Program workspace

“Commercial Building Purchases, Interim Construction & Improvements”

“Commercial Real Estate”

“Commercial Real Estate Loans”

“Secure financing for a range of commercial property needs. Fund purchases, refinancing, or construction projects that support your business growth.”

“Business Loans Commercial Real Estate Loans”

“With deep knowledge of the local market and flexible, competitive terms, we’re here to help you acquire, refinance, or improve your commercial assets.”

“Get the capital needed to bring projects to life, from ground-up construction to site development.”

“Enjoy the flexibility to invest in real estate that suits your business model with financing for both owner-occupied and non-owner-occupied properties.”

“Choose financing for rental homes, multi-family residences, and other investment properties.”

“Commercial Real Estate Loans”

“Construction and mini-perm loans”

“Build your business where you want with a Commercial Real Estate Mortgage from Liberty Bay Credit Union.”

“If you need to close a deal before SBA authorization kicks, we provide interim interest-only bridge financing”

“Our non-recourse floater program provides business plan financing between $5 million and $15 million for small-balance real estate”

“Our performance bridge loan is a good fit for quick-close deals or heavier lift properties.”

“Commercial Real Estate Loans”

“Commercial Real Estate Loans”

“Commercial Real Estate (CRE) Loans”

“Healthcare Real Estate Strategic financing options designed to help investors, developers, and end users build, expand, and renovate healthcare facilities.”

“Hospitality The flexibility and support you need to build a new hotel, enhance an existing property or expand your portfolio.”

“Seniors Housing Our team is ready to assist owners and operators who seek to develop, purchase, renovate or refinance properties.”

“Business Loans Commercial Real Estate Loans”

“All-In-One Construction Loan”

“Interim Construction Loan”

“Commercial Real Estate”

“Finance everything from land acquisition to commercial development with unprecedented lending power and local expertise.”

“Affordable Housing”

“LUMENT.COM THE PROGRAM HAS THE FOLLOWING ADDITIONAL PARAMETERS • Funds to cover minor repairs ($1,500/unit max) and costs of the transaction can be included in the loan amount. • Outstanding debt incurred in connection with capital improvements already made to the property may also be included in the loan amount, subject to HUD approval. • Davis-Bacon prevailing wage requirements do not apply to any repairs. • Loans insured under Section 223(a)(7) assume program characteristics of the underlying mortgage insurance program. • The streamlined nature of the underwriting does not require a new app”

“LUMENT.COM Lument is a leading FHA-approved Mortgagee and MAP/LEAN lender that actively underwrites, funds and services FHA insured mortgage loans for multifamily housing, seniors housing, assisted living and skilled care properties nationwide. PURPOSE Provides mortgage insurance for the new construction and substantial rehabilitation of rental housing for elderly persons (aged 62 or older) and/or persons with disabilities. Occupancy is restricted to elderly in at least 75% of units (all persons living in the unit must be 62+) with no more than 25% reserved for non-elderly disabled residents a”

“LUMENT.COM Provides mortgage insurance for the refinance or purchase of existing skilled nursing and assisted living facilities. Unlicensed independent living units are also allowed but cannot exceed 25% of the total units of a project without a waiver. Other licensed seniors housing property types are also eligible, including intermediate care facilities and board & care homes (collectively, “Residential Care Facilities”). ELIGIBLE BORROWERS Profit motivated, non-profit and public owners are eligible. TERRITORY Nationwide. MAXIMUM TERM 35 years (fully amortizing) or 75% of the estimated remai”

“LUMENT.COM Lument s a leading FHA-approved Mortgagee and MAP/LEAN lender that actively underwrites, funds and services FHA insured mortgage loans for multifamily housing, seniors housing, assisted living and skilled nursing properties nationwide. PURPOSE Provides mortgage insurance for the construction or rehabilitation of skilled nursing and assisted living facilities. Unlicensed independent living units are also allowed but cannot exceed 25% of the total units of the project without a waiver. Other licensed seniors housing property types are also eligible, including intermediate care facilit”

“LUMENT.COM THE PROGRAM HAS THE FOLLOWING ADDITIONAL PARAMETERS • Loans insured under 241(a) assume program characteristics of the underlying the mortgage insurance program. • Proposed repairs may not be primarily items of deferred maintenance. • Davis-Bacon prevailing wage requirements do apply to construction/repair costs if the first mortgage loan was financed under FHA’s construction loan program (Section 221(d)(4)). If the existing loan was financed under FHA’s acquisition/refinancing program (Section 223(f)) then Davis-Bacon prevailing wages do not apply. Lument is a leading FHA-approved ”

“LUMENT.COM THE PROGRAM HAS THE FOLLOWING ADDITIONAL PARAMETERS • Loans insured under 241(a) assume program characteristics of the underlying the mortgage insurance program. • Proposed repairs may not be primarily items of deferred maintenance. • Davis-Bacon prevailing wage requirements do apply to construction/repair costs if the first mortgage loan was financed under FHA’s construction loan program (Section 221(d)(4)). If the existing loan was financed under FHA’s acquisition/refinancing program (Section 223(f)) then Davis-Bacon prevailing wages do not apply. Lument is a leading FHA-approved ”

