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: August 31, 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
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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and superseded for purposes of the Prospectus and the Registration Statement by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/ James E. Naumann
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Name: James E. Naumann
Title: Senior Vice President
Date: August 31, 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
NL 1998-2
SELECTED MULTIFAMILY OPERATING INFORMATION
112 FIRST AVENUE
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EGI $ 183,674
Income from Commercial Space (67,306) 36.6%
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Adjusted EGI $ 116,368
PIONEER WAREHOUSE
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EGI $ 1,530,660
Income from Commercial Space (344,204) 22.5%
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Adjusted EGI $ 1,186,456
WHITE CRANE
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EGI $ 306,180
Income From Commercial Space (148,000) 48.3%
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Adjusted EGI $ 158,180
<PAGE>
NATIONSBANC MONTGOMERY SECURITIES LLC
POOL PROFIT REPORT
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CUT-OFF BALANCE NUMBER BALANCE % OF BALANCE
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0 - 1,499,999 121 126,544,488 7.7
1,500,000 to 2,999,999 108 234,830,181 14.3
3,000,000 to 4,999,999 75 284,225,576 17.3
5,000,000 to 7,499,999 28 168,887,343 10.3
7,500,000 to 9,999,999 17 143,145,265 8.7
10,000,000 to 14,999,999 10 119,772,634 7.3
14,000,000 to 24,999,999 9 162,831,994 9.9
25,000,000 to 39,999,999 8 236,550,870 14.4
40,000,000 and above 3 169,011,220 10.3
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379 1,645,799,570 100.0
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<PAGE>
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AGGREGATE
GROSS COUPON NUMBER BALANCE % OF BALANCE
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LESS THAN OR EQUAL TO 6.75 6 36,729,135 2.2
6.76 - 7.00 79 413,394,416 25.1
7.01 - 7.25 118 678,425,254 41.2
7.26 - 7.50 62 183,115,457 11.1
7.51 - 7.75 45 108,664,758 6.6
7.76 - 8.00 28 59,250,509 3.6
8.01 - 8.50 13 89,198,877 5.4
8.51 - 9.00 12 46,698,610 2.8
9.01 - 9.50 14 26,873,632 1.6
GREATER THAN 9.50 2 3,448,923 0.2
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379 1,645,799,570 100.0
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<PAGE>
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AGGREGATE
ORIGINATOR NUMBER BALANCE % OF BALANCE
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NationsBank 106 676,898,138 41.1
Bank of America 173 435,081,774 26.4
Berkshire Mortgage 20 164,458,441 10.0
Washington Mortgage 17 73,442,577 4.5
Banker's Mutual 12 66,309,496 4.0
Patrician Financial 11 63,566,361 3.9
South Trust Bank 1 53,719,548 3.3
ARCS Commercial 11 46,504,981 2.8
First Security Bank 13 34,133,751 2.1
L.J. Melody Co. 15 31,684,502 1.9
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379 1,645,799,570 100.0
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<PAGE>
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AGGREGATE
LOAN STATUS NUMBER BALANCE % OF BALANCE
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Complete 206 1,210,717,795 73.6
Others 173 435,081,774 26.4
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379 1,645,799,570 100.0
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<PAGE>
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AGGREGATE
POOL NUMBER BALANCE % OF BALANCE
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BankAmerica 173 435,081,774 26.4
NL 98-2 206 1,210,717,795 73.6
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379 1,645,799,570 100.0
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<PAGE>
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AGGREGATE
PROGRAM NUMBER BALANCE % OF BALANCE
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7 yr. term - 7yr. am 1 74,317,972 4.5
7 yr. term - 25yr. am 3 6,269,725 0.4
7 yr. term - 30yr. am 14 93,083,233 5.7
8 yr. term - 30yr. am 1 3,994,626 0.2
9 yr. term - 19yr. am 1 26,009,898 1.6
9 yr. term - 24yr. am 1 4,030,359 0.2
10 yr. term - 10yr. am 3 4,467,169 0.3
10 yr. term - 15yr. am 1 3,390,037 0.2
10 yr. term - 19yr. am 1 1,791,184 0.1
10 yr. term - 20yr. am 11 33,724,989 2.0
10 yr. term - 22yr. am 1 18,473,776 1.1
10 yr. term - 23yr. am 3 9,016,887 0.5
10 yr. term - 25yr. am 71 187,465,724 11.4
