<PAGE> 1
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: June 17, 1997
(Date of earliest event reported)
AMRESCO COMMERCIAL MORTGAGE FUNDING I CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 333-19591 75-2683929
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
700 North Pearl Street
Suite 2400, L.B. 342
Dallas, Texas 75201
(Address of Principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (214) 953-7700
<PAGE> 2
Item 5. Other Events.
Reference is hereby made to Amendment No. 4 to the Registrant's
Registration Statement on Form S-3 (File No. 333-19591) filed with the
Securities and Exchange Commission (the "Commission") on June 6, 1997 (the
"Registration Statement"), pursuant to which the Registrant registered
$2,000,000,000 aggregate principal amount of its mortgage pass-through
certificates, issuable in various series, for sale in accordance with the
provisions of the Securities Act of 1933, as amended (the "Act"). Reference is
also hereby made to the Prospectus and the related Prospectus Supplement
(collectively, the "Prospectus"), which will be filed with the Commission
pursuant to Rule 424(b)(5), with respect to the Registrant's Mortgage Pass-
Through Certificates, Series 1997-C1 (the "Offered Certificates").
The Registrant is filing this Current Report on Form 8-K to provide
prospective investors with certain materials which constitute "Preliminary
Structural and Collateral Term Sheets" as described in the no-action letter
dated February 27, 1995 issued by the Division of Corporation Finance of the
Commission to the Public Securities Association (the "PSA Letter"), the filing
of which materials is a condition of the relief granted in such letters (such
materials being the "Collateral Term Sheets"). The Collateral Term Sheets were
prepared solely by Goldman, Sachs & Co. in connection with the offering of the
Offered Certificates, and the Registrant did not prepare or participate in the
preparation of the Collateral Term Sheets. The Collateral Term Sheets are set
forth in Exhibit 28.1 hereto.
The assumptions used in preparing the Collateral Term Sheets were based
upon a preliminary compilation of the underlying collateral and the estimated
principal amount and other features of the Offered Certificates. The actual
features of the Offered Certificates and a detailed description of the final
constituency of the underlying collateral will be set forth in the Prospectus.
Due to the preliminary nature of the information regarding the
collateral and the structure of the Offered Certificates used in preparing the
Collateral Term Sheets, no assurance can be given as to either the Collateral
Term Sheets' or the underlying assumptions' accuracy, appropriateness or
completeness in any particular context; nor can assurance be given as to
whether the Collateral Term Sheets and/or the assumptions upon which they are
based reflect present market conditions or future market performance. These
Collateral Term Sheets should not be construed as either projections or
predictions or as legal, tax, financial or accounting advice.
Any yields or weighted average lives shown in the Collateral Term Sheets
are based on prepayment assumptions, and changes in such prepayment assumptions
may dramatically affect such yields or weighted average lives. In addition, it
is possible that prepayments on the collateral will occur at rates slower or
faster than the rates shown in the Collateral Term Sheets. Furthermore, unless
otherwise provided, the Collateral Term Sheets assume no losses on the
collateral and no interest shortfall. The specific characteristics of the
Offered Certificates may differ from those shown in the Collateral Term Sheets
due to differences between the actual collateral and the hypothetical
collateral used in preparing the Collateral Term Sheets. As noted above, the
principal amount and designation of any security described in the Collateral
Term Sheets are subject to change prior to issuance.
-2-
<PAGE> 3
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, mortgage prepayments, yield curve and interest
rate risks. Investors should make every effort to consider the risks of these
securities.
Any statement or information contained in the Collateral Term Sheets
shall be deemed to be modified or superseded for purposes of the Prospectus and
the Registration Statement by statements or information contained in the
Prospectus.
Item 7. Financial Statements and Exhibits.
---------------------------------
(c) Exhibits
Exhibit No. Description
---------- -----------
28.1 Collateral Term Sheets provided by Goldman, Sachs &
Co.
- 3 -
<PAGE> 4
Signatures
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMRESCO COMMERCIAL MORTGAGE
FUNDING I CORPORATION
June 17, 1997 By: /s/ MICHAEL L. McCOY
-------------------------
Michael L. McCoy
Assistant Secretary
- 4 -
<PAGE> 5
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description
- ---------- -----------
<S> <C>
28.1 Collateral Term Sheets provided by Goldman, Sachs & Co.
</TABLE>
<PAGE> 1
EXHIBIT 28.1
Collateral Term Sheets provided by Goldman, Sachs & Co.
[Begins on Next Page]
<PAGE> 2
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
$423,959,000 (APPROXIMATE) JUNE 15, 1997
AMRESCO COMMERCIAL MORTGAGE FUNDING I CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
APPROX. SECURITIES STRUCTURE - SUBJECT TO CHANGE
<TABLE>
<CAPTION>
APPROX. FACE/ EXPECTED
EXPECTED NOTIONAL CREDIT WEIGHTED PRINCIPAL
RATING AMOUNT SUPPORT AVERAGE PAYMENT
CLASS (S&P/FITCH) ($MM) (% OF UPB) LIFE(A) WINDOW(A)
===========================================================================
<S> <C> <C> <C> <C> <C> <C>
PUBLICLY OFFERED CLASSES
A1 AAA/AAA $147.3 31.5 % 4.97 07/97 - 06/04
A2 AAA/AAA 40.0 31.5 8.60 06/04 - 09/06
A3 AAA/AAA 142.7 31.5 9.44 09/06 - 02/07
B AA/AA+ 24.1 26.5 9.70 02/07 - 03/07
C A+/AA 12.0 24.0 9.71 03/07 - 03/07
D A/A 21.7 19.5 9.76 03/07 - 04/07
E BBB/BBB 26.5 14.0 9.79 04/07 - 05/07
F BBB-/BBB- 9.6 12.0 9.87 05/07 - 05/07
PRIVATELY PLACED CLASSES
(144A)
X Unr/AAA 481.8(b) -- 8.26 07/97 - 04/17
G BB/BB 31.3 5.5 9.87 05/07 - 05/07
H BB-/BB- 4.8 4.5 9.95 05/07 - 06/07
- ---------------------------------------------------------------------------
J B/B SOLD 7.2 3.0 9.96 06/07 - 06/07
K B-/B- SOLD 2.4 2.5 9.96 06/07 - 06/07
L Unr/Unr SOLD 12.0 -- 15.47 06/07 - 04/17
- ---------------------------------------------------------------------------
TOTAL SECURITIES: $481.8
======
===========================================================================
</TABLE>
(a) Calculated at 0% CPR and no balloon extension
(b) Notional amount
KEY FEATURES:
<TABLE>
<S> <C>
Sole Manager: Goldman, Sachs & Co.
