UNITED STATES
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 September 11, 1998
COMMERCIAL MORTGAGE ACCEPTANCE CORP.
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
MISSOURI 333-60749 43-1681393
- --------------------------- --------------------- ------------------
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification)
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
--------------
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
Exhibit 23.1 Consent of Cushman & Wakefield
Exhibit 23.2 Consent of Cushman & Wakefield of Illinois, Inc.
Exhibit 23.3 Consent of Hospitality Valuation Services International
Exhibit 99 Preliminary Term Sheet for Commercial Mortgage Pass-Through
Certificates Series 1998-C2
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.
COMMERCIAL MORTGAGE ACCEPTANCE CORP.
By: /s/ CLARENCE A. KRANTZ
------------------------------
Name: Clarence A. Krantz
------------------------------
Title: Executive V.P.
------------------------------
Date: September 15, 1998
CUSHMAN & WAKEFIELD, INC. [LOGO] CUSHMAN & WAKEFIELD
51 West 52nd Street
New York, NY 10019-6178
Tel: (212) 841-5070
Fax: (212) 841-7772
JOSEPH P. DONDIEGO, JR., MAI
Managing Director
National Tax Consulting Services
September 3, 1998
Mr. Edward J. Welch
Director
Investment Banking
Merrill Lynch
250 Vesey Street
26th Floor
New York, NY 10281-1326
Dear Mr. Welch:
This is to confirm that, notwithstanding anything to the contrary contained in
our report dated November 25th, 1997 and follow up letter dated August 25th,
1998 with respect to our appraisal, as of November 18th, 1997, of the leased fee
interest in One Liberty Plaza (a/k/a 149-171 Broadway, NY, NY), such report,
transmittal and follow up letters related thereto, as well as the name Cushman &
Wakefield, Inc., as the preparer of such items as an appraisal expert, may be
included in and referred to in any offering document (including any prospectus
filed under the Securities Act of 1933 (the "Act")) relating to the sale of
related real estate or mortgage securities or participation interests solely to
qualified institutional buyers as defined in Rule 144A under the Act or
institutional accredited investors.
Sincerely,
CUSHMAN & WAKEFIELD, INC.
/s/ JOSEPH P. DONDIEGO, JR.
- ----------------------------------
Joseph P. Dondiego, Jr. MAI
Managing Director
[LOGO]INDEPENDENT MEMBERS
CUSHMAN & WAKEFIELD OF ILLINOIS, INC. [LOGO] CUSHMAN & WAKEFIELD
455 N. Cityfront Plaza Drive
Suite 2800
Chicago, IL 60611-5555
Tel: (312) 470-1800
Fax: (312) 470-3800
September 3, 1998
Mr. Edward J. Welch
Director
Investment Banking
Merrill Lynch
250 Vesey Street
26th Floor
New York, NY 10281-1326
Dear Mr. Welch:
This is to confirm that, notwithstanding anything to the contrary contained in
our reports dated December 9th, 1997 with respect to our market studies, as of
December 5th, 1997, of the real properties shown in the attached Schedule A,
such report and transmittal leter related thereto, as well as the name Cushman &
Wakefield of Illinois, Inc., as the preparer of such items as an appraisal
expert, may be included in and referred to in any offering document (including
any prospectus filed under the Securities Act of 1933 (the "Act")) relating to
the sale of related real estate or mortgage securities or participation
interests solely to qualified institutional buyers as defined in Rule 144A under
the Act or institutional accredited investors.
Sincerely,
CUSHMAN & WAKEFIELD OF ILLINOIS, INC.
/s/ STANLEY DENNIS, JR.
- ----------------------------------
Stanley Dennis, Jr. MAI
Managing Director
<PAGE>
<TABLE>
SCHEDULE A
<CAPTION>
====================================================================================================================================
<S> <C> <C> <C> <C>
Bonanza Village Camelot Accres Casa Village Central Park Village Cimarron
3700 East Stewart Avenue 14750 West Bursnville Parkway 422 South 24th Street West 205 West Bell Road 12205 North Perry Street
Las Vegas, NV Burnsville, MN Billings, MT Phoenix, AZ Broomfield, CO
- ----------------------------------------------------------------------------------------------------------------------------------
Concord Cascade Country Place Village East Bay Oaks Eldorado Village Golden Terrace Village
245 Aria Drive 2535 Country Place Boulevard 601 Starkey Road 2505 East Bay drive 17601 West Colfax Avenue
Pacheco, CA New Port Richey, FL Largo, FL Largo, FL Golden, CO
- ----------------------------------------------------------------------------------------------------------------------------------
Golden Terrace Village
West Green Acres Hacienda De Valencia Hillcrest Village Holiday Hills Village
431 Zeta Street 8785 Turkey Ridge Road 201 South Greenfield Road 1600 Sable Boulevard 2000 West 92nd Avenue
Golden, CO Breinigsville, PA Mesa, AZ Aurora, CO Federal Heights, CO
- ----------------------------------------------------------------------------------------------------------------------------------
Holiday Village Colorado Lake Haven Lamplighter Village Oak Tree Village Pueblo Grande Village
3405 Sinton Road 1415 Main Street 10767 Jamaica Boulevard 254 Sandalwood Ave. 999 Fortino Boulevard West
Colorado Springs, CO Dunedin, FL Spring Valley, CA Portage, IN Pueblo, CO
- ----------------------------------------------------------------------------------------------------------------------------------
Rancho Valley Windmill Village Windmill Village North Windmill Village South The Meadows
12970 Highway 8 Business 16131 North Cleveland Avenue 4000 North Tuttle Avenue 3000 Nort Tuttle Ave. 2401 West Southern Avenue
El Cajon, CA North Fort Myers, FL Sarasota, FL Sarasota, FL Tempe, AZ
- ----------------------------------------------------------------------------------------------------------------------------------
California-Hawaiian Casa del Sol #1 Casa del Sol #2 Contempo Marin
3637 Snell avenue 11411 North 91st Street 10960 North 67th Avenue 400 Yosemite Road
San Jose, CA Peoria, AZ Glendale, AZ San Rafael, CA
====================================================================================================================================
</TABLE>
Investment Banking
Corporate and Institutional
Client Group
World Financial Center
North Tower
New York, New York 10281-1326
212 449 1000
FAX 212 449 7684
FAX 212 449 7165
[LOGO] MERRILL LYNCH
September 8, 1998
Mr. Edward J. Welch
Director
Investment Banking
Merrill Lynch
250 Vesey Street
26th Floor
New York, NY 10281-1326
Dear Mr. Welch:
This is to confirm that, notwithstanding anything to the contrary contained in
our report dated March 18, 1998 with respect to our appraisal, as of January 1,
1998, of the leasehold interest in The Sheraton Chicago Hotel & Towers, such
report and the transmittal letter related thereto, as well as the names
Hospitality Valuation Services, Hospitality Services International, or HVS, may
be included in and referred to in any offering document relating to the sale of
related real estate or mortgage securities or participation interests to
institutional investors.