“LUMENT.COM ELIGIBILITY • Hospitals with an average debt service coverage ratio greater than or equal to 1.4 when calculated from the three most recent annual audited financial statements subject to certain recasting discussed below. • Hospitals with an aggregate operating margin greater than or equal to zero when calculated from the three most recent audited financial statements subject to certain recasting discussed below. • Borrowers must meet three of seven of the following criteria: 1. The proposed refinancing would reduce the hospital’s total operating expense by at least .25 percent; 2. ”

“LUMENT.COM COSTS & EXPENSES Fixed closing costs include: • 0.30% FHA application fee; one half paid with application, one half at closing. • 0.50% FHA inspection fee. Variable closing costs include: • 2.00% to 5.50% for financing expenses (including mortgage bankers, investment bankers, attorneys and rating agencies). • $25,000 to $100,000 for an examined financial forecast. Annual expenses (based on outstanding principal amount): • 0.50% annual FHA mortgage insurance premium; first year paid at closing. CONSTRUCTION GUIDELINES Davis-Bacon prevailing wage rates apply to new construction, addit”

“FHA SECTION 221( d )(4) & SECTION 220 Multifamily New Construction/Substantial Rehabilitation ELIGIBLE BORROWERS Single-asset, special-purpose entity, either for-profit or nonprofit. ELIGIBLE ASSET TYPE Market-rate, middle-income 1 , affordable 2 , or rent-subsidized 3 properties. Some age-restricted projects are also eligible. COMMERCIAL SPACE Limited to 25% of net rentable area and 15% of effective gross income (Section 221(d)(4)), or 30% of effective gross income if project is in an eligible Redevelopment Area (Section 220). MAXIMUM LOAN PROPERTY TYPE MIN. DSCR MAX. LTC MIN. UW VACANCY Mark”

“ELIGIBLE BORROWERS Single-asset, special-purpose entity, either for-profit or nonprofit. ELIGIBLE ASSET TYPE Market-rate, affordable 1 , or rent subsidized 2 properties. Some age-restricted properties are also eligible. COMMERCIAL SPACE Limited to 25% of net rentable area and 20% of effective gross income. MAXIMUM LOAN PROPERTY TYPE MIN. DSCR MAX. LTV (REFI.) MAX. LTC (ACQ.) MAX. LTV IF CASH OUT MIN. UW VACANCY Market Rate 1.15x 87% 80% 7% Affordable 1 1.11x 90% 80% 5% Rent Subsidized 2 1.11x 90% 80% 3% If loan amount exceeds HUD’s Large Loan limit, different loan parameters apply. The Large L”

“Fannie Mae”

“LUMENT.COM FANNIE MAE DUS ® Affordable Housing Preservation BENEFITS • Flexible underwriting to specific affordable developments. • Competitive pricing. • Flexible loan terms, and fixed- or variable-rate financing options. • Certainty and speed of execution. ELIGIBILITY • Expiring Low-Income Housing Tax Credit deals. • Refinancing of existing tax-exempt bond deals. • Properties eligible for the Rental Assistance Demonstration (RAD) program. • Properties with HUD Section 8 HAP Contracts. • Properties with existing Rural Housing Service (RHS) Section 515 loans. • Loans insured under Sections 202”

“LUMENT.COM FANNIE MAE DUS ® Bulk Delivery BENEFITS • Expansion feature allows easy addition of properties. • Recognize portfolio improvements with Supplemental Mortgage Loan financing. • Retain favorable interest rates with property substitutions. ELIGIBILITY • New or repeat Fannie Mae Borrowers. • Available for all products. BULK DELIVERY SIZE Minimum initial advance equal to: • $100 Million; • $75 Million, with at least 3 Properties at the Mortgage Loan Origination Date; or • $55 Million with at least 6 properties at the Mortgage Loan Origination Date. PROPERTY ADDITIONS Additions to the Bul”

“LUMENT.COM FANNIE MAE DUS ® Choice Refinance BENEFITS • Flexible refinancing. • Increased Lender delegation. ELIGIBILITY • Existing Fannie Mae Cash or MBS Mortgage Loan. • Lender must be the current Servicer of the Mortgage Loan being refinanced. • Property must be well maintained and stabilized as evidenced by the most recent property inspection. • Existing Mortgage Loan must meet standards related to past monetary and non-monetary defaults as outlined in the Guide. • Small Mortgage Loans and Mortgage Loans secured by Cooperative Properties may have additional eligibility requirements. STREAM”

“LUMENT.COM FANNIE MAE DUS ® Conventional Properties BENEFITS • Flexible loan terms. • Competitive pricing. • Certainty of execution. • Speed in processing and underwriting. ELIGIBILITY • Existing, stabilized conventional properties. • Properties with a minimum of five units. • Credit-worthy single-asset U.S. borrower with U.S. ownership. • Borrowers may have indirect foreign ownership interests, subject to proper structuring of the borrowing entity and its parent. TERM 5 - 30 years. AMORTIZATION Up to 30 years. INTEREST RATE Fixed- and variable-rate options available. MAXIMUM LTV 80%. MINIMUM ”

