SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report: October 9, 1998
(Date of earliest event reported)
NationsLink Funding Corporation
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(Exact name of registrant as specified in its charter)
Delaware 333-57473 56-1950039
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
NationsBank Corporate Center, 100 North Tryon Street, Charlotte, NC 28255
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 386-2400
<PAGE>
Item 5. Other Events.
Attached are certain structural and collateral term sheets (the "Term
Sheets") furnished to the Registrant by NationsBanc Montgomery Securities LLC
(the "Underwriter"), the underwriter in respect of the Registrant's proposed
offering of Commercial Mortgage Pass-Through Certificates, Series 1998-2 (the
"Certificates"). The Certificates will be offered pursuant to a Prospectus and
related Prospectus Supplement (together, the "Prospectus"), which will be filed
with the Commission pursuant to Rule 424 under the Securities Act of 1933, as
amended (the "Act"). The Certificates will be registered pursuant to the Act
under the Registrant's Registration Statement on Form S-3 (No. 333-57473) (the
"Registration Statement"). The Registrant hereby incorporates the Term Sheets by
reference in the Registration Statement.
The Term Sheets were prepared solely by the Underwriter, and the Registrant
did not prepare or participate in the preparation of the Collateral Term Sheets
and Structural Term Sheets.
Any statement or information contained in the Term Sheets shall be modified
and superseded for purposes of the Prospectus and the Registration Statement by
statements or information contained in the Prospectus.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 99 Term Sheets.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
NATIONSLINK FUNDING CORPORATION
By: /s/ John T. McCarthy
------------------------------
Name: John T. McCarthy
Title: Senior Vice President
Date: October 9, 1998
<PAGE>
Exhibit Index
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Item 601(a) of
Regulation S-K
Exhibit No. Description Page
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99 Term Sheets
EXHIBIT 99
Term Sheets
NationsBanc Montgomery Securities LLC
Pool Profile Report
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Agregate % of
Cut-Off Balance Number Balance Balance
--------------- ------ ------- -------
0-1499,999 121 126,544,488 8.0
1,500,000 to 2,999,999 107 232,768,291 14.7
3,000,000 to 4,999,999 74 280,294,767 17.7
5,000,000 to 7,499,999 28 168,887,343 10.6
7,500,000 to 9,999,999 17 143,145,265 9.0
10,000,000 to 14,999,999 10 119,772,634 7.6
14,000,000 to 24,999,999 9 162,831,994 10.3
25,000,000 to 39,999,999 8 236,550,870 14.9
40,000,000 and above 2 115,291,672 7.3
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376 1,586,087,324 100.00
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Gross Agregate % of
Coupon Number Balance Balance
------ ------ ------- -------
LESS THAN OR
EQUAL TO 6.75 6 36,729,135 2.3
6.76 - 7.00 79 413,394,416 26.1
7.01 - 7.25 118 678,425,254 42.8
7.26 - 7.50 62 183,115,457 11.5
7.51 - 7.75 45 108,664,758 6.9
7.76 - 8.00 28 59,250,509 3.7
8.01 - 8.50 12 35,479,329 2.2
8.51 - 9.00 11 42,767,801 2.7
9.01 - 9.50 14 26,873,632 1.7
GREATER THAN 9.50 1 1,387,033 0.1
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376 1,586,087,324 100.00
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Agregate % of
Originator Number Balance Balance
---------- ------ ------- -------
NationsBank 104 670,905,440 42.3
Bank of America 173 435,081,774 27.4
Berkshire Mortgage 20 164,458,441 10.4
Washington Mortgage 17 73,442,577 4.6
Banker's Mutual 12 66,309,496 4.2
Patrician Financial 11 63,566,361 4.0
ARCS Commerical 11 46,504,981 2.9
First Security Bank 13 34,133,751 2.2
L.J. Melody Co. 15 31,684,502 2.0
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376 1,586,087,324 100.00
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Agregate % of
Loan Status Number Balance Balance
----------- ------ ------- -------
Compete 203 1,151,005,550 72.6
Others 173 435,081,774 27.4
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376 1,586,087,324 100.0
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Agregate % of
Pool Number Balance Balance
---- ------ ------- -------
Bank of America 173 435081774 27.4
NL 98-2 203 1,151,005,550 72.6
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376 1,586,087,324 100.0
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Aggregate % of
Program Number Balance Balance
------- ------ ----------- -------
7yr. term - 7yr. am 1 74,317,972 4.7
