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): July 25, 1996
Midland Realty Acceptance Corp.
(Exact name of registrant as specified in its charter)
Missouri
(State or other jurisdiction of incorporation)
333-3885 43-1745475
(Commission File Number) (IRS Employer Identification No.)
210 West 10th Street, 6th Floor, Kansas City, Missouri 64105
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (816) 435-5000
Not applicable
(Former name or former address, if changed since last report)
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
Exhibit 99 Underwriter's Statement Relating to Midland Realty Acceptance
Corp., Commercial Mortgage Pass-Through Certificates, Series
1996-C1, together with Preliminary Structural Term Sheet and
Preliminary Collateral Term Sheet.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
MIDLAND REALTY ACCEPTANCE CORP., as
Registrant
Date: July 26, 1996 By: Alan L. Atterbury
-------------------
Alan L. Atterbury, President
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99 Underwriter's Statement Relating to
Midland Realty Acceptance,
Commercial Mortgage Pass-Through
Certificates, Series 1996-C1,
together with Preliminary
Structural Term Sheet and
Preliminary Collateral Term Sheet.
<PAGE>
Preliminary Computational Materials
Midland Realty Acceptance Corp.
Commercial Mortgage Pass-Through Certificates
Series 1996-1
<PAGE>
Midland Realty Acceptance Corp. (the "Issuer") will be offering for public
purchase certain classes of certificates from the MRAC 1996-1 series of
commercial mortgage pass-through certificates.
Underwriter's Statement
MRAC Commercial Mortgage Pass-Through Certificates, Series 1996-1
The attached Preliminary Structural Term Sheet and Preliminary Collateral Term
Sheet (collectively, the "Computational Material") are privileged and
confidential and are intended for use by the addressee only. The Computational
Material is based upon information made available to Prudential Securities
Incorporated ("Prudential") and Smith Barney Incorporated ("SBI") by sources
deemed to be reliable. None of Prudential, SBI, the Issuer, or any of their
affiliates makes any representations as to the accuracy or completeness of the
information herein. The information herein, including, without limitation, the
description of the collateral contained in the Preliminary Collateral Term
Sheet, is preliminary, and will be superseded by the information and
descriptions contained in the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission. This
Computational Material may not be provided to any third party other than the
addressee's legal, tax, financing and/or accounting advisors for the purposes of
evaluating said material.
No assurance can be given as to the accuracy, appropriateness or completeness of
the Computational Material in any particular context or as to whether the
Computational Material reflects future performance. This Computational Material
should not be construed as either a projection or prediction or as legal, tax,
financial or accounting advice.
Any yields or weighted average lives shown in the Computational Material is
based on prepayment and other assumptions; actual experience may affect
dramatically such yields or weighted average lives. In addition, it is possible
that prepayments on the underlying assets will occur at rates slower or faster
than the rates assumed in the attached Computational Material. The principal
amount and designation of any security described in the Computational Material
are subject to change prior to issuance.
Although a registration statement (including the prospectus) relating to the
securities discussed in the Preliminary Structural Term Sheet has been filed
with the Securities Exchange Commission and is effective, a prospectus
supplement relating to such securities has not been filed yet with the
Securities and Exchange Commission. This communication shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be any sale
of the securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
supplement relating to the securities discussed in the Preliminary Structural
Term Sheet for definitive terms of the securities and the collateral. A
preliminary and final prospectus supplement may be obtained by contacting the
Prudential Securities Trading Desk at (212) 778-2741.
Please be advised that mortgage-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risks.
Investors should fully consider the risk of an investment in these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
Please feel free to call if you have any questions.
Prudential Securities
Stephanie Anzivino (212) 778-7452
Adrianne Dicker (212) 778-1360
Smith Barney Incorporated
Deborah Schiavo (212) 723-4926
Lotte Kramer (212) 723-4915
<PAGE>
B. PRELIMINARY COMPUTATIONAL MATERIALS
- ------------------------------------------------------------------------------
Preliminary Structural Term Sheet
Approximate Deal Size: $382.7 million
Depositor: Midland Realty Acceptance Corporation ("MRAC"), a
Missouri corporation and wholly owned subsidiary
of Midland Loan Services, L.P., a Missouri limited
partnership ("Midland").
Rating Agencies: Standard & Poor's ("S&P")
Duff & Phelps Credit Rating Co. ("Duff")
Securities: The Class A-1, Class A-EC (the Excess-Cash
Certificates), Class A-2 Certificates, Class C,
Class D, Class E and Class F (collectively, the
"Public Certificates") will be issued as part of
the Midland Realty Acceptance Corp. Commercial
Mortgage Pass-Through Certificates, Series MRAC
1996-1 ("MRAC 1996-1"). The Public Certificates
will be publicly offered, regular interests in the
REMIC trust fund to be created by MRAC, and will
carry ratings of AAA (Classes A-1 and A-3), AA
(Class C), A (Class D), BBB (Class E) and BBB-
(Class F) from both Rating Agencies.
Lead Manager: Prudential Securities Incorporated ("PSI")
Co-Lead Manager: Smith Barney Incorporated ("SBI")
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PRELIMINARY APPROXIMATE CLASS SIZES OF PUBLICLY OFFERED CERTIFICATES
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Rating Approximate Approximate Approximate Approximate
S&P / Class Size % of Cumulative Average
Duff ($ millions) Deal Subord. Levels Life
AAA $145 38% 32% 5 year
AAA $383(notional balance)(notional balance) (Excess-Cash)
AAA $115 30% 32% 10 year
AA $27 7% 25% TBD
A $23 6% 19% TBD
BBB $15 4% 15% TBD
BBB- $12 3% 12% TBD
Prospective investors are advised to read carefully, and should rely solely on,
the preliminary prospectus supplement, final prospectus and final prospectus
supplement (the "Final Prospectus") relating to the securities referred to
herein in making their investment decision. This Investor Preliminary Structural
Term Sheet ("Structural Term Sheet") does not include all relevant information
relating to the securities described herein, particularly with respect to the
risks and special considerations associated with an investment in such
securities. All Structural information contained herein is preliminary and it is
anticipated that such information will change. Any information contained herein
will be more fully described in, and will be fully superseded by, the
descriptions of the structure in the final prospectus supplement and Final
Prospectus. Although the information contained in this Structural Term Sheet is
based on sources which the Issuer, PSI and SBI believe to be reliable, none of
these parties makes any representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predictions or opinions with respect to value. Prior to making any
investment decision, a prospective investor should receive and fully review the
Final Prospectus. The Issuer, PSI, SBI and their affiliates may in the future
have a position in the securities discussed herein and may purchase or sell the
same on a principal basis or as agent for another person. In addition, the
Issuer, PSI, SBI and certain of their affiliates may currently be providing
investment banking and other services to the issuer of such securities and the
borrowers and their affiliates. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
B. PRELIMINARY COMPUTATIONAL MATERIALS
- ------------------------------------------------------------------------------
Preliminary Structural Term Sheet
Master Servicer: Midland.