“LUMENT.COM FANNIE MAE DUS ® Cooperative Properties BENEFITS • Flexible loan terms. • Competitive pricing. ELIGIBILITY • Established Cooperative Properties in Eligible Cooperative Property Markets. • Cooperative Properties with qualified property management and stabilized operating history. • Limited Equity Cooperative Properties for low- and moderate-income families are also eligible. • Overall Property Condition Rating of 2 or better. TERM 5 - 30 years. AMORTIZATION Up to 30 years. INTEREST RATE Fixed rate. MAXIMUM LTV 55% (on a market rental basis). MINIMUM DSCR 1.00x for Actual Cooperative ”

“LUMENT.COM FANNIE MAE ® Credit Facility BENEFITS • Tranche debt to optimize strategy. • Ladder maturities and customize prepayment. • Buy and sell assets on your schedule. • Grow portfolio with quick and easy expansions and pre-negotiated Loan Documents. • Retain favorable interest rates and reduce prepayment premiums with Property substitutions. • Recognize portfolio improvements with first Lien borrow-ups. ELIGIBILITY • New or repeat Fannie Mae Borrowers. • Available for all Asset Classes. CREDIT FACILITY SIZE At least $100 million at initial closing and not to exceed any applicable Maximum ”

“LUMENT.COM FANNIE MAE DUS ® DUS Mortgage Loans BENEFITS • Flexible loan terms. • Competitive pricing. ELIGIBILITY • Existing, stabilized Conventional Properties, Multifamily Affordable Housing Properties, Seniors Housing Properties, Student Housing Properties, and Manufactured Housing Communities. • Properties with a minimum of five units (50 pad sites for Manufactured Housing Communities). • Credit-worthy single-asset U.S. borrower with U.S. ownership. • Borrowers may have indirect foreign ownership interests, subject to proper structuring of the borrowing entity and its parent. TERM 5 - 30 y”

“LUMENT.COM FANNIE MAE DUS ® Declining (Graduated) Prepayment Premium BENEFITS • Provides more flexibility with a wider prepayment window. • Easier calculation of Prepayment Premiums generally permitted at any point in the loan term. • Certainty of execution. ELIGIBILITY • Available for all Asset Classes. • Available for acquisition or refinance. • Available for purchase by third-party Investors and the Fannie Mae Multifamily Trading Desk. TERM 5, 7, 10, 12, 15, 18, or 30 years. FIXED RATE DECLINING PREPAYMENT PREMIUM STRUCTURES LOAN TERM STRUCTURE LOCKOUT PERIOD 5 Years 5-4-3-2-1 None 7 Years ”

“LUMENT.COM FANNIE MAE ® Fixed-Rate Mortgage Loans BENEFITS • Flexible loan terms. • Competitive pricing. • Predictable payment and amortization schedule. • Speed in processing and underwriting . ELIGIBILITY • Existing, stabilized Conventional properties; Multifamily Affordable Housing properties; Seniors Housing properties; Student Housing properties; and Manufactured Housing Communities. • Properties with a minimum of five units (50 pad sites for Manufactured Housing Communities). • Credit-worthy single asset U.S. borrower with U.S. ownership. • Borrowers may have indirect foreign ownership i”

“LUMENT.COM RATE LOCK 30- to 180-day commitments. Borrowers may use the Streamlined Rate Lock option. If Fannie Mae approval of the High Performance Building Report is required, the HPB Report must be approved by Fannie Mae at least five days prior to Rate Lock. The Technical Solar Assessment must be submitted for Fannie Mae approval at least 10 days prior to Rate Lock. ACCRUAL 30/360 and Actual/360. RECOURSE Non-recourse execution is available, with standard carve-outs for “bad acts” such as fraud and bankruptcy required. ESCROWS Costs for green efficiency improvements escrowed at 125%; reduce”

“LUMENT.COM FANNIE MAE DUS ® MBS as Tax-Exempt Bond Collateral (MTEB) – Fixed Rate BENEFITS • Faster closings with our unique delegated model. • Declining prepayment options or yield maintenance. • Interest-only is available. • Fannie Mae guaranteed direct pass-through of principal and interest is more attractive to bond buyers. ELIGIBILITY • Multifamily Affordable Housing properties. • Loans underwritten to Fannie Mae Guide Requirements for tax-exempt bonds. • Refundings or new issues with in-place rehabilitation. • Immediate delivery or standby forward commitment. TERM 10 - 30 years. AMORTIZA”

“LUMENT.COM FANNIE MAE DUS ® MBS Exchange (Taxable Forward) BENEFITS • Low borrowing cost, “AA+” rating keeps the interest rates on bonds low. • Supports affordable rental housing stock. • Flexible structures. • Certainty and speed of execution. ELIGIBILITY • Multifamily Affordable Housing properties. • New money issues, refundings, or credit substitutions. • Non-LIHTC transactions. FORWARD PERIOD 30-to-36-month commitments. Two delegated six-month extensions available. TERM 10 – 15 years. AMORTIZATION Up to 30 years. 1 INTEREST RATE Fixed- and variable-rate options available. MAXIMUM LTV • 80%”

“LUMENT.COM FANNIE MAE DUS ® Manufactured Housing Communities (MHC) BENEFITS • Customized solutions. • Competitive pricing. ELIGIBILITY • Existing, stabilized, professionally managed MHC, with or without age restrictions, having a minimum of 50 sites. • Quality Level 3, 4, or 5 communities. • 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. TERM 5 - 30 years. AMORTIZATION Up to 30 years. INTEREST RATE Fixed- and variable-rate options available. MAXIMUM LTV 80%. MINIMUM DSCR 1.”

