3. A developer wants to flage with the proposed loan? interest rate of 4.5 percente a project costing $1.5 million with a 70 percent, 20-year loan at an NOI, as well as its value, is The project's NOI is expected to be $100,000 during year 1 and the lender will require an initial debt coverage to increase at an annual rate of 2 percent thereafter. The a. Would the lender be likely to coverage ratio of at least 1.20 . cash flow statement for a five-year the loan to the developer? Support your answer with a on equity (BTIRR) ? b. Based on the projection in (a), what would be the maximum loan amount that the lender would make if the debt coverage ratio was 1.20 for year 1 ? What would be the loan-to-value ratio