Mortgage Loan Sellers: AMRESCO Capital Corporation, Inc.. ($457.5mm) and
Goldman Sachs Mortgage Company ($24.2mm)
Master Servicer: AMRESCO Services
Special Servicer: Midland Loan Services, L.P.
Trustee: LaSalle National Bank
Pricing: On or about June 30
Closing: On or about July 3
Settlement: All classes will settle plus accrued from June 4
Cut-Off Date: June 1, 1997
Distribution Date: 17th of each month, or following business day
(commencing July 1997)
ERISA Eligible: Classes A1, A2, A3 and X are ERISA eligible
subject to certain conditions for eligibility
Representations & Warranties: Provided by applicable Mortgage Loan Sellers
Structure: Sequential pay
Interest Accrual Period: Initially June 4th - July 3rd, then every
calendar month
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date: June 17, 2029
Clean up Call: 1.0%
</TABLE>
================================================================================
COLLATERAL FACTS:
<TABLE>
<S> <C>
CUT-OFF DATE BALANCE: $481,773,026
NUMBER OF MORTGAGE LOANS: 98
AVERAGE CUT-OFF DATE BALANCE: $ 4,916,051
WEIGHTED AVERAGE CURRENT MORTGAGE INTEREST RATE (A): 8.741 %
WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM 329 mos.
WEIGHTED AVERAGE DSCR: 1.33 x
WEIGHTED AVERAGE ORIGINAL LTV RATIO: 71.36 %
WEIGHTED AVERAGE CUT-OFF DATE LTV RATIO: 68.720 %
WEIGHTED AVERAGE REMAINING TERM TO MATURITY: 109 mos.
</TABLE>
(a) Gross Coupon, inclusive of retained interest on SouthTrust loans
o The Mortgage Pool contains no loans with preferred equity
o The Mortgage Pool contains relatively small proportions of high operating
leverage property types: lodging, nursing home, self storage
PREPAYMENT PENALTY TABLE
<TABLE>
<CAPTION>
AVG. # OF
INITIAL % OF WTD. AVG. % OF WTD. MTHS OPEN
# OF POOL INITIAL STATED AVG./STATED TO PREPMT
MORTGAGE BALANCE POOL REMAINING LOCKOUT REM. TERM PRIOR TO
LOANS (MM) BALANCE TERM (MO.) TERM (MO.) OF LOCKOUT MATURITY
============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
> of YM/1% then
Declining Fee 12 $ 55.9 11.6% 103 0 0 6
> of YM or 1% UPB 1 2.8 0.6 114 0 0 6
Lockout\Declining Fee 2 14.9 3.1 190 45 24 6
Lockout > of YM or 1% UPB 77 339.0 70.4 113 41 36 6
Lockout\YM 1 6.3 1.3 119 47 39 6
Not Applicable 1 17.5 3.6 83 0 0 83
YM then Declining Fee 4 45.3 9.4 74 0 0 11
-- ------ ----- --- -- -- --
TOTAL 98 $481.8 100.0% 109 31 28 7
============================================================================================================
</TABLE>
SELECTED LOAN DATA:
<TABLE>
<CAPTION>
CUT-OFF DATE PRINCIPAL BALANCE
(AS OF JUNE 1, 1997)(a)
------------------------------------
NUMBER OF
GEOGRAPHIC MORTGAGE % BY WTD. AVG.
DISTRIBUTION LOANS (000'S) BALANCE DSCR
==============================================================
<S> <C> <C> <C> <C>
Texas 21 $ 92,374 19.2 % 1.34 x
Florida 9 58,209 12.1 1.24
Oklahoma 6 47,377 9.8 1.26
Georgia 8 38,147 7.9 1.18
California 5 34,123 7.1 1.22
Virginia 4 33,990 7.1 1.33
New York 8 31,353 6.5 1.57
Other 37 146,199 30.4 1.40
-- -------- ----- ----
TOTAL 98 $481,773 100.0 % 1.33 X
==============================================================
</TABLE>
(a) Column totals may not add due to rounding.
<TABLE>
<CAPTION>
CUT-OFF DATE PRINCIPAL BALANCE
(AS OF JUNE 1, 1997)(a)
------------------------------------
NUMBER OF
MORTGAGE % BY WTD. AVG.
