An approved lender must originate and underwrite the loan and appraise the subject property in accordance with prudent lending practices and Agency criteria addressing the following factors:
Borrower qualifications and creditworthiness;
Property, vacancy, market vacancy or collection loss;
Rental concessions and rent levels;
Tenant demand and housing supply;
Property operating and maintenance expense;
Property requirements as contained in subpart F of this part;
Debt coverage ratio;
Operating and long-term capital requirements;
Loan-to-value ratio;
Return on borrower equity; and
Estimated long-term marketability of the project.
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