Texas Real Estate Finance | QUESTIONS AND ANSWERS


012346137849391 3 1



,-./ 



!"#
$%
&

$

%'%
()*+
0FA@@12%
2&2&334%5%2678#


%9%&$

$
&


:*.;<=><?;@ABC<=<DBEAFG@AHBEA
AIJAA;FBEABCB@AKBEALMNAIOABFBEABCB@AGDBAI?GJC=OG>AIBGC=G?<M=B<D;GN?A=BF<PAIG;AIC<Q<DNAGIF
RQAD#2 $

3
$%
3$
$2%
S$3$
S
(
9**+
GM@B<DBEA@<G=BAI?FLNBEAL<II<TAI
UL<I12%
2&2&334%5%!"#$4$'$5
%
3
$33
%5
%&&
&
(
%+
%$33
%5:*,EA
I<TAICFMFMG@@NG@GIOA><I;<IGBC<=
V[\] #2
^/
WXYZ2$

$
2%
43
%593%
'2$$333

()*+
_1%2$2
52`$3$%&2S'
a


%b23

a
%c43
S**@C?CBAQ
d12$23
$$5$c$4S'

3%
:*OAB;IAeG;;I<PAQD<IG@<G=
f$(
#25$ 9

&S$%%5
g%
2$2S

4
S(%
5$993%
$%b


%
9
b$
99
%5&%$
%$3

+($%)*;IAeG;;I<PG@
h12$%!"#$%5&

%:*C=>IAGFC=OIAG@AFBGBAFG@AF
GQi<;j 4
$3
$35`
(%&3

$3$($
c
(%:*k<=eC=O;<@C>CAF>G=LA
BAQB<ACBEAIA=><MIGOA<IF@<TQ<T=BEAOI<TBE<DBEA><??M=CBN

?GIJAB
  l
&3%S$c$
**@<>G@LG=JFBEGB@A=QBEACI<T=?<=ANG=QQ<=<BFA@@BEACI@<G=F<=BEAFA><=QGIN
*,E 0A12' %%%(9
$&
23

g$3%&'29
9
'S%5&%$

:+
NTG=BB<LAFMIABEAN>G=IA><PAIBEACIC=PAFB?A=BCDBEAND<IA>@<FA<=BEA;I<;AIBN
R12$%#mn7$S2

$
'($
c:*]<G=FG=QFAIPC>C=OICOEBFGIAF<@QB<C=PAFB<IF
UZ$3$4
2%9S
$&


:*oAFHG=QBEA=AT<T=AI?MFB;I<PCQA=<BC>AB<BEAL<II<TAI
VY$

%%g$3%&'%52S'
b3

$3g$3%&'2*;I<;AIBN
FG_@AF#2 $3
(9$
%$99
$
2

(%`$3S'
(9$
%52S+p
9
9
'**BEA
;IC>AF<DFC?C@GI;I<;AIBCAFBEGBEGPALAA=F<@QIA>A=B@N
*\@ d@<# g$3%&'$S'
&
$3$b3


%

$33&2&334%5q
9*+
DBEAFAGIA><=FCQAIAQ
f(
5$5Y
$
l
(%(9

**BEA@A=QAI
'h9Y& &$S'
9

2$
$9
9
'&
rstubuuu4%2$3$&
vuuw&29

2$9
%
b42%
2
3$
%
2'(3%c3':*x\




 

,
012346137849391 3 1







!
"#"!$
%&!

!'

($#))*+,-.-/,0+1230.4/-,,*5-
A.6*,*+7=8$&9#

&!

!':!

#8
!:8$:"#!8
$
;
$(
!(

#)),<-104+4=.--5-+,/<0>1?@-*+
!

(!
&"
8!

8!

;"!9

8

B)@0..0A-.
A*C,<+$ D!

EFGHF;

I9

B)J1150.,=4=-104+0.*=*+4,0./5>/,@-1*K-+/-?*+4KK0.?4+K-
4,*0+41/,4+?4.?/
L;!8
8!""!'
MNOP$:$Q!
($
!8


$"
$
:$
R
;#;"
B)S0A-./>TT12
UV!

9;($ !
8!


'!:
$
D;!::

;$"&9"D
M$
D9

M


W)-XT4+/*0+
Y$PZ[H!8

;
!
B)\<->+-5T1025-+,.4,-.*/-/
]FD
;

$


D!""$
^(9
;$
M(!'

;$""
D)*+314,*0+
_P
$:!9
!8$8!

M
;9



;#$D!""$
;$
&9#;$""
D
))-XK<4+=-.4,-
`G$""
M9

:("!#:

;$9
))-K0+05*K=.0A,<
C0A+ - ;!8
8!""!'
M
9
$&!9(
!(

#$a
a
:(!
B)\<-2?-bK.-4/-,<-c41>-,<-
.A*11@-,4X-?0+
CT.60T-P
.,2a$0A+!-88?