PROPERTY TYPE LOANS (000'S) BALANCE DSCR
====================================================================
<S> <C> <C> <C> <C>
Multifamily 46 $235,916 49.0 % 1.26 x
Retail - Anchored 12 63,730 13.2 1.37
Office 11 63,191 13.1 1.26
Retail-Unanchored 12 54,342 11.3 1.40
Lodging 6 23,388 4.9 1.57
Industrial/Warehouse 6 18,041 3.7 1.34
Nursing Home 3 16,806 3.5 1.87
Mixed Use 1 3,868 0.8 1.25
Self Storage 1 2,493 0.5 1.69
-- -------- ----- ----
TOTAL 98 $481,773 100.0 % 1.33 X
====================================================================
</TABLE>
(a) Column totals may not add due to rounding
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 3
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
***************************************************************************
* *
* APPROXIMATE SECURITIES STRUCTURE - SUBJECT TO CHANGE *
* *
***************************************************************************
<TABLE>
<CAPTION>
EXPECTED APPROX. EXPECTED WEIGHTED
RATING SIZE CREDIT AVERAGE LIFE PRINCIPAL
CLASS (S&P/FITCH) ($MM) SUPPORT COUPON DELIVERY (YRS.) (a) PAYMENT WINDOW (a)
=================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
PUBLICLY OFFERED CLASSES:
A1 AAA/AAA $147.3 31.5 % DTC 4.97 07/97 - 06/04
A2 AAA/AAA 40.0 31.5 DTC 8.60 06/04 - 09/06
A3 AAA/AAA 142.7 31.5 DTC 9.44 09/06 - 02/07
B AA/AA+ 24.1 26.5 (b) DTC 9.70 02/07 - 03/07
C A+/AA 12.0 24.0 (b) DTC 9.71 03/07 - 03/07
D A/A 21.7 19.5 (b) DTC 9.76 03/07 - 04/07
E BBB/BBB 26.5 14.0 (b) DTC 9.79 04/07 - 05/07
F BBB-/BBB- 9.6 12.0 (b) DTC 9.87 05/07 - 05/07
PRIVATELY PLACED CLASSES:
X Unr/AAA 481.8 (c) -- (d) DTC 8.26 07/97 - 04/17
G BB/BB 31.3 5.5 DTC 9.87 05/07 - 05/07
H BB-/BB- 4.8 4.5 DTC 9.95 05/07 - 06/07
J B/B 7.2 3.0 DTC 9.96 06/07 - 06/07
K B-/B- 2.4 2.5 DTC 9.96 06/07 - 06/07
L Unr/Unr 12.0 -- DTC 15.47 06/07 - 04/17
</TABLE>
(a) Calculated at 0% CPR and no balloon extension
(b) Subject to a cap equal to the weighted average of the Remittance Rates in
effect from time to time on the mortgage loans
(c) Notional amount
(d) The Class X coupon is calculated as the excess of (i) the weighted
average Remittance Rate times the Scheduled Principal Balance of the loans
over (ii) the sum of the Pass-Through Rates times the class balances of
related Certificates
***************************************************************************
* *
* STRUCTURAL OVERVIEW *
* *
***************************************************************************
<TABLE>
<CAPTION>
APPROXIMATE APPROXIMATE
PERCENT OF S & P FITCH CREDIT
TOTAL RATING RATING SUPPORT
================================================================================
<S> <C> <C> <C> <C> <C>
---------------------==================================
CLASS Class A1 Class A2 Class A3
68.5% X (30.6%) (8.3%) (29.6%) 31.5%
UNR/AAA AAA/AAA AAA/AAA AAA/AAA
==================================
5.0 Class B AA AA+ 26.5
----------------------------------
2.5 NET WAC MORTGAGE Class C A+ AA 24.0
----------------------------------
4.5 LOAN TIMES MORTGAGE Class D A A 19.5
----------------------------------
5.5 LOAN BALANCE LESS Class E BBB BBB 14.0
----------------------------------
2.0 INTEREST ON ALL Class F BBB- BBB- 12.0
----------------------------------
6.5 CERTIFICATES Class G BB BB 5.5
----------------------------------
1.0 (EXCEPT CLASS X Class H BB- BB- 4.5
----------------------------------
1.5 CERTIFICATES) Class J B B 3.0
----------------------------------
0.5 Class K B- B- 2.5
----------------------------------
2.5 Class L Unr Unr __
-------------------------------------------------------
</TABLE>
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 4
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
***************************************************************************
* *
* STRUCTURAL OVERVIEW - CONT. *
* *
***************************************************************************
o The Mortgage Pool will be comprised of one Loan Group
-- Principal will be allocated sequentially to A1, A2, A3, B, C, D, E,
F, G, H, J, K and L Certificates (If all classes other than classes
A1, A2 and A3 have reduced to zero, principal will be allocated to
Class A1, A2 and A3 pro-rata)
o Class X will receive interest payments pro-rata (based on interest
entitlements) with the Class A Certificates each month
o Each of the Classes will be subordinate to earlier alphabetically lettered
classes (except Class X) (Losses will be allocated in reverse alphabetical
order to Classes with certificate balances and pro-rata to Classes A1, A2,
A3)
o The servicer will cover net prepayment interest shortfalls, up to 2 basis
points. Net shortfalls (after application of prepayment interest excesses)
will be allocated pro-rata to all classes (based on interest entitlements)
o All classes will pay interest on a 30/360 basis
o Shortfalls resulting from servicer modifications or special servicer
compensation will be allocated in reverse alphabetical order to Classes
with certificate balances
***************************************************************************
* *
* ALLOCATION OF PREPAYMENT PENALTIES *
* *
***************************************************************************
ALLOCATION OF PREPAYMENT PREMIUMS
Prepayment premiums will be allocated between the Offered Certificates and the
Class X certificates as follows:
Yield Maintenance Charges:
o A percentage of all Yield Maintenance Charges(1) will be allocated to
the Offered Certificates in proportion to the product of (a) the
percentage of the total principal distribution that each such Class
