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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event
reported) September 14, 2000
J.P. Morgan Commercial Mortgage Finance Corp.
---------------------------------------------
(Exact Name of Registrant as Specified in Charter)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-87441 13-3789046
------------------------------------------- ------------------------------------- ------------------------------------------
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
Incorporation)
</TABLE>
60 Wall Street
New York, New York 10260
------------------------
(Address of Principal Executive
Offices and Zip Code)
Registrant's telephone number, including area code (212) 648-3060
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<PAGE>
Item 5. Other Events
------ ------------
Filing of Collateral Term Sheet.
-------------------------------
In connection with the proposed offering of J.P. Morgan Commercial
Mortgage Finance Corp. (the "Company") Mortgage Pass-Through Certificates,
Series 2000-C10, J.P. Morgan Securities Inc. and Salomon Smith Barney Inc.
(together, the "Underwriters") have prepared certain materials (the
"Collateral Term Sheet") for distribution to their potential investors.
Although the Company provided the Underwriters with certain information
regarding the characteristics of the mortgage loans in the related portfolio,
it did not participate in the preparation of the Collateral Term Sheet.
The Collateral Term Sheet is attached hereto as Exhibit 99. These
Collateral Term Sheet supercede any prior collateral information which may
have been previously filed with the Securities and Exchange Commission.
.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------ ------------------------------------------------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds with
Item 601(b) of Regulation S-K.
Exhibit No Description
---------- -----------
99 Collateral Term Sheet
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
J.P. MORGAN COMMERCIAL MORTGAGE
FINANCE CORP.
By: /s/ Clive Bull
-------------------------------
Name: Clive Bull
Title: Vice President
Dated: September 18, 2000
<PAGE>
Exhibit Index
-------------
Exhibit Page
------- ----
99 Collateral Term Sheet 6
<PAGE>
EXHIBIT 99
J.P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 2000-C10
$660,071,000
J.P. Morgan & Co. Salomon Smith Barney
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 1
Additional information is available upon request. Information herein
is believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do
not warrant its completeness or accuracy. These materials are subject to
change from time to time without notice. Past performance is not indicative of
future results. All information contained herein, whether regarding the
mortgage loans or otherwise, supersedes any previous such information
delivered to you and will be superseded by any such information subsequently
delivered and ultimately by the final prospectus relating to the securities.
These materials are not intended as an offer or solicitation with respect to
the purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating
the merits of investing in the securities. Any investment decision with respect
to the securities should be made by you based solely upon the information
contained in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal
payments or prepayments on any of the mortgage loans or the performance
characteristics of the securities. This information was prepared in reliance
on information regarding the mortgage loans furnished by the seller of the
mortgage loans. J.P. Morgan and Salomon Smith Barney Inc. and/or their
affiliates and employees may hold a position or act as market maker in the
financial instruments of any issuer discussed herein or act as underwriter,
placement agent, advisor or lender to such issuer. J.P. Morgan Securities Inc.
and Salomon Smith Barney Inc. are members of SIPC. Copyright 2000 J.P. Morgan
& Co. Incorporated. Clients should contact analysts at and execute
transactions through a J.P. Morgan or Salomon Smith Barney Inc. entity in
their home jurisdiction unless governing law permits otherwise.
<PAGE>
J.P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 2000-C10
$660,071,000
<TABLE>
<CAPTION>
J.P. MORGAN:
<S> <C> <C>
TRADING Brian Baker (212) 648-1413; [email protected]
Andrew Taylor (212) 648-1413; [email protected]
Leland Bunch (212) 648-1413; [email protected]
STRUCTURING Thomas Doherty (212) 648-1414; [email protected]
Theresa Dooley (212) 648-0651; [email protected]
BANKING Clive Bull (212) 648-9496; [email protected]
Dennis Schuh (212) 648-3060; [email protected]
RESEARCH Patrick Corcoran (212) 648-6130; [email protected]
SALOMON SMITH BARNEY:
TRADING Paul Vanderslice (212) 723-6156; [email protected]
Jeff Lewis (212) 723-6156; [email protected]
Jeff Sturdevant (212) 723-6156; [email protected]
STRUCTURING Nancy Wilt (212) 816-7808; [email protected]
BANKING Angela Hutzel (212) 816-8087; [email protected]
Joseph Siragusa (212) 816-7973; [email protected]
RESEARCH Darrell Wheeler (212) 816-8432; [email protected]
</TABLE>
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 2
Additional information is available upon request. Information herein
is believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do
not warrant its completeness or accuracy. These materials are subject to
change from time to time without notice. Past performance is not indicative of
future results. All information contained herein, whether regarding the
mortgage loans or otherwise, supersedes any previous such information
delivered to you and will be superseded by any such information subsequently
delivered and ultimately by the final prospectus relating to the securities.
These materials are not intended as an offer or solicitation with respect to
the purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating
the merits of investing in the securities. Any investment decision with
respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities This information was prepared in
reliance on information regarding the mortgage loans furnished by the seller
of the mortgage loans. J.P. Morgan and Salomon Smith Barney Inc. and/or their
affiliates and employees may hold a positron or act as market maker in the
financial instruments of any issuer discussed herein or act as underwriter,
placement agent, advisor or lender to such issuer. J.P. Morgan Securities Inc.
and Salomon Smith Barney Inc. are members of SIPC. Copyright 2000 J.P. Morgan
& Co. Incorporated. Clients should contact analysts at and execute
transactions through a J.P. Morgan or Salomon Smith Barney Inc. entity in
their home jurisdiction unless governing law permits otherwise.
<PAGE>
J.P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates, Series 2000-C10
$660,071,000
<TABLE>
<CAPTION>
Transaction Overview
Initial Class
Balance or Certificates Avg. Principal
Rating Notional % of % Credit To Life Window Coupon ERISA
Class (Fitch/Moody's) Amount Total Support Value(%)(1) (years)(2) (months)(2) Description Eligible(3)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 AAA/Aaa $95,500,000 12.93% 23.250%(4) 52.3% 5.50 1 - 105 [Fixed/WAC] Yes
A-2 AAA/Aaa 471,331,000 63.82 23.250(4) 52.3 9.12 105 - 114 [Fixed/WAC] Yes
X AAA/Aaa 738,541,419(5) NA NA NA 5.50(6) NA WAC(7) Yes
B AA/Aa2 31,388,000 4.25 19.000 55.2 9.51 114 - 116 [Fixed/WAC] No
C A/A2 29,541,000 4.00 15.000 58.0 9.57 115 - 116 [Fixed/WAC] No
D A-/A3 9,232,000 1.25 13.750 58.8 9.64 116 - 116 [Fixed/WAC] No
E BBB/Baa2 23,079,000 3.12 10.625 60.9 9.64 116 - 116 [Fixed/WAC] No
Private Certificates(8) 78,470,419(8)
Total 738,541,419 100.0% 68.2% 8.98
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The sum of the principal balance of the related class and classes senior
to it, divided by the aggregate appraised value of the properties
collateralizing the mortgage pool
(2) Assumes no prepayments, defaults, early termination, and a closing date
of September 25, 2000
(3) See "Certain ERISA Considerations" in the prospectus supplement for certain
ERISA eligibility limitations and proposed changes effecting eligibility
for the classes B, C, D, and E
(4) Represents the credit support for the Class A-1 and Class A-2 Certificates
in the aggregate.
(5) Notional balance
(6) Implied average life
(7) The Class X Certificates will receive the net interest on the mortgage
loans less the interest paid on the other certificates
(8) Not offered hereby
Mortgage Pool Characteristics
The mortgage pool consists of 168 fixed rate mortgage loans secured by one or
more first liens on fee simple and/or leasehold interests in 194 multifamily,
retail, office, hotel and other commercial properties located in 33 states.
The information set forth herein with respect to the mortgage loans does not
generally include the subordinate component of the Suburban Lodge Loan. See
"Description of the Mortgage Pool - The Suburban Lodge Loan" in the prospectus
supplement. The three largest geographic concentrations are California
(27.5%), Texas (8.5%) and New Jersey (6.0%). The mortgage loans will have an
initial pool balance of $738,541,419 and individual principal balances as of
the Cut-off Date of at least $220,965 but not more than $24,701,611 with an
average principal balance of approximately $4,396,080. The values indicated
under "WA UW DSCR" and "WA LTV Ratio" herein exclude 3 credit tenant lease
mortgage loans representing 1.3% of the initial pool balance. The mortgage
pool has a weighted average loan-to-value of 68.9% and a weighted average debt
service coverage ratio of 1.33x.
