The owner of a 50-suite apartment building is interested in obtaining a mortgage loan on this property. Current mortgage rates for this type of building are ?.per-annum,compounded semi-annually, with a 15-year amortization period and monthly payments. The building generates average rents of $900 per suite per month and full occupancy revenue from parking is estimated at $10,000 per month. The vacancy allowance for apartments is 2% and for parking is 0%. Operating expenses are $215,000 per year. Bad debts are negligible. Market capitalization rates are 9% on this type of property. The lender requires a safety margin of 15% of NOI, a 70% loan-to-value ratio, and a debt coverage ratio of 1.25. (a) Calculate the net operating income (NOI) for year 1. (4 marks) (b) What is the lending value? (1 mark) (c) Calculate the maximum loan available based on the following. For (ii) and (iii), make an assumption regarding current lending rates and briefly explain your choice. (9 marks) (i) loan-to-value ratio (ii) safety margin (iii) debt coverage ratio (d) What is the maximum loan available considering the above restrictions? (1 mark)