receives, and (b) a percentage which is based on the relationship
between the Pass-Through Rate and the Spread Rate of the Class
currently receiving principal, the mortgage rate of the loan that has
prepaid, and the discount rate used in calculating the borrower's
yield maintenance penalty
Yield Maintenance (Pass-Through Rate - Discount Rate - Spread Rate)
Charge Allocation = ------------------------------------------------
Percentage (Mortgage Rate - Discount Rate)
- --------------
(1) In excess of amounts allocated to the Excess Interest Holder for
prepayments of the SouthTrust Loans
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 5
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
***************************************************************************
* *
* ALLOCATION OF PREPAYMENT PENALTIES - CONT. *
* *
***************************************************************************
o The remaining percentage of the Yield Maintenance Charges will be
allocated to the Class X Certificates
o In general, this formula provides for an increase in the allocation
of yield maintenance charges to the Offered Certificates then
entitled to principal distribution relative to the Class X
certificates as interest rates decrease and a decrease in the
allocation to such Classes as interest rates rise
Percentage Prepayment Premium:
o 25% of all Fixed Percentage Prepayment Premiums(1) will be allocated
to the Offered Certificates in proportion to the percentage of the
total principal distribution that each such Class receives. The
remaining percentage of the Fixed Percentage Prepayment Premiums will
be allocated to the Class X Certificates
***************************************************************************
* *
* MORTGAGE POOL OVERVIEW *
* *
***************************************************************************
o The Mortgage Pool is comprised of 98 performing multifamily and commercial
loans with an aggregate Cut-Off Date Balance of approximately $481,773,026
o All of the Mortgage Loans are secured by first liens on multifamily and
commercial properties
o The Pool's average Cut-Off Date Principal Balance is approximately
$4,916,051
o The Pool's weighted average current Debt Service Coverage Ratio is 1.33x
o The Pool's Cut-Off Date LTV is 68.7%
o The Pool's weighted average Mortgage Interest Rate is approximately 8.741%
REMOVAL OF THE SPECIAL SERVICER/CONTROLLING CLASS REPRESENTATIVE
The Pooling and Servicing Agreement permits the holder (or holders) of the
majority of the Voting Rights allocated to the Controlling Class of Sequential
Pay Certificates to select a representative (the "Controlling Class
Representative") from whom the Special Servicer will seek advice and approval
and take direction under certain circumstances. The "Controlling Class of
Sequential Pay Certificates" is the most junior class of certificates (not
including Class X) currently outstanding which has a minimum principal balance
at least equal to 25% of its original balance (or if no class shall have a
principal balance at least equal to 25%, then the most subordinate Class
outstanding). The Controlling Class Representative can also replace the Special
Servicer with a new Special Servicer acceptable to the Rating Agencies.
- --------------
(1) In excess of amounts allocated to the Excess Interest Holder for
prepayments of the SouthTrust Loans
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 6
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
***************************************************************************
* *
* MORTGAGE POOL OVERVIEW - CONT. *
* *
***************************************************************************
COLLATERAL VALUE ADJUSTMENT
Upon the earliest of the date (each such date, a "Required Appraisal Date")
that (1) any Mortgage Loan is sixty (60) days delinquent in respect of any
Monthly Payment or Balloon 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 Monthly Payment, or change the principal
balance, amortization term or Maturity Date, (4) a receiver is appointed and
continues in such capacity in respect of a Mortgaged Property securing any
Mortgage Loan for 60 days, (5) a borrower with respect to any Mortgage Loan is
subject to a voluntary bankruptcy proceeding or (6) a Balloon Payment with
respect to any Mortgage Loan is due and has not been paid on its scheduled
maturity date (each such Mortgage Loan, including an REO Mortgage Loan, a
"Required Appraisal Loan"), the Special Servicer will be required to obtain
(within 60 days of the applicable Required Appraisal Date) an appraisal of the
related Mortgage Property.
As a result of any such appraisal, it may be determined that a "Collateral
Value Adjustment" exists with respect to the related Required Appraisal Loan.
SPECIAL SERVICER/LOAN MODIFICATIONS
The initial Special Servicer will be Midland Loan Services, L.P. The Special
Servicer will be responsible for servicing loans that, in general, are in
default or are in imminent default and for administering REO properties. The
Special Servicer may modify such loans, if among other things, such
modifications, in the sole good faith of the Special Serivicer, increases the
recovery to Certificateholders on a present value basis.
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 7
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
***************************************************************************
* *
* PREPAYMENT PROVISIONS *
* *