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 3
Additional information is available upon request. Information herein
is believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do
not warrant its completeness or accuracy. These materials are subject to
change from time to time without notice. Past performance is not indicative of
future results. All information contained herein, whether regarding the
mortgage loans or otherwise, supersedes any previous such information
delivered to you and will be superseded by any such information subsequently
delivered and ultimately by the final prospectus relating to the securities.
These materials are not intended as an offer or solicitation with respect to
the purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating
the merits of investing in the securities. Any investment decision with
respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared
in reliance on information regarding the mortgage loans furnished by the seller
of the mortgage loans. J.P. Morgan and Salomon Smith Barney Inc. and/or their
affiliates and employees may hold a position or act as market maker in the
financial instruments of any issuer discussed herein or act as underwriter,
placement agent, advisor or lender to such issuer. J.P. Morgan Securities Inc.
and Salomon Smith Barney Inc. are members of SIPC. Copyright 2000 J.P. Morgan &
Co. Incorporated. Clients should contact analysts at and execute transactions
through a J.P. Morgan or Salomon Smith Barney Inc. entity in their home
jurisdiction unless governing law permits otherwise.
<PAGE>
Deal Summary
CO-LEAD MANAGERS J.P. Morgan Securities Inc. (Bookrunner)
Salomon Smith Barney Inc.
PRICING SPEED 0% CPR
DEPOSITOR J.P. Morgan Commercial Mortgage Finance Corp.,
an indirect wholly-owned limited purpose
finance subsidiary of J.P. Morgan & Co.
Incorporated and an affiliate of J.P. Morgan
Securities Inc. ("JPMSI"), an Underwriter
SELLER Morgan Guaranty Trust Company of New York (100%)
MASTER SERVICER Midland Loan Services, Inc.
SPECIAL SERVICER ORIX Real Estate Capital Markets, LLC
TRUSTEE State Street Bank and Trust Company
RATING AGENCIES Fitch, Inc.
Moody's Investors Service, Inc.
------------------------------
LEGAL STATUS All offered certificates are public
CUT-OFF DATE September 1, 2000
SETTLEMENT DATE On or about September , 2000
DELIVERY DTC, Clearstream System and Cedel
RATED FINAL MATURITY DATE The distribution date in August 2032
MONTHLY DISTRIBUTION DATES Pays monthly on the 15th day of every month or,
if any such 15th day is not a business day,
then the next succeeding business day
FIRST PAYMENT DATE October 15, 2000, 14 day delay
OPTIONAL REDEMPTION When pool pays down to 1% of original pool
balance
DEAL INFORMATION/ANALYTICS Bloomberg, L.P., Conquest, Intex Solutions,
Inc. and The Trepp Group
ERISA ELIGIBLE(1) Classes Al, A2 and X (other classes TBD)
(1) ERISA eligibility is subject to certain limitations described in the
prospectus supplement under "Certain ERISA Considerations"
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 4
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
Structural Overview
o Interest payments will be pro-rata to the Class Al, A2 and X Certificates
and then, after payment of the principal distribution amount, interest
will be paid sequentially to the Class B, C, D, E, F, G, H, J, K, L, M and
NR Certificates.
o The pass-through rate for the Class A1, A2, B, C, D, E, F, G, H, J, K, L,
M and NR Certificates will be equal to either a fixed rate or a rate based
on the weighted average of the remittance rates on the mortgage loans. The
Class X Certificates will receive the net interest on the mortgage loans
less the interest paid on the other certificates.
o All Classes offered will pay interest on a 30/360 basis.
o The Class X Certificates will have the same interest payment priority as
the Class A1 and A2 Certificates.
o Principal payments will be paid sequentially to the Class Al, A2, B, C, D,
E, F, G, H, J, K, L, M and NR Certificates, until each class is retired.
The Class X Certificates do not have a class principal balance and are
therefore not entitled to any principal distributions.
o Losses will be born by the Classes in reverse sequential order, from the
Class NR Certificates up to the Class B Certificates and then pro-rata to
the Class Al and A2 Certificates.
o If the principal balance of the mortgage pool is less than or equal to the
aggregate bond balance of the Class A1 and A2 Certificates, the principal
will be allocated pro-rata to the Class Al and A2 Certificates.
o Net prepayment premiums calculated by reference to a U.S. Treasury rate to
the extent received will be allocated first to the interest bearing
certificates, according to a specified formula, with any remaining amount
paid to the Class X Certificates. For the amount payable to any
interest-bearing Class, the formula is as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
Principal Paid to Class (Pass-Through Rate on Class - Discount Rate)
Prepayment Premium x ------------------------ x --------------------------------------------
Total Principal Paid (Mortgage Rate on Loan - Discount Rate)
</TABLE>
o Net prepayment premiums not calculated by reference to a U.S. Treasury
rate to the extent received will be allocated solely to the Class X
Certificates.
o The deal will provide for the standard collateral value adjustment feature
for problem or delinquent loans. Generally, when a loan becomes 90 days
delinquent, the special servicer obtains a new appraisal. To the extent
any such adjustment is not reversed, the interest portion of any P&I
Advance will be reduced in proportion to such adjustment.
Collateral Characteristics
PRINCIPAL BALANCE $738,541,419
NUMBER OF LOANS 168
NUMBER OF MORTGAGED PROPERTIES 194
AVG. PRINCIPAL BALANCE
PER LOAN $4,396,080
PER PROPERTY $3,806,915
WA MORTGAGE RATE 8.33%
WA REMAINING TERM 116 months
WA REMAINING AMORTIZATION TERM 328 months
WA UNDERWRITTEN DSCR 1.33x
WA CUT-OFF DATE LTV RATIO 68.9%
WA SEASONING 9 months
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 5
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
Average Life Sensitivities
Prepayment Speeds (CPR)(1)
Average Life (years)(2)
----------------------------------------------------------------
Class 0% 25% 50% 75% 100%
------------------------------------------------------------------------------
A1 5.50 5.49 5.48 5.47 5.44
A2 9.12 9.11 9.09 9.06 8.86
B 9.51 9.49 9.45 9.42 9.25
C 9.57 9.56 9.55 9.52 9.31
D 9.64 9.64 9.57 9.56 9.38
E 9.64 9.64 9.64 9.61 9.39
X(3) 5.50 5.49 5.47 5.45 5.31
(1) Assumes no prepayment during the lockout and yield maintenance periods and
optional redemption is not exercised
(2) Assumes a closing date of September 25, 2000
(3) Implied average life
<TABLE>
<CAPTION>
Prepayment Protection
Percentage of Mortgage Loans by Outstanding Principal Balance as of the Cut-off Date that have
Prepayment Lockouts or Penalties (assuming no prepayments)
Current 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 100.0 100.0 100.0 100.0 99.8 99.4 99.4 99.4 99.4 55.8 100.0