“LUMENT.COM FANNIE MAE DUS ® Moderate Rehabilitation (Mod Rehab) Supplemental Mortgage Loan BENEFITS • The Mod Rehab Supplemental Mortgage Loan is excluded from the one Supplemental loan rule. • Loan sizing is comparable to the first lien mortgage loan. • Lower pricing than generally available on other Supplemental Mortgage Loans. • Lower cost than refinancing. • Access to additional capital. • Certainty of execution. • Speed in processing and underwriting. ELIGIBILITY • Stabilized Conventional, Multifamily Affordable Housing, Seniors Housing, Student Housing Properties, and Manufactured Housin”

“LUMENT.COM FANNIE MAE DUS ® Moderate Rehabilitation (Mod Rehab) Supplemental Mortgage Loan for Multifamily Affordable Properties (MAH) BENEFITS • Great value-add option for an MBS for Bonds (MTEB) execution. • The Mod Rehab Supplemental Mortgage Loan is excluded from the one Supplemental Mortgage loan rule. • Loan sizing is comparable to the first lien Mortgage loan. • Lower pricing than generally available on other Supplemental Mortgage Loans. • Lower cost than refinancing. • Access to additional capital. • Certainty of execution. • Speed in processing and underwriting. ELIGIBILITY • First Mo”

“LUMENT.COM FANNIE MAE DUS ® Near-Stabilization Execution BENEFITS • Ability to pay off construction loan and add permanent non-recourse financing prior to full stabilization. • Competitive pricing. • Certainty of execution. • Speed in processing and underwriting. ELIGIBILITY • Conventional and Multifamily Affordable Housing Properties. • Partially leased, newly constructed or recently renovated communities. • Strong borrowers with demonstrated lease-up track record. • Properties in Strong and Nationwide markets. • Available on a Pre-Review basis. LOAN SIZE $10 million or greater. TERM 5, 7, 10”

“LUMENT.COM FANNIE MAE DUS ® Seniors Housing For important disclosures about Lument and the information found in this term sheet click here . 6.22.26 More than two decades of leadership in the Seniors Housing market. BENEFITS • Customized solutions. • Flexible yield maintenance periods. • Competitive pricing. ELIGIBILITY • Existing, stabilized, purpose-built Seniors Housing Properties. • Sponsors and Operators experienced in the Seniors Housing industry. • Lenders experienced in financing Seniors Housing and approved by Fannie Mae for participation. TERM 5 - 30 years. AMORTIZATION Up to 30 year”

“LUMENT.COM FANNIE MAE DUS ® Small Loan Program Fannie Mae’s Multifamily Mortgage Business offers a streamlined loan process for fixed and variable-rate Mortgage Loans up to $9 million nationwide. ELIGIBILITY • Conventional Properties; Multifamily Affordable Housing Properties; Cooperative Properties (market rate); and Manufactured Housing Communities. • Existing, stabilized multifamily Properties. • Properties with 5 or more units. • Loans for acquisition or refinance. LOAN AMOUNT Up to $9 million nationwide. TERM 5 - 30 years. AMORTIZATION Up to 30 years. INTEREST RATE Fixed and variable-opti”

“LUMENT.COM FANNIE MAE ® Sponsor-Dedicated Workforce (SDW) Housing BENEFITS • Creation and preservation of workforce housing affordable to households earning 80% – 120% of area median income (AMI). • Flexible loan terms. • Competitive pricing. • Supports workforce housing providers. • Speed in processing and underwriting, with simple Loan Document modifications. ELIGIBILITY • Existing, stabilized Conventional properties. • A minimum of 20% of units must be made affordable to households earning up to 80% of AMI or, in certain metros, up to 100% –120% AMI. • Rent affordability levels are identifi”

“LUMENT.COM BENEFITS • Flexible loan terms. • Competitive pricing. • Supports affordable and workforce housing providers. FANNIE MAE DUS ® Sponsor-Initiated Affordability (SIA) ELIGIBILITY • Existing, stabilized conventional Properties. • Minimum of 20% of units are affordable at 80% of AMI or less, as adjusted for family size. • Rent does not exceed 30% of adjusted AMI for unit size. • Rent and income restrictions must be in place by the Mortgage Loan Origination Date. • The Property must be compliant with the Sponsor-Initiated Affordability Agreement within 12 months of the Mortgage Loan Orig”

