Data for Questions 3 & 4
	Assume the following for a stablized real estate project:
	Number of Apartments:		20	units.
	Monthly Rent (Year 1):		$2,500	per month.
	Rental Growth Rate:		4.0000%	per year.
	Expense Ratio:		53.0000%	(of rental revenues)
	Miscellaneous Income:		$12,000	per year
	Misc. Income Growth Rate:		2.0000%	per year.
	Going-In Cap Rate:		5.7500%	per year.
	Going-Out Cap Rate:		6.0000%	per year.
	Holding Period:		5	years.

Question:
	Assume an interest-only loan at 6% and the following underwriting constraints. What is the maximum amount that will be lent?
	Maximum Loan Amount Given the Following Constraints:
	Maximum Loan-To-Value:			75.0%
	Minimum Debt Service Coverage Ratio:			1.35
	Minimum Debt Yield:			7.0%