***************************************************************************
o Approximately 96.4% of the Pool Balance has prepayment protection as of
the Cut-Off Date
o Approximately 74.8% of the Pool Balance is locked out as of the Cut-Off
Date
PREPAYMENT LOCK-OUT/PREPAYMENT PREMIUM/YIELD MAINTENANCE CHARGE ANALYSIS
OUTSTANDING PRINCIPAL BALANCE ANALYSIS
MORTGAGE POOL
(PROJECTED PRINCIPAL BALANCE, % BY DOLLARS)
<TABLE>
<CAPTION>
JUNE 1997 JUNE 1998 JUNE 1999 JUNE 2000 JUNE 2001 JUNE 2002 JUNE 2003 JUNE 2004 JUNE 2005 JUNE 2006
=============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Penalty Provisions
0.00 - 0.50% 7.58
1.00 - 1.99% 8.22 0.99 3.75
2.00 - 2.99% 8.04 5.11 3.74 8.41
3.00 - 3.99% 0.94 3.08 8.42 2.53
4.00 - 4.99% 2.50
5.00 - 5.99% 2.56
6.00 - 6.99% 2.16
7.00 - 7.99% 2.19
Lock Out 74.78 72.88 65.71 65.99 3.35 1.24 1.23
No Penalty 3.63 3.27 2.87 3.84 5.11 1.40 16.75 44.03
Yield Maintenance Charge 21.59 23.85 30.49 22.12 83.32 81.50 76.78 85.28 85.34 53.44
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
<CAPTION>
JUNE 2007 JUNE 2008 JUNE 2009 JUNE 2010 JUNE 2011 JUNE 2012 JUNE 2013 JUNE 2014 JUNE 2015 JUNE 2016
=============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Penalty Provisions
0.00 - 0.50%
1.00 - 1.99% 63.06 62.84 62.58 62.23 61.76 61.08 59.98 57.78 51.04
2.00 - 2.99% 63.24
3.00 - 3.99%
4.00 - 4.99%
5.00 - 5.99%
6.00 - 6.99%
7.00 - 7.99%
Lock Out
No Penalty 0.00 6.79
Yield Maintenance Charge 36.76 36.94 37.16 37.42 37.77 38.24 38.92 40.02 42.22 42.17
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
=============================================================================================================================
</TABLE>
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 8
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
***************************************************************************
* *
* GEOGRAPHIC DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE *
* *
***************************************************************************
[PIE CHART]
<TABLE>
<CAPTION>
PERCENTAGE WEIGHTED WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE DEBT WEIGHTED AVERAGE AVERAGE WEIGHTED
CUT-OFF DATE CUT-OFF DATE NUMBER OF SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
PRINCIPAL PRINCIPAL MORTGAGE COVERAGE REMAINING AMORTIZATION INTEREST CURRENT
PROPERTY STATE BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Texas $ 92,374,161 19.2 % 21 1.34 x 103 339 8.645 % 72 %
Florida 58,209,352 12.1 9 1.24 87 341 8.613 70
Oklahoma 47,377,271 9.8 6 1.26 117 357 8.581 74
Georgia 38,146,721 7.9 8 1.18 100 340 8.640 74
California 34,123,381 7.1 5 1.22 99 185 8.644 50
Virginia 33,989,957 7.1 4 1.33 114 313 8.551 73
New York 31,353,294 6.5 8 1.57 154 277 9.014 63
Minnesota 16,186,707 3.4 2 1.29 116 319 9.198 73
District of Columbia 13,354,455 2.8 2 1.53 116 296 9.360 52
Massachusetts 9,829,655 2.0 2 1.34 119 321 9.282 68
Washington 9,683,494 2.0 4 1.40 113 310 8.762 59
Michigan 9,650,000 2.0 1 1.35 120 360 8.380 79
Delaware 9,568,986 2.0 2 1.34 99 313 8.664 61
Colorado 8,795,805 1.8 2 1.23 56 283 8.854 70
Louisiana 8,539,750 1.8 3 1.68 114 294 9.389 70
Connecticut 6,643,365 1.4 2 1.41 117 297 9.117 63
Utah 6,485,790 1.3 2 1.39 118 298 8.899 70
New Hampshire 6,485,105 1.3 3 1.57 117 333 8.290 61
Maine 5,994,354 1.2 2 1.35 178 274 9.170 69
Missouri 5,396,756 1.1 1 1.35 118 298 8.310 79
Kansas 5,211,473 1.1 1 1.35 114 294 9.010 74
New Jersey 4,483,977 0.9 1 1.31 80 296 9.080 69
Arkansas 4,370,295 0.9 1 1.60 115 253 8.700 66
Wisconsin 4,253,600 0.9 1 1.42 114 318 8.370 75
Arizona 3,824,535 0.8 1 1.33 112 292 9.620 66
Nebraska 3,200,000 0.7 1 1.31 120 324 8.480 62
Tennessee 1,573,344 0.3 1 1.42 105 285 7.950 72
South Carolina 1,523,317 0.3 1 1.25 118 358 8.970 69
Oregon 1,144,123 0.2 1 1.57 236 236 10.332 63
------------ ----- -- ---- --- --- ----- --
TOTAL/WEIGHTED AVG. $481,773,026 100.0 % 98 1.33 X 109 314 8.741 % 69 %
================================================================================================================================
</TABLE>
(a) Column totals may not sum due to rounding
(b) Gross Coupon, inclusive of retained interest on SouthTrust loans
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 9
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
***************************************************************************
* *
* GEOGRAPHIC DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE *
* *
***************************************************************************
[MAP]
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 10
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
***************************************************************************
* *
* PROPERTY TYPE DISTRIBUTION BY CUT-OFF DATE PRINCIPAL *
* *
***************************************************************************
[PIE CHART]
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE WEIGHTED WEIGHTED
CUT-OFF CUT-OFF DATE AVERAGE AVERAGE
DATE PRINCIPAL PRINCIPAL NUMBER OF MORTGAGE REMAINING
PROPERTY TYPE BALANCE BALANCE PROPERTIES RATE TERM
=================================================================================
<S> <C> <C> <C> <C> <C>
MULTIFAMILY $235,915,547 49.0% 56 8.515% 101
RETAIL - ANCHORED 63,729,831 13.2 12 8.827 102
RETAIL - UNANCHORED 54,341,699 11.3 12 8.956 120
OFFICE 63,190,935 13.1 11 8.866 107
LODGING 23,387,685 4.9 6 9.250 130
INDUSTRIAL/WAREHOUSE 18,040,962 3.7 6 9.287 117
NURSING HOME 16,805,758 3.5 3 9.023 191
SELF-STORAGE 2,492,941 0.5 2 8.720 117
MIXED USE 3,867,669 0.8 1 9.250 112
------------ ----- --- ----- ---