Sincerely,
Hospitality Valuation Services International
/s/ DOROTHY A. JENNINGS
----------------------------
Dorothy A. Jennings
Executive Vice President
<TABLE>
[LOGO] MERRILL LYNCH
[LOGO] GREENWICH NATWEST
PNC CAPITAL MARKETS
MORTGAGE SECURITY PRELIMINARY NEW ISSUE TERM SHEET SEPTEMBER 9, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
$2,558,779,000 (APPROXIMATE)
COMMERCIAL MORTGAGE ACCEPTANCE CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-C2
TOTAL POOL SIZE = $2,891,276,720 (512 LOANS/546 PROPERTIES)
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
% OF INITIAL WEIGHTED
EXPECTED INITIAL INITIAL PASS- AVERAGE CASH FLOW
RATING BY CERTIFICATE POOL CREDIT THROUGH LIFE OR PRINCIPAL
CLASS S&P/DCR BALANCE (1) BALANCE SUPPORT DESCRIPTION RATE(4) (YEARS)(2) WINDOW (2)
- ----- --------- ----------- ------- ------- ----------- ------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior Certificates
Class A-1 AAA/AAA $515,016,000 17.80% 30.00% Fixed Rate % 5.0 10/98 - 03/06
Class A-2 AAA/AAA $837,749,000 29.00% 30.00% Fixed Rate % 9.2 03/06 - 03/08
Class A-3 AAA/AAA $671,128,000 23.20% 30.00% Fixed Rate % 9.7 03/08 - 08/08
Class X AAAr/AAA $2,891,276,720(3) (3) N/A Variable Rate I/O (4) N/A N/A
Subordinate Certificates
Class B AA/AA $144,564,000 5.00% 25.00% Net WAC (5) 9.9 08/08 - 08/08
Class C A/A $173,477,000 6.00% 19.00% Net WAC (5) 9.9 08/08 - 08/08
Class D BBB/BBB $173,476,000 6.00% 13.00% Net WAC (5) 10.0 08/08 - 11/09
Class E BBB-/BBB- $ 43,369,000 1.50% 11.50% Net WAC (5) 11.3 11/09 - 06/10
Class F (6) (6) $122,880,000 4.25% 7.25% Net WAC (5) 13.5 06/10 - 05/13
Class G (6) (6) $ 21,684,000 0.75% 6.50% Net WAC (5) 14.7 05/13 - 07/13
Class H (6) (6) $ 36,141,000 1.25% 5.25% Fixed Rate % 14.9 07/13 - 08/13
Class J (6) (6) $ 65,054,000 2.25% 3.00% Fixed Rate % 15.4 08/13 - 08/15
Class K (6) (6) $ 14,456,000 0.50% 2.50% Fixed Rate % 17.5 08/15 - 10/16
Class L (6) (6) $ 28,913,000 1.00% 1.50% Fixed Rate % 19.0 10/16 - 03/18
Class M (6) (6) $ 43,369,720 1.50% 0.00% Fixed Rate % 20.8 03/18 - 08/28
- ----------------
(1) In each case, subject to a permitted variance of plus or minus 5%.
(2) The weighted average life (expressed in years) and the period (expressed in months following the Closing Date and commencing
with the month of the first Distribution Date) during which distributions of principal would be received (the "Principal
Window").
(3) The Class X Certificates will not have a principal balance nor will they entitle the holders thereof to receive distributions
of principal, but will entitle such holders to receive payments of interest equal to the aggregate of the interest accrued on
the Notional Amount of each of its Components. As of any Distribution Date, each Component will have a Notational Amount equal
to the Certificate Balance of the Class of Sequential Pay Certificates with the same Class designation immediately prior to
such Distribution Date.
(4) The initial Pass-Through Rates for the Class X Certificates set forth in the table is approximate. On each Distribution Date,
the Class X Certificates will receive payments of interest equal to the aggregate of the interest accrued in the Notational
Amount of each of its Components. Each Component will accrue interest at its applicable Strip Rate (as set forth below) on its
related Notational Amount. The Strip Rate (as set forth below) on its related Notational Amount. The Strip Rate applicable to
the Class A-1, Class A-2 and Class A-3 Components for each Distribution Date will equal the Weighted Average Net Mortgage Rate
for such Distribution Date minus __%, __%, and __%, respectively; and the Strip Rate applicable to the Class H, Class J, Class
K, Class L and Class M Components for each Distribution Date will equal the Weighted Average Net Mortgage Rate for such
Distribution Date minus __% (but not less than zero).
(5) The Pass-Through Rates for the Class B, Class C, Class D, Class E, Class F and Class G Certificates will equal the Weighted
Average Net Mortgage Rate minus __%, __%, __%, __%, __% and __%, respectively.
(6) Not publicly offered.
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
| Prospective investors are advised to read carefully, and should rely solely on, the final
[LOGO] MERRILL LYNCH | prospectus and prospectus supplement (the "Final Prospectus") relating to the Offered
| Certificates referred to herein (the "Offered Securities") in making their investment
(212) 449-3860 | decision. This Term Sheet does not include all relevant information relating to the Offered
| Securities described herein, particularly with respect to the risks and special considerations
| associated with an investment in the Offered Securities. Any information contained herein will
[LOGO] GREENWICH NATWEST | be more fully described in, and will be fully superseded by, the descriptions of the
| collateral and structure in the preliminary prospectus supplement and Final Prospectus.
(203) 625-6160 | Although the information contained in this Term Sheet is based on sources which the
| Underwriters believe to be reliable, the Underwriters make no representation or warranty that
| such information is accurate or complete. Such information should not be viewed as
PNC CAPITAL MARKETS | projections, forecasts, predictions or opinions with respect to value. Prior to making any
| investment decision, a prospective investor shall receive and fully review the Final
(412) 762-9047 | Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR SOLICITATION OF AN OFFER
| TO BUY ANY SECURITIES.
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
[LOGO] MERRILL LYNCH
[LOGO] GREENWICH NATWEST
PNC CAPITAL MARKETS
MORTGAGE SECURITY PRELIMINARY NEW ISSUE TERM SHEET SEPTEMBER 9, 1998
- --------------------------------------------------------------------------------
$2,558,779,000 (APPROXIMATE)
COMMERCIAL MORTGAGE ACCEPTANCE CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-C2
TOTAL POOL SIZE = $2,891,276,720 (512 LOANS/546 PROPERTIES)
KEY FEATURES:
_
[_] PASS-THROUGH STRUCTURE: Senior/subordinated, sequential pay pass-through
bonds
_
[_] LEAD MANAGER: Merrill Lynch & Co. ("Merrill Lynch")
_
[_] CO-MANAGER: Greenwich NatWest Limited ("GNL")
_
[_] UNDERWRITERS: Merrill Lynch & Co. and Greenwich NatWest Limited (together
the "Underwriters")
_
[_] DEPOSITOR: Commercial Mortgage Acceptance Corp., a wholly owned subsidiary
of Midland Loan Services, Inc.
_
[_] MORTGAGE LOAN SELLERS: Merrill Lynch Mortgage Capital, Inc. ("MLMCI")
(69.0%), Greenwich Capital Financial Products, Inc. ("GCFP") (17.4%), and
Midland Loan Services, Inc. ("Midland") (13.7%)
_
[_] MASTER SERVICER: Midland Loan Services, Inc., a wholly owned subsidiary of
PNC Bank, N.A.
_
[_] SPECIAL SERVICER: Midland Loan Services, Inc., a wholly owned subsidiary of
PNC Bank, N.A.
_
[_] TRUSTEE: Norwest Bank Minnesota, National Association
_
[_] INTEREST ACCRUAL PERIOD: 1st to the 1st
_
[_] DISTRIBUTION: The 15th day of the month, but not less than 4 business days
after the determination date
_
[_] DETERMINATION DATE: The 10th day of the month, or if such 10th day is not a
business day, the next succeeding business day
_
[_] DELIVERY: The Depository Trust Company ("DTC") through Cede & Co. in the
United States, and CEDEL or Euroclear in Europe
_
[_] ERISA: Only Class A-1, Class A-2, Class A-3, and Class X are ERISA eligible
subject to certain conditions for eligibility
_
[_] SMMEA: None of the Offered Securities are SMMEA eligible
_
[_] TAX TREATMENT: REMIC
_
[_] OPTIONAL TERMINATION: 1% clean up call
2
<PAGE>
<TABLE>
[LOGO] MERRILL LYNCH
[LOGO] GREENWICH NATWEST
PNC CAPITAL MARKETS
MORTGAGE SECURITY PRELIMINARY NEW ISSUE TERM SHEET SEPTEMBER 9, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
$2,558,779,000 (APPROXIMATE)
COMMERCIAL MORTGAGE ACCEPTANCE CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-C2
TOTAL POOL SIZE = $2,891,276,720 (512 LOANS/546 PROPERTIES)
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
OVERVIEW: o The transaction is collateralized by 512 multifamily and commercial loans, with an aggregate pool balance of
approximately $2,891,276,720 secured by properties located throughout 41 states, the District of Columbia and
the U.S. Virgin Islands.
o Merrill Lynch Commercial and Multifamily Conduit Program contributed 228 of the mortgage loans, or 69.0% of
the total pool balance. Greenwich contributed 165 loans, or 17.4% of the pool balance, and Midland contributed
119 loans, or 13.7% of the pool balance.
o Approximately, 69% of the loans were originated in 1998.
o Except where otherwise indicated, percentages (%) represent principal amount of loan or loans compared to the
Initial Pool Balance.
