<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1 TO FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) November 16, 1998
DLJ Commercial Mortgage Corp.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-59167 13-3956945
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
277 Park Avenue, New York, New York 10172
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 892-3000
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
================================================================================
<PAGE>
EXPLANATORY NOTE: This Amendment No. 1 to Current Report on Form 8-K is filed
to correct certain typographical errors contained in the Current Report on Form
8-K (relating to events occurring on November 16, 1998) as filed on November 17,
1998.
Item 5. Other Events.
It is expected that during December 1998, a single series of certificates,
entitled DLJ Commercial Mortgage Corp., Commercial Mortgage Pass-Through
Certificates, Series 1998-CF2 (the "Certificates"), will be issued pursuant to a
pooling and servicing agreement (the "Pooling and Servicing Agreement"), to be
entered into by and among DLJ Commercial Mortgage Corp. (the "Registrant"), Banc
One Mortgage Capital Markets, LLC, as Master Servicer and Special Servicer and
Norwest Bank Minnesota, National Association as Trustee and REMIC Administrator.
Certain classes of the Certificates (the "Underwritten Certificates") will be
registered under the Registrant's registration statement on Form S-3 (no.
333-59167) and sold to Donaldson, Lufkin & Jenrette Securities Corporation (the
"Underwriter") pursuant to an underwriting agreement (the "Underwriting
Agreement") to be entered into by and between the Registrant and the
Underwriter.
In connection with the expected sale of the Underwritten Certificates, the
Underwriter has advised the Registrant that it has furnished to prospective
investors certain information attached hereto as Exhibit 99.1 that may be
considered "Computational Materials" (as defined in the no-action letter dated
May 20, 1994 issued by the Division of Corporation Finance of the Securities and
Exchange Commission (the "Commission") to Kidder, Peabody Acceptance Corporation
I, Kidder, Peabody & Co. Incorporated, and Kidder Structured Asset Corporation
and the no-action letter dated May 27, 1994 issued by the Division of
Corporation Finance of the Commission to the Public Securities Association) and
"ABS Term Sheets" (as defined in the no-action letter dated February 17, 1995
issued by the Division of Corporation Finance of the Commission to the Public
Securities Association).
The Computational Materials and ABS Term Sheets attached hereto have been
prepared and provided to the Registrant by the Underwriter. The information in
such Computational Materials and ABS Term Sheets is preliminary and will be
superseded by the final Prospectus Supplement relating to the Underwritten
Certificates and by any other information subsequently filed with the
Commission. To the extent any Computational Materials and ABS Term Sheets
previously filed by the Registrant with respect to the Underwritten Certificates
are inconsistent with the Computational Materials and ABS Term Sheets attached
hereto, such previously filed Computational Materials and ABS Term Sheets are
superseded by the Computational Materials and ABS Term Sheets attached hereto.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
-2-
<PAGE>
(c) Exhibits:
Exhibit No. Description
99.1 Computational Materials and ABS Term Sheets, dated November
16, 1998, prepared by Donaldson, Lufkin & Jenrette Securities
Corporation.
-3-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: November 16, 1998
DLJ COMMERCIAL MORTGAGE CORP.
By: /s/ N. Dante LaRocca
--------------------------------------
Name: N. Dante LaRocca
Title: Senior Vice President
-4-
<PAGE>
EXHIBIT INDEX
The following exhibits are filed herewith:
Exhibit No. Page No.
- ----------- --------
99.1 Computational Materials and ABS Term Sheets, dated November
16, 1998, prepared by Donaldson, Lufkin & Jenrette Securities
Corporation.
-5-
<PAGE>
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
================================================================================
COMMERCIAL MORTGAGE TRADING
================================================================================
$1,149,622,805
(Approximate Mortgage Pool Balance)
"Column Conduit VIII"
DLJ COMMERCIAL MORTGAGE CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-CF2
Class S, Class A-1A, Class A-1B, Class A-2, Class A-3, Class A-4, Class B-1,
Class B-2
** PRELIMINARY SUMMARY MEMORANDUM **
Dated November 16, 1998
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet prepared solely for informational purposes. No offer to sell or
solicitation of any offer to purchase securities is being made hereby. This
summary is designed for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed subject offering.
While the information contained herein is from sources believed to be reliable,
it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any computations of yields and weighted average
life) is hypothetical and based on certain assumptions (including without
limitation assumptions regarding the rate and timing of voluntary and
involuntary prepayments of the mortgage loan/loans or assumptions that the
mortgage loan/loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage
loan/loans will differ from such assumptions and such differences may be
material. This document is subject to errors, omissions and changes in the
information and is subject to modification or withdrawal at any time with or
without notice. These materials and the information contained herein supersedes
any and all information contained in any previously furnished computational,
structural and/or collateral terms sheets and shall be superseded by any
subsequently furnished similar materials. These materials and the information
contained herein shall be superseded by a final prospectus and prospectus
supplement and by subsequent summary memoranda. No purchase of any securities
may be made unless and until a final prospectus, prospectus supplement or
similar private placement memorandum has been received by a potential investor
and such investor has complied with all additional related offering
requirements. The contents herein are not to be reproduced without the express
written consent of Donaldson, Lufkin & Jenrette Securities Corporation.
