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Fannie Mae - Federal National Mortgage Association; commonly known as "Fannie Mae", the FNMA is the largest buyer of existing mortgages. The Federal National Mortgage Association was originally organized by the federal government in 1938 to purchase FHA-insured mortgages. The association was reorganized in 1968 as a quasi-private corporation whose entire ownership is private. Fannie Mae raises capital by issuing corporate stock which is actively traded on the New York Stock Exchange and by selling mortgages out of its portfolio to various investors.

Federal National Mortgage Association - Federal National Mortgage Association; commonly known as "Fannie Mae", the FNMA is the largest buyer of existing mortgages. The Federal National Mortgage Association was originally organized by the federal government in 1938 to purchase FHA-insured mortgages. The association was reorganized in 1968 as a quasi-private corporation whose entire ownership is private. Fannie Mae raises capital by issuing corporate stock which is actively traded on the New York Stock Exchange and by selling mortgages out of its portfolio to various investors.

Filed Bankruptcy - Identifies whether a borrowing entity has filed for bankruptcy in the past.

Bankruptcy - court proceedings to relieve the debts of an individual or business unable to pay its creditors. An individual, firm, or corporation who, through a court proceeding, is relieved from the payment of all debts. Bankruptcy may be declared under one of several chapters of the federal bankruptcy code.

Final Note Rate - Identifies the loan Final Note Rate that is being quoted.

Final Underwritten - Income and/or expense items that have been adjusted positively or negatively to reflect a projected, or normalized, income stream. Also called "normalized underwritten."

Flex Space - An Industrial property subtype in which the property is occupied by one or more tenants and the property is utilized for industrial/office purposes. A Flex space property is typically a one or two story building with little or no common areas, high ceilings, loan-bearing floors and loading dock facilities; usually configured to allow a small amount of office space in combination with light assembly or warehouse/distribution uses.

Floor-to-Area Ratio - The relationship between the total amount of floor space in a multi-story building and the base of that building. FARs are dictated by zoning laws and vary from one neighborhood to another, in effect stipulating the maximum number of stories a building may have.

FNMA/DUS Financing - A loan program through a lender designated by Fannie Mae who originates, underwrites, closes, and services Fannie Mae approved multifamily mortgage loans.

Food & Beverage Exp. - An expense line item for hotel properties. Food expenses represent the expenses related to food revenue, including functional areas such as breakfast, lunch and dinner restaurants, room service, carry out, lounge food, sundry /merchandise, banquet food and kitchen. This item includes food cost of sales, salaries and wages, payroll taxes and benefits, and other related expenses such as advertising, china /glass /silver, cleaning supplies, contract cleaning /labor, decorations, entertainment, equipment rental, glass /plastic supplies, guest satisfaction/supplies /transportation, happy hour appetizers, in-room entertainment, kitchen fuel, laundry allocation, licenses, linen, menus, miscellaneous, napkins, office supplies, operating supplies, over /(short), paper supplies, preparation supplies, printed supplies, promotion, telephone admin., training materials, uniforms, etc. Beverage expenses represent the expenses related to beverage revenue (bar and banquet bar), including beverage cost of sales, salaries and wages, payroll taxes and benefits, and other related expenses such as advertising, Cable TV, china /glass /silver, cleaning supplies, contract cleaning /labor, decorations, entertainment, equipment rental, glass /plastic supplies, guest satisfaction /supplies /transportation, happy hour appetizers, in-room entertainment, laundry allocation, licenses, linen, menus, miscellaneous, napkins, office supplies, operating supplies, over /(short), paper supplies, printed supplies, promotion, telephone admin., training materials, uniforms, etc.

Food & Beverage Revenues - A revenue line item for hotel properties. Food & Beverage revenues represent the income from functional areas such as breakfast, lunch and dinner restaurants, room service, carry out, lounge food, sundry/merchandise, banquet food and kitchen and all beverage revenue (bar and banquet bar).

Food and Beverage - In hotel operations, when the food and beverage department is managed independently from the general hotel operations.

Foreclosure - The process by which a mortgagee (lender) takes back a property on which the mortgagor (borrower) has defaulted. A servicer may take over a property from a borrower on behalf of a lender. A property usually goes into the process of foreclosure if payments are more than 90 days past due.

Franchise Affiliated - (Hotel) A franchise agreement allows the hotel to operate under a particular brand name and assures the hotel will be competently managed. Most hotels rely on their franchise agreement to give the property a brand name, to identify and define the service the hotel sells, and to produce a large percentage of its reservations. Franchises, or flags, include Holiday Inn, Marriott, Hilton, Comfort Inn, etc.

Franchise Fees - An expense line item representing the undistributed expenses (fees) related to the franchise including royalties, national advertising, and administration of frequent guest stay or similar programs. These fees can include part of an initial purchase requirement plus an ongoing percentage of gross sales of the business.

Franchise Name - (Hotel) The name of the franchise (e.g. Holiday Inn, Marriott, Hilton, Comfort Inn, etc.).

Freddie Mac - Federal Home Loan Mortgage Corporation.