Special Servicer: Midland.
Trustee: LaSalle National Bank, a nationally chartered bank
with its principal offices in Chicago, Illinois.
Fiscal Agent: ABN Amro Bank, N.V., a Netherlands banking
corporation and parent of the Trustee. The Fiscal
Agent will be obligated to make any principal and
interest advances required to be made in the event
that the Master Servicer and the Trustee default
in the performance of their obligations to make
such advances.
Cut-Off Date: August 1, 1996
Closing Date: On or about September 6, 1996
The Mortgage Pool: The Mortgage Pool will consist of 143 whole
mortgage loans (the "Mortgage Loans") with an
original principal balance of approximately $382.7
million. The original principal balances of the
Mortgage Loans range from approximately $566,000,
to approximately $18,850,000, and the average
principal balance of the Mortgage Loans is
approximately $2,676,285. Approximately 89.6% of
the Mortgage Pool represents Mortgage Loans
originated either by Midland, Smith Barney
Mortgage Capital Incorporated ("Smith Barney") or
correspondents of Smith Barney. Midland purchased
three Mortgage Loans from three different sources;
in each case, Midland re-underwrote the Mortgage
Loan and conducted on-site inspections. Smith
Barney purchased 15 of the Mortgage Loans with an
original principal balance of $19.1 million from
non-correspondents; Smith Barney re-underwrote all
of these Mortgage Loans. In the Mortgage Pool,
134 of the Mortgage Loans, representing
approximately 91.3% of the original principal
balance, are balloons, and the remaining nine
Mortgage Loans, representing approximately 8.7% of
the original principal balance, are fully
amortizing.
Prospective investors are advised to read carefully, and should rely solely on,
the preliminary prospectus supplement, final prospectus and final prospectus
supplement (the "Final Prospectus") relating to the securities referred to
herein in making their investment decision. This Investor Preliminary Structural
Term Sheet ("Structural Term Sheet") does not include all relevant information
relating to the securities described herein, particularly with respect to the
risks and special considerations associated with an investment in such
securities. All Structural information contained herein is preliminary and it is
anticipated that such information will change. Any information contained herein
will be more fully described in, and will be fully superseded by, the
descriptions of the structure in the final prospectus supplement and Final
Prospectus. Although the information contained in this Structural Term Sheet is
based on sources which the Issuer, PSI and SBI believe to be reliable, none of
these parties makes any representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predictions or opinions with respect to value. Prior to making any
investment decision, a prospective investor should receive and fully review the
Final Prospectus. The Issuer, PSI, SBI and their affiliates may in the future
have a position in the securities discussed herein and may purchase or sell the
same on a principal basis or as agent for another person. In addition, the
Issuer, PSI, SBI and certain of their affiliates may currently be providing
investment banking and other services to the issuer of such securities and the
borrowers and their affiliates. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
A. PRELIMINARY TERM SHEET (continued)
- ------------------------------------------------------------------------------
Principal Distributions: All principal payments (scheduled,
balloons and prepayments) will be distributed to the
various classes in the MRAC 1996-1 Series
sequentially by credit seniority.
Distribution Date: The 25th day of each month, or if the 25th day is
not a Business Day, the Business Day immediately
following the 25th day.
Denominations: The Public Certificates will be issued in minimum
denominations of $100,000.00 and multiples of
$1,000.00 in excess thereof.
Auction Call: If the REMIC Trust Fund for these Certificates has
not been earlier terminated, the Trustee shall on
the Distribution Date occurring in September of
each year from and including 2007, and on any date
after the Distribution Date occurring in September
2007 on which the Trustee receives an unsolicited
bona fide offer to purchase all (but not less than
all) of the Mortgage Loans (each, an "Auction
Valuation Date"), request that four independent
financial advisory, investment banking or
investment brokerage firms nationally recognized
in the field of real estate analysis and
reasonably acceptable to the Master Servicer and
the Special Servicer, provide the Trustee with an
estimated value at which the Mortgage Loans and
all other property acquired in respect of any
Mortgage Loan in the REMIC Trust Fund could be
sold pursuant to an auction. If the aggregate
value of the Mortgage Loans and all other property
acquired in respect of any Mortgage Loan, as
determined by the average of the three highest
such estimates, equals or exceeds the aggregate
amount of the Certificate Balances of all
Certificates outstanding on the Auction Valuation
Date plus accrued interest and expenses, the
Trustee shall conduct an auction of the Mortgage
Loans and such property and thereby effect a
termination of the REMIC Trust Fund and early
retirement of the then outstanding Certificates.
The Trustee shall accept no bid lower than the
Certificate Balances of all Certificates
outstanding on the Auction Valuation Date plus
accrued interest and expenses.
Prospective investors are advised to read carefully, and should rely solely on,
the preliminary prospectus supplement, final prospectus and final prospectus
supplement (the "Final Prospectus") relating to the securities referred to
herein in making their investment decision. This Investor Preliminary Structural
Term Sheet ("Structural Term Sheet") does not include all relevant information
relating to the securities described herein, particularly with respect to the
risks and special considerations associated with an investment in such
securities. All Structural information contained herein is preliminary and it is
anticipated that such information will change. Any information contained herein
will be more fully described in, and will be fully superseded by, the
descriptions of the structure in the final prospectus supplement and Final
Prospectus. Although the information contained in this Structural Term Sheet is
based on sources which the Issuer, PSI and SBI believe to be reliable, none of
these parties makes any representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predictions or opinions with respect to value. Prior to making any
investment decision, a prospective investor should receive and fully review the
Final Prospectus. The Issuer, PSI, SBI and their affiliates may in the future
have a position in the securities discussed herein and may purchase or sell the
same on a principal basis or as agent for another person. In addition, the
Issuer, PSI, SBI and certain of their affiliates may currently be providing
investment banking and other services to the issuer of such securities and the
borrowers and their affiliates. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
B. PRELIMINARY COMPUTATIONAL MATERIALS
- ------------------------------------------------------------------------------
Preliminary Structural Term Sheet
Optional Termination: The Special Servicer, Master Servicer, Depositor
and any holder of the residual class of
Certificates (the "Residual Class") representing
more than a 50% interest of the Residual Class
will each have the option to purchase, at the
purchase price to be specified at a later date,
all of the Mortgage Loans, and all property
acquired through exercise of remedies in respect
of any Mortgage Loans, remaining in the REMIC
Trust Fund, and thereby effect a termination of
the REMIC Trust Fund and early retirement of the
then outstanding Certificates, on any Distribution
Date on which the aggregate scheduled principal
balance of the Mortgage Loans remaining in the
REMIC Trust Fund is less than 10% of the initial
principal balance of the Mortgage Pool.