“LUMENT.COM FANNIE MAE DUS ® Standard FHA Risk Sharing Execution BENEFITS • Highly competitive pricing for MAH transactions. • Certainty and speed of execution. • One stop customer service – Borrowers only need to work with their Fannie Mae Lender who will handle the Mortgage Loan execution. ELIGIBILITY • Multifamily Affordable Housing properties with income and rent restrictions effective the entire loan term. • Immediate and Forward Commitment executions. LOAN AMOUNT No minimum or maximum; however, Mortgage Loans over $50 million require HUD consent. TERM 15 – 40 years. AMORTIZATION Full amor”

“LUMENT.COM FANNIE MAE DUS ® Streamlined Rate Lock BENEFITS • For rate locks with Fannie Mae’s trading desk and many other MBS investors, the breakage fee for failure to originate the loan is limited to the Good Faith Deposit. • Expanded delivery tolerance allows greater flexibility for rate locks. ELIGIBILITY • Existing, multifamily properties including Conventional, Coops, Green Rewards, Green Building Certification Loans, Hybrid ARM Loans, Manufactured Housing Communities, Multifamily Affordable Housing, Seniors Housing, Small Loans, Structured Transactions, Student Housing and Dedicated Stu”

“LUMENT.COM FANNIE MAE DUS ® Structured Adjustable Rate Mortgage Loans (SARM Loans) BENEFITS • Attractive low-cost financing. • Convertible to fixed-rate. • Flexible loan terms and prepayment options. • Ability to choose Interest Rate Cap provider. ELIGIBILITY • Existing, stabilized Conventional properties; Multifamily Affordable Housing properties; Seniors Housing properties; Student Housing properties; and Manufactured Housing Communities. • Mortgage Loans secured by properties undergoing Moderate Rehabilitation may be eligible on a case-by-case basis. • Credit Enhancement Mortgage Loans and ”

“LUMENT.COM FANNIE MAE DUS ® Student Housing BENEFITS • Customized solutions. • Competitive pricing. ELIGIBILITY • Existing, stabilized properties that cater to a student tenant base because of design, tenancy, or location. • Strong operators with proven records of accomplishment in student housing. • Properties can be rented on a per-unit or per-bed basis. TERM 5 - 30 years. AMORTIZATION Up to 30 years. INTEREST RATE Fixed- and variable-rate options available. MAXIMUM LTV 75%. MINIMUM DSCR 1.30x for fixed rate Mortgage Loans; and 1.05x for variable rate Mortgage Loans, subject to a Fixed Rate ”

“LUMENT.COM FANNIE MAE DUS ® Supplemental Loans BENEFITS • Lower cost than refinancing. • Access to additional capital. • Flexible loan terms. ELIGIBILITY • Stabilized Conventional properties, Multifamily Affordable Housing Properties, Seniors Housing Properties, Student Housing Properties, and Manufactured Housing Communities. • Subordinate to existing Fannie Mae fixed rate or variable rate Mortgage Loans. • Bond Credit Enhancement Mortgage Loans are eligible for Supplemental Mortgage Loans with prior approval of Fannie Mae. • Lender must be the servicer of the existing Fannie Mae Mortgage Loa”

“LUMENT.COM FANNIE MAE DUS ® Tax-Exempt Bond Credit Enhancement BENEFITS • Low borrowing cost, “AA+” rating keeps the interest rates on bonds low. • Supports affordable rental housing stock. • Flexible structures. • Certainty and speed of execution. ELIGIBILITY • Multifamily Affordable Housing (MAH) properties with 4% Low-Income Housing Tax Credit (LIHTC) rent restrictions. • New money issues, refundings, or credit substitutions. TERM 10 - 30 years (minimum 15 years for new construction and substantial rehabilitation). AMORTIZATION Up to 35 years. INTEREST RATE Fixed-rate. MAXIMUM LTV 90% for 4”

“LUMENT.COM FANNIE MAE DUS ® Unfunded Forward Commitment for 9% LIHTC Properties For important disclosures about Lument and the information found in this term sheet click here . 6.22.26 BENEFITS • Ability to lock the interest rate and other key deal terms prior to construction. • Single asset security allows for customized loan structures. • Certainty and speed of execution. ELIGIBILITY • LIHTC new construction and Properties undergoing substantial rehabilitation, including preservation and rural transactions. • Lenders approved to deliver forward commitments under Fannie Mae’s Multifamily Affo”

“LUMENT.COM FANNIE MAE DUS ® Unfunded Forward Commitment for 4% LIHTC Properties For important disclosures about Lument and the information found in this term sheet click here . 6.22.26 BENEFITS • Ability to lock the interest rate and other key deal terms prior to construction. • Single asset security allows for customized loan structures. • Certainty and speed of execution. • MTEB execution offers optional reimbursement of certain costs of issuance up to 75bps. ELIGIBILITY • LIHTC new construction and Properties undergoing substantial rehabilitation, including preservation and rural transactio”

“Freddie Mac”

