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ESLP <br />12/31/2010 <br />Per the US Bank agreement at PF2120.01 and discussion with Sue Cahl er, Assistant Relationship Manager on <br />1). Debt Service Coverage Requirement 1.10X (with set aside requirement triggered at 1.15X) <br />PF2120.01 Section 5.16(b) <br />DSCR = NOI /annual debt service <br />NOI: <br />Gross Income <br />Less: <br />Operating expenses <br />Replacement Reserve Contributions <br />Add: <br />Interest <br />Depreciation <br />Net Operating Income per agreement <br />Annual Debt Service per 2605.00 <br />Per Sue, the difference between 1.15X and NOI will need to be reserved. <br />1.15X ADS <br />Reserve requirement <br />Net Operating Income per agreement <br />CAP rate (per Sue) <br />Product <br />Outstanding debt per 2605.00 <br />Multiplied by 80% <br />Product <br />Difference (must be positive) <br />ft-t 0•hS <br />2). Loan to Value Requirement of 80% (. <br />PF2120.01 Section 5.16(a) <br />LTV = (80 %* outstanding debt) - (NOI *CAP rate ) <br />4 <br />187,318 <br />(291,445) <br />(4,308) <br />87,598 <br />113,550 <br />92,713 <br />103,467 <br />118,87 <br />,274 <br />89.61% Out of compliance <br />WO- <br />q <br />_ °T7 S71. <br />92,71 <br />V7.500 <br />_69346 t,23f9I 3. <br />988,952 / I 23 6,1,3 a)(1° <br />0.8 <br />791,162 <br />(95,814) out of compliance <br />6 1'2 (3/ <br />97S71, <br />