Yield Maintenance(1) 0.0 0.0 0.0 0.0 0.2 0.6 0.6 0.6 0.6 0.3 0.0
Total Lockout and YM 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 56.1 100.0
No Prepayment Premium 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43.9 0.0
-------------------------------------------------------------------------------------------------------------------
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
-------------------------------------------------------------------------------------------------------------------
Aggregate Mortgage 738.5 732.1 725.0 717.3 709.1 700.0 690.1 679.3 667.7 489.0 23.8
Balance ($)
% of Cut-off Date Balance 100.0 99.1 98.2 97.1 96.0 94.8 93.4 92.0 90.4 66.2 3.2
</TABLE>
(1) U.S. Treasury rate; 1% floor
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 6
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
<TABLE>
<CAPTION>
Deal Summary by Property Type
% of Gross Rem. WA WA WA
No. of Principal Principal Average WAC WAM UW LTV Occ. Rate %
Property Type Properties Balance($) Balance Balance($) (%) (months) DSCR Ratio(%) (%) Balloon(1)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 73 $228,015,661 30.9% $3,123,502 8.12% 113 1.30x 73.2% 95.9% 100.0%
Multifamily 55 157,826,081 21.4 2,869,565 8.18 114 1.30 74.0 96.9 100.0
MHP(2) 18 70,189,579 9.5 3,899,421 8.01 111 1.31 71.2 93.7 100.0
Retail 51 $195,425,024 26.5% $3,831,863 8.32% 126 1.32x 67.8% 94.7% 88.5%
Anchored 20 122,204,325 16.5 6,110,216 8.36 130 1.27 69.9 96.4 87.5
Unanchored 30 71,657,687 9.7 2,388,590 8.26 120 1.41 64.5 91.9 89.8
Shadow anchored 1 1,563,013 0.2 1,563,013 7.93 107 1.29 68.0 89.0 100.0
Office 24 $126,794,922 17.2% $5,283,122 8.47% 112 1.32x 67.2% 96.7% 100.0%
Suburban 21 87,568,745 11.9 4,169,940 8.45 112 1.33 66.5 96.3 100.0
CBD(2) 3 39,226,178 5.3 13,075,393 8.51 113 1.28 68.8 97.4 100.0
Industrial 19 $93,003,651 12.6% $4,894,929 8.27% 111 1.37x 66.2% 97.1% 100.0%
Flex Space 16 87,439,269 11.8 5,464,954 8.23 110 1.37 66.1 96.9 100.0
Warehouse/ 3 5,564,382 0.8 1,854,794 8.96 115 1.31 67.7 100.0 100.0
Distribution
Hotel 10 $53,184,250 7.2% $5,318,425 8.85% 111 1.38x 64.9% NA 100.0%
Extended Stay 7 19,731,759 2.7 2,818,823 8.92 107 1.34 58.3 NA 100.0
Limited Service 2 16,929,209 2.3 8,464,605 9.00 112 1.40 67.8 NA 100.0
Full Service 1 16,523,281 2.2 16,523,281 8.62 116 1.40 69.7 NA 100.0
Mixed Use 3 $10,594,843 1.4% $3,531,614 8.90% 112 1.37x 64.8% 98.1% 80.6%
Nursing Home 3 $7,813,023 1.1% $2,604,341 8.79% 107 1.90x 67.0% 96.1% 100.0%
Congregate Care 1 $1,207,349 0.2% $1,207,349 9.01% 112 1.50x 74.5% 90.0% 100.0%
Self-Storage 10 $22,502,695 3.0% $2,250,269 8.17% 121 1.42x 67.5% 89.6% 89.2%
Total/Avg./WA: 194 $738,541,419 100.0% $3,806,915 8.33% 116 1.33x 68.9% 95.7% 96.3%
</TABLE>
(1) Balloon loans deemed to be any loans which are not fully amortizing
(2) "MHP" means mobile home park and "CBD" means central business district
(3) Weighted average deal occupancy excludes hotel properties
<TABLE>
<CAPTION>
Reserves
% of Loans by Principal
Balance with Annual Escrows Current Balance(1) Annual Deposit
<S> <C> <C> <C>
Replacement Reserves 87.4% $3,040,771 $3,253,748
Tenant Improvement /Leasing Commissions(2) 60.2 3,941,317 2,820,885
Taxes 98.3 7,238,730 10,062,975
Insurance 97.9 1,249,271 1,290,592
</TABLE>
(1) Current balance as of September 12, 2000 may include any balance
associated with up-front deposits that have not been completely disbursed
(2) Balances and percentages are for commercial properties only
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 7
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of
future results. All information contained herein, whether regarding the
mortgage loans or otherwise, supersedes any previous such information
delivered to you and will be superseded by any such information subsequently
delivered and ultimately by the final prospectus relating to the securities.
These materials are not intended as an offer or solicitation with respect to
the purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating
the merits of investing in the securities. Any investment decision with
respect to the securities should be made by you based solely upon the
information contained in the final prospectus relating to the securities. No
assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the
performance characteristics of the securities. This information was prepared
in reliance on information regarding the mortgage loans furnished by the seller
of the mortgage loans. J.P. Morgan and Salomon Smith Barney Inc. and/or their
affiliates and employees may hold a position or act as market maker in the
financial instruments of any issuer discussed herein or act as underwriter,
placement agent, advisor or lender to such issuer. J.P. Morgan Securities Inc.
and Salomon Smith Barney Inc. are members of SIPC. Copyright 2000 J.P. Morgan
& Co. Incorporated. Clients should contact analysts at and execute
transactions through a J.P. Morgan or Salomon Smith Barney Inc. entity in
their home jurisdiction unless governing law permits otherwise.
<PAGE>
<TABLE>
<CAPTION>
Collateral Summary
In the following tables, Principal Balance refers to Aggregate Cut-off Date Principal Balance
GEOGRAPHIC DISTRIBUTION
% of Principal WA UW WA
Property State No. of Properties Principal Balance($) Balance DSCR LTV
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
California 39 $203,147,004 27.5% 1.40x 67.8%
Southern 35 190,274,815 25.8 1.41 67.3
Northern 4 12,872,189 1.7 1.25 75.0
Texas 19 62,513,635 8.5 1.32 66.8
New Jersey 5 43,946,544 6.0 1.27 68.6
Illinois 10 40,119,893 5.4 1.34 69.6
Florida 18 37,863,163 5.1 1.31 72.8
Virginia 6 35,207,497 4.8 1.26 62.3
Arizona 7 29,938,636 4.1 1.31 65.1
Maryland 2 28,754,336 3.9 1.26 75.4
Ohio 6 26,245,922 3.6 1.34 71.0
New York 10 22,460,339 3.0 1.26 72.9
Michigan 5 20,941,902 2.8 1.28 75.3
Indiana 7 19,204,668 2.6 1.25 69.5
Iowa 2 18,991,967 2.6 1.26 69.8
Pennsylvania 6 18,754,312 2.5 1.26 70.1
Massachusetts 6 17,899,979 2.4 1.34 71.7
North Carolina 4 16,431,634 2.2 1.31 71.5
Nevada 2 11,833,334 1.6 1.29 74.2
Colorado 3 10,428,196 1.4 1.38 67.1
Louisiana 4 10,287,571 1.4 1.31 70.9
Wisconsin 3 9,909,169 1.3 1.29 72.2
Missouri 3 7,792,512 1.1 1.40 62.2
Vermont 1 7,388,975 1.0 1.31 68.4
Washington 2 6,060,150 0.8 1.21 75.1
Alaska 1 4,855,437 0.7 1.25 74.4
Connecticut 3 4,785,363 0.6 1.70 68.5
Georgia 2 4,412,902 0.6 1.49 54.8
Minnesota 3 3,632,110 0.5 1.42 67.5
Mississippi 2 3,609,040 0.5 1.27 64.6
Rhode Island 1 3,093,989 0.4 1.29 75.1
Maine 9 2,505,214 0.3 1.32 88.8
Arkansas 1 2,473,559 0.3 2.06 64.2
Idaho 1 2,055,124 0.3 1.29 46.7
Utah 1 997,340 0.1 1.60 57.0
---------------------------------------------------------------------------------------------------------------------
Total: 194 $738,541,419 100.0% 1.33x 68.9%
----------------------------------------------------------------------------------------------------------------------
</TABLE>
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 8
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristic of the securities.