Prospective investors are advised to read carefully, and should rely solely on,
the preliminary prospectus supplement, final prospectus and final prospectus
supplement (the "Final Prospectus") relating to the securities referred to
herein in making their investment decision. This Investor Preliminary Structural
Term Sheet ("Structural Term Sheet") does not include all relevant information
relating to the securities described herein, particularly with respect to the
risks and special considerations associated with an investment in such
securities. All Structural information contained herein is preliminary and it is
anticipated that such information will change. Any information contained herein
will be more fully described in, and will be fully superseded by, the
descriptions of the structure in the final prospectus supplement and Final
Prospectus. Although the information contained in this Structural Term Sheet is
based on sources which the Issuer, PSI and SBI believe to be reliable, none of
these parties makes any representation or warranty that such information is
accurate or complete. Such information should not be viewed as projections,
forecasts, predictions or opinions with respect to value. Prior to making any
investment decision, a prospective investor should receive and fully review the
Final Prospectus. The Issuer, PSI, SBI and their affiliates may in the future
have a position in the securities discussed herein and may purchase or sell the
same on a principal basis or as agent for another person. In addition, the
Issuer, PSI, SBI and certain of their affiliates may currently be providing
investment banking and other services to the issuer of such securities and the
borrowers and their affiliates. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
<PAGE>
- ------------------------------------------------------------------------------
B. Preliminary Computational Materials
- ------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
MORTGAGE SUMMARY REPORT (All characteristics are as of the origination date)
- ------------------------------------------------------------------------------
Number of Mortgage Loans: 143
Aggregate Original Principal Balance: $382,708,761.00
Weighted Average Gross Coupon: 8.940%
Gross Coupon Range: 7.000% - 12.100%
Average Original Principal Balance: $2,676,285.04
Maximum Original Principal Balance: $18,850,000.00
Minimum Original Principal Balance: $566,000.00
Weighted Average Original Term (Last Pay Date to Maturity/Balloon Date):
135.340 mths
Original Term Range: 60.000 - 286.000 mths
Weighted Average Amortized Original Term: 297.127 mths
Amortized Original Term Range: 168.000 - 360.005 mths
Weighted Average Original LTV: 68.241%
Original LTV Range: 30.832% - 88.915%1
Weighted Average DSCR: 1.379
DSCR Range: 1.200 - 2.2902
1 One of the Mortgage Loans, secured by a Sam's Club located in Caguas, Puerto
Rico, has a DSCR (1.06) and LTV (88.915%) that reflect the bondable nature of
the WalMart-lease and the AA / Aa2 rating on WalMart's senior corporate debt, by
S&P's and Moody's, respectively. Seven of the Mortgage Loans, secured by
multifamily properties and representing approximately 9,7% of the total original
principal balance of the Mortgage Pool, have LTVs ranging approximately between
75-80%. All but two of the LTV ratios (explained as follows) in the Preliminary
Collateral Tables for this Mortgage Pool are derived from the appraised value
over the original principal balance. One Mortgage Loan has an LTV ratio that
assumed a cap rate estimated by SBI. One Mortgage Loan secured by an industrial
property in Solon, Ohio, has an LTV of approximately 67.01%, which represents
the original principal balance of the Mortgage Loan less the amount of a letter
of credit to the mortgagee, divided by the appraiser's "as is" value of the
property.
2 For purposes of computing the Preliminary Collateral Sheet Table of DSCRs,
three Mortgage Loans were excluded that have DSCRs ranging approximately from
1.0 to 1.06: the Mortgage Loan secured by the Banco Mercantil Building, the
Mortgage Loan secured by the Rainbow Dunes Kmart in Las Vegas and the Mortgage
Loan secured by the Sam's Club in Plaza Centro, Puerto Rico. The Banco Mercantil
Building is owner-occupied; the Rainbow Dunes property is triple-net leased and
backed by a Kmart corporate guarantee; and the Sam's Club property is backed by
a WalMart USA corporate guarantee.
