BDC resubmission · September 2026
NIIF underwriting: LTV / LTC / DSCR
The NIIF loan is the lesser of three limits: 1.25x DSCR on market rents, 80% as-completed LTV, and NIIF's $3M program cap.
| Loan sizing (1818 + 1820) | Amount |
|---|---|
| NOI at market rents (with CHAP) | $243,585 |
| NOI at target rents (with CHAP) | $255,442 |
| Annual constant (5.0%, 25-yr) | 7.02% |
| Max loan at 1.25x DSCR | $2,777,842 |
| Stabilized value (7.5% cap) | $3,405,893 |
| Max loan at 80% LTV | $2,724,714 |
| NIIF program cap | $3,000,000 |
| NIIF loan (lesser) | $2,724,000 |
| Metric | 1816 | 1818+1820 | All |
|---|---|---|---|
| Permanent debt | $782,036 | $2,724,000 | $3,506,036 |
| Annual debt service | $67,831 | $191,091 | $258,922 |
| DSCR — target rents | 1.78x | 1.34x | 1.45x |
| DSCR — market rents | — | 1.27x | 1.26x |
| DSCR — excl. CHAP | — | 1.11x | — |
| LTV | 48.4% | 80.0% | 69.8% |
| LTC | 37.7% | 44.2% | 42.6% |
| Debt yield | 15.5% | 9.4% | 10.7% |
Covenant tests
| Test | Requirement | Result | |
|---|---|---|---|
| DSCR at market rents (NIIF) | ≥ 1.25x | 1.27x | PASS |
| Consolidated DSCR | ≥ 1.25x | 1.45x | PASS |
| LTV (as-completed) | ≤ 80% | 80.0% | PASS |
| LTC | ≤ 80% | 44.2% | PASS |
| Loan size | ≤ $3,000,000 | $2,724,000 | PASS |
If NIIF also refinances 1816 at 5%, consolidated DSCR rises to 1.53x. Stress cases: Sensitivity.