TOTAL/WEIGHTED AVG. $481,773,026 100.0% 109 8.741% 109
=================================================================================
<CAPTION>
WEIGHTED
AVERAGE
REMAINING WEIGHTED WEIGHTED WEIGHTED
AMORTIZATION MIN MAX AVERAGE AVERAGE AVERAGE
PROPERTY TYPE TERM DSCR DSCR DSCR LTV OCCUPANCY
=================================================================================
<S> <C> <C> <C> <C> <C> <C>
MULTIFAMILY 342 1.00x 1.65x 1.26x 73% 94%
RETAIL - ANCHORED 323 1.20 1.49 1.37 68 96
RETAIL - UNANCHORED 308 1.25 1.71 1.40 67 98
OFFICE 240 0.99 2.02 1.26 59 95
LODGING 277 1.46 1.83 1.57 57 67
INDUSTRIAL/WAREHOUSE 309 1.30 1.44 1.34 67 99
NURSING HOME 259 1.76 1.92 1.87 64 98
SELF-STORAGE 297 1.69 1.69 1.69 65 97
MIXED USE 316 1.25 1.25 1.25 72 96
--- ---- ---- ---- -- --
TOTAL/WEIGHTED AVG. 314 0.99X 2.02X 1.33X 69% 94%
=================================================================================
</TABLE>
(a) Column totals may not sum due to rounding
(b) Gross Coupon, inclusive of retained interest on SouthTrust loans
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 11
***************************************************************************
* *
* DEBT SERVICE COVERAGE RATIO *
* *
***************************************************************************
o Weighted Average Current Debt Service Coverage Ratio: 1.33x
o 81% of the Portfolio has Debt Service Coverage Ratio greater than 1.20x
<TABLE>
<CAPTION>
PERCENTAGE WEIGHTED WEIGHTED WEIGHTED
CUT-OFF OF AGGREGATE AVERAGE WEIGHTED AVERAGE AVERAGE WEIGHTED
CUT-OFF DATE DATE CUT-OFF DATE NUMBER OF DEBT SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
DEBT SERVICE PRINCIPAL PRINCIPAL MORTGAGE COVERAGE REMAINING AMORTIZATION INTEREST CURRENT
COVERAGE RATIO BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.99x - 1.10x $ 46,760,063 9.7 % 4 1.02x 90 250 8.514 % 60 %
1.11 - 1.20 44,595,388 9.3 9 1.17 100 334 8.642 74
1.21 - 1.30 145,218,082 30.1 30 1.27 103 336 8.721 73
1.31 - 1.40 132,198,239 27.4 23 1.34 109 325 8.796 71
1.41 - 1.50 50,605,498 10.5 14 1.46 120 307 8.689 67
1.51 - 1.60 26,985,514 5.6 7 1.54 121 293 9.019 59
1.61 - 1.70 11,131,510 2.3 5 1.65 117 300 8.789 59
1.71 - 1.80 8,024,637 1.7 3 1.77 114 294 9.174 67
1.81 - 1.90 2,830,820 0.6 1 1.83 114 270 8.950 59
1.91 - 2.00 10,451,697 2.2 1 1.92 237 237 8.870 60
2.01 - 2.25 2,971,578 0.6 1 2.02 114 234 8.724 31
------------ ----- -- ---- --- --- ----- --
TOTAL/WEIGHTED AVG. $481,773,026 100.0 % 98 1.33X 109 314 8.741 % 69 %
========================================================================================================================
</TABLE>
(a) Debt Service is the ratio of Underwriting NOI over the annualized debt
service payments
(b) Column totals may not add due to rounding
(c) Gross Coupon, inclusive of retained interest on SouthTrust loans
***************************************************************************
* *
* CUT-OFF DATE LOAN TO VALUE RATIO *
* *
***************************************************************************
o Weighted Average Current Loan to Value Ratio: 68.7%
<TABLE>
<CAPTION>
PERCENTAGE WEIGHTED WEIGHTED WEIGHTED
CUT-OFF OF AGGREGATE AVERAGE WEIGHTED AVERAGE AVERAGE WEIGHTED
DATE CUT-OFF DATE NUMBER OF DEBT SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
RANGE OF CUT-OFF DATE PRINCIPAL PRINCIPAL MORTGAGE COVERAGE REMAINING AMORTIZATION INTEREST CURRENT
LOAN-TO-VALUE RATIOS BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
31%-50 % $ 29,310,576 6.1 % 5 1.23x 96 170 8.640% 40%
51-60 38,531,669 8.0 9 1.65 142 280 9.034 57
61-65 65,374,415 13.6 19 1.39 114 307 8.784 63
66-70 81,825,348 17.0 20 1.37 115 313 8.902 68
71-75 165,433,195 34.3 29 1.27 99 331 8.738 73
76-80 91,449,794 19.0 14 1.26 109 349 8.530 79
81-85 9,848,029 2.0 2 1.28 117 357 8.290 81
------------ ----- -- ---- --- --- ----- --
TOTAL/WEIGHTED AVG. $481,773,026 100.0 % 98 1.33X 109 314 8.741% 69%
===============================================================================================================================
</TABLE>
(a) Ratio of Cut-Off Date Loan Balance over Appraisal Value at Origination
(b) Column totals may not add due to rounding
(c) Gross Coupon, inclusive of retained interest on SouthTrust loans
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 12
***************************************************************************
* *
* BALLOON LOAN-TO-VALUE RATIO *
* *
***************************************************************************
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
AGGREGATE AVERAGE WEIGHTED AVERAGE AVERAGE WEIGHTED
BALLOON CUT-OFF DATE NUMBER OF DEBT SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
LOAN-TO-VALUE CUT-OFF DATE PRINCIPAL MORTGAGE COVERAGE REMAINING AMORTIZATION INTEREST CURRENT
RATIOS PRINCIPAL BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Available (b) $ 30,751,367 6.4% 4 1.35x 149 149 8.753 % 47 %
8% - 50% 51,010,669 10.6 15 1.54 119 281 8.985 56
51 - 60 138,527,192 28.8 38 1.36 112 312 8.862 66
61 - 65 96,364,174 20.0 16 1.32 109 327 8.663 73
66 - 70 112,127,601 23.3 18 1.23 94 347 8.638 75
71 - 75 41,068,842 8.5 6 1.24 117 357 8.559 80
76 - 80 11,923,181 2.5 1 1.30 55 355 8.490 80
------------ ----- -- ---- --- --- ----- --
TOTAL/WEIGHTED AVG. $481,773,026 100.0% 98 1.33X 109 314 8.741 % 69 %
====================================================================================================================================
</TABLE>
(a) Column totals may not add due to rounding
(b) Fully amortizing loans
