, reduce loan coupon volatility, and avoid potential proceeds cuts Eligibility Repeat Freddie Mac borrowers who have done

a CME deal in the past 18 months Purpose Acquisitions & Refinances

Loan Amount $50M or less

Property All types, but must be single asset (No Pools) Breakage Fee Varies based on stage of ERL or Standard Delivery Variance Up to 10% (+ / -) without triggering breakage.

Proceeds greater than 110% of the Index Locked UPB will be locked at the then current Treasury Index creating a blended rate

Proceeds less than 90% result in breakage costs on the difference between Index Lock UPB and final UPB

Lock 90-day lock term