</TABLE>
================================================================================
LOAN INFORMATION
Total Conduit Balance: $2.89 billion (512 loans/546 properties)
Avg./Max Balance: $5.65 million/$273.1 million
Loan Types: All fixed rate; 58% balloons.
5% fully amortizing, 36% ARD
Gross WAC(1): 7.206%
Net WAC(1): 7.097%
Collateral Age: 4.59 months
Wtg. Avg. RTM(2): 127 months
Wtg. Avg. Rem Amort.: 300 months
Wtg. Avg. DSCR: 1.43x
Wtg. Avg. Cut-Off LTV: 71.66%
Call Protection: All of the loans are currently locked out or have
yield maintenance
Cross Collateralization: 24 loan groups representing 5.22% of the pool are
both cross-collateralized and cross defaulted
Borrower Concentration: None greater than 9.45% of the pool
(1) WAC = Weighted Average Mortgage Rate (Calculated on a 30/360)
(2) RTM = Remaining Term to Maturity
================================================================================
==================================================
PROPERTY TYPE DESCRIPTION
WTG.
# OF % OF AVG
TYPE: PROPS. POOL DSCR
- --------------------------------------------------
Multifamily: 217 30.02% 1.34x
Office: 58 22.94 1.42
Retail: 115 17.12 1.36
Hospitality: 32 10.28 1.70
MH Parks: 44 9.89 1.54
Industrial: 33 4.48 1.38
Mixed Use: 15 2.25 1.37
Congregate Care: 8 1.10 1.66
CTL: 9 0.92 NAP
Self Storage: 14 0.87 1.49
Parking Garage: 1 0.14 1.50x
- --------------------------------------------------
Tot/Wtg. Avg.: 546 100.00% 1.43x
==================================================
==========================================================
GEOGRAPHIC DISTRIBUTION
(Total of 41 States,
the District of Columbia
and the U.S. Virgin Islands)
# OF % OF
STATE PROPERTIES POOL
- ----------------------------------------------------------
California 94 14.19%
New York 28 11.31
Texas 66 8.02
Illinois 6 7.83
New Jersey 14 6.15
Pennsylvania 20 6.04
Florida 34 6.00
Other 284 40.46
- ----------------------------------------------------------
Totals 546 100.00%
==========================================================
=================================================================
CUT-OFF DATE BALANCES
BALANCE RANGE % OF % OF CUMULATIVE WTG. AVG.
(mm) LOANS POOL % OF POOL CUT-OFF LTV
- -----------------------------------------------------------------
$0.168-0.99 68 1.48% 1.48% 65.80%
1.00-1.99 131 6.82 8.31 69.27
2.00-2.99 105 9.17 17.48 70.68
3.00-3.99 59 7.00 24.48 71.63
4.00-4.99 35 5.38 29.86 73.38
5.00-5.99 26 4.99 34.85 73.11
6.00-6.99 16 3.57 38.42 73.14
7.00-7.99 12 3.14 41.56 74.36
8.00-8.99 14 4.14 45.70 72.02
9.00-9.99 8 2.57 48.28 73.10
10.00-14.99 12 5.00 53.27 76.84
15.00-19.99 8 4.63 57.90 74.45
20.00-24.99 3 2.41 60.31 67.00
25.00-29.99 5 4.70 65.01 75.08
30.00-34.99 3 3.39 68.40 72.53
40.00-69.99 4 7.49 75.89 77.05
70.00-273.13 3 24.11 100.00 68.05
- -----------------------------------------------------------------
Totals 512 100.00% 100.00% 71.66%
=================================================================
=================================================================
DEBT SERVICE COVERAGE RATIOS
DSCR % OF % OF CUMULATIVE WTG. AVG.
RANGE LOANS POOL % OF POOL CUT-OFF LTV
- -----------------------------------------------------------------
CTL Loans 9 0.92% 0.92% NAP
1.10-1.19x 3 0.19 1.11 81.99
1.20-1.29 129 30.22 31.32 75.86
1.30-1.39 165 22.86 54.19 73.21
1.40-1.49 92 10.44 64.63 70.48
1.50-1.59 51 24.07 88.69 68.82
1.60-1.69 26 2.88 91.58 69.19
1.70-1.79 18 1.58 93.15 64.68
1.80-1.89 8 5.99 99.14 63.70
1.90-1.99 3 0.28 99.43 66.13
2.00-2.49 6 0.52 99.95 50.98
2.50-2.99 1 0.01 99.96 31.02
3.00-3.28 1 0.04 100.00 24.93
- -----------------------------------------------------------------
Totals 512 100.00% 100.00% 71.66%
=================================================================
==============================================================
CUT-OFF DATE LTV RATIOS
# OF % OF CUMULATIVE
LTV RANGE LOANS POOL % OF POOL
- --------------------------------------------------------------
CTL Loans 9 0.92% 0.92%
0.01-50.00% 19 1.22 2.14
50.01-60.00 43 4.78 6.92
60.01-70.00 118 28.75 35.67
70.01-80.00 314 60.96 96.63
80.01-86.10 9 3.37 100.00
- --------------------------------------------------------------
Totals 512 100.00% 100.00%
===============================================================
======================================================
ORIGINAL TERMS
TERM # OF LOANS % OF POOL
- ------------------------------------------------------
5 Year Balloon 6 0.64%
6 to 9 Year Balloon 14 2.17
6 to 9 Year ARD 2 5.79
10 Year Balloon 305 45.09
10 Year ARD 36 28.53
11 to 14 Year Balloon 12 2.50
11 to 14 Year ARD 1 0.45
15 Year Balloon 44 6.08
15 Year ARD 4 0.48
16 to 20 Year Balloon 16 1.81
16 to 20 Year ARD 5 1.10
Fully Amortized 67 5.35
- ------------------------------------------------------
Totals 512 100.00%
======================================================
3
<PAGE>
<TABLE>
[LOGO] MERRILL LYNCH
[LOGO] GREENWICH NATWEST
PNC CAPITAL MARKETS
MORTGAGE SECURITY PRELIMINARY NEW ISSUE TERM SHEET SEPTEMBER 9, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
$2,558,779,000 (APPROXIMATE)
COMMERCIAL MORTGAGE ACCEPTANCE CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-C2
TOTAL POOL SIZE = $2,891,276,720 (512 LOANS/546 PROPERTIES)
<CAPTION>
DESCRIPTION OF PROPERTY TYPES:
====================================================================================================================================
LOAN CHARACTERISTICS BY PROPERTY TYPE
- ------------------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGES
AGG. AVERAGE ------------------------------------------------------------
CUT-OFF CUT-OFF CUT-OFF LOAN PER SQ. FT.,
DATE % OF DATE MAX. CUT-OFF DATE REPAY- AVERAGE OCCU- UNIT, BED,
BALANCE # OF POOL BALANCE BALANCE DATE LTV MENT PROPERTY PANCY KEY, PAD OR
PROPERTY TYPE (MM) PROPS. BALANCE (MM) (MM) DSCR(A) (A) LTV SIZE % (B) ROOM (C)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MULTIFAMILY
MULTIFAMILY $780.41 200 26.99% $3.90 $ 31.23 1.34x 75.60% 62.69% 212 96% 39,825
MULTIFAMILY/RETAIL 36.63 14 1.27 2.62 10.75 1.46 75.30 64.30 205 95 46,072
MULTIFAMILY/RETAIL
/OFFICE 45.86 1 1.59 45.86 45.86 1.27 68.04 58.60 717 94 63,956
SECTION 42 4.92 2 0.17 2.46 3.08 1.20 85.27 66.05 90 90 29,379
------- --- ----- ----- ------ ---- ----- ----- --- -- ------
SUBTOTAL 867.82 217 30.02 4.00 45.86 1.34 75.25 62.56 238 96 41,305
OFFICE 663.26 58 22.94 11.44 273.13 1.42 69.12 59.11 996,851 98 130
RETAIL
ANCHORED 327.23 48 11.32 6.82 33.73 1.32 73.38 55.32 190,666 97 89
UNANCHORED 167.81 67 5.80 2.50 9.50 1.43 69.99 55.99 46,283 95 92
------ --- ----- ---- ----- ---- ----- ----- ------- -- --
SUBTOTAL 495.04 115 17.12 4.30 33.73 1.36 72.23 55.54 141,723 96 90
HOSPITALITY
FULL SERVICE 246.32 10 8.52 24.63 159.01 1.74 62.80 47.62 872 NAP(D) 102,842
LIMITED SERVICE 50.80 22 1.76 2.31 4.87 1.49 68.10 30.10 99 NAP(D) 28,437
------ -- ----- ----- ------ ---- ----- ----- --- ------ -------
SUBTOTAL 297.12 32 10.28 9.29 159.01 1.70 63.70 44.62 740 NAP(D) 90,120