This information was prepared in reliance on information regarding the
mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan and
Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
<TABLE>
<CAPTION>
CUT-OFF BALANCES
% of Principal WA UW WA
Principal Balance($) No. of Loans Principal Balance($) Balance DSCR LTV
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$200,000-$500,000 5 $1,714,244 0.2% 1.30x 71.1%
$500,001 -$750,000 13 7,898,383 1.1 1.29 69.6
$750,001 -$1,000,000 8 7,539,356 1.0 1.39 65.5
$1,000,001 - $1,500,000 28 34,972,053 4.7 1.34 70.0
$1,500,001 - $2,000,000 12 21,037,517 2.8 1.28 68.8
$2,000,001 - $2,500,000 16 35,810,151 4.8 1.43 65.9
$2,500,001 - $3,000,000 11 30,033,878 4.1 1.37 69.2
$3,000,001 - $3,500,000 9 29,679,926 4.0 1.30 75.1
$3,500,001 - $4,000,000 10 37,873,486 5.1 1.33 67.9
$4,000,001 - $4,500,000 8 33,997,386 4.6 1.25 69.6
$4,500,001 - $5,000,000 4 18,838,900 2.6 1.26 71.5
$5,000,001 - $6,000,000 8 44,278,128 6.0 1.28 72.7
$6,000,001 - $7,500,000 9 62,900,116 8.5 1.34 67.4
$7,500,001 - $10,000,000 8 67,565,181 9.1 1.26 71.7
$10,000,001 - $12,500,000 6 66,549,982 9.0 1.32 68.1
$12,500,001 - $15,000,000 3 39,928,859 5.4 1.30 71.3
$15,000,001 - $17,500,000 3 49,548,357 6.7 1.30 73.3
$17,500,001 - $20,000,000 2 36,528,558 4.9 1.29 69.6
$20,000,001 - $25,000,000 5 111,846,955 15.1 1.45 62.8
-----------------------------------------------------------------------------------------------------------------
Total: 168 $738,541,419 100.0% 1.33x 68.9%
-----------------------------------------------------------------------------------------------------------------
Average per Loan: $4,396,080
Average per Property: $3,806,915
</TABLE>
<TABLE>
<CAPTION>
MORTGAGE INTEREST RATES
% of Principal WA UW WA
Mortgage Interest Rate(%) No. of Loans Principal Balance($) Balance DSCR LTV
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7.2501% - 7.5000% 2 $47,696,650 6.5% 1.70x 58.9%
7.5001% - 7.7500% 4 38,212,995 5.2 1.30 72.7
7.7501% - 8.0000% 17 111,676,454 15.1 1.30 71.8
8.0001% - 8.2500% 37 155,499,004 21.1 1.29 71.7
8.2501% - 8.5000% 29 107,251,690 14.5 1.29 68.3
8.5001% - 8.7500% 35 139,341,719 18.9 1.31 69.3
8.7501% - 9.0000% 27 107,935,833 14.6 1.32 67.7
9.0001% - 9.2500% 11 25,474,319 3.4 1.44 59.2
9.2501% - 9.5000% 4 4,666,210 0.6 1.43 61.4
9.5001% or more 2 786,546 0.1 1.30 74.1
-------------------------------------------------------------------------------------------------------------------
Total: 168 $738,541,419 100.0% 1.33x 68.9%
-------------------------------------------------------------------------------------------------------------------
Weighted Average: 8.33%
</TABLE>
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 9
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
<TABLE>
<CAPTION>
UNDERWRITTEN DEBT SERVICE COVERAGE RATIOS
% of Principal WA UW WA
UW DSCR(x) No. of Loans Principal Balance($) Balance DSCR LTV
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.201 or less(1) 7 $20,263,916 2.8% 1.13x 68.9%
1.201x - 1.250x 43 164,846,565 22.6 1.23 71.8
1.25lx - 1.300x 48 235,116,880 32.2 1.27 70.5
1.30lx - 1.400x 38 170,518,347 23.4 1.35 68.3
1.401x - 1.500x 13 61,297,228 8.4 1.43 66.5
1.50lx - 1.600x 7 37,678,937 5.2 1.56 61.5
1.60lx - 1.700x 1 997,340 0.1 1.60 57.0
1.70lx - 1.800x 1 1,100,631 0.2 1.78 73.4
1.80lx - 1.900x 5 33,967,564 4.7 1.82 60.8
1.90lx - 2.000x 1 992,506 0.1 1.91 55.1
2.00lx - 2.100x 1 2,473,559 0.3 2.06 64.2
--------------------------------------------------------------------------------------------------------------
Total: 165 $729,253,473 100.0% 1.33x 68.9%
--------------------------------------------------------------------------------------------------------------
Weighted Average: 1.33x
</TABLE>
(1) The Meadows Apartment ($5,573,634), El Dorado Square ($4,074,851),
U-store ($3,660,430), Grand Avenue ($2,697,619), Rite Aid ($2,555,432),
Carriage Square Apartments ($1,367,600), and Blue Ridge MHP ($334,350).
<TABLE>
<CAPTION>
LOAN-TO-VALUE RATIOS
% of Principal WA UW WA
LTV(%) No. of Loans Principal Balance($) Balance DSCR LTV
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
50.00% or less 2 $3,683,318 0.5% 1.36x 44.2%
50.01% - 55.00% 3 11,954,316 1.6 1.41 53.2
55.01% - 60.00% 14 99,050,685 13.6 1.52 58.5
60.01% - 65.00% 21 104,099,726 14.3 1.32 63.0
65.01% - 70.00% 40 141,139,716 19.4 1.36 68.5
70.01% - 75.00% 57 247,924,509 34.0 1.29 72.6
75.01% - 80.00% 27 120,103,716 16.5 1.26 77.7
80.01% or more(1) 1 1,297,487 0.2 1.25 82.4
--------------------------------------------------------------------------------------------------------------
Total: 165 $729,253,473 100.0% 1.33x 68.9%
--------------------------------------------------------------------------------------------------------------
Weighted Average: 68.9%
</TABLE>
(1) Downtown Plaza Apartments ($1,297,487).
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 10
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity or their home jurisdiction unless governing law
permits otherwise.
<PAGE>
<TABLE>
<CAPTION>
REMAINING TERM TO MATURITY/ARD (MONTHS)
Remaining Term to % of Principal WA UW WA
Maturity/ARD (months) No. of Loans Principal Balance($) Balance DSCR LTV
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balloon
97 - 108 30 $123,272,291 16.7% 1.34x 68.1%
109- 120 74 $240,193,194 32.5 1.31 71.1
217- 228 2 $5,032,271(1) 0.7 0.00 0.0
Total: 106 $368,497,756 49.9% 1.32x 70.1%
Fully Amortizing
109 - 120 1 $2,055,124 0.3% 1.29x 46.7%
157 - 168 1 $2,555,432 0.3 1.10 77.4
229 - 240 4 $22,403,837(1) 3.0 1.31 63.3
Total: 6 $27,014,393 3.7% 1.28x 63.4%
ARD
97 - 108 3 $11,673,243 1.6% 1.36x 73.0%
109 - 120 50 $279,321,214 37.8 1.30 69.3
169 - 180 1 $4,338,163 0.6 1.20 70.0
Total: 54 $295,332,620 40.0% 1.30x 69.5%
Interest Only
97- 180 2 $47,696,650 6.5% 1.70x 58.9%
Total: 2 $47,696,650 6.5% 1.70x 58.9%
-------------------------------------------------------------------------------------------------------------------------
Total: 168 $738,541,419 100.0% 1.33x 68.9%
-------------------------------------------------------------------------------------------------------------------------
Weighted Average: 116 months
</TABLE>
(1) Includes credit tenant leases.
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page ll
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
<TABLE>
<CAPTION>
REMAINING AMORTIZATION TERM (MONTHS)(1)
Remaining Amortization Term % of Principal WA UW WA
(months) No. of Loans Principal Balance($) Balance DSCR LTV
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balloon
253 - 264 1 $2,057,277(2) 0.3% 0.00X 0.0%
265 - 276 3 $18,535,058(2) 2.7 1.26 62.4
277 - 288 19 $33,211,752 4.8 1.52 65.9
289 - 300 20 $62,910,837 9.1 1.36 68.5
325 - 336 5 $5,617,825 0.8 1.25 72.2
337 - 348 14 $78,203,520 11.3 1.28 70.5
349 - 360 44 $167,961,488 24.3 1.29 72.0
Total: 106 $368,497,756 53.3% 1.32x 70.1%
Fully Amortizing
109- 120 1 $2,055,124 0.3% 1.29x 46.7%
157 - 168 1 $2,555,432 0.4 1.10 77.4
217 - 228 1 $2,435,723 0.4 1.82 57.7
229 - 240 3 $19,968,114 2.9 1.23 64.2
Total: 6 $27,014,393 3.9% 1.28x 63.4%
ARD
229 - 240 2 $4,500,919 0.7% 1.37x 63.6%
253 - 264 1 $4,338,163 0.6 1.20 70.0
265 - 276 1 $2,100,000 0.3 1.24 75.0
277 - 288 3 $4,178,410 0.6 1.64 67.4
289 - 300 10 $54,387,889 7.9 1.33 68.1
313 - 324 1 $6,820,989 1.0 1.32 60.4
337 - 348 1 $5,573,634 0.8 1.14 74.5
349 - 360 35 $213,432,617 30.9 1.29 70.1
Total: 54 $295,332,620 42.7% 1.30x 69.5%
-----------------------------------------------------------------------------------------------------------------
Total: 166 $690,844,769 100.0% 1.31x 69.6%
------------------------------------------------------------------------------------------------------------------
Weighted Average: 328 months
</TABLE>
(1) Two loans, Abbey Portfolio III ($24,701,611) and Abbey Portfolio IV
($22,995,039) are interest only loans and have been excluded from this
table.