“LUMENT.COM FREDDIE MAC OPTIGO ® 9% LIHTC Cash Loan Forward Commitment Immediate Funding Preservation Rehabilitation ELIGIBLE PROPERTY TYPES To-be-built or substantially rehabilitated garden, mid-rise or high-rise multifamily properties with 9% LIHTC. Garden, mid-rise, or high-rise multifamily properties with 9% LIHTC with 90% occupancy for 90 days. Garden, mid-rise or high-rise multifamily properties with 9% LIHTC that are undergoing moderate rehabilitation with tenants in place. TERMS Minimum term: Lesser of 15 years or the remaining LIHTC compliance period; 15 years with HUD Risk Sharing. Ma”

“LUMENT.COM FREDDIE MAC OPTIGO ® Bond Credit Enhancement with 4% LIHTC FORWARD COMMITMENT IMMEDIATE FUNDING PRESERVATION REHABILITATION ELIGIBLE PROPERTY TYPES To-be-built or substantially rehabilitated garden, mid- rise, or high-rise multifamily properties with 4% LIHTC. Garden, mid-rise, or high-rise multifamily properties with 4% LIHTC that maintain 90% occupancy for 90 days. Garden, mid-rise, or high-rise multifamily properties with 4% LIHTC undergoing moderate rehabilitation with tenants in place. TERMS Minimum term: Remaining LIHTC compliance period or 15 years, whichever is less. Maximum”

“LUMENT.COM FREDDIE MAC OPTIGO ® Bond Credit Enhancement with Other Affordability Components ELIGIBLE PROPERTY TYPES Garden, mid-rise and high-rise multifamily properties with minimum occupancies of 90% for 90 days. TERMS 10 to 30 years. ELIGIBLE TRANSACTIONS New credit enhancement facility or replacement of existing credit enhancement facility for tax- exempt bonds for refundings, substitutions and acquisitions. MAXIMUM AMORTIZATION 30 years. MINIMUM DEBT COVERAGE RATIO 1 (DCR) • Variable-rate with cap hedge: 1.25x. • Fixed-rate: 1.25x. MAXIMUM LOAN-TO-VALUE (LTV) RATIO 1 • Variable rate with ”

“LUMENT.COM FREDDIE MAC OPTIGO ® Cash Loan for Affordable Housing Preservation ELIGIBLE PROPERTY TYPES Garden, mid-rise, or high-rise multifamily properties that meet affordability criteria and with 90% occupancy for 90 days. TERMS Maximum term of 15 years. PRODUCT DESCRIPTION Financing for the acquisition or refinance of stabilized affordable multifamily properties with fixed-rate or floating-rate cash loans; see the Fixed-Rate Loan or Floating-Rate Loan term sheet for more information. TYPE OF FUNDING Permanent, immediate financing. MINIMUM DEBT COVERAGE RATIO 1 (DCR) 1.25x. MAXIMUM LOAN-TO-V”

“LUMENT.COM FREDDIE MAC OPTIGO ® Conventional Small ELIGIBLE BORROWERS • Borrower may be a limited partnership, corporation, limited liability company or a tenancy in common (TIC) with 5 or fewer tenants in common. • General partnerships, limited liability partnerships, real estate investment trusts (REITs) and certain trusts may also be acceptable in limited circumstances, subject to additional requirements. • Borrower must be a Single Purpose Entity (see the Single Purpose Entity Borrower Rider to Loan Agreement (Loans $20,000,000 and Under) for basic SPE requirements). ELIGIBLE PROPERTIES St”

“LUMENT.COM FREDDIE MAC OPTIGO ® Early Rate-Lock WHAT IS AN EARLY RATE-LOCK? • Borrowers can lock the interest rate for a fixed-rate mortgage or the spread for a floating-rate mortgage, establish the mortgage amount and set other key provisions of a proposed mortgage within two to five days after Freddie Mac’s preliminary underwriting review and long before the Optigo ® lender submits the full underwriting package. ELIGIBLE PRODUCTS • Conventional, Targeted Affordable Housing and Seniors Housing. HOW EARLY RATE-LOCK WORKS: QUOTE • Optigo lender submits the Loan Submission Template (LST) and Nar”

“LUMENT.COM FREDDIE MAC OPTIGO ® Fixed-Rate Loan ELIGIBLE BORROWERS • Borrower may be a limited partnership, corporation, limited liability company, or a tenancy in common (TIC) with 10 or fewer tenants in common. • General partnerships, limited liability partnerships, real estate investment trusts (REITs) and certain trusts may also be acceptable in limited circumstances, subject to additional requirements. • Borrower must usually be a Single Purpose Entity (SPE) (see Section 6.13 of the Loan Agreement for basic SPE requirements); on loans less than $7.5 million, upon borrower’s request, a bor”

“LUMENT.COM FREDDIE MAC OPTIGO ® Float-to-Fixed-Rate Loan (Two-Plus-Seven) ELIGIBLE BORROWERS Must be well-qualified. FLOATING-RATE PERIOD • 2 years. • Interest only (IO), no cap required, locked-out/no prepayments. • No supplemental loans during floating-rate period. FIXED-RATE PERIOD • 7 years. • IO subject to 7-year fixed-rate IO credit parameters with defeasance. • Amortizing loan with defeasance. • Securitization-ready. UNDERWRITING • Compliant with current credit parameters. • Sized based on fixed-rate. • Must pass Refinance Test using aggregated term (2 years floating plus 7 years fixed)”