10 yr. term - 30yr. am 219 947,729,462 57.6
12 yr. term - 30yr. am 3 36,531,653 2.2
14 yr. term - 13yr. am 1 5,800,000 0.4
15 yr. term - 15yr. am 15 28,586,513 1.7
15 yr. term - 20yr. am 2 2,184,950 0.1
15 yr. term - 25yr. am 14 33,998,113 2.1
15 yr. term - 30yr. am 8 110,357,223 6.7
18 yr. term - 18yr. am 1 5,449,267 0.3
20 yr. term - 20yr. am 3 7,186,134 0.4
25 yr. term - 25yr. am 1 1,940,675 0.1
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379 1,645,799,570 100.0
W. Mat.: 124 W. Am.: 327 W. Age: 4
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<PAGE>
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AGGREGATE
STATE NUMBER BALANCE % OF BALANCE
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CA 127 435,659,576 26.5
NC 10 153,240,124 9.3
MD 10 119,168,943 7.2
FL 29 114,366,151 6.9
NJ 6 87,969,444 5.3
TX 28 81,155,037 4.9
WA 16 73,674,781 4.5
AL 3 59,971,011 3.6
AZ 17 57,755,509 3.5
VA 8 57,232,752 3.5
Others 125 405,606,242 24.6
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379 1,645,799,570 100.0
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<PAGE>
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AGGREGATE
YEAR OF MATURITY NUMBER BALANCE % OF BALANCE
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2004 4 9,039,061 0.5
2005 14 164,631,869 10.0
2006 1 3,994,626 0.2
2007 25 103,953,691 6.3
2008 287 1,132,145,793 68.8
2009 1 28,460,566 1.7
2010 2 8,071,087 0.5
2012 16 35,451,623 2.2
2013 24 145,475,177 8.8
2016 1 5,449,267 0.3
2018 3 7,186,134 0.4
2023 1 1,940,675 0.1
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379 1,645,799,570 100.0
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<PAGE>
<TABLE>
<CAPTION>
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TOP 10 LOANS TYPE BALANCE % OF BALANCE DSCR LTV
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<S> <C> <C> <C> <C> <C>
International Home Furnishing Center Retail 74,317,972 4.5 1.43 35.4
The Summit Shopping Center Retail 53,719,548 3.3 1.19 78.9
Journal Square Plaza II Office 40,973,700 2.5 1.30 74.5
Gateway Commerce Center II Industrial 39,751,581 2.4 1.27 79.3
Corridor Marketplace Shopping Center Retail 32,887,200 2.0 1.30 78.3
Park Center Building I Office 28,460,566 1.7 1.22 76.9
Parkview Towers Apts Multifamily 27,924,914 1.7 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 1.6 1.24 79.6
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379,552,191 23.1
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</TABLE>
<PAGE>
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AMORT. AGGREGATE % OF
BASIS NUMBER BALANCE BALANCE
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30/360 21 48,965,574 3.0
ACT/360 204 1,201,397,188 73.0
ctual/360 154 395,436,808 24.0
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379 1,645,799,570 100.0
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<PAGE>
<TABLE>
<CAPTION>
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AGGREGATE % OF GROSS GROSS
PROPERTY TYPE NUMBER BALANCE BALANCE DSCR LTV RATE SPREAD SERV.
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Retail 92 524,152,794 31.8 1.32 68.3 7.38 15.8
Multifamily 146 521,436,965 31.7 1.37 73.8 7.10 9.8
Office 47 225,938,371 13.7 1.35 72.0 7.24 10.1
Industrial 42 190,099,252 11.6 1.30 75.8 7.21 8.7
Hotel 13 75,097,954 4.6 1.43 62.9 7.50 10.4
Health Care 12 39,219,482 2.4 1.53 70.9 8.50 16.7
MHP 13 30,720,009 1.9 1.70 60.6 7.03 10.0
Franchise 4 12,356,956 0.8 1.20 68.7 8.60 16.0
Self Storage 5 10,122,708 0.6 1.72 62.4 7.60 10.0
Mobile Home 2 6,930,322 0.4 1.63 68.1 6.64 10.0
Parking 1 5,383,638 0.3 1.30 69.9 7.49 10.0
Mini Storage 2 4,341,118 0.3 1.38 71.3 7.10 10.0
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379 1,645,799,570 100.0 1.36 71.1 7.29 11.9
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</TABLE>
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MAX. NET MIN. NET MAX. MIN.
PROPERTY TYPE RATE RATE BALANCE BALANCE
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Retail 9.71 6.61 74,317,972 515,613
Multifamily 8.93 6.57 27,924,914 386,353
Office 8.93 6.75 40,973,700 769,089
Industrial 8.07 6.92 39,751,581 521,932
Hotel 9.61 6.89 26,009,898 2,061,889
Health Care 9.08 7.52 6,198,762 1,092,357
MHP 7.15 6.76 4,291,188 996,817
Franchise 8.44 8.44 5,829,512 1,047,194
Self Storage 7.70 7.27 3,685,665 1,046,689
Mobile Home 6.54 6.54 3,535,064 3,395,259
Parking 7.39 7.39 5,383,638 5,383,638
Mini Storage 7.00 7.00 2,444,997 1,896,120
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9.71 6.54 74,317,972 386,353
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