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
B. Preliminary Computational Materials
- ------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
<TABLE>
<CAPTION>
GROSS COUPON
- ------------------------------------------------------------------------------
WA WA Maximum
(mths) % Original Total
Gross # % % Orig Orig Loan Original
Coupon Loan Pool WAC Term LTV Amount Balance
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
6.75%< Gross Coupon<=7.00% 1 4.93 7.000 286.00 88.92 $18,850,000 $18,850,000
7.50%< Gross Coupon<=7.75% 1 1.79 7.640 84.00 74.46 $6,850,000 $6,850,000
7.75%< Gross Coupon<=8.00% 1 .30 7.960 84.00 71.88 $1,150,000 $1,150,000
8.00%< Gross Coupon<=8.25% 11 9.22 8.155 117.72 69.60 $8,500,000 $35,286,250
8.25%< Gross Coupon<=8.50% 5 4.10 8.468 120.00 69.59 $7,400,000 $15,700,000
8.50%< Gross Coupon<=8.75% 27 15.67 8.656 123.04 66.17 $8,350,000 $59,968,063
8.75%< Gross Coupon<=9.00% 20 19.46 8.898 112.41 68.62 $17,790,000 $74,485,565
9.00%< Gross Coupon<=9.25% 21 11.51 9.165 136.54 67.48 $5,754,000 $44,038,300
9.25%< Gross Coupon<=9.50% 27 16.85 9.355 145.34 65.44 $5,275,000 $64,470,500
9.50%< Gross Coupon<=9.75% 17 9.81 9.640 142.77 65.96 $7,000,000 $37,555,083
9.75%< Gross Coupon<=10.00% 9 3.87 9.812 133.14 60.13 $3,650,000 $14,805,000
10.25%< Gross Coupon<=10.50% 1 .39 10.500 84.00 65.50 $1,500,000 $1,500,000
11.25%< Gross Coupon<=11.50% 1 .63 11.437 120.00 52.17 $2,400,000 $2,400,000
12.00%< Gross Coupon<=12.25% 1 1.48 12.100 144.00 77.54 $5,650,000 $5,650,000
- ------------------------------------------------------------------------------
Total..... 143 100% 8.940 135.34 68.24 $18,850,000$382,708,761
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL MATURITY/BALLOON
- -----------------------------------------------------------------------------------------
WA WA Maximum
Original (mths) % Original Total
(months to) # % % Orig Orig Loan Original
Maturity Loan Pool WAC Term LTV Amount Balance
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
50 < Original Maturity<= 60 1 4.65 8.780 60.00 79.07 $17,790,000 $17,790,000
80 < Original Maturity<= 90 22 13.73 8.680 84.06 71.04 $8,500,000 $52,540,615
110 < Original Maturity<= 120 62 44.07 8.969 120.00 66.06 $8,350,000 $168,667,646
140 < Original Maturity<= 150 24 13.23 9.515 144.00 69.34 $5,754,000 $50,633,750
160 < Original Maturity<= 170 1 .31 9.160 168.00 70.59 $1,200,000 $1,200,000
170 < Original Maturity<= 180 29 18.14 9.202 180.00 62.12 $7,000,000 $69,426,750
190 < Original Maturity<= 200 3 .94 9.145 192.00 69.68 $1,480,000 $3,600,000
280 < Original Maturity<= 290 1 4.93 7.000 286.00 88.92 $18,850,000 $18,850,000
- -----------------------------------------------------------------------------------------
Total..... 143 100% 8.940 135.34 68.24 $18,850,000 $382,708,761
</TABLE>
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
B. Preliminary Computational Materials
- ------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
<TABLE>
<CAPTION>
ORIGINAL TERM TO MATURITY/BALLOON
- -------------------------------------------------------------------------------
WA WA Maximum
Original (mths) % Original Total
(months to) # % % Orig Orig Loan Original
Term Loan Pool WAC Term LTV Amount Balance
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
48< Orig Term<= 60 1 4.65 8.780 60.00 79.07 $17,790,000 $17,790,000
72< Orig Term<= 84 20 12.97 8.690 84.00 71.00 $8,500,000 $49,640,615
84< Orig Term<= 96 2 .76 8.510 85.00 71.80 $1,580,000 $2,900,000
108< Orig Term<= 120 62 44.07 8.969 120.00 66.06 $8,350,000 $168,667,646
132< Orig Term<= 144 24 13.23 9.515 144.00 69.34 $5,754,000 $50,633,750
156< Orig Term<= 168 1 .31 9.160 168.00 70.59 $1,200,000 $1,200,000
168< Orig Term<= 180 29 18.14 9.202 180.00 62.12 $7,000,000 $69,426,750
180< Orig Term<= 192 3 .94 9.145 192.00 69.68 $1,480,000 $3,600,000
276< Orig Term<= 288 1 4.93 7.000 286.00 88.92 $18,850,000 $18,850,000
- -------------------------------------------------------------------------------
Total..... 143 100% 8.940 135.34 68.24 $18,850,000 $382,708,761
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL AMORTIZATION SCHEDULE
- ------------------------------------------------------------------------------------------
WA WA Maximum
Original (mths) % Original Total
(months to) # % % Orig Orig Loan Original
Amortize Loan Pool WAC Amort LTV Amount Balance
- ------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C>
160< Original Amortiz <= 170 1 .31 9.160 168.00 70.59 $1,200,000 $1,200,000
170< Original Amortiz <= 180 7 4.39 10.051 179.90 66.89 $5,650,000 $16,800,000
190< Original Amortiz <= 200 3 .94 9.145 192.00 69.68 $1,480,000 $3,600,000
230< Original Amortiz <= 240 29 14.43 9.010 240.00 61.02 $8,000,000 $55,218,563
260< Original Amortiz <= 270 1 .33 8.950 270.00 74.40 $1,250,000 $1,250,000
280< Original Amortiz <= 290 2 6.86 7.423 285.44 83.91 $18,850,000 $26,250,000
290< Original Amortiz <= 300 75 50.10 9.159 300.00 66.71 $8,350,000 $191,752,583
350< Original Amortiz <= 360 25 22.64 8.645 360.00 71.57 $17,790,000 $86,637,615