MOBILE HOME PARK 285.88 44 9.89 6.50 19.65 1.54 74.26 72.56 392 98 26,173
INDUSTRIAL 129.59 33 4.48 3.93 25.50 1.38 73.89 53.81 209,174 99 57
MIXED USE
OFFICE/INDUSTRIAL 40.74 5 1.41 8.15 26.93 1.30 75.26 62.49 309,593 99 61
OFFICE/RETAIL 20.42 9 0.71 2.27 3.62 1.50 65.03 40.85 30,431 94 107
RETAIL/SELF STORAGE 3.97 1 0.14 3.97 3.97 1.51 69.09 55.56 57,311 96 69
----- -- ---- ---- ----- ---- ----- ----- ------- -- --
SUBTOTAL 65.13 15 2.25 4.34 26.93 1.37 71.67 55.29 206,684 97 76
CONGREGATE CARE 31.69 8 1.10 3.96 8.28 1.66 66.43 41.42 186 94 30,934
CREDIT LEASE LOANS 26.55 9 0.92 2.95 10.39 NAP NAP NAP 61,111 100 134
SELF STORAGE 25.20 14 0.87 1.80 3.21 1.49 65.12 34.22 684 88 3,202
PARKING GARAGE 3.99 1 0.14 3.99 3.99 1.50 62.38 50.47 251,850 98 16
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WTG. AVG. $2,891.28 546 100.00% $5.30 $273.13 1.43X 71.66% 58.63% 268,078 97% 24,664
- ------------------------------------------------------------------------------------------------------------------------------------
(A) The Cut-Off Date DSCR and Cut-Off Date LTV ratio information shown above do not reflect the nine Credit Lease Loans,
representing 0.9% of the Initial Pool Balance, which typically have debt service coverage ratios equal to or less than 1.00x
and loan to value ratios in excess of 79%.
(B) Weighted average of the occupancy percentage for the corresponding property type.
(C) Average Property Size refers to total leasable square feet with respect to retail, office and industrial properties, number of
units with respect to multifamily properties, number of pads with respect to manufactured housing communities, number of guest
rooms with respect to each hospitality property, number of square feet with respect to self-storage facilities, and number of
beds with respect to health care facilities.
(D) NAP = Not Applicable
====================================================================================================================================
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
[LOGO]
GREENWICH NATWEST PNC CAPITAL MARKETS
Mortgage Security Preliminary New Issue Term Sheet September 9, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
$2,558,779,000 (Approximate)
Commercial Mortgage Acceptance Corp.
Commercial Mortgage Pass-Through Certificates, Series 1998-C2
Total Pool Size = $2,891,276,720 (512 loans / 546 properties)
PREPAYMENT o From the total loan pool, 93.96% of the loans have a lock out period, and 35.45%
PROTECTION: subject to yield maintenance charges, after the lock out period ends.
o Yield maintenance charges are calculated at flat-to-treasuries.
- ------------------------------------------------------------------------------------------------------------------------------------
TABLE 1
PREPAYMENT RESTRICTION CATEGORIES
- ------------------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGES
----------------------------------------------------------------
AGGREGATE REMAINING LOCKOUT/DEFEASANCE
NUMBER OF CUT-OFF DATE % OF INITIAL TERM TO TERM (MOS.) / % OF WTG. # OF MONTHS OF OPEN
PREPAYMENT MORTGAGE BALANCE POOL ARD/MATURITY AVG. STATED REM. TERM OF PREPAYMENT PRIOR TO
RESTRICTION (A) LOANS (MM) BALANCE (MOS.) LOCKOUT ARD/MATURITY (MOS.)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
LO Only (B) 121 $1,654.73 57.23% 123 118 96.43% 4
LO, then PP 28 37.04 1.28 185 102 54.96 6
LO, then YM 275 988.03 34.17 131 58 44.71 7
LO, then YM,
then PP 12 37.05 1.28 146 51 34.90 11
YM Only 23 51.40 1.78 114 0 0.00 8
YM, then PP 53 123.03 4.26 126 0 0.00 13
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WTG. AVGS. 512 $2,891.28 100.00% 127 90 70.87% 6
- ------------------------------------------------------------------------------------------------------------------------------------
Weighted Average Term to End of Lock Out / Defeasance Term (for all loans): 90 months.
Weighted Average Number of Months Loans are Open to Prepayment Prior to ARD/Maturity: 6 months.
(A) LO=Lock Out and Defeasance Collateral, YM=Yield Maintenance, PP=Percentage Premium.
(B) Includes Defeasance Mortgage Loans
- ------------------------------------------------------------------------------------------------------------------------------------
Prepayment premiums will be allocated among the Class A-1, A-2, A-3, B, C, D, E, F, G and X Regular
ALLOCATION OF Certificates as follows:
PREPAYMENT [ ] Any yield maintenance charges and percentage prepayment premiums will be allocated among the Class A-1,
PREMIUMS: A-2, A-3, B, C, D, E, F, G and X Certificates based upon a formula which is based, in part, on the
relationship between the Pass-Through Rate of such Class(es) currently receiving principal, the
mortgage rate of the loan that has prepaid, and current interest rates.
===========================================================================================================
% of Prepayment Premium (Pass-Through Rate - Discount Rate)
= ------------------------
Allocated to Non-IO Certificates (Mortgage Rate - Discount Rate)
===========================================================================================================
[ ] Any penalties not allocated to non-IO certificates will be allocated to class IO.
[ ] In general, this formula provides for an increase in the allocation of prepayment premiums to the
Sequential Pay Certificates as interest rates decrease and a decrease in the allocation to such classes
as interest rates rise.
The "Discount Rate" applicable to any Class of Certificates will be equal to the yield (when compounded
monthly) on the non-callable U.S. Treasury issue (primary issue) with a maturity date closest to the
maturity date for the prepaid Mortgage Loan as reported in The Wall Street Journal on the date of such
prepayment. In the event that there are two such U.S. Treasury issues (a) with the same coupon, the issue
with the lower yield will be utilized, and (b) with maturity dates equally close to the maturity date for
the prepaid Mortgage Loan, the issue with the earliest maturity date will be utilized.
5
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
[LOGO] MERRILL LYNCH
[LOGO] GREENWICH NATWEST
PNC CAPITAL MARKETS
MORTGAGE SECURITY PRELIMINARY NEW ISSUE TERM SHEET SEPTEMBER 9, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
$2,558,779,000 (APPROXIMATE)
COMMERCIAL MORTGAGE ACCEPTANCE CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-C2
TOTAL POOL SIZE = $2,891,276,720 (512 LOANS/546 PROPERTIES)
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT LOCK-OUT/PREMIUM ANALYSIS
- ------------------------------------------------------------------------------------------------------------------------------------
PERCENTAGE OF MORTGAGE POOL BY PREPAYMENT RESTRICTION ASSUMING NO PREPAYMENT
- ------------------------------------------------------------------------------------------------------------------------------------
CURRENT 12 MO. 24 MO. 36 MO. 48 MO. 60 MO. 72 MO. 84 MO.