“LUMENT.COM FREDDIE MAC OPTIGO ® Floating-Rate Loan ELIGIBLE BORROWERS • Borrower may generally be a limited partnership, corporation, limited liability company, or a tenancy in common (TIC) with 10 or fewer tenants in common. • General partnerships, limited liability partnerships, real estate investment trusts (REITs) and certain trusts may also be acceptable in limited circumstances, subject to additional requirements. • Borrower must generally be a Single Purpose Entity (SPE) (see Section 6.13 of the Loan Agreement for basic SPE requirements); however, on loans less than $7.5 million, upon b”

“LUMENT.COM FREDDIE MAC OPTIGO ® HUD Section 8 Financing CASH LOANS ELIGIBLE BORROWERS Must have demonstrated experience in owning and managing similar Section 8 properties. ELIGIBLE PROPERTY TYPES Garden, mid-rise, or high-rise multifamily properties with Section 8 project-based contracts or vouchers. LOAN TERMS 5-year minimum, 15-year maximum. PRODUCT DESCRIPTION Financing for multifamily properties supported by Section 8 project-based contracts or tenant- based vouchers through credit enhancements and/or cash loan purchases. TYPE OF SECTION 8 • Project-based subsidy: This form of subsidy ref”

“LUMENT.COM FREDDIE MAC OPTIGO ® Impact Gap Financing PRODUCT DESCRIPTION Impact Gap Financing provides the infrastructure to enable Impact Investors to invest directly in NOAH properties and close capital gaps between Sponsor-provided equity and the Freddie Mac NOAH Preservation Loan. Impact Investors may work with Borrowers directly, with a Freddie Mac Multifamily Optigo lender, or with Freddie Mac, who can help match them to potential properties and Borrowers. Nonprofits will work with an Optigo lender who will make both the Freddie Mac NOAH Preservation Loan and the Impact Gap Loan simultan”

“LUMENT.COM Index Lock Early Rate-Lock (ERL) Standard Delivery ELIGIBLE LOANS • Loans to be securitized. • Acquisition or refinance loans. • Fixed-rate loans. • Loans to be securitized or held in portfolio. • Acquisition or refinance loans. • Fixed- or floating-rate loans. • Loans to be securitized or held in portfolio. • Acquisition or refinance loans. • Fixed- or floating-rate loans. WHICH LOAN TERMS ARE DETERMINED PRIOR TO LOCK? Term of the loan, loan structure (interest-only period, prepayment structure, etc.), and loan amount (loan amount is subject to change). Most material loan terms (lo”

“LUMENT.COM FREDDIE MAC OPTIGO ® Lease-Up Loan LOCK IN LOW INTEREST RATES BEFORE STABILIZATION REFINANCE LEASE-UP ACQUISITION LEASE-UP PRODUCT DESCRIPTION Refinancing for newly constructed properties. Acquisition financing for newly constructed properties. ELIGIBLE BORROWERS Borrowers must have experience with new construction and/or lease-up properties, and generally have strong financial capacity and real estate management expertise with good performance and credit history. • For Targeted Affordable Lease-Ups, borrowers must have experience in the development and/ or ownership of multifamily ”

“LUMENT.COM FREDDIE MAC OPTIGO ® Manufactured Housing Community Loan ELIGIBLE PROPERTY TYPES Existing, stabilized, high-quality, and professionally managed manufactured housing communities (MHCs), with or without age restrictions. ELIGIBLE BORROWERS • The sponsor should have two or more years of experience in operating MHCs and should own one other MHC property. • The borrower may be a limited partnership, corporation, limited liability company, or a tenancy in common (TIC) with 10 or fewer tenants in common. General partnerships, limited liability partnerships, real estate investment trusts (R”

“LUMENT.COM FREDDIE MAC OPTIGO ® Manufactured Housing Resident Owned Community Loan (MHROC) ELIGIBLE PROPERTY TYPES Existing, stabilized, high-quality, professionally managed MHROCs, with or without age restrictions. ELIGIBLE TRANSACTION TYPES • Acquisition/Conversion: An Acquisition Mortgage on a Manufactured Housing Community which is in the process of converting from a rental property to an MHROC. The MHROC Borrower must be formed prior to rate lock. • Seasoned Refinance: A Refinance Mortgage on an existing MHROC with most shares already sold to resident shareholders. ELIGIBLE BORROWERS Not-”

“LUMENT.COM FREDDIE MAC OPTIGO ® Moderate Rehab Loan ELIGIBLE OPTIGO LENDERS Freddie Mac Multifamily Optigo Conventional Lenders. ELIGIBLE BORROWERS Experienced and well-capitalized borrowers who have successfully completed rehabilitation projects of similar scope and who are familiar with the Freddie Mac loan process. ELIGIBLE PROPERTY TYPES • $25,000-$60,000 in renovations per unit with a minimum of $7,500 per unit designated for interior work. • Minimum occupancy: Rehabilitation plan may not take debt coverage ratio (DCR) below 1.0x on an interest-only basis. • Not eligible — Seniors housing”