@2(
10!(

#$a
a
:(!
8!
$""!8
8!""!'
MHdVHeP))
A*+K05-345*1*-/
C.-?>K ;!

!8
8!""!'
MD
8
!
&
D
;
&
$$a;

DB)4?0114.b30.b?0114.
,*0+*+4,4XT42-.f/,4X1*4@*1*,*-/
CC$PZ[H!8$&9#

^:$
R
B)g41-/T.*K-/4.-50.-+-=0,*4@1-30.@>2-./
C

L$"
7
;

$


;!!88
$
;
M%;!!8;!

9;!
%$
D"$
Dh$"9
;$
;$9

(
;
!8
$
!))*+K.-4/-
C14U+?;!8
8!""!'
M'!9"D:!h$
&9"D

!&9"D

'!9

M$'$#B)10AT.*K-/03.4A
CY;!8
8!""!'
M$88
;
(
;
!8

$"
$
B)J11K<0*K-/4.-K0..-K,
C
!'%
]78

ij(
!(


$h
&


!"D

"$k:!

$
$

$%$
D


$

jl!9
8!
$"



$9(("#!8!9
M8!
 W)U
50+,</
C_$NOP$&9


;

h

P
a$B)\4X?-?>K,*0+/30.@>/*+-//-/*+4331>-+,4.-4/
C`$PZ[H!8mF"!$
B)n,?0-/+f,.-o>*.-?0A+T425-+,/
LV


 ;!8
8!""!'
M!(;;!h


D

:!
"#

(!
(9&"
D&#
Z
$"H$



$P
a$FpqB)J1103,<-K<0*K-/1*/,-?4.-K0..-K,
L:!


67


[

DE$
%$8
D

$""$'$$""(9&";$
D(
h$
&9

$D


!
$:

$
#$;;
($
;
M9D
"

W)rJSgs

 

,
012346137849391 3 1






 !"#$"% %


&'$()%$*!%
+'#+



"(!+,


-!
'.

%/012345678
<* 9:
 &'$()%$*; %#(
!
(,%#++%%
#(%!
!'
"$*!'%$*!+%



$
=
! +!(!%
!
#
!%='

"#>(!+/0?@AB
O5654:

H
&'$()%$*.,%
!%+"%'
005C4DE4141F47F63GHHI746J5K72LMK2L55K4A3N54J
T4PJ6Q, >+!<>$


&'$()%$*.,%
00R63GH6746FD452F2772C12348S7215K4
3J1LH56FNJ4F8S4J476D74H47E47LD4H63J74MLD65N23H
<U:
 &'$()%$*.,%
+
%++$'!<



$,"(!+,= VW!<((>$> V%

%



'$(<*$
/0T6DH4
?@ABXY
$%
$
%$ !"#(
'>,!

$<!*!<$$%
$!+
!<,
(;
+$+!(> V%/0
!
Z(#
:
 &'
%
!
%'!%"% (

$!%
$#
%
$!"(
!<!
%W
$,"(!+,>,
+!<

,%#""(,/:


$
(%$V;%005K4JNH[2L357654\5K474H47E474]LN741435\
63J2I43^167G452I4765N23H
>_V:
 
%/0JNH[2L357654
!%

$

;
!+


&'%( ,


!$>$
P

`,:
 &'$()%$*+ !
(#+

%#""(,
,>,+
<!<

'!%+#
$
/a

$!%

'!%+#
$
=('$%
'
00D43JD4HH12348
P%b((!<
:
+!




!%" $



&'$()%$*.,%
'!%$%"W%!>(
$>#,!<'
%+#$!
!%!%

00T4J476DcI43d67G45e211N5544
P:
-.:$ %#$,  <%

<*$
f%$*#>,00gDD[K2N[4H674[2774[5
P2S9746.
 ((+" !%$

#%'00522FH[L745K4NJ435N582S27DN1N55K4DN6FNDN582S5K457L42C347h2C347H
DI72I4758
P<
i <
!%;$V!<;!


$!<+(!
;

%"#
($<+ %
>!'(#j#$,"$"$
,/:



%*$


+(!
!"$%=

+(!

%*$%

"$"$
,='

+(!
!%
"#$+
%!<

"$"$
,!

 
+$"$
!


!%"$
!<%*$(%

%; ,/k;
%
#('

<
$%"'l0?K46M435HK2LDJHI46GCN5K5K41636MN3MF72G476F2L55K41LD5NID474JSD6MH
CN5K5KNH5763H6[5N23
P P:
 
,(#'$!</0?746HL78m4I6751435
!%
%V';!

!*%
!<
!<
! +!(+$!%%#+
%
P0NUHHLa
!+




((;!<!%n:
#+
!


-/./:$ %#$,o" $

lW
N3MK214D263H52]L6DNSN4JK214FL847H
P>XV:
 <*$
<+,


; %+$
'!pqrr
<!*+
!'+
'"%!
$%

$



!(#$%


st%'rt%; %

00Tmue
PZ:
&oYv!%
#''>,"$!*
> V%'v<$%%/0TgwOB