Donaldson, Lufkin & Jenrette Securities Corporation and its affiliates expressly
reserve the right, at their sole discretion, to reject any or all proposals or
expressions of interest in the subject proposed offering and to terminate
discussions with any party at any time with or without notice.
================================================================================
<PAGE>
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
================================================================================
COMMERCIAL MORTGAGE TRADING
================================================================================
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
[GRAPHIC]
<TABLE>
<CAPTION>
(%) (%) Avg Price Approx. ERISA/
Class Ratings(1) ($) Balance Balance Sub Life(2) Maturity(2) Talk Index Price Status SMMEA(4)
----- ---------- ----------- ------- --- ------- ----------- ---- ----- ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
S Aaa/AAA 1,149,622,805 na na 9.4 Oct-23 --- --- --- Public Yes/Yes
A-1A Aaa/AAA 226,315,000 19.70 28.00 5.7 Jun-08 --- --- --- Public Yes/Yes
A-1B Aaa/AAA 601,417,000 52.30 28.00 9.7 Oct-08 --- --- --- Public Yes/Yes
A-2 Aa2/AA 57,482,000 5.00 23.00 9.9 Nov-08 --- --- --- Public No/Yes
A-3 A2/A 63,230,000 5.50 17.50 9.9 Nov-08 --- --- --- Public No
A-4 A3/A- 14,370,000 1.25 16.25 9.9 Nov-08 --- --- --- Public No
B-1 Baa2/BBB 43,111,000 3.75 12.50 9.9 Nov-08 --- --- --- Public No
B-2 Baa3/BBB- 17,245,000 1.50 11.00 9.9 Nov-08 --- --- --- Public No
B-3 NR/BB 54,607,000 4.75 6.25 10.7 Apr-12 ****** ** (3) ** ****** Private-144A No
B-4 NR/BB- 11,496,000 1.00 5.25 14.0 Jun-13 ****** ** (3) ** ****** Private-144A No
B-5 NR/B 22,993,000 2.00 3.25 14.7 Oct-13 ****** ** (3) ** ****** Private-144A No
B-6 NR/B- 14,370,000 1.25 2.00 14.9 Jun-14 ****** ** (3) ** ****** Private-144A No
C NR/NR 22,986,805 2.00 0.00 18.3 Oct-23 ****** ** (3) ** ****** Private-144A No
</TABLE>
(1) Moody's Investor Service, Inc. / Fitch IBCA, Inc.
(2) Reflects average life and maturity. Assumes 0% CPR, no defaults and no
extensions.
(3) Sold.
(4) Expected to be eligible for DLJ's individual prohibited transaction
exemption under ERISA.
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet prepared solely for informational purposes. No offer to sell or
solicitation of any offer to purchase securities is being made hereby. This
summary is designed for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed subject offering.
While the information contained herein is from sources believed to be reliable,
it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any computations of yields and weighted average
life) is hypothetical and based on certain assumptions (including without
limitation assumptions regarding the rate and timing of voluntary and
involuntary prepayments of the mortgage loan/loans or assumptions that the
mortgage loan/loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage
loan/loans will differ from such assumptions and such differences may be
material. This document is subject to errors, omissions and changes in the
information and is subject to modification or withdrawal at any time with or
without notice. These materials and the information contained herein supersedes
any and all information contained in any previously furnished computational,
structural and/or collateral terms sheets and shall be superseded by any
subsequently furnished similar materials. These materials and the information
contained herein shall be superseded by a final prospectus and prospectus
supplement and by subsequent summary memoranda. No purchase of any securities
may be made unless and until a final prospectus, prospectus supplement or
similar private placement memorandum has been received by a potential investor
and such investor has complied with all additional related offering
requirements. The contents herein are not to be reproduced without the express
written consent of Donaldson, Lufkin & Jenrette Securities Corporation.
Donaldson, Lufkin & Jenrette Securities Corporation and its affiliates expressly
reserve the right, at their sole discretion, to reject any or all proposals or
expressions of interest in the subject proposed offering and to terminate
discussions with any party at any time with or without notice.
================================================================================
<PAGE>
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
================================================================================
COMMERCIAL MORTGAGE TRADING
================================================================================
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
Collateral The Trust Fund will consist of a pool of 318 fixed-rate,
Overview: monthly-pay mortgage loans with an aggregate balance of
approximately $1,149,622,805 as of December 1, 1998 (Cut-off
Date), which are secured by a first lien on a fee and/or
leasehold interest in a multifamily or commercial property. The
properties are located throughout 38 states and the District of
Columbia with the largest concentrations (by balance) in NY
13.5% (19 loans), CA 12.7% (40 loans) and TX 11.0% (49 loans).
o Property Type Diversification: Multifamily (28.0%), Retail
(20.1%), Office (19.5%), Hotel (13.6%)
o ARD Loans as % of Total: 15.0%
o CTL Loans as % of Total: 0.5%
o Appraisals: 100% of the appraisals state that they follow
the guidelines set forth in Title XI of FIRREA.
o Call Protection: 92.6% of the mortgage loans provide for an
initial lockout period followed by a defeasance period. 0.2%
of the mortgage loans provide for a lockout period only. The
remaining 7.2% of the mortgage loans provide for an initial
lockout period followed by a yield maintenance period and/or
prepayment premium period.
o Underwriting Procedures:
- 66.0% of the mortgage loans have agreed upon procedures
performed by a third party.