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 12
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
<TABLE>
<CAPTION>
MONTH AND YEAR OF ORIGINATION
% of Principal WA UW WA
Month and Year of Origination No. of Loans Principal Balance($) Balance DSCR LTV
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
December 1998 1 $3,912,996 0.5% 1.54x 69.3%
March 1999 2 2,591,397 0.4 1.83 72.0
April 1999 3 7,210,171 1.0 1.25 71.9
May 1999 2 4,048,113 0.5 1.29 68.9
June 1999 6 32,272,863 4.4 1.33 66.3
July 1999 8 28,923,054 3.9 1.41 71.9
August 1999 12 99,297,526 13.4 1.49 63.2
September 1999 17 72,541,633 9.8 1.27 70.0
October 1999 11 33,443,427 4.5 1.31 71.8
November 1999 30 138,375,077 18.7 1.29 70.5
December 1999 23 111,027,249 15.0 1.33 69.7
January 2000 6 10,730,902 1.5 1.30 66.6
February 2000 10 24,648,800 3.3 1.29 64.1
March 2000 11 64,051,043 8.7 1.27 72.7
April 2000 9 42,947,944 5.8 1.25 69.9
May 2000 6 32,578,566 4.4 1.37 67.5
June 2000 4 16,897,197 2.3 1.42 63.0
July 2000 5 9,319,093 1.3 1.28 72.7
August 2000 2 3,724,369 0.5 1.23 76.8
-------------------------------------------------------------------------------------------------------------------
Total: 168 $738,541,419 100.0% 1.33x 68.9%
-------------------------------------------------------------------------------------------------------------------
Weighted Average Seasoning: 9 months
</TABLE>
<TABLE>
<CAPTION>
YEAR OF SCHEDULED MATURITY/ARD
% of Principal WA UW WA
Year of Scheduled Maturity/ARD No. of Loans Principal Balance($) Balance DSCR LTV
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2009 91 $426,262,980 57.7% 1.36x 68.6%
2010 69 277,948,736 37.6 1.31 69.6
2014 1 2,555,432 0.3 1.10 77.4
2015 1 4,338,163 0.6 1.20 70.0
2018 1 2,057,277 0.3 0.00 0.0
2019 2 5,410,717 0.7 1.82 57.7
2020 3 19,968,114 2.7 1.23 64.2
---------------------------------------------------------------------------------------------------------------------
Total: 168 $738,541,419 100.0% 1.33x 68.9%
---------------------------------------------------------------------------------------------------------------------
</TABLE>
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-Cl0 Page 13
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the securities.
This information was prepared in reliance on information regarding the mortgage
loans furnished by the seller of the mortgage loans. J.P. Morgan and Salomon
Smith Barney Inc. and/or their affiliates and employees may hold a position or
act as market maker in the financial instruments of any issuer discussed
herein or act as underwriter, placement agent, advisor or lender to such
issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are members
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan or Salomon Smith
Barney Inc. entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
<TABLE>
<CAPTION>
TEN LARGEST INDIVIDUAL LOANS
Cut-off Date % of UW
Loan Balance($) Pool Balance DSCR LTV Property Type
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Abbey Company Portfolio III $24,701,611 3.3% 1.84x 58.9% Office/Industrial/Retail
The Abbey Company Portfolio IV 22,995,039 3.1 1.58 58.9 Unanchored Retail
Atlantic Development Portfolio 22,013,205 3.0 1.27 61.8 Industrial Flex
Covina Hills Mobile Home Country Club 21,587,115 2.9 1.27 71.9 Mobile Home Park
Liberty Fair Mall 20,549,985 2.8 1.26 63.4 Regional Mall
Wilshire Financial 18,576,294 2.5 1.32 68.8 CBD Office
Hub Tower 17,952,264 2.4 1.26 70.4 CBD Office
Gerry Buildings 16,824,504 2.3 1.25 71.9 Industrial Flex
Embassy Suites Chicago 16,523,281 2.2 1.40 69.7 Full Service Hotel
Fairgrounds Plaza 16,200,572 2.2 1.27 78.3 Anchored Retail
-----------------------------------------------------------------------------------------------------------------------------------
Total / Weighted Average $197,923,870 26.7% 1.39x 66.1%
-----------------------------------------------------------------------------------------------------------------------------------
Deal Total / Weighted Average $738,541,419 100.0% 1.33x 68.9%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Note: any credit ratings referenced included in the following loan
descriptions for any tenant at a mortgaged property are those reported by
Moody's Investors Service, Inc. and, if two ratings are shown, by Standard &
Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., in
that order, as listed by Bloomberg, L.P.
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 14
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
<TABLE>
<CAPTION>
ABBEY PORTFOLIO III
Loan Information Property Information
<S> <C> <C> <C>
Principal Balance Single Asset/Portfolio Portfolio of six assets
Original $24,701,611 Property Type Office/Industrial/Retail
Cut-off Date $24,701,611 Location Various Southern California
Origination Date August 31, 1999 Years Built 1985 - 1998
Interest Rate 7.47% The Collateral
Maturity Date September 1, 2009 Abbey Portfolio III consists of six office/industrial/retail
properties containing 642,452 square feet:
Amortization Interest only
Remaining Amortization N/A Property Name Square
(City, State) Footage Occupancy
------------- ------- ---------
Borrower/Sponsor (1) Six individual special purpose Long Beach Airport 205,257 100.0%
borrowers, each a special (Long Beach, CA)
purpose limited liability Sierra Gateway 130,838 96.0
company wholly owned by Business Center
Abbey Properties, LLC. (Palmdale, CA)
Abbey Properties, LLC is Nevada Street Plaza 126,292 93.0
owned by Donald G. Abbey (Redlands, CA)
and a wholly owned subsidiary Gardena Commerce 39,405 96.0
of Rodamco North America Center
NV. (Gardena, CA)
Moreno Valley 111,060 86.0
Call Protection Prepayment locked out until on Commerce Center
or after June 1, 2009. U.S. (Moreno Valley, CA)
Treasury defeasance allowed, Mount Vernon 29,600 91.0
in whole or in part, on any Commerce Center
payment date on or after the (Colton, CA)
second anniversary of
securitization. Property Management The Abbey Company
Collection Account All rents payable by the Occupancy (2) 94.7%
tenants of the Abbey Company Occupancy Date June 1, 2000
properties are deposited by the
property manager into a Borrower 1999 NOI (3) $3,001,120
lockbox account. Provided no
event of default has occurred, Underwritten
all deposits in the lockbox NOI $4,140,895
account are remitted back to
the Abbey Company NCF $3,389,589
Borrower.
Appraised Value $41,970,000
Mezzanine Loans/Preferred None
Equity Appraisal Date June 17 - July 16, 1999
Monthly Escrows Cut-off Date
Taxes 1/12th of Annual Loan per Square Foot $38.45
Insurance 1/12th of Annual LTV 58.9%
Replacement Reserves $8,031 ($96,372 per year) UW DSCR 1.84x
(1) This loan is secured by six cross-collateralized and
cross-defaulted mortgages, deeds of trust or deeds
encumbering the properties.
(2) Weighted average occupancy based on square footage.
(3) Does not include the actual operating history of the
Long Beach Airport property.
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 15
Additional information is available upon request. Information herein is believed to be reliable but J.P. Morgan
and Salomon Smith Barney Inc. do not warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future results. All information contained
herein, whether regarding the mortgage loans or otherwise, supersedes any previous such information delivered to
you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for informational purposes only and may not be
relied upon by you in evaluating the merits of investing in the securities. Any investment decision with respect
to the securities should be made by you based solely upon the information contained in the final prospectus
relating to the securities. No assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding the mortgage loans furnished by
the seller of the mortgage loans. J.P. Morgan and Salomon Smith Barney Inc. and/or their affiliates and employees
may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as
underwriter, placement agent, advisor or lender to such issuer. J.P. Morgan Securities Inc. and Salomon Smith
Barney Inc. are members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact analysts
at and execute transactions through a J.P. Morgan or Salomon Smith Barney Inc. entity in their home jurisdiction
unless governing law permits otherwise.
