The following information corresponds to a long-term financing pro-forma for a venture involving the construction and leasing of a 45-unit office building.

Net operating income = $280,000

Lenders interest rate = 9%

Developers rate of return = 11%

Required loan/value ratio = 75%

Long-term debt service = 10% of loan

The lender will not finance construction ventures with a debt service coverage ratio greater than 1.2.

Is the 45-unit office building venture attractive to the lender? Explain.