5/2/2008

Multi-Family Loan Programs > $3 Million

Agency Lenders Portfolio Lenders*
Term Leverage Max. Interest Rates Leverage Max. Interest Rates
5 Yr. 80% 5.72% to 5.87% 75% 5.95% to 6.25%
7 Yr. 80% 5.77% to 5.92% 75% 6.40% to 6.80%
10 Yr. 80% 5.92% to 6.16% 75% 6.55% to 7.05%
15 Yr. 80% 6.48% to 6.68% 75% 6.80% to 7.30%
*Rates based on Act/360
Multi-Family Loan Programs < $3 Million
Fixed Rate Agency Lenders Portfolio Lenders*
Term Leverage Max. Interest Rates Leverage Max. Interest Rates
3 Yr. 80% 5.55% to 5.90% 75% 5.65% to 6.15%
5 Yr. 80% 5.64% to 6.02% 75% 5.95% to 6.25%
7 Yr. 80% 5.70% to 6.00% 75% 6.40% to 6.80%
10 Yr. 80% 5.88% to 6.18% 75% 6.55% to 7.05%
15 Yr. 80% 6.50% to 7.41% 75% 6.80% to 7.30%
*Rates based on Act/360
Commercial Loan Programs
Fixed Rate Portfolio Lenders* Index Rate as of 4/16/2008
Variable Rates Fixed Rates
Term Leverage Max. Interest Rates
11th District Cofi: 6.03% 1 Year Treasury (TCM) 2.53%
5 Yr. 75% 6.05% to 6.40%
12 MAT: 3.794% 3 Year Treasury: 3.06%
7 Yr. 75% 6.40% to 6.80%
1 Month LIBOR: 2.70% 5 Year Treasury: 3.78%
10 Yr. 75% 6.55% to 7.05%
3 Month LIBOR: 2.77% 10 Year Treasury: 3.86%
15 Yr. 75% 6.80% to 7.30%
6 Month LIBOR: 2.87% Bank of America Prime: 5.25%
Bridge Floating Leverage Max. Spread Over Libor
Stabilized 75% 225 to 300
Re-Position 90% 275 to 350
(*Proprietary Lenders include Banks, Life Insurance Companies and Credit Unions)
Economic Commentary
5-02-08 After falling 12 basis points yesterday from its
close last Friday at a yield of 3.87%, the 10-year U.S.
Treasury bounced back to 3.84% today in reaction to
lower-than-expected job losses in the U.S. economy.
Interest rates for commercial mortgage from banks
remained unchanged for the most part while interest
rates for multi-family from agency lenders fell 8 to 12
basis points. A few commercial loan conduits are
taking applications at spreads over 325 basis points in
anticipation of improvement in the capital markets
environment.

Recent Transactions
Ramada Inn 2430 N. Dodge Checker Auto Parts Colonial Bank
Hotel Multi-Family Single Tenant Single Tenant
Oceanside, CA Tuscon, AZ Aurora, CO Oxford, AL
$5,200,000 $2,350,000 $1,890,000 $1,138,173
5.75% Interest Rate 5.86% Interest Rate 5.25% Interest Rate 5.95% Interest
25-yr. Amortiz./10-yr. Term 30-yr. Amortiz./30-yr. Term 30-yr. Amortiz./10-yr. Term 30-yr. Amortiz./10-yr. Term

For more information, contact:

William Hughes
Title
Location
Office: (949) 851-3030
email@marcusmillichap.com