<PAGE>
ABBEY PORTFOLIO IV
Loan Information Property Information
Principal Balance Single Asset/Portfolio Portfolio of six assets
Original $22,995,039 Property Type Unanchored Retail
Cut-off Date $22,995,039 Location Southern California
Origination Date August 31, 1999 Years Built 1944 - 1993
Interest Rate 7.47% The Collateral
Maturity Date September 1, 2009 Abbey Portfolio IV consists of six unanchored retail properties
containing 303,138 square feet:
Original Amortization Interest Only
Remaining Amortization N/A Property Name Square
(City, State) Footage Occupancy
------------- -------- ---------
Borrower/Sponsor (1) Six individual special purpose Aliso Viejo 64,137 95.0%
borrowers, each a special Commerce Center
purpose limited liability (Aliso Viejo, CA)
company wholly owned by Wimbledon Business 123,225 92.0
Abbey Properties, LLC. Center
Abbey Properties, LLC is (Victorville, CA)
owned by Donald G. Abbey Upland Commerce 44,957 29.0
and by a wholly owned Center
subsidiary of Rodamco North (Upland, CA)
America NV. AP Rancho Carmel 26,978 92.0
(San Diego, CA)
Call Protection Prepayment locked out until on Atlantic Plaza 31,281 100.0
or after June 1, 2009. U.S. (Long Beach, CA)
Treasury defeasance allowed, Garden Grove 12,560 81.0
in whole or in part, on any Commerce Center
payment date on or after the (Garden Grove, CA)
second anniversary of
securitization. Property Management The Abbey Company
Collection Account All rents payable by the Occupancy (2) 83.6%
tenants of the Abbey Company
properties are deposited by the Occupancy Date June 1, 2000
property manager into a
lockbox account. Provided no Borrower 1999 NOI $3,648,079
event of default has occurred, Underwritten
all deposits in the lockbox
account are remitted back to NOI $3,081,454
the Abbey Company
Borrower. NCF $2,752,178
Appraised Value $39,070,000
Mezzanine Loans/Preferred None Appraisal Date June 22 - July 28, 1999
Equity
Monthly Escrows Cut-off Date
Taxes 1/12th of Annual Loan per Square Foot $75.86
Insurance 1/12th of Annual LTV 58.9%
Replacement Reserves $3,789 ($45,468 per year) UW DSCR 1.58x
(1) This loan is secured by six collateralized and
cross-defaulted mortgages, deeds of trust or deeds to
secure debt encumbering the six retail centers.
(2) Weighted average occupancy based on square footage.
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 16
Additional information is available upon request. Information herein is believed to be reliable but J.P. Morgan
and Salomon Smith Barney Inc. do not warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future results. All information contained
herein, whether regarding the mortgage loans or otherwise, supersedes any previous such information delivered to
you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for informational purposes only and may not be
relied upon by you in evaluating the merits of investing in the securities. Any investment decision with respect
to the securities should be made by you based solely upon the information contained in the final prospectus
relating to the securities. No assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding the mortgage loans furnished by the
seller of the mortgage loans. J.P. Morgan and Salomon Smith Barney Inc. and/or their affiliates and employees may
hold a positron or act as market maker in the financial instruments of any issuer discussed herein or act as
underwriter, placement agent, advisor or lender to such issuer. J.P. Morgan Securities Inc. and Salomon Smith
Barney Inc. are members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact analysts
at and execute transactions through a J.P. Morgan or Salomon Smith Barney Inc. entity in their home jurisdiction
unless governing law permits otherwise.
<PAGE>
ATLANTIC DEVELOPMENT PORTFOLIO
Loan Information Property Information
Principal Balance Single Asset/Portfolio Portfolio of two assets
Original $22,150,000 Property Type Industrial - Flex
Cut-off Date $22,013,205 Location Warren, New Jersey
Origination Date September 15, 1999 Somerset County
Interest Rate 8.05% Years Built 1979 & 1985
Anticipated Repayment Date October 1, 2009 The Collateral
Maturity Date October 1, 2029 Atlantic Development Portfolio consists of two Industrial Flex
buildings totaling 273,061 square feet:
Original Amortization 360 months
Remaining Amortization 349 months 7 Powderhorn Drive is a two-story 180,500 square foot
facility built in 1979 and leased to two tenants: Cordis Corp
Borrower/Sponsor MBCC East, LLC and MBCC (107,000 square feet), a wholly owned subsidiary of Johnson &
35, LLC, each a special Johnson (NYSE: JNJ) rated Aaa/AAA and Celegene Corporation
purpose New Jersey limited (NASDAQ: CLEG), 73,000 square feet.
liability company,
which are owned by Atlantic 35 Technology Drive is a two-story 92,561 square foot
Development and Management facility built in 1985 and 100% leased to Anadigics, Inc.
Corp. (ADMC). ADMC owns (NASDAQ: ANAD).
and manages a portfolio of
office and industrial properties Property Management Atlantic Development
totaling approximately 1.0 Management Company
million square feet.
Occupancy 100.0%
Call Protection Prepayment locked out until on Occupancy Date August 7, 2000
or after July 1, 2009. U.S.
Treasury defeasance allowed, Borrower 1999 NOI $2,896,709
in whole or in part, on any
payment date on or after the Underwritten
second anniversary of
securitization. NOI $2,790,515
Collection Account Hard Lockbox. All rents NCF $2,493,558
payable by tenants are
deposited into a lockbox Appraised Value 35,615,000
account and allocated monthly
to a tax and insurance account, Appraisal Date June 8, 1999
a debt service account, and a
recurring replacement reserve Cut-off Date
account.
Loan per Square Foot $80.61
LTV 61.8%
Mezzanine Loans/Preferred None
Equity UW DSCR 1.27x
Monthly Escrows
Taxes 1/12th of Annual
Insurance 1/12th of Annual
Replacement Reserves 1/12th of Annual
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 17
Additional information is available upon request. Information herein is believed to be reliable but J.P. Morgan
and Salomon Smith Barney Inc. do not warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future results. All information contained
herein, whether regarding the mortgage loans or otherwise, supersedes any previous such information delivered to
you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus
relating to the securities. These materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for informational purposes only and may not be
relied upon by you in evaluating the merits of investing in the securities. Any investment decision with respect
to the securities should be made by you based solely upon the information contained in the final prospectus
relating to the securities. No assurance or representation can be made as to the actual rate or timing of
principal payments or prepayments on any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding the mortgage loans furnished by
the seller of the mortgage loans. J.P. Morgan and Salomon Smith Barney Inc. and/or their affiliates and employees
may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as
underwriter, placement agent, advisor or lender to such issuer. J.P. Morgan Securities Inc. and Salomon Smith
Barney Inc. are members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact analysts
at and execute transactions through a J.P. Morgan or Salomon Smith Barney Inc. entity in their home jurisdiction
unless governing law permits otherwise.
<PAGE>
COVINA HILLS MOBILE HOME COUNTRY CLUB
Loan Information Property Information
Principal Balance Single Asset/Portfolio Single Asset
Original $21,750,000 Property Type Mobile Home Park
Cut-off Date $21,587,115 Location La Puente, California
Origination Date August 4, 1999 Years Built 1972
Interest Rate 7.73% The Collateral
Maturity Date September 1, 2009 The Covina Hills property is a 500-pad mobile home park located
on a 73 acre site and contains 19 single-wide and 481 double
Original Amortization 360 months wide mobile homes. The total site density is approximately 6.8
pads per acre. Property amenities include two clubhouses, two
Remaining Amortization 348 months swimming pools, two laundry room facilities, recreational
facilities, and twenty-two spaces for RV storage.
Borrower/Sponsor Juanita Springs Associates LP,
a special purpose Washington Property Management Bessire & Casenhiser, Inc.
limited partnership owned by
Morgan Partners Inc. and Occupancy 100.0%
Covina Hills Equities Inc.
Morgan Partners manages a Occupancy Date April 1, 2000
portfolio of five mobile home
parks and four apartment Borrower Trailing 12 NOI $2,406,936
communities totaling 1,500 as of 3/31/00
units in three states.
Underwritten
Call Protection Prepayment locked out until on
or after June 1, 2009. US. NOI $2,399,584
Treasury defeasance allowed,
in whole but not in part, on any NCF $2,374,584
payment date on or after the
second anniversary of Appraised Value $30,030,000
securitization.