PREPAYMENT SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER
RESTRICTION 1998 1999 2000 2001 2002 2003 2004 2005
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 94.0% 93.8% 93.1% 91.0% 83.6% 64.0% 63.6% 62.2%
Yield Maintenance 6.0 6.2 6.9 8.5 15.8 35.0 34.8 34.6
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage Premium
5.00% and greater 0.0 0.0 0.0 0.0 0.2 0.5 0.0 0.3
4.00 to 4.99 0.0 0.0 0.0 0.1 0.0 0.2 0.5 0.0
3.00 to 3.99 0.0 0.0 0.0 0.0 0.1 0.0 0.2 2.2
2.00 to 2.99 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2
1.00 to 1.99 0.0 0.0 0.0 0.4 0.2 0.1 0.1 0.4
Open 0.0 0.0 0.0 0.0 0.2 0.1 0.8 0.1
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Mortgage Pool Balance ($mm) $2,891.3 $2,859.8 $2,826.4 $2,789.8 $2,740.8 $2,691.0 $2,641.8 $2,398.2
% of Initial Pool Balance 100.0% 98.9% 97.8% 96.5% 94.8% 93.1% 91.4% 82.9%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT LOCK-OUT/PREMIUM ANALYSIS
- ------------------------------------------------------------------------------------------------------------------------------------
PERCENTAGE OF MORTGAGE POOL BY PREPAYMENT RESTRICTION ASSUMING NO PREPAYMENT
--------------------------------------------------------------------------------------------------------
96 MO. 108 MO. 120 MO. 132 MO. 144 MO. 156 MO. 168 MO. 180 MO.
PREPAYMENT SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER
RESTRICTION 2006 2007 2008 2009 2010 2011 2012 2013
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 61.4% 40.5% 53.0% 45.0% 53.0% 51.7% 47.2% 28.8%
Yield Maintenance 33.7 23.9 34.4 35.4 36.6 37.8 35.3 51.4
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage Premium
5.00% and greater 0.6 0.1 6.3 0.0 0.0 0.0 0.0 10.4
4.00 to 4.99 0.0 0.2 0.1 6.5 0.0 0.0 0.0 0.0
3.00 to 3.99 0.1 0.0 1.2 0.1 7.7 0.0 0.0 0.0
2.00 to 2.99 1.9 0.0 0.0 1.3 0.1 7.8 0.0 0.0
1.00 to 1.99 0.6 0.5 0.4 0.4 2.0 0.5 6.0 2.8
Open 1.8 34.8 4.5 11.3 0.7 2.2 11.4 6.6
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Mortgage Pool Balance ($mm) $2,351.7 $2,259.2 $404.8 $379.1 $307.1 $287.6 $266.1 $117.0
% of Initial Pool Balance 81.3% 78.1% 14.0% 13.1% 10.6% 9.9% 9.2% 4.0%
- ------------------------------------------------------------------------------------------------------------------------------------
6
</TABLE>
<PAGE>
[LOGO] MERRILL LYNCH
[LOGO] GREENWICH NATWEST
PNC CAPITAL MARKETS
MORTGAGE SECURITY PRELIMINARY NEW ISSUE TERM SHEET SEPTEMBER 9, 1998
- --------------------------------------------------------------------------------
$2,558,779,000 (APPROXIMATE)
COMMERCIAL MORTGAGE ACCEPTANCE CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-C2
TOTAL POOL SIZE = $2,891,276,720 (512 LOANS/546 PROPERTIES)
SPECIAL SERVICER/LOAN The initial Special Servicer will be Midland Loan
MODIFICATIONS: Services, Inc. The Special Servicer will be
responsible for performing certain servicing
functions with respect to Mortgage Loans that, in
general, are in default or as to which default is
reasonably foreseeable, and for the management of
REO Properties. The Controlling Class of
Sequential Pay Certificates will have the right,
subject to certain conditions, to replace the
Special Servicer and to select a representative
from whom the Special Servicer will seek advice
and approval and take directions under certain
circumstances. The Special Servicer will be
permitted to extend the date on which any Balloon
Payment is scheduled to be due.
REMOVAL OF THE SPECIAL The Pooling and Servicing Agreement permits
SERVICER/CONTROLLING (subject to certain conditions) the Controlling
CLASS REPRESENTATIVE: Class of Sequential Pay Certificates to replace
the Special Servicer. The "Controlling Class of
Sequential Pay Certificates" is the Class of
Sequential Pay Certificates that has the latest
alphabetical Class designation, and that has a
Certificate Balance that is greater than 20% of
its initial Certificate Balance and 1% of the
aggregate Certificate Balance of all Sequential
Pay Certificates (or if no Class of Sequential
Pay Certificates has a Certificate Balance that
is greater than 20% of its initial Certificate
Balance and 1% of the aggregate Certificate
Balance of all Sequential Pay Certificates, the
Class of Sequential Pay Certificates with the
latest alphabetical Class designation). The Class
A-1, Class A-2 and Class A-3 Certificates will be
treated as one Class for determining the
Controlling Class of Sequential Pay Certificates.
7
<PAGE>
[LOGO] MERRILL LYNCH
[LOGO] GREENWICH NATWEST
PNC CAPITAL MARKETS
MORTGAGE SECURITY PRELIMINARY NEW ISSUE TERM SHEET SEPTEMBER 9, 1998
- --------------------------------------------------------------------------------
$2,558,779,000 (APPROXIMATE)
COMMERCIAL MORTGAGE ACCEPTANCE CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-C2
TOTAL POOL SIZE = $2,891,276,720 (512 LOANS/546 PROPERTIES)
APPRAISAL REDUCTION: Upon the earliest of the date (each such date, a
"required Appraisal Date") that (1) any Mortgage
Loan is one hundred twenty (120) days delinquent
in respect of any Periodic Payment, (2) any REO
Property is acquired on behalf of the Trust Fund,
(3) any Mortgage Loan has been modified by the
Special Servicer to reduce the amount of any
Periodic Payment, other than a Balloon Payment,
(4) is sixty days after a receiver is appointed
and continues in such capacity in respect of a
Mortgaged Property securing any Mortgage Loan,
(5) is sixty days after a borrower with respect
to any Mortgage Loan has become effective as a
result of a modification of such Mortgage Loan by
the Special Servicer, which extension does not
change the amount of periodic payments on the
Mortgage Loan subject to any bankruptcy
proceeding or (6) is the third anniversary of the
date on which an extension of the scheduled
maturity date of a Mortgage Loan (each such
Mortgage Loan, including any REO Loan, a
"Required Appraisal Loan"), the Special Servicer
will use its best efforts to promptly obtain
(within 60 days of the applicable Required
Appraisal Date); however with respect to any
event described in clause(1) above within such
120 period (i) an appraisal of the related
Mortgaged Property prepared in accordance with 12
CFR 225.62 and conducted in accordance with the
standards of the Appraisal Institute by a
Qualified Appraiser, unless such an appraisal had
been previously obtained within the prior twelve
months, or with respect to any Mortgage Loan with
an outstanding principal balance equal to or less
than $1,500,000, (ii) an internal property
valuation performed by the Special Servicer at
its discretion in accordance with the servicing
standard.
The Appraisal Reduction Amount for any Required
Appraisal Loan will equal the excess, if any, of
(a) the sum of, without duplication, as of the
Determination date immediately succeeding the
date on which the appraisal is obtained, (i) the
Stated Principal Balance of such Required
Appraisal Loan, (ii) to the extent not previously
advanced by or on behalf of the Master Servicer
or the Trustee, all unpaid interest on the
Required Appraisal Loan through the most recent
Due Date prior to such Determination Date at a
per annum rate equal to the related Net Mortgage
Rate, (iii) all accrued but unpaid Servicing Fees
and any Additional Trust Fund Expenses in respect
of such Required Appraisal Loan, (iv) all related
unreimbursed Advances, plus interest thereon,
made by or on behalf of the Master Servicer, the
Special Servicer and the Trustee with respect to
such Required Appraisal Loan and (v) all
currently due and unpaid real estate taxes and
assessments, insurance premiums, and if
applicable, ground rents in respect of the
related Mortgaged Property (net of any amount
escrowed therefor), over (b) an amount equal to
90% of the appraised value (net of any prior
liens) of the related Mortgaged Property as
determined by such appraisal.
