October 6, 2014

CITI COMMUNITY CAPITAL'S MULTIFAMILY HOUSING INDICATIVE RATES AND TERMS
as of October 6, 2014
UST and AAA nonAMT Housing Yield Curves
KEY RATES
10 Year Treasury *
LIBOR - 30 Day *
SIFMA **
18 Year Maturity Bonds***
30 Year Maturity Bonds ****
4.50%
This Week
2.435%
0.153%
0.030%
3.550%
3.714%
Last Week
2.529%
0.154%
0.040%
3.650%
3.782%
52 Week Ave
52 Week High
2.639%
3.001%
0.158%
0.174%
0.057%
0.120%
52 Week Low
2.341%
0.149%
0.030%
4.00%
3.50%
3.00%
2.50%
2.00%
* Source: Bloomberg
1.50%
** Source: SIFMA
1.00%
*** Source: Citi
0.50%
**** Average rate/blended yield for a non-AMT, $15mm+ transaction with level debt service and full amortization. Source: Citi
0.00%
2015
2016
2019
2024
2029
US Treasuries (Source: Bloomberg)
2034
2044
2054
AAA nonAMT (Source: Citi)
Affordable Housing / CRA Eligible Construction Loans
Product Type
Variable Rate Construction Loan (taxable)
Variable Rate Construction Loan (tax-exempt)
Construction Period Letter of Credit (tax-exempt)
Lender
Citi
Citi
Citi
Amort
I/O
I/O
I/O
Term
24-36 months
24-36 months
24-36 months
Index
1-mo LIBOR
SIMFA
annual fee
Base
Rate *
0.15%
0.03%
please call
Spread / Stack
2.25%-3.00%
2.25%-3.00%
All-In
Rate
2.40%-3.15%
2.28%-3.03%
Loan to
Cost
80%
80%
80%
*May be subject to floor
Affordable Housing / CRA Eligible Permanent Loans
Product Type
Taxable
Current Funding Loan for 9% LIHTC Project
Forward Commitment Loan for 9% LIHTC Project
Perm Loan (Behind Citi Construction Loan)
Freddie Mac Very Low Income (VLI)
Freddie Mac Very Low Income (VLI)
Lender
Amort (yrs)
Term
Index
Base
Rate
Spread / Stack
(Perm)
All-In
Rate
Loan to
Value
Minimum Debt
Service Coverage
Fannie / Freddie
Fannie / Freddie
Citi
Freddie Mac
Freddie Mac
30-35
30-35
I/O then 35
30
35
18
18
18
10
17
10yr T
10yr T
10yr T
10yr T
10yr T
10yr T
10yr T
10yr T
10yr T
10yr T
3.50%-3.75%
5.50%-5.75%
3.25%-4.00%
2.00%-2.20%
2.40%-2.80%
5.94%-6.19%
7.94%-8.19%
5.69%-6.44%
4.44%-4.64%
4.84%-5.24%
80-90%
80-90%
80-90%
80%
85%
1.15x-1.25x
1.15x-1.25x
1.15x-1.25x
1.25x
1.15x
Tax-Exempt
Private Placement / Draw Down Bonds
Variable Rate Bonds with a Cap
18 Year Fixed Rate Hard Maturity Bonds
18 Year Fixed Rate Put Bonds
30 Year Fixed Rate Bonds
Short-term Tax-Exempt Bonds (Combined w/ FHA Taxable Loan)
Short-term Tax-Exempt Bonds (Combined w/ FHA Taxable Loan)
Citi
Freddie
Fannie / Freddie
Fannie / Freddie
Fannie / Freddie
GNMA
GNMA
30-35
30-35
30-35
30-35
30-35
40
40
18
30
18
18
30
24Mo/18Mo call
36Mo/24Mo call
Amort (yrs)
30
30
Term
10
7
Call for more information. Availability and terms vary by State and MSA.
SIFMA
5.00%-6.00%
3.005%
8.01%-9.01%
80-85%
market
3.550%
1.730%
5.280%
80-90%
market
3.800%
1.730%
5.530%
80-90%
market
3.714%
1.730%
5.444%
80-90%
market
0.700%
90%
market
1.050%
90%
1.05x
1.15x
1.15x
1.15x
1.15x
1.15x
Conventional Multifamily / Specialty Housing
Product Type
Conventional Multifamily Fixed Rate
Conventional Multifamily Variable Rate
Lender
Freddie
Freddie
Index
10yr T
1-mo LIBOR
Base
Rate
10yr T
1-mo LIBOR
Spread / Stack
1.75-2.25%
2.40-3.00%
All-In
Rate
4.69%-5.44%
5.75% (capped)
Loan to
Value
80%
80%
For information and discussion purposes only. All information herein is indicative, and subject to changes in market conditions, credit evaluations, and other factors. Some of the information is based on generally available information and, although obtained from sources Citi believes to be
reliable, may be inaccurate or incomplete. This communication does not constitute an offer or solicitation to purchase or sell any financial instrument or other product. The indicative rates and terms do not fully represent the material information necessary to analyze the products. Please go
to [weblink for the attached disclaimer entitled “pitchbook MSD Jan 2009”] for additional information and other important disclosures. © 2011 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup
Inc. or its affiliates and are used and registered throughout the world.
Minimum Debt
Service Coverage
1.25x
1.05

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