103.05

Additional Underwriting Documentation

Requirements

Your underwriting must include the following:

  • name of the college/university and its current total enrollment;
  • current enrollment percentages of full-time graduate and undergraduate students;
  • location of the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). relative to the campus;
  • whether the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is part of the college/university’s housing referral program;
  • details of the Property’sProperty’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). amenity package;
  • whether the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is convenient to a college/university-sponsored transportation line;
  • detailed description of the related rental housing market, including
    • the amount of on-campus rental housing space occupied or available, and
    • any future on- or off-campus rental housing planned or under construction;
  • percentage of the Property’sProperty’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). units pre-leased for the semester/quarter;
  • percentage of the Property’sProperty’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). tenants who are students;
  • percentage of the Property’sProperty’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). leases that have a term of less than 12-months;
  • whether the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is subject to a Ground LeaseGround LeaseContract for the rental of land, usually on a long term basis. or master lease and, if so, the structure and terms of the lease; and
  • whether parental guaranties are required for leases at the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). .