(c) Gross Coupon, inclusive of retained interest on SouthTrust loans
***************************************************************************
* *
* ORIGINAL AMORTIZATION TERM (IN MONTHS) *
* *
***************************************************************************
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
CUT-OFF DATE AGGREGATE AVERAGE WEIGHTED AVERAGE AVERAGE WEIGHTED
ORIGINAL CUT-OFF DATE NUMBER OF DEBT SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
AMORTIZATION TERM CUT-OFF DATE PRINCIPAL MORTGAGE COVERAGE REMAINING AMORTIZATION INTEREST CURRENT
(MONTHS) PRINCIPAL BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
211 - 240 $ 21,269,989 4.4% 6 1.73x 190 233 8.993 % 58 %
241 - 270 7,372,370 1.5 2 1.53 165 253 8.847 67
271 - 300 160,699,253 33.4 48 1.40 109 293 8.977 66
301 - 330 20,998,064 4.4 6 1.30 116 320 8.630 69
331 - 360 271,433,350 56.3 36 1.25 101 335 8.588 71
------------ ----- -- ---- --- --- ----- --
TOTAL/WEIGHTED AVG. $481,773,026 100.0% 98 1.33X 109 314 8.741 % 69 %
====================================================================================================================================
</TABLE>
(a) Column totals may not add due to rounding
(b) Gross Coupon, inclusive of retained interest on SouthTrust loans
***************************************************************************
* *
* REMAINING AMORTIZATION TERM (IN MONTHS) *
* *
***************************************************************************
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
CUT-OFF DATE AGGREGATE AVERAGE WEIGHTED AVERAGE AVERAGE WEIGHTED
ORIGINAL CUT-OFF DATE NUMBER OF DEBT SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
AMORTIZATION TERM CUT-OFF DATE PRINCIPAL MORTGAGE COVERAGE REMAINING AMORTIZATION INTEREST CURRENT
(MONTHS) PRINCIPAL BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
61 - 90 $ 17,467,554 3.6% 1 0.99x 83 83 8.500% 36%
181 - 210 2,241,106 0.5 1 1.39 110 207 9.125 61
211 - 240 19,028,884 3.9 5 1.77 200 236 8.978 57
241 - 270 14,730,696 3.1 4 1.56 140 260 8.652 66
271 - 300 153,340,926 31.8 46 1.39 109 294 9.002 66
301 - 330 20,998,064 4.4 6 1.30 116 320 8.630 69
331 - 360 253,965,796 52.7 35 1.27 102 352 8.594 73
------------ ----- -- ---- --- --- ----- --
TOTAL/WEIGHTED AVG. $481,773,026 100.0% 98 1.33X 109 314 8.741% 69%
====================================================================================================================================
</TABLE>
(a) Column totals may not add due to rounding
(b) Gross Coupon, inclusive of retained interest on SouthTrust loans
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 13
***************************************************************************
* *
* CURRENT MORTGAGE INTEREST RATES *
* *
***************************************************************************
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
AGGREGATE AVERAGE WEIGHTED AVERAGE AVERAGE WEIGHTED
CUT-OFF DATE NUMBER OF DEBT SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
CUT-OFF DATE CUT-OFF DATE PRINCIPAL MORTGAGE COVERAGE REMAINING AMORTIZATION INTEREST CURRENT
MORTGAGE RATE PRINCIPAL BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
7.751% - 8.000 % $ 1,573,344 0.3% 1 1.42x 105 285 7.950 % 72 %
8.001 - 8.250 12,944,927 2.7 2 1.16 109 318 8.085 73
8.251 - 8.500 145,565,653 30.2 25 1.24 100 312 8.412 69
8.501 - 8.750 131,776,956 27.4 19 1.36 104 330 8.614 70
8.751 - 9.000 57,377,160 11.9 13 1.46 127 308 8.900 66
9.001 - 9.250 75,238,054 15.6 21 1.33 114 304 9.106 68
9.251 - 9.500 44,407,889 9.2 11 1.41 114 313 9.322 67
9.501 - 9.750 11,744,919 2.4 5 1.34 132 286 9.607 66
10.251 - 10.500 1,144,123 0.2 1 1.57 236 236 10.332 63
------------ ----- -- ---- --- --- ------ --
TOTAL/WEIGHTED AVG. $481,773,026 100.0% 98 1.33X 109 314 8.741 % 69 %
====================================================================================================================================
</TABLE>
(a) Column totals may not add due to rounding
(b) Coupon, inclusive of retained interest on SouthTrust loans
***************************************************************************
* *
* PAYMENT TYPES *
* *
***************************************************************************
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
AGGREGATE AVERAGE WEIGHTED AVERAGE AVERAGE WEIGHTED
CUT-OFF DATE NUMBER OF DEBT SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
CUT-OFF DATE PRINCIPAL MORTGAGE COVERAGE REMAINING AMORTIZATION INTEREST CURRENT
PAYMENT TYPE PRINCIPAL BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Amortizing Balloon $451,021,659 93.6% 94 1.33x 107 326 8.740 % 70 %
Fully Amortizing 30,751,367 6.4 4 1.35 149 149 8.753 47
------------ ----- -- ---- --- --- ----- --
TOTAL/WEIGHTED AVG. $481,773,026 100.0% 98 1.33X 109 314 8.741 % 69 %
====================================================================================================================================
</TABLE>
(a) Column totals may not add due to rounding
(b) Gross Coupon, inclusive of retained interest on SouthTrust loans
***************************************************************************
* *
* REMAINING TERM TO MATURITY (IN MONTHS) *
* *
***************************************************************************
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
AGGREGATE AVERAGE WEIGHTED AVERAGE AVERAGE WEIGHTED
CUT-OFF DATE CUT-OFF DATE NUMBER OF DEBT SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
REMAINING TERM CUT-OFF DATE PRINCIPAL MORTGAGE COVERAGE REMAINING AMORTIZATION INTEREST CURRENT
