Consider a $6\mathrm{.}5\%$ loan amortizing at a $25-$year rate with monthly payments. What is the maximum amount that can be loaned on a property whose net operating income $($NOI$)$ is $$2,000,000$ per year, if the underwriting criteria specify a debt service coverage ratio $($DCR$)$ no less than $140\%$ and a maximum LTV ratio of $80\%?$ The property value is estimated by direct capitalization using a rate of $9\%$ on the stated NOL. Excel Link: Excel Sheet.xlsx

$$17,777,778$

$$22,317,257$

$$17,631,273$

$$16,815,$$$42$