Appraised Date: June 8, 1999
Collection Account None Cut-off Date
Mezzanine Loans/Preferred None Loan per Pad $43,174
Equity
LTV 71.9%
Monthly Escrows UW DSCR 1.27x
Taxes 1/12th of Annual
Insurance 1/12th of Annual
Replacement Reserves $2,083 ($24,996 per year)
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 18
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
LIBERTY FAIR MALL
Loan Information Property Information
Principal Balance Single Asset/Portfolio Single Asset
Original $21,250,000 Property Type Regional Mall
Cut-off Date $20,549,985 Location Martinsville, Virginia
Origination Date November 30, 1999 Years Built/Renovated 1989/1997
Interest Rate 8.46% The Collateral
Anticipated Repayment Date December 1, 2009 The Liberty Fair Mall Property is an enclosed, single-story,
regional mall containing 435,402 square feet. Primary tenants
Maturity Date December 1, 2029 include:
Original Amortization 360 months Tenant (Rating) Square Footage
--------------- --------------
Remaining Amortization 351 months Kroger (Baa3/BBB-) 55,969
Borrower/Sponsor Liberty Fair VA LP, a special Sears (A3/A) 58,760
purpose Virginia limited
partnership owned 50% by JC Penney (Baa2/BBB) 50,232
Developers Diversified Realty
Corporation (DDR), as general Belks 85,000
partner and 50% by the
Lester Group, as limited partner. Office Max 23,523
DDR owns and manages a
portfolio of 206 shopping Goody's 29,687
centers totaling 49 million
square feet in 40 states. Property Management Developers Diversified
Management, Inc.
Call Protection Prepayment locked out until on Occupancy 92.0%
or after September 1, 2009.
U.S. Treasury defeasance Occupancy Date April 26, 2000
allowed, in whole, but not in
part, on any payment date on Borrower Trailing 12 NOI as $2,843,047
or after the second anniversary of 3/31/00
of securitization.
Underwritten
Collection Account All rents payable by the
tenants of the Liberty Fair Mall NOI $2,700,271
are deposited directly into a
lockbox account. Provided no NCF $2,469,357
event of default has occurred,
all deposits in the lockbox Appraised Value 32,400,000
account are remitted back to
the Liberty Fair Mall Appraisal Date September 23, 1999
Borrower.
Cut-off Date
Mezzanine Loans/Preferred
Equity Loan per Square Foot $47.20
Monthly Escrows LTV 63.4%
Taxes 1/12th of Annual UW DSCR 1.26x
Insurance 1/12th of Annual
Replacement Reserves $3,626 ($43,512 per year)
TI/LC $4,167 ($50,000 per year)
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 19
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
WILSHIRE FINANCIAL TOWER
Loan Information Property Information
Principal Balance Single Asset/Portfolio Single Asset
Original $18,650,000 Property Type CBD Office
Cut-off Date $18,576,294 Location Los Angeles, California
Origination Date November 17, 1999 Years Built/Renovated 1961/1992
Interest Rate 8.86% The Collateral
Maturity Date December 1, 2009 The Wilshire Financial Tower property is a 21-story office
building containing 375,614 square feet located in the Mid-
Original Amortization 360 months Wilshire district of Los Angeles. The property included an
adjoining 2-story parking garage containing 850
Remaining Amortization 351 months spaces.
Borrower/Sponsor 3600 Wilshire LLC, a special Property Management Jamison Properties, Inc.
purpose California limited
liability company. Occupancy 94.6%
Call Protection Prepayment locked out until on Occupancy Date August 1, 2000
or after September 1, 2009.
U.S. Treasury defeasance Borrower 1999 NOI $2,430,609
allowed, in whole but not in
part, on any payment date on Underwritten
or after the second anniversary
of securitization. NOI $2,751,158
Collection Account None NCF $2,349,908
Mezzanine Loans/Preferred None Appraised Value $27,000,000
Equity
Appraisal Date October 1, 1999
Monthly Escrows
Cut-off Date
Taxes 1/12th of Annual
Loan per Square Foot $49.46
Insurance 1/12th of Annual
LTV 68.8%
Replacement Reserves None
UW DSCR 1.32x
TI/LC $30,000 ($360,000 per year)
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 20
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
HUB TOWER
Loan Information Property Information
Principal Balance Single Asset/Portfolio Single Asset
Original $18,000,000 Property Type CBD Office
Cut-off Date $17,952,264 Location Des Moines, Iowa
Origination Date March 17, 2000 Years Built/Renovated 1985/1998
Interest Rate 8.10% The Collateral
Anticipated Repayment Date April 1, 2010 The Hub Tower property is a 20-story Class A office building
containing 281,028 square feet and 74 underground parking
Maturity Date April 1, 2030 spaces. The building is connected to the city's covered skywalk
system. The primary tenants include Principal Mutual Life
Original Amortization 360 months Insurance, AmerUS Life Holdings and Invista Capital.
Remaining Amortization 355 months Property Management Magnum Resources, Inc.
Borrower/Sponsor MR No. 17, LLC, a special Occupancy 100.0%
purpose Iowa limited liability
company that is owned 90% by Occupancy Date March 13, 2000
the Tetrad Corp. and 10% by
MRI-Hub Tower, Inc. The Borrower Tailing 12 NOI as $2,984,655
Tetrad Corp. consists of four of 3/31/00
family trust, each formed by
Walter Scott, Jr. Underwritten
Call Protection Prepayment locked out until on NOI $2,496,817
or after January 1, 2010. U.S.
Treasury defeasance allowed, NCF $2,007,895
in whole but not in part, on any
payment date on or after the Appraised Value $25,500,000
second anniversary of
securitization. Appraisal Date March 28, 2000
Collection Account All rents payable by the Cut-off Date
tenants of the Hub Tower
property are deposited directly Loan per Square Foot $63.88
into a lockbox account.
Provided no event of default LTV 70.4%
has occurred, all deposits in
the lockbox account are UW DSCR 1.26x
remitted back to the Hub
Tower Borrower.
Mezzanine Loans/Preferred None
Equity
Monthly Escrows
Taxes 1/12th of Annual
Insurance 1/12th of Annual
Replacement Reserves $3,165 ($37,980 per year)
TI/LC $20,140 ($241,680 per year)
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 21
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
GERRY BUILDINGS
Loan Information Property Information
Principal Balance Single Asset/Portfolio Single Asset
Original $16,950,000 Property Type Industrial Flex
Cut-off Date $16,824,504 Location Los Angeles, California
Origination Date November 30, 1999 Years Built/Renovated 1912-46/1999
Interest Rate 8.73% The Collateral
Anticipated Repayment Date December 1, 2009 The Gerry Buildings consist of nine industrial, manufacturing,
and office properties totaling 707,125 square feet. The properties
Maturity Date December 1, 2024 are located in the Fashion District of Los Angeles, which
primarily caters to retailers and wholesalers of clothing. Each of
Original Amortization 300 months the nine buildings is located within two square blocks of each
other and two of the buildings are contiguous.
Remaining Amortization 291 months
Property Management MJW Investments, Inc.
Borrower/Sponsor 714-910 S. Los Angeles, LLC,
a special purpose California Occupancy 90.0%
limited liability company.
Occupancy Date April 24, 2000
Call Protection Prepayment locked out until on
or after November 1, 2009. Borrower 1999 NOI $2,322,870
U.S. Treasury defeasance
allowed, in whole but not in Underwritten
part, on any payment date on
or after the second anniversary NOI $2,398,182
of securitization.
NCF $2,079,950
Collection Account All rents payable by the
tenants of the Gerry Buildings Appraised Value $23,400,000
are deposited directly into a
lockbox account. Provided no Appraisal Date October 26, 1999
event of default has occurred,
all deposits in the lockbox Cut-off Date
account are remitted back to
the Gerry Buildings Borrower. Loan per Square Foot $23.79
Mezzanine Loans/Preferred None LTV 71.9%
Equity
UW DSCR 1.25x
Monthly Escrows
Taxes 1/12th of Annual
Insurance 1/12th of Annual
Replacement Reserves $9,473 ($113,676 per year)
TI/LC $8,333 ($100,000 at closing;
capped at $200,000)
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 22
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the securities.
This information was prepared in reliance on information regarding the
mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan and
Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law permits
otherwise.