- ------------------------------------------------------------------------------------------
Total..... 143 100% 8.940 297.13 68.24 $18,850,000 $382,708,761
</TABLE>
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
B. Preliminary Computational Materials
- ------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
<TABLE>
<CAPTION>
BALLOON LOANS
- ------------------------------------------------------------------------------
WA WA Maximum
(mths) % Original Total
# % % Orig Orig Loan Original
Loan Type Loan Pool WAC Term LTV Amount Balance
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Fully -Amortizing 9 8.68 7.861 241.05 78.65 $18,850,000 $33,200,000
Balloon 134 91.32 9.043 125.30 67.25 $17,790,000 $349,508,761
- ------------------------------------------------------------------------------
Total..... 143 100% 8.940 135.34 68.24 $18,850,000 $382,708,761
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL LTV RANGE
- ------------------------------------------------------------------------------
WA WA Maximum
(mths) % Original Total
Range of # % % Orig Orig Loan Original
LTVs Loan Pool WAC Term LTV Amount Balance
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
30.832< LTV <=50.000 7 4.57 9.040 141.83 40.58 $8,000,000 $17,497,400
50.000< LTV <=55.000 14 5.20 9.448 145.08 53.38 $3,315,000 $19,886,411
55.000< LTV <=60.000 10 3.64 9.130 138.58 57.44 $3,650,000 $13,935,683
60.000< LTV <=65.000 26 14.80 9.035 139.47 62.75 $8,350,000 $56,643,402
65.000< LTV <=70.000 38 27.01 9.124 130.27 67.78 $7,000,000 $103,380,865
70.000< LTV <=75.000 39 28.67 8.847 126.13 72.79 $8,500,000 $109,720,000
75.000< LTV <=80.000 8 11.18 9.128 91.13 77.58 $17,790,000 $42,795,000
85.000< LTV <=90.000 1 4.93 7.000 286.00 88.92 $18,850,000 $18,850,000
- ------------------------------------------------------------------------------
Total..... 143 100% 8.940 135.34 68.24 $18,850,000 $382,708,761
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL MORTGAGE AMOUNT
- -----------------------------------------------------------------------------------------
WA WA Maximum
mths) % Original Total
Original # % % Orig Orig Loan Original
Mortgage Amount ($) Loan Pool WAC Term LTV Amount Balance
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
500,000<Balance<= 600,000 3 .46 9.708 160.77 51.86 $600,000 $1,766,000
600,000<Balance<= 750,000 5 .90 9.040 99.33 63.90 $734,319 $3,439,345
750,000<Balance<= 1,000,000 20 4.81 9.096 137.02 60.01 $1,000,000 $18,404,722
1,000,000<Balance<= 2,000,000 50 18.39 9.074 136.14 66.30 $1,900,000 $70,384,561
2,000,000<Balance<= 3,000,000 23 14.71 9.179 132.21 65.63 $3,000,000 $56,296,133
3,000,000<Balance<= 4,000,000 18 16.61 9.001 132.11 66.04 $4,000,000 $63,579,000
4,000,000<Balance<= 5,000,000 6 7.06 9.249 123.84 69.53 $4,965,000 $27,020,000
5,000,000<Balance<= 6,000,000 7 9.94 9.479 133.74 70.62 $5,754,000 $38,029,000
6,000,000<Balance<= 7,000,000 4 7.22 8.803 141.03 70.19 $7,000,000 $27,650,000
7,000,000<Balance<= 8,000,000 3 5.92 8.577 120.00 62.01 $8,000,000 $22,650,000
8,000,000<Balance<= 9,000,000 2 4.40 8.429 101.84 68.16 $8,500,000 $16,850,000
Balance> 17,000,000 2 9.57 7.864 176.27 84.13 $18,850,000 $36,640,000
- -----------------------------------------------------------------------------------------
Total..... 143 100% 8.940 135.34 68.24 $18,850,000 $382,708,761
</TABLE>
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
B. Preliminary Computational Materials
- --------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
<TABLE>
<CAPTION>
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------------------------------
WA WA Minimum Maximum
(mths) % Original Original Total Average
# % % Orig Orig Loan Loan Original Original
State Loans Pool WAC Term LTV Amount Amount Balance Balance
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AR 1 .34 8.750 84.00 72.18 $1,310,000 $1,310,000 $1,310,000 $1,310,000
AZ 6 3.56 9.198 106.73 70.85 $990,000 $3,900,000 $13,615,000 $2,269,167
CA 13 13.26 9.041 119.92 64.72 $1,000,000 $8,500,000 $50,740,000 $3,903,077
CO 4 1.86 9.704 118.02 62.40 $1,435,000 $2,500,000 $7,100,000 $1,775,000
DC 1 1.38 9.280 120.00 73.26 $5,275,000 $5,275,000 $5,275,000 $5,275,000
DE 1 1.30 9.720 120.00 73.56 $4,965,000 $4,965,000 $4,965,000 $4,965,000
FL 8 4.35 8.897 134.29 66.76 $847,400 $4,060,000 $16,639,750 $2,079,969
GA 5 2.05 8.900 114.03 68.03 $625,000 $3,550,000 $7,835,000 $1,567,000
ID 1 .53 9.560 120.00 63.71 $2,038,583 $2,038,583 $2,038,583 $2,038,583
IL 8 5.38 8.412 136.03 66.75 $857,318 $7,250,000 $20,581,561 $2,572,695
IN 3 2.93 8.897 122.03 69.41 $950,000 $7,000,000 $11,232,000 $3,744,000
KS 1 1.14 8.540 120.00 71.31 $4,350,000 $4,350,000 $4,350,000 $4,350,000
LA 1 .83 8.920 120.00 69.13 $3,180,000 $3,180,000 $3,180,000 $3,180,000
MA 1 .27 9.760 144.00 64.86 $1,050,000 $1,050,000 $1,050,000 $1,050,000
MD 2 .44 9.633 120.00 57.28 $566,000 $1,133,000 $1,699,000 $849,500
MI 5 2.56 9.097 121.89 69.49 $1,412,000 $2,433,750 $9,795,750 $1,959,150
MO 6 2.97 8.828 160.98 67.52 $730,026 $6,800,000 $11,362,777 $1,893,796