7yr. term - 25yr. am 2 2,338,917 0.1
7yr. term - 30yr. am 14 93,083,233 5.9
8yr. term - 30yr. am 1 3,994,626 0.3
9yr. term - 19yr. am 1 26,009,898 1.6
9yr. term - 24yr. am 1 4,030,359 0.3
10yr. term - 10yr. am 3 4,467,169 0.3
10yr. term - 15yr. am 1 3,390,037 0.2
10yr. term - 19yr. am 1 1,791,184 0.1
10yr. term - 20yr. am 10 31,663,100 2.0
10yr. term - 22yr. am 1 18,473,776 1.2
10yr. term - 23yr. am 3 9,016,887 0.6
10yr. term - 25yr. am 71 187,465,724 11.8
10yr. term - 30yr. am 218 894,009,914 56.4
12yr. term - 30yr. am 3 36,531,653 2.3
14yr. term - 13yr. am 1 5,800,000 0.4
15yr. term - 15yr. am 15 28,586,513 1.8
15yr. term - 20yr. am 2 2,184,950 0.1
15yr. term - 25yr. am 14 33,998,113 2.1
15yr. term - 30yr. am 8 110,357,223 7.0
18yr. term - 18yr. am 1 5,449,267 0.3
20yr. term - 20yr. am 3 7,186,134 0.5
25yr. term - 25yr. am 1 1,940,675 0.1
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376 1,586,087,324 100.00
W. Mat.: 124 W. Am.: 326 W. Age: 4
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Agregate % of
State Number Balance Balance
----- ------ ------- -------
CA 127 435,659,576 27.5
NC 10 153,240,124 9.7
MD 10 119,168,943 7.5
FL 29 114,366,151 7.2
NJ 5 84,038,635 5.3
TX 28 81,155,037 5.1
WA 16 73,674,781 4.6
AZ 17 57,755,509 3.6
VA 8 57,232,752 3.6
LA 6 43,788,163 2.8
Others 120 366,007,653 23.1
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376 1,586,087,324 100.00
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Amort. Aggregate % of
Basis Number Balance Balance
----- ------ ------- -------
30/360 21 48,965,574 3.1
Actual/360 355 1,537,121,750 96.9
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376 1,586,087,324 100.00
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<PAGE>
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Year Aggregate % of
of Maturity Number Balance Balance
----------- ------ ------------ -------
2004 4 9,039,061 0.6
2005 13 160,701,060 10.1
2006 1 3,994,626 0.3
2007 24 101,891,802 6.4
2008 286 1,078,426,245 68.0
2009 1 28,460,566 1.8
2010 2 8,071,087 0.5
2012 16 35,451,623 2.2
2013 24 145,475,177 9.2
2016 1 5,449,267 0.3
2018 3 7,186,134 0.5
2023 1 1,940,675 0.1
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376 1,586,087,324 100.00
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<TABLE>
<CAPTION>
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% of
Top Ten Loans Type Balance Balance DSCR LTV
------------- ---- ------- ------- ---- ---
<S> <C> <C> <C> <C> <C>
International Home Furnishing Center Retail 74,317,972 4.7 1.43 35.4
Journal Square Plaza II Office 40,973,700 2.6 1.30 74.5
Gateway Commerce Center II Industrial 39,751,581 2.5 1.27 79.3
Corridor Marketplace Shopping Center Retail 32,887,200 2.1 1.30 78.3
Park Center Building I Office 28,460,566 1.8 1.22 76.9
Parkview Towers Apts Multifamily 27,924,914 1.8 1.34 77.6
Granada Hills Town Center Retail 27,732,649 1.7 1.33 75.0
Gateway Commerce Center I Industrial 27,166,909 1.7 1.26 82.8
Research Tri-Center North A Industrial 26,617,153 1.7 1.24 79.6
Edgewater Inn Hotel 26,009,898 1.6 1.37 68.4
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351,842,541 22.2
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</TABLE>
<TABLE>
<CAPTION>
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Aggregate % of Gross Gross Max. Net Min Max Min
Property Type Number Balance Balance DSCR LTV Rate Spread Serv Rate Net Rate Balance Balance
- ------------- ------ ------- ------- ---- --- ---- ------ ---- ---- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 146 521,436,965 32.9 1.37 73.8 7.10 9.8 8.93 6.57 27,924,914 386,353
Retail 91 470,433,246 29.7 1.34 67.1 7.28 8.7 9.71 6.61 74,317,972 515,613
Office 47 225,938,371 14.2 1.35 72.0 7.24 10.1 8.93 6.75 40,973,700 769,089
Industrial 42 190,099,252 12.0 1.30 75.8 7.21 8.7 8.07 6.92 39,751,581 521,932
Hotel 12 73,036,065 4.6 1.44 62.9 7.43 10.3 8.05 6.89 26,009,898 2,089,682
Health Care 11 35,288,674 2.2 1.53 71.8 8.48 14.6 9.08 7.52 6,198,762 1,092,357
MHP 13 30,720,009 1.9 1.70 60.6 7.03 10.0 7.15 6.76 4,291,188 996,817
Franchise 4 12,356,956 0.8 1.20 68.7 8.60 16.0 8.44 8.44 5,829,512 1,047,194
Restaurant
Self Storage 5 10,122,708 0.6 1.72 62.4 7.60 10.0 7.70 7.27 3,685,665 1,046,689
Mobile Home 2 6,930,322 0.4 1.63 68.1 6.64 10.0 6.54 6.54 3,535,064 3,395,259
Parking 1 5,383,638 0.3 1.30 69.9 7.49 10.0 7.39 7.39 5,383,638 5,383,638
Mini Storage 2 4,341,118 0.3 1.38 71.3 7.10 10.0 7.00 7.00 2,444,997 1,896,120
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376 1,586,087,324 100.00 1.36 70.8 7.24 9.6 9.71 6.54 74,317,972 386,353
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</TABLE>
