5-16-2008

Multi-Family Loan Programs > $3 Million

Agency Lenders Portfolio Lenders*
Term Leverage Max. Interest Rates Leverage Max. Interest Rates
5 Yr. 80% 5.72% to 5.87% 75% 5.95% to 6.25%
7 Yr. 80% 5.75% to 5.90% 75% 6.40% to 6.80%
10 Yr. 80% 5.92% to 6.14% 75% 6.55% to 7.05%
15 Yr. 80% 6.36% to 6.61% 75% 6.80% to 7.30%
*Rates based on Act/360
Multi-Family Loan Programs < $3 Million
Fixed Rate Agency Lenders Portfolio Lenders*
Term Leverage Max. Interest Rates Leverage Max. Interest Rates
3 Yr. 80% 5.64% to 6.08% 75% 5.65% to 6.15%
5 Yr. 80% 5.68% to 6.06% 75% 5.95% to 6.25%
7 Yr. 80% 5.72% to 6.02% 75% 6.40% to 6.80%
10 Yr. 80% 5.89% to 6.19% 75% 6.55% to 7.05%
15 Yr. 80% 6.51% to 7.42% 75% 6.80% to 7.30%
*Rates based on Act/360
Commercial Loan Programs
Fixed Rate Portfolio Lenders* Index Rate as of 5/16/2008

Term Leverage Max. Interest Rates

5 Year Treasury: 5.87% 10-Year Treasury 3.85%
5 Yr. 75% 6.05% to 6.40% 5-Year Swap 3.89% 10-Year Swap: 4.43%
7 Yr. 75% 6.40% to 6.80% LIBOR: 2.89% Prime: 5.00%
10 Yr. 75% 6.55% to 7.05%
15 Yr. 75% 6.80% to 7.30%
Bridge
Leverage Max. Spread Over Libor
Floating
Stabilized 75% 225 to 300
Re-Position 90% 275 to 350
(*Proprietary Lenders include Banks, Life Insurance Companies and Credit Unions)
Economic Commentary
5-16-08 Multi-family interest rates from agency
lenders increased this week 10 to 20 basis points
with the larger increases for shorter term
maturities. The 10-year U.S. Treasury yield was
up 8 basis points to 3.85 percent from its close a
week ago. Swaps have changed little over the
past six weeks. Conduits are starting to emerge
with spreads typically in the 325 to 350 range
over the corresponding U.S. Treasury, indicating
a range today from 7.10 percent to 7.35 percent
for 10-year money. While the rates appear at the
high end of the market, conduits are providing
capital to secondary products in secondary
locations. Concerns about rising inflation
prompted renewed speculation that interest rates
may be heading up further with the Fed
increasing rates later in the year.

Recent Transactions
One Stop Hubbard Ridge Highly Hills National City
Retail Multi-residential Multi-residential Single Tenant
Lake Forest, CA Garland, TX Bonne Terra, MO Southfield, MI
$6,000,000 $4,200,000 $3,500,000 $3,450,000
4.374% Interest rate 5.7% Interest rate 5.95% Interest rate 5.85% Interest rate
30-yr. Amortiz./10-yr. Term 30-yr. Amortiz./5-yr. Term 30-yr. Amortiz./7-yr. Term 30-yr. Amortiz./10-yr. Term

Terms, rates and conditions subject to change. www.MMCapCorp.com