17. When considering a loan, what is the lender looking for as it relates to the sponsorship?

1. Experience in ownership/management of commercial properties
2. Conservative levels of DSCR and LTV throughout the existing portfolio of properties owned by the borrower
3. Good quality credit profile
4. All of the above

18. Once the term sheet is signed and the process leading up to the closing of the loan begins, which third party report takes the longest to prepare and therefore ordered first by the lender?

1. Environmental and Engineering
2. Appraisal
3. Zoning
4. None of the above

19. A developer purchases a piece of land on which (s)he plans to build a 30-unit multifamily building with 4 retail spaces on the ground floor. What type of loan is (s)he most likely to get for the construction period?

1. Short term construction (bridge) floating rate loan
2. 10-year fixed rate loan with a 30-year amortization schedule
3. 5-year fixed rate first mortgage
4. None of the above

20. What are the main points to look for in the term sheet?

1. Loan amount and maximum LTV
2. Interest rate, loan term and prepayment penalty
3. Borrowers experience qualification requirements
4. a and b
5. All of the above