Program workspace

“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 ”