8
<PAGE>
<TABLE>
<CAPTION>
COMPUTATIONAL MATERIALS
CMAC, SERIES 1998-C2
- ------------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD TO MATURITY TABLE
BOND SENSITIVITIES
CLASS A-1
BOND TYPE - FIXED
Settlement Date: 9/30/98 Current Balance: $515,016,000
Next Payment: 10/15/98 Current Coupon: 5.930%
--------------------------------------------------------------------------------------
0% CPR While Subject to Lockout
or Yield Maintenance*
---------------- --------------------------------------------------------------------------------------
- -------------- 0.00 CPR 15.00 CPR 25.00 CPR 50.00 CPR 75.00 CPR 100.00 CPR
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
- -------------- ---------------- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99-00 6.19 4.10 6.20 4.07 6.20 4.05 6.21 4.02 6.22 3.99 6.23 3.92
99-04 6.16 6.17 6.17 6.18 6.18 6.20
99-08 6.13 6.14 6.14 6.15 6.15 6.16
99-12 6.10 6.11 6.11 6.12 6.12 6.13
99-16 6.07 4.11 6.08 4.08 6.08 4.06 6.09 4.03 6.09 4.00 6.10 3.93
99-20 6.04 6.05 6.05 6.05 6.06 6.07
99-24 6.01 6.01 6.02 6.02 6.03 6.04
99-28 5.98 5.98 5.99 5.99 6.00 6.00
100-00 5.95 4.12 5.95 4.09 5.96 4.07 5.96 4.04 5.97 4.01 5.97 3.93
100-04 5.92 5.92 5.93 5.93 5.94 5.94
100-08 5.89 5.89 5.90 5.90 5.90 5.91
100-12 5.86 5.86 5.87 5.87 5.87 5.88
100-16 5.83 4.12 5.83 4.09 5.83 4.08 5.84 4.05 5.84 4.02 5.85 3.94
100-20 5.80 5.80 5.80 5.81 5.81 5.82
100-24 5.77 5.77 5.77 5.78 5.78 5.78
100-28 5.74 5.74 5.74 5.75 5.75 5.75
101-00 5.71 4.13 5.71 4.10 5.71 4.09 5.72 4.05 5.72 4.03 5.72 3.95
101-04 5.68 5.68 5.68 5.69 5.69 5.69
101-08 5.65 5.65 5.65 5.66 5.66 5.66
101-12 5.62 5.62 5.62 5.63 5.63 5.63
101-16 5.59 4.14 5.59 4.11 5.59 4.09 5.60 4.06 5.60 4.03 5.60 3.96
101-20 5.56 5.56 5.56 5.57 5.57 5.57
101-24 5.53 5.53 5.53 5.54 5.54 5.54
101-28 5.50 5.50 5.50 5.51 5.51 5.50
102-00 5.47 4.15 5.47 4.12 5.47 4.10 5.48 4.07 5.48 4.04 5.47 3.96
WAL 5.0 5.0 4.9 4.9 4.8 4.7
1st Prin 10/15/98 10/15/98 10/15/98 10/15/98 10/15/98 10/15/98
Mat. 3/15/06 12/15/05 10/15/05 8/15/05 7/15/05 4/15/05
<FN>
- ----------
* Assumes required application of prepayment penalties allocated to bondholders
These tables have been based upon the assumptions described above. These assumptions will most likely not represent the actual
experience of the Mortgage Pool in the future.
The tables are intended to illustrate variations in yield on the Offered Securities under such assumptions.
No representation is made herein as to the actual rate or timing of principal payments on any of the underlying Mortgage Loans in
the Mortgage Pool or the performance characteristics of the Offered Securities.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMPUTATIONAL MATERIALS
CMAC, SERIES 1998-C2
- ------------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD TO MATURITY TABLE
BOND SENSITIVITIES
CLASS A-2
BOND TYPE - FIXED
Settlement Date: 9/30/98 Current Balance: $837,749,000
Next Payment: 10/15/98 Current Coupon: 6.140%
--------------------------------------------------------------------------------------
0% CPR While Subject to Lockout
or Yield Maintenance*
---------------- --------------------------------------------------------------------------------------
- -------------- 0.00 CPR 15.00 CPR 25.00 CPR 50.00 CPR 75.00 CPR 100.00 CPR
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
- -------------- ---------------- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99-00 6.33 6.79 6.33 6.75 6.34 6.73 6.34 6.68 6.34 6.63 6.35 6.50
99-04 6.31 6.32 6.32 6.32 6.32 6.33
99-08 6.29 6.30 6.30 6.30 6.31 6.31
99-12 6.28 6.28 6.28 6.28 6.29 6.29
99-16 6.26 6.80 6.26 6.76 6.26 6.73 6.26 6.69 6.27 6.64 6.27 6.51
99-20 6.24 6.24 6.24 6.25 6.25 6.25
99-24 6.22 6.22 6.22 6.23 6.23 6.23
99-28 6.20 6.20 6.21 6.21 6.21 6.21
100-00 6.18 6.81 6.19 6.77 6.19 6.74 6.19 6.69 6.19 6.65 6.19 6.51
100-04 6.17 6.17 6.17 6.17 6.17 6.17
100-08 6.15 6.15 6.15 6.15 6.15 6.16
100-12 6.13 6.13 6.13 6.13 6.14 6.14
100-16 6.11 6.81 6.11 6.77 6.11 6.75 6.12 6.70 6.12 6.66 6.12 6.52
100-20 6.09 6.09 6.10 6.10 6.10 6.10
100-24 6.07 6.08 6.08 6.08 6.08 6.08
100-28 6.06 6.06 6.06 6.06 6.06 6.06
101-00 6.04 6.82 6.04 6.78 6.04 6.76 6.04 6.71 6.04 6.67 6.04 6.53
101-04 6.02 6.02 6.02 6.02 6.03 6.02
101-08 6.00 6.00 6.00 6.01 6.01 6.00
101-12 5.98 5.99 5.99 5.99 5.99 5.98
101-16 5.97 6.83 5.97 6.79 5.97 6.77 5.97 6.72 5.97 6.67 5.97 6.54
101-20 5.95 5.95 5.95 5.95 5.95 5.95
101-24 5.93 5.93 5.93 5.93 5.93 5.93
101-28 5.91 5.91 5.91 5.91 5.91 5.91
102-00 5.90 6.84 5.90 6.80 5.90 6.78 5.90 6.73 5.90 6.68 5.89 6.55
WAL 9.2 9.1 9.1 9.0 8.9 8.7
1st Prin 3/15/06 12/15/05 10/15/05 8/15/05 7/15/05 4/15/05
Mat. 3/15/08 2/15/08 1/15/08 1/15/08 1/15/08 10/15/07
<FN>
- ----------------
* Assumes required application of prepayment penalties allocated to bondholders
These tables have been based upon the assumptions described above. These assumptions will most likely not represent the actual
experience of the Mortgage Pool in the future.
The tables are intended to illustrate variations in yield on the Offered Securities under such assumptions.