MT 1 .47 9.260 180.00 72.00 $1,800,000 $1,800,000 $1,800,000 $1,800,000
NH 1 .23 9.630 120.00 73.72 $862,500 $862,500 $862,500 $862,500
NJ 4 1.85 9.093 148.11 59.09 $1,100,000 $3,315,000 $7,075,464 $1,768,866
NM 3 1.53 9.449 182.36 64.14 $1,150,000 $3,100,000 $5,850,000 $1,950,000
NV 3 6.52 9.560 84.08 77.98 $1,500,000 $17,790,000 $24,940,000 $8,313,333
NY 9 7.07 8.935 145.31 68.39 $970,000 $7,000,000 $27,068,432 $3,007,604
OH 9 6.99 8.975 129.04 64.31 $975,000 $4,900,000 $26,742,000 $2,971,333
OK 8 4.25 8.956 143.45 68.48 $975,000 $3,500,000 $16,248,800 $2,031,100
PA 5 2.31 9.250 150.53 66.71 $600,000 $5,754,000 $8,846,829 $1,769,366
PR 3 9.04 7.731 210.44 78.70 $7,400,000 $18,850,000 $34,600,000 $11,533,333
TN 2 .48 8.950 180.00 57.63 $920,000 $930,000 $1,850,000 $925,000
TX 231 1.27 9.032 127.38 63.77 $675,000 $5,500,000 $43,146,315 $1,875,927
VA 4 2.25 9.338 131.14 64.69 $1,200,000 $4,420,000 $8,614,000 $2,153,500
WY 1 .60 9.480 144.00 71.72 $2,295,000 $2,295,000 $2,295,000 $2,295,000
- --------------------------------------------------------------------------------------
Total..143 100% 8.940 135.34 68.24 $566,000 $18,850,000 $382,708,761 $2,676,285
</TABLE>
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
B. Preliminary Computational Materials
- --------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
<TABLE>
<CAPTION>
PROPERTY TYPE
- -------------------------------------------------------------------------------------------
WA WA Maximum
(mths) % Original Total
# % % Orig Orig Loan Original
Loan Feature Loan Pool WAC Term LTV Amount Balance
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Congregate Care 5 3.98 8.320 120.00 62.47 $4,060,000 $15,220,000
Hotel 4 5.98 8.968 159.04 56.87 $8,000,000 $22,900,000
Industrial 4 2.57 9.396 122.55 70.01 $4,900,000 $9,819,750
Mini Warehouse 3 .94 9.147 146.66 59.51 $1,600,000 $3,601,000
Mobile Home Park 4 2.17 9.324 124.13 68.06 $3,410,000 $8,305,000
Nursing Home, Congregate/Asst.Living 1 1.05 9.630 120.00 68.97 $4,000,000 $4,000,000
Office 13 8.36 9.355 148.63 63.43 $7,000,000 $31,987,000
Office, w/Retail 2 1.58 10.449 120.00 55.10 $3,650,000 $6,050,000
Retail, Anchored 8 7.37 9.841 137.77 71.89 $5,754,000 $28,192,583
Retail, Neighborhood/Comm.Centre 7 7.02 8.578 108.08 68.77 $8,350,000 $26,875,000
Retail, Regional Shopping 1 4.93 7.000 286.00 88.92 $18,850,000 $18,850,000
Retail, Single Tenant 17 7.54 8.854 139.64 63.29 $7,400,000 $28,872,813
Retail, Unanchored 10 5.22 9.169 137.89 70.30 $4,325,000 $19,987,500
Multifamily 64 41.30 8.903 117.92 69.44 $17,790,000 $158,048,115
- -------------------------------------------------------------------------------------------
Total 143 100% 8.940 135.34 68.24 $18,850,000 $382,708,761
</TABLE>
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
B. Preliminary Computational Materials
- ------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
<TABLE>
<CAPTION>
DSCR RANGE
- ------------------------------------------------------------------------------
WA Maximum
(mths) Original Total
Range of # % % Original WA Loan Original
DSCRs Loan Pool WAC Term DSCR Amount Balance
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1.1999<= DSCR< 1.2499 9 5.9 9.304 133.99 1.22 $4,900,000 $20,604,000
1.2499<= DSCR< 1.2999 27 27.3 9.044 113.86 1.27 $17,790,000 $96,025,500
1.2999<= DSCR< 1.3499 34 23.2 8.976 130.88 1.32 $7,400,000 $81,330,398
1.3499<= DSCR< 1.3999 18 10.6 8.715 124.53 1.37 $8,500,000 $37,268,000
1.3999<= DSCR< 1.4499 10 7.9 9.268 132.23 1.42 $8,350,000 $27,643,000
1.4499<= DSCR< 1.4999 13 10.7 8.861 134.19 1.47 $6,800,000 $37,513,800
1.4999<= DSCR< 1.5499 3 2.1 9.361 180.00 1.51 $3,500,000 $7,437,500
1.5499<= DSCR< 1.5999 12 3.4 8.640 124.56 1.58 $1,600,000 $11,986,589
1.5999<= DSCR< 1.6499 3 2.4 8.412 127.30 1.63 $3,300,000 $8,420,000
1.6999<= DSCR< 1.7499 1 .2 9.250 84.00 1.70 $625,000 $625,000
1.7999<= DSCR< 1.8499 3 1.5 8.256 101.01 1.82 $2,500,000 $5,291,250
1.8499<= DSCR< 1.8999 1 .2 9.900 180.00 1.86 $600,000 $600,000
1.8999<= DSCR< 1.9499 3 3.0 8.996 126.94 1.92 $8,000,000 $10,606,324
1.9999<= DSCR< 2.4999 3 1.7 9.474 122.47 2.22 $4,000,000 $5,857,400
- ------------------------------------------------------------------------------
Total..... 140 100% 8.980 126.22 1.39 $17,790,000 $351,208,761
</TABLE>
For purposes of computing the Preliminary Collateral Term Sheet table of DSCRs,
three Mortgage Loans were excluded that have DSCRs ranging from 1.0 to 1.06: the
Mortgage Loan secured by the Banco Mercantil Building, the Mortgage Loan secured
by the Rainbow Dunes Kmart in Las Vegas and the Mortgage Loan secured by the
Sam's Club in Plaza Centro, Puerto Rico. The Banco Mercantil Building is
owner-occupied; the Rainbow Dunes property is triple-net leased and backed by a
Kmart corporate guarantee; and the Sam's Club property is backed by a WalMart
USA corporate guarantee.
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
B. Preliminary Computational Materials
- ------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