(MONTHS) PRINCIPAL BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
31 - 60 $ 21,557,888 4.5% 3 1.29x 49 323 8.683 % 74 %
61 - 90 90,430,370 18.8 11 1.20 77 296 8.571 64
91 - 120 353,498,881 73.4 80 1.35 115 322 8.773 70
211 - 240 16,285,887 3.4 4 1.76 237 239 9.081 62
------------ ----- -- ---- --- --- ----- --
TOTAL/WEIGHTED AVG. $481,773,026 100.0% 98 1.33X 109 314 8.741 % 69 %
====================================================================================================================================
</TABLE>
(a) Column totals may not add due to rounding
(b) Gross Coupon, inclusive of retained interest on SouthTrust loans
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 14
***************************************************************************
* *
* SEASONING (IN MONTHS) *
* *
***************************************************************************
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
AGGREGATE AVERAGE WEIGHTED AVERAGE AVERAGE WEIGHTED
CUT-OFF DATE NUMBER OF DEBT SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
CUT-OFF DATE CUT-OFF DATE PRINCIPAL MORTGAGE COVERAGE SEASONING AMORTIZATION INTEREST CURRENT
SEASONING (MONTHS) PRINCIPAL BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Newly Originated $ 16,385,000 3.4% 3 1.34x 0 353 8.587% 74%
1-10 418,239,586 86.8 89 1.36 5 322 8.769 70
11-20 22,826,165 4.7 4 1.10 13 343 8.492 74
21-30 6,854,721 1.4 1 1.20 21 279 8.830 72
241-277 17,467,554 3.6 1 0.99 277 83 8.500 36
------------ ----- -- ---- --- --- ----- --
TOTAL/WEIGHTED AVG. $481,773,026 100.0 % 98 1.33X 15 314 8.741 % 69%
====================================================================================================================================
</TABLE>
(a) Column totals may not add due to rounding
(b) Gross Coupon, inclusive of retained interest on SouthTrust loans
***************************************************************************
* *
* YEAR OF ORIGINATION *
* *
***************************************************************************
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
AGGREGATE AVERAGE WEIGHTED AVERAGE AVERAGE WEIGHTED
CUT-OFF DATE NUMBER OF DEBT SERVICE AVERAGE REMAINING MORTGAGE AVERAGE
CUT-OFF DATE PRINCIPAL MORTGAGE COVERAGE REMAINING AMORTIZATION INTEREST CURRENT
ORIGINATION YEAR PRINCIPAL BALANCE BALANCE LOANS RATIO TERM TERM RATE LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1974 $ 17,467,554 3.6% 1 0.99x 83 83 8.500% 36%
1995 6,854,721 1.4 1 1.20 39 279 8.830 72
1996 252,930,943 52.5 49 1.32 100 324 8.697 70
1997 204,519,808 42.5 47 1.38 125 324 8.813 70
- ------------ ------ ----- --------- -- --------- ------------------------- ------- -------
TOTAL/WEIGHTED AVG. $481,773,026 100.0 % 98 1.33X 109 314 8.741 % 69%
====================================================================================================================================
</TABLE>
(a) Column totals may not add due to rounding
(b) Gross Coupon, inclusive of retained interest on SouthTrust loans
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 15
***************************************************************************
* *
* OVERVIEW OF SOURCES OF MORTGAGE LOANS *
* *
***************************************************************************
o AMRESCO Commercial Mortgage Funding, L.P. is contributing 94 loans with an
approximate unpaid principal balance of $457 million
-- Approximately $332 million (76 loans ) originated by AMRESCO Capital
Corporation
-- Approximately $101 million (16 loans) purchased from SouthTrust
Funding Corporation
-- Approximately $24 million (2 loans) purchased in single note
transactions
o Goldman Sachs Mortgage Company is contributing 4 loans with an approximate
unpaid principal balance of $24 million
-- Loans were originated by Central Park Capital, L.L.C. ("CPC"), a
Delaware Limited Liability company organized to originate commercial
mortgage loans. All loans originated by CPC are fully funded by
Goldman Sachs Mortgage Company concurrent with closing
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
<PAGE> 16
GOLDMAN, SACHS & CO.
85 BROAD STREET
NEW YORK, N.Y. 10004
INVESTMENT BANKING DIVISION
- ---------------------------
Finance
- -------
Jeffrey Fastov Phone: (212) 902-4015
Vice President Fax: (212) 357-5505
Todd Sammann Phone: (212) 902-6398
Associate Fax: (212) 357-5505
Brian Landau Phone: (212) 902-8139
Analyst Fax: (212) 357-5505
Due Diligence
- -------------
Rolf Edwards Phone: (212) 902-5637
Associate Fax: (212) 357-5505
STRUCTURED FINANCE
- ------------------
Steve Enfield Phone: (212) 902-3251
Vice President Fax: (212) 902-4024
MORTGAGE SALES AND TRADING
- --------------------------
Mark Kogan Phone: (212) 902-2565
Vice President Fax: (212) 902-1691
Justin Kennedy Phone: (212) 902-2914
Associate Fax: (212) 902-1691
Jim Mrowka Phone: (212) 902-2914
Associate Fax: (212) 902-1691
MORTGAGE RESEARCH
- -----------------
Mark Buono Phone: (212) 902-3824
Vice President Fax: (212) 902-1691
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisers. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with the Securities and Exchange Commission (the "SEC")
and incorporated by reference into an effective registration statement
previously filed with the SEC under Rule 415 of the Securities Act of 1933,
including in cases where the material does not pertain to securities that are
ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by Goldman, Sachs & Co. Goldman,
Sachs & Co. is acting as underwriter.