No representation is made herein as to the actual rate or timing of principal payments on any of the underlying Mortgage Loans in
the Mortgage Pool or the performance characteristics of the Offered Securities.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMPUTATIONAL MATERIALS
CMAC, SERIES 1998-C2
- ------------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD TO MATURITY TABLE
BOND SENSITIVITIES
CLASS A-3
BOND TYPE - FIXED
Settlement Date: 9/30/98 Current Balance: $671,128,000
Next Payment: 10/15/98 Current Coupon: 6.160%
0% CPR While Subject to Lockout
or Yield Maintenance*
--------------------------------------------------------------------------------------
0% CPR While Subject to Lockout
or Yield Maintenance*
---------------- --------------------------------------------------------------------------------------
- -------------- 0.00 CPR 15.00 CPR 25.00 CPR 50.00 CPR 75.00 CPR 100.00 CPR
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
- -------------- ---------------- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99-00 6.35 7.06 6.35 7.05 6.35 7.04 6.35 7.02 6.35 6.99 6.35 6.85
99-04 6.33 6.33 6.33 6.33 6.33 6.33
99-08 6.31 6.31 6.31 6.31 6.31 6.31
99-12 6.29 6.29 6.29 6.29 6.30 6.30
99-16 6.28 7.07 6.28 7.06 6.28 7.05 6.28 7.03 6.28 7.00 6.28 6.86
99-20 6.26 6.26 6.26 6.26 6.26 6.26
99-24 6.24 6.24 6.24 6.24 6.24 6.24
99-28 6.22 6.22 6.22 6.22 6.22 6.22
100-00 6.21 7.08 6.21 7.07 6.21 7.06 6.21 7.04 6.21 7.01 6.20 6.87
100-04 6.19 6.19 6.19 6.19 6.19 6.19
100-08 6.17 6.17 6.17 6.17 6.17 6.17
100-12 6.15 6.15 6.15 6.15 6.15 6.15
100-16 6.14 7.09 6.14 7.08 6.14 7.07 6.14 7.04 6.14 7.02 6.13 6.88
100-20 6.12 6.12 6.12 6.12 6.12 6.11
100-24 6.10 6.10 6.10 6.10 6.10 6.10
100-28 6.08 6.08 6.08 6.08 6.08 6.08
101-00 6.07 7.10 6.07 7.09 6.07 7.08 6.07 7.05 6.07 7.02 6.06 6.89
101-04 6.05 6.05 6.05 6.05 6.05 6.04
101-08 6.03 6.03 6.03 6.03 6.03 6.03
101-12 6.01 6.01 6.01 6.01 6.01 6.01
101-16 6.00 7.11 6.00 7.10 6.00 7.09 6.00 7.06 6.00 7.03 5.99 6.90
101-20 5.98 5.98 5.98 5.98 5.98 5.97
101-24 5.96 5.96 5.96 5.96 5.96 5.95
101-28 5.95 5.95 5.94 5.94 5.94 5.94
102-00 5.93 7.12 5.93 7.10 5.93 7.09 5.93 7.07 5.93 7.04 5.92 6.91
WAL 9.7 9.7 9.6 9.6 9.5 9.3
1st Prin 3/15/08 2/15/08 1/15/08 1/15/08 1/15/08 10/15/07
Mat. 8/15/08 8/15/08 8/15/08 7/15/08 7/15/08 3/15/08
<FN>
- ----------------
* Assumes required application of prepayment penalties allocated to bondholders
These tables have been based upon the assumptions described above. These assumptions will most likely not represent the actual
experience of the Mortgage Pool in the future.
The tables are intended to illustrate variations in yield on the Offered Securities under such assumptions.
No representation is made herein as to the actual rate or timing of principal payments on any of the underlying Mortgage Loans in
the Mortgage Pool or the performance characteristics of the Offered Securities.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMPUTATIONAL MATERIALS
CMAC, SERIES 1998-C2
- ------------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD TO MATURITY TABLE
BOND SENSITIVITIES
CLASS B
BOND TYPE - FIXED
Settlement Date: 9/30/98 Current Balance: $144,564,000
Next Payment: 10/15/98 Current Coupon NWAC - 0.87
--------------------------------------------------------------------------------------
0% CPR While Subject to Lockout
or Yield Maintenance*
---------------- --------------------------------------------------------------------------------------
- -------------- 0.00 CPR 15.00 CPR 25.00 CPR 50.00 CPR 75.00 CPR 100.00 CPR
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
- -------------- ---------------- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99-00 6.50 7.11 6.50 7.11 6.50 7.11 6.50 7.10 6.50 7.07 6.50 6.96
99-04 6.48 6.48 6.48 6.48 6.48 6.48
99-08 6.46 6.46 6.46 6.46 6.46 6.46
99-12 6.45 6.44 6.44 6.44 6.44 6.44
99-16 6.43 7.12 6.43 7.12 6.43 7.12 6.42 7.11 6.42 7.08 6.42 6.97
99-20 6.41 6.41 6.41 6.41 6.41 6.41
99-24 6.39 6.39 6.39 6.39 6.39 6.39
99-28 6.38 6.37 6.37 6.37 6.37 6.37
100-00 6.36 7.13 6.36 7.13 6.36 7.13 6.35 7.12 6.35 7.09 6.35 6.98
100-04 6.34 6.34 6.34 6.34 6.34 6.34
100-08 6.32 6.32 6.32 6.32 6.32 6.32
100-12 6.31 6.30 6.30 6.30 6.30 6.30
100-16 6.29 7.14 6.29 7.14 6.29 7.14 6.29 7.13 6.28 7.10 6.28 6.99
100-20 6.27 6.27 6.27 6.27 6.27 6.26
100-24 6.25 6.25 6.25 6.25 6.25 6.25
100-28 6.24 6.24 6.23 6.23 6.23 6.23
101-00 6.22 7.15 6.22 7.15 6.22 7.15 6.22 7.14 6.21 7.11 6.21 7.00
101-04 6.20 6.20 6.20 6.20 6.20 6.19
101-08 6.19 6.18 6.18 6.18 6.18 6.18
101-12 6.17 6.17 6.17 6.16 6.16 6.16
101-16 6.15 7.16 6.15 7.16 6.15 7.16 6.15 7.15 6.15 7.12 6.14 7.01
101-20 6.13 6.13 6.13 6.13 6.13 6.12
101-24 6.12 6.12 6.11 6.11 6.11 6.11
101-28 6.10 6.10 6.10 6.10 6.09 6.09
102-00 6.08 7.17 6.08 7.17 6.08 7.17 6.08 7.16 6.08 7.13 6.07 7.02
WAL 9.9 9.9 9.9 9.8 9.8 9.6
1st Prin 8/15/08 8/15/08 8/15/08 7/15/08 7/15/08 3/15/08
Mat. 8/15/08 8/15/08 8/15/08 8/15/08 8/15/08 5/15/08
<FN>
- ----------------
* Assumes required application of prepayment penalties allocated to bondholders
These tables have been based upon the assumptions described above. These assumptions will most likely not represent the actual
experience of the Mortgage Pool in the future.
The tables are intended to illustrate variations in yield on the Offered Securities under such assumptions.
No representation is made herein as to the actual rate or timing of principal payments on any of the underlying Mortgage Loans in
the Mortgage Pool or the performance characteristics of the Offered Securities.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMPUTATIONAL MATERIALS
CMAC, SERIES 1998-C2
- ------------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD TO MATURITY TABLE
BOND SENSITIVITIES
CLASS C
BOND TYPE - FIXED
Settlement Date: 9/30/98 Current Balance: $173,477,000
Next Payment: 10/15/98 Current Coupon NWAC - 0.58
--------------------------------------------------------------------------------------
0% CPR While Subject to Lockout
or Yield Maintenance*
---------------- --------------------------------------------------------------------------------------
- -------------- 0.00 CPR 15.00 CPR 25.00 CPR 50.00 CPR 75.00 CPR 100.00 CPR
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
- -------------- ---------------- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99-00 6.80 7.01 6.80 7.01 6.79 7.01 6.79 7.01 6.79 7.01 6.80 6.89
99-04 6.78 6.78 6.78 6.78 6.78 6.78
99-08 6.76 6.76 6.76 6.76 6.76 6.76
99-12 6.74 6.74 6.74 6.74 6.74 6.74
99-16 6.73 7.02 6.72 7.02 6.72 7.02 6.72 7.02 6.72 7.02 6.72 6.90
99-20 6.71 6.71 6.71 6.70 6.70 6.70
99-24 6.69 6.69 6.69 6.69 6.69 6.69
99-28 6.67 6.67 6.67 6.67 6.67 6.67
100-00 6.65 7.03 6.65 7.03 6.65 7.03 6.65 7.03 6.65 7.03 6.65 6.91
100-04 6.64 6.64 6.63 6.63 6.63 6.63
100-08 6.62 6.62 6.62 6.62 6.62 6.61
100-12 6.60 6.60 6.60 6.60 6.60 6.60
100-16 6.58 7.04 6.58 7.04 6.58 7.04 6.58 7.04 6.58 7.04 6.58 6.92
100-20 6.57 6.56 6.56 6.56 6.56 6.56
100-24 6.55 6.55 6.55 6.55 6.55 6.54
100-28 6.53 6.53 6.53 6.53 6.53 6.53
101-00 6.51 7.05 6.51 7.05 6.51 7.05 6.51 7.05 6.51 7.05 6.51 6.93
101-04 6.50 6.49 6.49 6.49 6.49 6.49
101-08 6.48 6.48 6.48 6.48 6.48 6.47
101-12 6.46 6.46 6.46 6.46 6.46 6.45
101-16 6.44 7.06 6.44 7.06 6.44 7.06 6.44 7.06 6.44 7.06 6.44 6.93
101-20 6.43 6.43 6.42 6.42 6.42 6.42
101-24 6.41 6.41 6.41 6.41 6.41 6.40
101-28 6.39 6.39 6.39 6.39 6.39 6.38
102-00 6.37 7.07 6.37 7.07 6.37 7.07 6.37 7.07 6.37 7.07 6.37 6.94
WAL 9.9 9.9 9.9 9.9 9.9 9.6
1st Prin 8/15/08 8/15/08 8/15/08 8/15/08 8/15/08 5/15/08
Mat. 8/15/08 8/15/08 8/15/08 8/15/08 8/15/08 5/15/08
<FN>
- ----------------
* Assumes required application of prepayment penalties allocated to bondholders
These tables have been based upon the assumptions described above. These assumptions will most likely not represent the actual
experience of the Mortgage Pool in the future.