“LUMENT.COM FREDDIE MAC OPTIGO ® NOAH Preservation Loan ELIGIBLE PROPERTY TYPES Garden, mid-rise, or high-rise multifamily NOAH properties. ELIGIBLE OPTIGO LENDERS TAH lenders. ELIGIBLE BORROWERS 501(c)(3) nonprofit organizations with affordable housing preservation as a stated part of its mission and a demonstrated history of successful property ownership. MINIMUM AFFORDABILITY At least 50% of the units must have affordable rents at 60% / 80% / 100% / 120% area median income (AMI) based on market at the time of origination. MINIMUM EQUITY REQUIREMENTS Nonprofit must meet at least one of the fo”

“LUMENT.COM FREDDIE MAC OPTIGO ® Conventional Forwards PRODUCT DESCRIPTION Unfunded forward commitments for new construction or major rehabilitation. ELIGIBLE BORROWERS • Borrower may be a limited partnership, corporation, or limited liability company. • General partnerships, limited liability partnerships, real estate investment trusts (REITs), and certain trusts may also be acceptable in limited circumstances, subject to additional requirements. • Borrower must be a Single Purpose Entity (SPE). ELIGIBLE PROPERTY TYPES To-be-built or substantially rehabilitated garden, mid-rise, high-rise, or ”

“LUMENT.COM FREDDIE MAC OPTIGO ® Preservation Rehabilitation Financing Tax-Exempt Financing with 4% LIHTC 9% LIHTC Cash Loan Non-LIHTC Cash Loan ELIGIBLE BORROWERS Borrowers looking to renovate an affordable multifamily property with financing for the moderate rehabilitation of affordable properties with new Low-Income Housing Tax Credits (LIHTCs). Borrowers looking to renovate an affordable multifamily property with financing for the moderate rehabilitation of affordable properties with new Low-Income Housing Tax Credits (LIHTCs). Borrowers looking to renovate an affordable multifamily propert”

“LUMENT.COM FREDDIE MAC OPTIGO ® Seniors Housing Loan ELIGIBLE BORROWERS • Experienced owner/operator of comparable facilities. • If the loan is less than $5 million, the borrower may be a Single Asset Entity with some additional restrictions and may be a limited partnership, general partnership (no individuals may be general partners), limited liability company, corporation, or real estate investment trust (must be a corporation, not a trust). • If the loan is $5 million or more, the borrower may be a limited partnership, a corporation, or a limited liability company and must be a Single Purpo”

“LUMENT.COM FREDDIE MAC OPTIGO ® Student Housing Loan ELIGIBLE BORROWERS • Borrower may be a limited partnership, corporation, limited liability company, or a tenancy in common (TIC) with 10 or fewer tenants in common. • General partnerships, limited liability partnerships, real estate investment trusts (REITs) and certain trusts may also be acceptable in limited circumstances, subject to additional requirements. • Borrower must generally be a Single Purpose Entity (SPE); however, on loans less than $5 million, upon borrower’s request, a borrower other than a TIC may be a Single Asset Entity in”

“LUMENT.COM FREDDIE MAC OPTIGO ® Supplemental Loan ELIGIBLE OPTIGO LENDERS • If the first loan has been securitized, the original Optigo Seller/Servicer for that first loan or currently servicing that first loan. • If the first loan has not been securitized, the Optigo Seller/Servicer currently servicing that first loan. ELIGIBLE BORROWERS Original first loan borrower or lender-approved transferee. ELIGIBLE LOANS 1 • Loans behind existing first loans: – Stabilized properties in good standing. – Purchased through the cash loan programs for Conventional, Targeted Affordable Housing, Seniors Housi”

“LUMENT.COM FREDDIE MAC OPTIGO ® Tax-Exempt Loan PRODUCT DESCRIPTION Financing for the acquisition or refinance of stabilized affordable multifamily properties with 4% Low-Income Housing Tax Credits (LIHTC) with at least 7 years remaining in the tax-credit benefit stream. Could also include HUD Risk Share. ELIGIBLE PROPERTY TYPES Garden, mid-rise, or high-rise multifamily properties with 4% LIHTC with 90% occupancy for 90 days. TERM Up to 30 years. TYPE OF FUNDING Immediate fixed-rate 1 financing; forward fixed-rate financing. MINIMUM DEBT COVERAGE RATIO (DCR) 2 1.15x. 2 COLLATERAL First-lien m”

“As an approved HUD/FHA Multifamily Accelerated Processing (MAP) and LEAN lender, Lument can expedite the process of obtaining the best terms and pricing available for conventional multifamily, affordable and seniors housing & healthcare borrowers. With dedicated FHA underwriting and processing teams, we help our borrowers and industry partners navigate the FHA landscape.”

“Multifamily Housing”

“Small Loan Multifamily”

“Commercial Real Estate Loans”