<TABLE>
<CAPTION>
Original Original
Term Original Principal
Property Name # Loans % Pool % Coupon months) LTV % Balance
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SAM'S CLUB 1 4.93 7.00 286 88.92 $18,850,000
SUNRISE APARTMENTS 1 4.65 8.78 60 79.07 $17,790,000
ACACIA PARK APARTMEN 1 2.22 8.16 84 73.91 $8,500,000
PLAZA CENTRO I I 1 2.18 8.70 120 62.31 $8,350,000
HOLIDAY INN MAINGATE 1 2.09 9.00 120 41.67 $8,000,000
BUILDER'S SQUARE 1 1.93 8.50 120 71.15 $7,400,000
HESSEL ON THE PARK A 1 1.89 8.19 120 75.13 $7,250,000
BANCO MERCANTIL BUIL 1 1.83 9.63 180 65.42 $7,000,000
TIBERON TRAILS APART 1 1.83 9.00 120 71.57 $7,000,000
ARCADIA SHOPPING CEN 1 1.79 7.64 84 74.46 $6,850,000
RAPHAEL HOTEL 1 1 1.78 8.92 180 69.39 $6,800,000
PROMENADE AT LEBANON 1 1.50 9.17 144 74.73 $5,754,000
RAINBOW DUNES NEIGHB 1 1.48 12.10 144 77.54 $5,650,000
COUNTRY CREEK APARTM 1 1.44 8.86 84 63.95 $5,500,000
RAPHAEL HOTEL - IL 1 1.44 8.73 180 61.11 $5,500,000
1411 K STREET N.W. 1 1.38 9.28 120 73.26 $5,275,000
THE GATES APARTMENTS 1 1.37 8.72 84 77.21 $5,250,000
GOTTSCHALKS/ANTIOCH 1 1.33 9.39 180 66.23 $5,100,000
DOVER SPRINGHILL SHO 1 1.30 9.72 120 73.56 $4,965,000
32000 AURORA ROAD 1 1.28 9.39 120 67.01 $4,900,000
HECHINGER BACKLICK P 1 1.15 9.68 120 65.97 $4,420,000
THE BOARDWALK APARTM 1 1.14 8.54 120 71.31 $4,350,000
MARIPOSA PLAZA 1 1 1.13 9.47 144 71.37 $4,325,000
LIME PLAZA RETIREMEN 1 1.06 8.56 120 67.67 $4,060,000
MOUNTAIN SHADOWS CAR 1 1.05 9.63 120 68.97 $4,000,000
HUNT CLUB 1 1 1.03 9.26 120 69.84 $3,942,000
CENTRAL VALLEY PLAZA 1 1.02 8.61 144 67.24 $3,900,000
MILL TOWNE CENTER 1 1.02 9.42 120 69.64 $3,900,000
COUNTY SQUARE 1 1 0.95 9.80 120 57.03 $3,650,000
FOOTHILLS SHADOWS AP 1 0.95 8.99 120 76.97 $3,625,000
THE WELLINGTON HOUSE 1 0.95 8.95 120 70.8 $3,625,000
THE SHOPPES AT HINES 1 0.93 8.93 120 73.2 $3,550,000
BRANDYWOOD APARTMENT 1 0.91 9.28 180 34.55 $3,500,000
NORTH COUNTRY COMMON 1 0.91 8.59 120 65.91 $3,500,000
KASH N' KARRY STORE 3 0.89 9.30 180 56.13 $3,411,750
PACIFIC SKIES MOBILE 1 0.89 9.11 84 67.52 $3,410,000
OLD HARBOR PLAZA SHO 1 0.89 8.42 120 74.73 $3,400,000
WILLIAMSVILLE PLACE 1 0.89 8.21 180 73.91 $3,400,000
PEZROW BUILDING 1 1 0.87 9.30 180 54.34 $3,315,000
CROSSROADS RETIREMEN 1 0.86 8.12 120 61.11 $3,300,000
CRESTWOOD VILLAGE NO 1 0.86 8.68 120 69.09 $3,282,000
CLASSIC HEIGHTS APAR 1 0.83 8.92 120 69.13 $3,180,000
LOS CERROS APARTMENT 1 0.81 9.62 180 62.63 $3,100,000
MAINRIDGE APARTMENTS 1 0.78 9.24 180 63.83 $3,000,000
</TABLE>
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
B. Preliminary Computational Materials
- ------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
<TABLE>
<CAPTION>
Original Original
Terms Original Principal
Property Name # Loans % Pool % Coupon (months) LTV % Balance
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TEMPLE TERRACE 1 0.77 9.25 120 64.46 $2,965,000
HOODVIEW APARTMENTS 1 0.74 9.34 120 70.88 $2,835,000
HOLLAND LAKE PLACE 1 0.73 8.57 120 70 $2,800,000
BRITAINS LANE OFFICE 1 0.68 9.07 144 68.87 $2,600,000
COMFORT INN - EAST 1 0.68 9.50 180 61.9 $2,600,000
SQUIRE'S LANDING APA 1 0.67 9.08 144 73.14 $2,560,000
TOWNSQUARE RETIREMEN 1 0.67 8.12 120 67.37 $2,560,000
WESTRIDGE APARMENTS 1 0.67 9.24 180 54.26 $2,550,000
CARDINAL VILLAGE - F 1 0.65 8.12 120 42.37 $2,500,000
TERRACE GARDEN APART 1 0.65 9.80 120 68.31 $2,500,000
15985 STURGEON 1 0.64 9.36 144 75 $2,433,750
413 WEST BROADWAY 1 0.63 11.44 120 52.17 $2,400,000
HAMPTON HOUSE VILLAS 1 0.63 8.46 120 69.36 $2,400,000
KAY BEE TOYS 1 0.61 8.85 144 70 $2,345,000
WINDJAMMER APARTMENT 1 0.60 9.26 120 66.31 $2,300,000
PIONEER MOBILE HOME 1 0.60 9.48 144 71.72 $2,295,000
ESPLANADE APARTMENTS 1 0.57 9.88 84 65.67 $2,200,000
SUN TREE DUPLEXES 1 0.57 9.18 180 70.51 $2,200,000
ST. REGIS APARTMENTS 2 0.55 9.07 173.21 65.07 $2,120,000
CHASE APARTMENTS 1 0.55 8.03 120 64.62 $2,100,000
HERITAGE APARTMENTS 1 0.54 9.25 84 68.79 $2,063,800
TRI CITY PLAZA 1 0.54 9.13 84 67.21 $2,050,000
CHERRY PLAZA SHOPPIN 1 0.53 9.56 120 63.71 $2,038,583
QUAIL CREEK APARTMEN 1 0.50 9.29 180 70.63 $1,900,000
QUAIL HOLLOW APARTME 1 0.49 8.80 84 67.84 $1,865,565
COLONNADE APARTMENTS 1 0.47 9.10 144 72.6 $1,815,000
BRUSH MEADOWS APARTM 1 0.47 9.26 180 72 $1,800,000
CHAMPAIGN HOUSE APAR 1 0.47 8.19 120 75 $1,800,000
PARK FOREST APARTMEN 1 0.47 9.14 180 56.69 $1,800,000
PEPPER PLACE APARTME 1 0.47 9.18 120 67.92 $1,800,000
POOLER SQUARE SHOPPI 1 0.44 8.93 120 72.47 $1,685,000
ACADEMY PLACE & TIME 1 0.44 9.13 144 57.85 $1,665,000
BAILEY'S CROSSROADS 1 0.42 8.78 180 62.75 $1,600,000
CORONADO SQUARE 1 0.42 9.81 180 62.26 $1,600,000
GOLD STREET APARTMEN 1 0.42 9.62 180 62.14 $1,600,000
CORTE LINDA APARTMEN 1 0.41 8.51 85 75.24 $1,580,000
CENTURY CENTER V 1 0.41 9.36 84 70.45 $1,550,000
CLEARVIEW MOBILE HOM 1 0.39 9.25 144 66.67 $1,500,000
RANDERS PROFESSIONAL 1 0.39 9.62 120 63.83 $1,500,000
REGENCY / BEL ROSE A 1 0.39 10.50 84 65.5 $1,500,000
PHOENIX PLACE APARTM 1 0.39 8.05 84 75 $1,481,250
565 85TH STREET 1 0.39 9.33 192 70.48 $1,480,000
CLAREMONT APARTMENTS 1 0.38 9.11 120 75 $1,462,500