The tables are intended to illustrate variations in yield on the Offered Securities under such assumptions.
No representation is made herein as to the actual rate or timing of principal payments on any of the underlying Mortgage Loans in
the Mortgage Pool or the performance characteristics of the Offered Securities.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMPUTATIONAL MATERIALS
CMAC, SERIES 1998-C2
- ------------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD TO MATURITY TABLE
BOND SENSITIVITIES
CLASS D
BOND TYPE - FIXED
Settlement Date: 9/30/98 Current Balance: $173,476,000
Next Payment: 10/15/98 Current Coupon NWAC - 0.13
--------------------------------------------------------------------------------------
0% CPR While Subject to Lockout
or Yield Maintenance*
---------------- --------------------------------------------------------------------------------------
- -------------- 0.00 CPR 15.00 CPR 25.00 CPR 50.00 CPR 75.00 CPR 100.00 CPR
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
- -------------- ---------------- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99-00 7.26 6.93 7.26 6.90 7.26 6.89 7.26 6.88 7.26 6.87 7.27 6.76
99-04 7.24 7.25 7.25 7.25 7.24 7.25
99-08 7.22 7.23 7.23 7.23 7.23 7.24
99-12 7.21 7.21 7.21 7.21 7.21 7.22
99-16 7.19 6.94 7.19 6.91 7.19 6.90 7.19 6.89 7.19 6.88 7.20 6.77
99-20 7.17 7.17 7.17 7.17 7.17 7.18
99-24 7.15 7.16 7.16 7.16 7.15 7.16
99-28 7.13 7.14 7.14 7.14 7.13 7.14
100-00 7.12 6.95 7.12 6.92 7.12 6.91 7.12 6.90 7.12 6.89 7.12 6.78
100-04 7.10 7.10 7.10 7.10 7.10 7.11
100-08 7.08 7.08 7.08 7.08 7.08 7.09
100-12 7.06 7.07 7.07 7.07 7.06 7.07
100-16 7.05 6.96 7.05 6.93 7.05 6.92 7.05 6.91 7.04 6.90 7.05 6.79
100-20 7.03 7.03 7.03 7.03 7.03 7.03
100-24 7.01 7.01 7.01 7.01 7.01 7.02
100-28 6.99 6.99 6.99 6.99 6.99 7.00
101-00 6.97 6.97 6.98 6.94 6.98 6.93 6.98 6.92 6.97 6.91 6.98 6.80
101-04 6.96 6.96 6.96 6.96 6.96 6.96
101-08 6.94 6.94 6.94 6.94 6.94 6.94
101-12 6.92 6.92 6.92 6.92 6.92 6.92
101-16 6.90 6.98 6.91 6.95 6.91 6.94 6.91 6.93 6.90 6.92 6.91 6.81
101-20 6.89 6.89 6.89 6.89 6.88 6.89
101-24 6.87 6.87 6.87 6.87 6.87 6.87
101-28 6.85 6.85 6.85 6.85 6.85 6.85
102-00 6.83 6.99 6.84 6.96 6.84 6.95 6.83 6.94 6.83 6.93 6.84 6.82
WAL 10.0 10.0 9.9 9.9 9.9 9.7
1st Prin 8/15/08 8/15/08 8/15/08 8/15/08 8/15/08 5/15/08
Mat. 11/15/09 7/15/09 4/15/09 1/15/09 10/15/08 8/15/08
<FN>
- ----------------
* Assumes required application of prepayment penalties allocated to bondholders
These tables have been based upon the assumptions described above. These assumptions will most likely not represent the actual
experience of the Mortgage Pool in the future.
The tables are intended to illustrate variations in yield on the Offered Securities under such assumptions.
No representation is made herein as to the actual rate or timing of principal payments on any of the underlying Mortgage Loans in
the Mortgage Pool or the performance characteristics of the Offered Securities.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMPUTATIONAL MATERIALS
CMAC, SERIES 1998-C2
- ------------------------------------------------------------------------------------------------------------------------------------
PRICE/YIELD TO MATURITY TABLE
BOND SENSITIVITIES
CLASS E
BOND TYPE - FIXED
Settlement Date: 9/30/98 Current Balance: $43,369,000
Next Payment: 10/15/98 Current Coupon NWAC
--------------------------------------------------------------------------------------
0% CPR While Subject to Lockout
or Yield Maintenance*
---------------- --------------------------------------------------------------------------------------
- -------------- 0.00 CPR 15.00 CPR 25.00 CPR 50.00 CPR 75.00 CPR 100.00 CPR
Price Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur Yield Dur
- -------------- ---------------- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
97-01 7.67 7.40 7.68 7.34 7.69 7.29 7.71 7.20 7.74 7.09 7.73 6.93
97-05 7.66 7.67 7.67 7.69 7.72 7.71
97-09 7.64 7.65 7.66 7.68 7.70 7.69
97-13 7.62 7.63 7.64 7.66 7.68 7.68
97-17 7.61 7.41 7.61 7.35 7.62 7.30 7.64 7.21 7.67 7.11 7.66 6.94
97-21 7.59 7.60 7.60 7.62 7.65 7.64
97-25 7.57 7.58 7.59 7.61 7.63 7.62
97-29 7.55 7.56 7.57 7.59 7.61 7.60
98-01 7.54 7.43 7.55 7.36 7.55 7.31 7.57 7.22 7.59 7.12 7.58 6.95
98-05 7.52 7.53 7.53 7.55 7.58 7.57
98-09 7.50 7.51 7.52 7.54 7.56 7.55
98-13 7.49 7.49 7.50 7.52 7.54 7.53
98-17 7.47 7.44 7.48 7.38 7.48 7.33 7.50 7.23 7.52 7.13 7.51 6.96
98-21 7.45 7.46 7.47 7.48 7.51 7.49
98-25 7.43 7.44 7.45 7.47 7.49 7.47
98-29 7.42 7.43 7.43 7.45 7.47 7.46
99-01 7.40 7.45 7.41 7.39 7.41 7.34 7.43 7.24 7.45 7.14 7.44 6.97
99-05 7.38 7.39 7.40 7.41 7.44 7.42
99-09 7.37 7.37 7.38 7.40 7.42 7.40
99-13 7.35 7.36 7.36 7.38 7.40 7.38
99-17 7.33 7.46 7.34 7.40 7.35 7.35 7.36 7.25 7.38 7.15 7.37 6.99
99-21 7.32 7.32 7.33 7.35 7.37 7.35
99-25 7.30 7.31 7.31 7.33 7.35 7.33
99-29 7.28 7.29 7.30 7.31 7.33 7.31
100-01 7.27 7.47 7.27 7.41 7.28 7.36 7.29 7.27 7.31 7.16 7.30 7.00
WAL 11.3 11.1 11.0 10.8 10.6 10.2
1st Prin 11/15/09 7/15/09 4/15/09 1/15/09 10/15/08 8/15/08
Mat. 6/15/10 3/15/10 1/15/10 11/15/09 10/15/09 5/15/09
<FN>
- ----------------
* Assumes required application of prepayment penalties allocated to bondholders
These tables have been based upon the assumptions described above. These assumptions will most likely not represent the actual
experience of the Mortgage Pool in the future.
The tables are intended to illustrate variations in yield on the Offered Securities under such assumptions.
No representation is made herein as to the actual rate or timing of principal payments on any of the underlying Mortgage Loans in
the Mortgage Pool or the performance characteristics of the Offered Securities.
</FN>
</TABLE>