Free Standing Retail - A Retail property subtype in which the property is occupied by one tenant and the property is utilized for retail purposes; fast-food franchises and high-scale retail stores are often free-standing buildings; sometimes called "big-box"; typical gross building area ranges from 2,000 to 100,000 square feet.

Freight Elevator - An elevator used to carry freight, typically separate from a passenger elevator. Elevators should be adequate in terms of speed, load capacity, safety, number, and they should be able to meet peak period demands. Appraisers judge the adequacy of elevators using established standards (e.g. one elevator per 25,000-40,000 square feet of GBA). Elevator service impacts the overall functionality of the property.

Full Service - Luxury Hotel - A Full Service Hotel property subtype typically has a full array of services available to the traveler. The extent of these amenities varies, depending on the type of the hotel/motel (star rating, etc.), particular chain, etc. However, at a bare minimum, the property should offer: on-site restaurant or dining facilities; meeting or banquet rooms; swimming pool; and 24-hour lobby/front desk. Other amenities frequently found in full-service facilities include: business centers; one or more retail shops to serve guests; more extensive health clubs; and transportation to and from airports or other nearby destinations. Floor plans of the guest rooms vary the most of any type of hotel property, from basic guest rooms, to "junior" suites, to larger suites suitable for VIP parties. This type of property is usually the most susceptible to profitability pressure, due to the fact that there are relatively high operating costs, due to the full service nature of the property, while the same time there is pressure on revenues, due to the fact that the property often competes with limited service properties in close proximity, which can charge lower room rates. This subtype typically ranges from 500-room resorts to 300-room all-suite hotels. Luxury hotels would include Crowne Plaza, Doubletree, Embassy Suites, Hilton, Hyatt, Marriott, Omni, Radisson, Residence Inns, Sheraton, Stouffer Hotels, Sonesta and Westin, in addition to a wide array of well-known independent hotels.

Full Service - Midscale Hotel - A Full Service Hotel property subtype typically has a full array of services available to the traveler. The extent of these amenities varies, depending on the type of the hotel/motel (star rating, etc.), particular chain, etc. However, at a bare minimum, the property should offer: on-site restaurant or dining facilities; meeting or banquet rooms; swimming pool; and 24-hour lobby/front desk. Other amenities frequently found in full-service facilities include: business centers; one or more retail shops to serve guests; more extensive health clubs; and transportation to and from airports or other nearby destinations. Floor plans of the guest rooms vary the most of any type of hotel property, from basic guest rooms, to "junior" suites, to larger suites suitable for VIP parties. This type of property is usually the most susceptible to profitability pressure, due to the fact that there are relatively high operating costs, due to the full service nature of the property, while the same time there is pressure on revenues, due to the fact that the property often competes with limited service properties in close proximity, which can charge lower room rates. This subtype typically ranges from 200-room resorts to 100-room all-suite hotels. Mid scale hotels would include hotel types from 250-room airport locations to 100-room roadside franchise properties. Such properties may include Best Western, Clarion, Days Inn, Holiday Inn, Howard Johnson, Marriott Courtyard, Park Inn, Quality Inn, Rodeway Inn and Ramada Inn, as well as quality independent hotels.

Full Service - Resort Hotel - A Full Service Hotel property subtype typically has a full array of services available to the traveler. The extent of these amenities varies, depending on the type of the hotel/motel (star rating, etc.), particular chain, etc. However, at a bare minimum, the property should offer: on-site restaurant or dining facilities; meeting or banquet rooms; swimming pool; and 24-hour lobby/front desk. Other amenities frequently found in full-service facilities include: business centers; one or more retail shops to serve guests; more extensive health clubs; and transportation to and from airports or other nearby destinations. Floor plans of the guest rooms vary the most of any type of hotel property, from basic guest rooms, to "junior" suites, to larger suites suitable for VIP parties. This type of property is usually the most susceptible to profitability pressure, due to the fact that there are relatively high operating costs, due to the full service nature of the property, while the same time there is pressure on revenues, due to the fact that the property often competes with limited service properties in close proximity, which can charge lower room rates. This subtype typically ranges from 500-room resorts to 300-room all-suite hotels. Resort hotel properties are characterized as properties that are the destination and/or attraction themselves for travelers. People come to a resort for the resort itself and often for no other purpose. Usually set in locations of significant natural beauty or with other nearby dominant attractions, resorts feature the amenities of a full-service hotel property, often with additional amenities such as various sports facilities and/or swimming pools, manicured grounds and landscaping, special and/or premium entertainment offerings and guest activities of various types. There are usually adequate facilities for meetings and/or conferences, as many business functions are often held at resorts. Resorts are often clustered in close proximity to other resorts. While operating costs tend to be high at most resort properties, room revenues are usually less susceptible to pressure, due to the destination characteristics of the property and the lower sensitivity to price among most of the property's customers.

Full Service Lease - Lease structure under which the landlord pays all building expenses. Also called a Gross Lease.

Furnished Units - Identifies whether any or all units are furnished.

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