LA PICO PLAZA 1 0.38 9.64 144 72.79 $1,450,000
</TABLE>
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
B. Preliminary Computational Materials
- ------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
<TABLE>
<CAPTION>
Original Original
Term Original Principal
Property Name # Loans % Pool % Coupon (months) LTV % Balance
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COLLEGE COURT APARTM 1 0.37 8.97 144 62.39 $1,435,000
OLD MILL BUSINESS CE 1 0.37 9.37 120 54.15 $1,435,000
THE MARKET PLACE 1 0.37 8.89 120 75 $1,425,000
WEST COURT RANCHES 1 0.37 9.12 144 69.56 $1,412,000
PRISM PLAZA OFFICE B 1 0.36 9.65 120 61.96 $1,394,000
FRANK'S STORE #628 1 0.36 8.70 120 58.7 $1,379,474
THE BRICKLYN MANOR A 1 0.36 9.32 144 67.22 $1,378,000
FRANK'S STORE #623 1 0.36 8.70 120 58.44 $1,373,432
WOODRIDGE MANOR APAR 1 0.34 8.51 85 67.69 $1,320,000
WILLOW CREEK APARTME 1 0.34 8.75 84 72.18 $1,310,000
DIPLOMAT TOWNHOUSE A 1 0.34 8.43 120 51.18 $1,300,000
FRANK'S STORE #101 1 0.33 8.70 120 61.59 $1,280,990
COMMONS OF ORCHARD P 1 0.33 8.95 180 74.4 $1,250,000
SPRINGFIELD DUPLEXES 1 0.33 8.23 180 68.31 $1,250,000
STONEBRIDGE PLAZA 1 0.31 8.46 120 65.75 $1,200,000
EMERALD POINT APARTM 1 0.30 7.96 84 71.88 $1,150,000
WESTGATE APARTMENTS 1 0.30 8.75 192 70.99 $1,150,000
CYPRESS HILLS PATIO 1 0.30 8.18 120 73.87 $1,145,000
FOUR CORNERS MEDICAL 1 0.30 9.64 120 53.95 $1,133,000
INTEGRITY FUND 1 0.29 9.79 144 50.92 $1,105,000
ATASCOCITA VILLAGE M 1 0.29 9.76 180 63.95 $1,100,000
MONTCLAIR APARTMENTS 1 0.29 9.42 120 70.97 $1,100,000
114 STATE STREET 1 0.27 9.76 144 64.86 $1,050,000
ARLINGTON MEDICAL BU 1 0.27 9.50 144 42.86 $1,050,000
MADISON AVENUE BUILD 1 0.27 8.72 144 74.47 $1,050,000
MUSTANG CROSSING APT 1 0.26 9.00 84 69.66 $1,010,000
CLAYBOURNE APARTMENT 1 0.26 9.60 180 49.09 $1,000,000
HARBOR PLAZA 1 0.26 9.83 144 54.05 $1,000,000
THE CONCORDIA PLACE 1 0.26 9.38 84 69.69 $1,000,000
CAVE CREEK CENTER PL 1 0.26 9.59 120 61.88 $990,000
ACME-KENT PLAZA 1 0.25 8.58 144 60.94 $975,000
MOUNT VERNON APARTME 1 0.25 8.75 84 78 $975,000
402-416 EAST 25TH ST 1 0.25 9.33 192 66.9 $970,000
HAWTHORNE SERVICE CE 1 0.25 8.91 144 54.6 $950,000
CREATIVE CONTAINERS 1 0.24 9.58 144 72 $936,000
UNIVERSITY GARDEN AP 1 0.24 9.09 120 64.21 $931,000
THE BROADMOOR APARTM 1 0.24 8.95 180 57.41 $930,000
FRANK'S STORE #99 1 0.23 8.70 120 62.44 $892,829
FRANK'S STORE #167 1 0.23 8.70 120 51.99 $883,802
FRANK'S STORE #106 1 0.23 8.70 120 54.22 $867,548
FRANK'S STORE #140 1 0.23 8.70 120 53.93 $862,893
WILLOW TREE PLAZA 1 0.23 9.63 120 73.72 $862,500
FRANK'S STORE #163 1 0.22 8.70 120 53.58 $857,318
FRANK'S STORE #265 1 0.20 8.70 120 56.23 $753,432
</TABLE>
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
B. Preliminary Computational Materials
- --------------------------------------------------------------------------------
Preliminary Collateral Term Sheet
<TABLE>
<CAPTION>
Original Original
Term Original Principal
Property Name # Loans % Pool % Coupon months) LTV % Balance
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FRANK'S STORE #139 1 0.19 8.70 120 59.22 $734,319
FRANK'S STORE #135 1 0.19 8.70 120 55.1 $730,026
BRIARCLIFF APARTMENT 1 0.18 9.25 84 64.29 $675,000
JACKSON MANOR APARTM 1 0.18 9.38 84 76.36 $675,000
GREENWOOD APARTMENTS 1 0.16 9.25 84 65.79 $625,000
GREENHILL APARTMENTS 1 0.16 9.90 180 30.83 $600,000
VELMA COURT APARTMEN 1 0.16 9.60 180 61.48 $600,000
BUDGET SELF STORAGE 1 0.15 9.62 120 63.95 $566,000
- ------------------------------------------------------------------------------------
Total..... 143 100.00 % 8.940 135.34 68.24 $382,708,761
</TABLE>
Prospective investors are advised to read carefully, and should rely solely
on, the preliminary prospectus supplement, final prospectus and final
prospectus supplement (the "Final Prospectus") relating to the securities
referred to herein in making their investment decision. This Investor
Preliminary Collateral Term Sheet ("Collateral Term Sheet") does not include
all relevant information relating to the securities described herein,
particularly with respect to the risks and special considerations associated
with an investment in such securities. All Collateral information contained
herein is preliminary and it is anticipated that such information will
change. Any information contained herein will be more fully described in, and
will be fully superseded by, the descriptions of the collateral in the final
prospectus supplement and Final Prospectus. Although the information
contained in this Collateral Term Sheet is based on sources which the Issuer,
PSI and SBI believe to be reliable, none of these parties makes any
representation or warranty that such information is accurate or complete.
Such information should not be viewed as projections, forecasts, predictions
or opinions with respect to value. Prior to making any investment decision,
a prospective investor should receive and fully review the Final Prospectus.
NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN
OFFER TO BUY ANY SECURITIES.
<PAGE>