<PAGE>
EMBASSY SUITES CHICAGO
Loan Information Property Information
Principal Balance Single Asset/Portfolio Single Asset
Original $16,575,000 Property Type Full Service Hotel
Cut-off Date $16,523,281 Location Deerfield, Illinois
Origination Date May 2, 2000 Years Built/Renovated 1987/1997
Interest Rate 8.615% The Collateral
Maturity Date May 10, 2010 The Embassy Suites Chicago property is a 7-story, 237-room full
service hotel located in Deerfield, Illinois, a northern suburb of
Original Amortization 300 months Chicago. Amenities include an indoor pool, sauna, whirlpool,
fitness center, gift shop, meeting/banquet space and restaurant.
Remaining Amortization 296 months
Property Management Coastal Hotel Group, Inc.
Borrower/Sponsor Felcor/CMB Deerfield Hotel,
LLC, a Delaware special Occupancy 75.0%
purpose limited liability
company which is owned by Occupancy Date February 29, 2000
Felcor Lodging Trust, Inc.
Felcor owns 188 hotels with Borrower 1999 NOI $2,917,046
nearly 50,000 rooms and suites
in 35 states and Canada. Underwritten
Felcor is the owner of the
largest number of Embassy NOI $2,677,957
Suites, Crown Plaza, Holiday
Inn, and independently owned NCF $2,263,542
Doubletree branded hotels.
Call Protection Prepayment locked out until on Appraised Value $23,700,000
or after February 10, 2010.
U.S. Treasury defeasance Appraisal Date April 1, 2000
allowed, in whole but not in
part, on any payment date on Cut-off Date
or after the second anniversary
of securitization. Loan per room $69,718
Collection Account None LTV 69.7%
Mezzanine Loans/Preferred None UW DSCR 1.40x
Equity
Monthly Escrows
Taxes 1/12th of Annual
Insurance 1/12th of Annual
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 23
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing in
the securities. Any investment decision with respect to the securities should
be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information
regarding the mortgage loans furnished by the seller of the mortgage loans.
J.P. Morgan and Salomon Smith Barney Inc. and/or their affiliates and
employees may hold a position or act as market maker in the financial
instruments of any issuer discussed herein or act as underwriter, placement
agent, advisor or lender to such issuer. J.P. Morgan Securities Inc. and
Salomon Smith Barney Inc. are members of SIPC. Copyright 2000 J.P. Morgan & Co.
Incorporated. Clients should contact analysts at and execute transactions
through a J.P. Morgan or Salomon Smith Barney Inc. entity in their
home jurisdiction unless governing law permits otherwise.
<PAGE>
FAIRGROUNDS PLAZA
Loan Information Property Information
Principal Balance Single Asset/Portfolio Single Asset
Original $15,300,000 Property Type Anchored Retail
Cut-off Date $16,200,572 Location Timonium, Maryland
Origination Date September 2, 1999 Baltimore County
Interest Rate 7.99% Year Built 1999
Maturity Date October 1, 2009 The Collateral
Original Amortization 360 months The Fairgrounds Plaza property is a 107,060 square foot
anchored shopping center located approximately 10 miles from
Remaining Amortization 349 months downtown Baltimore. The center is anchored by a SuperFresh
supermarket with reported sales per square foot of $492 in 1999
Borrower/Sponsor M.O.R Aylesbury, Inc., a and includes eight in-line tenants and one pad site. SuperFresh is
special purpose Maryland owned by The Great Atlantic & Pacific Tea Company (NYSE:
corporation which is controlled GAP; Ba1/BB).
by Manekin, LLC a full
service real estate company Property Management Manekin, LLC
providing brokerage,
development, asset Occupancy 99.0%
management, and investment
services throughout the Occupancy Date March 6, 2000
Baltimore and Washington DC
metropolitan areas. Borrower 1999 NOI $1,392,106
Call Protection Prepayment locked out until on Underwritten
or after July 1, 2009. U.S.
Treasury defeasance allowed, NOI $1,867,163
in whole but not in part, on any
payment date on or after the NCF $1,814,696
second anniversary of
securitization. Appraised Value $20,700,00
Collection Account None Appraisal Date April 21, 2000
Mezzanine Loans/Preferred None Cut-off Date
Equity
Loan per Square Foot $151.32
Monthly Escrows
LTV 78.3%
Taxes 1/12th of Annual
UW DSCR 1.27x
Insurance 1/12th of Annual
Replacement Reserves $450 ($5,400 per year)
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 24
</TABLE>
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
<PAGE>
<TABLE>
<CAPTION>
Collateral Performance of Previous JP Morgan Fixed-rate Conduit Transactions
30 to 90 Days Delinquent(1)
------------------------------------
# of Loans at Securitized Loan Balance % of Total
Deal Pricing Date Issuance Balance ($000) ($000) Balance # of Loans Foreclosure
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C1 Jul-95 36 $172,165 $12,797(2) 7.43% 1 $0
C2 Jan-96 91 304,650 0 0.00 1 0
C3 Jun-96 124 400,936 0 0.00 0 0
C4 Jan-97 127 406,985 0 0.00 1 0
C5 Sep-97 93(3) 401,244(3) 0 0.00 1 1,860(4)
C6 Mar-98 91 796,414 14,410(5) 1.81 0 0
MC2(6) Jun-98 25(3) 138,896(3) 0 0.00 0 0
C7 Apr-99 145 801,352 0 0.00 0 0
C8 Aug-99 128 731,517 0 0.00 0 0
C9 Jan-00 140 814,388 4,550(7) 0.56 0 0
---------------------------------------------------------------------------------------------------------------
Total 1,000 $4,968,546 $31,757 0.64% 4 $1,860
---------------------------------------------------------------------------------------------------------------
</TABLE>
(1) As of September 2000 remittances
(2) A retail outlet mall in Martinsburg, VA secures this delinquent loan.
Tenant occupancy has dropped due to competing outlet centers in nearby
Baltimore, MD and Washington, DC
(3) Represents J.P. Morgan's contribution to the total pool
(4) Quality Inn and Suites, located in Jacksonville, NC. The property went
into default due to the proximate construction of several other limited
service hotels that severely impacted net operating income. We anticipate
that there will be a loss on this loan in the amount of approximately
$846,000
(5) Burns Medical Center, located in Petosky, Michigan, was originally
master-leased to PhyCor of Northern Michigan, Inc. (NYSE: PHY), a
public physician practice management company. Due to severe financial
difficulties, PhyCor terminated its lease payments in April 1999.
The owner is working on several options for infusing capital into the
property including selling the property. Partial payments have been
made on the loan each month since February 2000 and the loan is current
through the June payment.
(6) Mortgage Capital Funding, Inc., Multifamily/Commercial Mortgage
Pass-Through Certificates, Series 1998-MC2
(7) Howard Johnson -- Cutler Ridge is presently delinquent by two payments
(approximately 45 days). The servicer does not believe there has been any
deterioration in property conditions, however, the borrower has not been
cooperative in making timely debt service payments or forwarding updated
financial statements.
J.P. Morgan Commercial Mortgage Finance Corp., Series 2000-C10 Page 25
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan and Salomon Smith Barney Inc. do not
warrant its completeness or accuracy. These materials are subject to change
from time to time without notice. Past performance is not indicative of future
results. All information contained herein, whether regarding the mortgage
loans or otherwise, supersedes any previous such information delivered to you
and will be superseded by any such information subsequently delivered and
ultimately by the final prospectus relating to the securities. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for informational purposes
only and may not be relied upon by you in evaluating the merits of investing
in the securities. Any investment decision with respect to the securities
should be made by you based solely upon the information contained in the final
prospectus relating to the securities. No assurance or representation can be
made as to the actual rate or timing of principal payments or prepayments on
any of the mortgage loans or the performance characteristics of the
securities. This information was prepared in reliance on information regarding
the mortgage loans furnished by the seller of the mortgage loans. J.P. Morgan
and Salomon Smith Barney Inc. and/or their affiliates and employees may hold a
position or act as market maker in the financial instruments of any issuer
discussed herein or act as underwriter, placement agent, advisor or lender to
such issuer. J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. are
members of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should
contact analysts at and execute transactions through a J.P. Morgan or Salomon
Smith Barney Inc. entity in their home jurisdiction unless governing law
permits otherwise.