- 99.5% of the mortgage loans have tax and insurance
escrows.
- 100.0% of the multifamily and hotel properties have
replacement / FF&E reserves.
================================================================================
Mortgage Loan The mortgage loans, in general, were originated between July
Origination: 1997 and November 1998 by 2 participants in DLJ Mortgage
Capital, Inc.'s ("DLJMC") commercial and multifamily mortgage
loan conduit program. Approximately 90.8% (by balance) of the
mortgage loans were originated by Column Financial, Inc.
("Column"). The remaining mortgage loans were originated by
Union Capital Investments LLC (7.9%) and Apple Bank for Savings
(1.3%). All mortgage loans were underwritten by Column with
third party due diligence reports.
Column Financial, Inc., an indirect wholly owned subsidiary of
Donaldson, Lufkin & Jenrette, Inc., was created in August 1993.
Column has originated $6.1 billion commercial and multifamily
mortgage loans since its inception. Column sources, underwrites
and closes mortgage loans through 14 regional offices located
throughout the country.
================================================================================
Servicer: Banc One Mortgage Capital
Markets, LLC
Lead Manager: Donaldson, Lufkin & Jenrette Securities
Corporation, Sole Manager
================================================================================
Special
Servicer: Banc One Mortgage Capital Settlement: December _, 1998
Markets, LLC
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet prepared solely for informational purposes. No offer to sell or
solicitation of any offer to purchase securities is being made hereby. This
summary is designed for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed subject offering.
While the information contained herein is from sources believed to be reliable,
it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any computations of yields and weighted average
life) is hypothetical and based on certain assumptions (including without
limitation assumptions regarding the rate and timing of voluntary and
involuntary prepayments of the mortgage loan/loans or assumptions that the
mortgage loan/loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage
loan/loans will differ from such assumptions and such differences may be
material. This document is subject to errors, omissions and changes in the
information and is subject to modification or withdrawal at any time with or
without notice. These materials and the information contained herein supersedes
any and all information contained in any previously furnished computational,
structural and/or collateral terms sheets and shall be superseded by any
subsequently furnished similar materials. These materials and the information
contained herein shall be superseded by a final prospectus and prospectus
supplement and by subsequent summary memoranda. No purchase of any securities
may be made unless and until a final prospectus, prospectus supplement or
similar private placement memorandum has been received by a potential investor
and such investor has complied with all additional related offering
requirements. The contents herein are not to be reproduced without the express
written consent of Donaldson, Lufkin & Jenrette Securities Corporation.
Donaldson, Lufkin & Jenrette Securities Corporation and its affiliates expressly
reserve the right, at their sole discretion, to reject any or all proposals or
expressions of interest in the subject proposed offering and to terminate
discussions with any party at any time with or without notice.
================================================================================
<PAGE>
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
================================================================================
COMMERCIAL MORTGAGE TRADING
================================================================================
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
================================================================================
Rating Moody's Investor Service, Inc.
Agencies: Fitch IBCA, Inc.
Trustee: Norwest Bank Minnesota, National Association
================================================================================
Extensions: The Special Servicer will not be permitted to grant any
extension of the maturity of a mortgage loan beyond 60 months of
such mortgage loan's stated maturity date.
================================================================================
Controlling The Controlling Class of Certificateholders may appoint a
Class: Special Servicer and replace the existing Special Servicer.
Controlling Class - will be the most subordinate class of
certificates which has a current aggregate certificate principal
amount greater than 25% (or in the case of the Class C
certificates, 20%) of its original aggregate certificate
principal balance.
================================================================================
Advances: Advances subject to recoverability determination and appraisal
reductions.
================================================================================
Prepayment All of the mortgage loans provide for either a prepayment
Protection lockout period ("Lockout"), a defeasance period ("Defeasance"),
and a yield maintenance premium ("YMP") period and/or a prepayment
Distribution premium ("PP") period or a combination thereof.
of Premiums:
The certificate yield maintenance amount ("CYMA") for the Class
A-1A, A-1B, A-2, A-3, A-4, B-1, B-2, B-3, B-4, B-5, B-6, and/or
C Certificates (collectively, "Sequential Pay Certificates")
equals the total yield maintenance premium collected, multiplied
by a fraction (not greater than one or less than zero) which is
based upon a formula involving the relationship between the
Pass-Through Rate(s) of such Class(es) currently receiving
principal, the mortgage rate of the loan that has prepaid, and
current interest rates. In general, the CYMA for any
Distribution Date will be calculated in respect of and payable
to the class(es) of Sequential Pay Certificates entitled to
receive distributions of principal on such Distribution Date.
CYMA (Pass-Through Rate - Discount Rate)
Allocation % = -----------------------------------
to Non-IO Certificates (Mortgage Rate - Discount Rate)
The yield maintenance amount payable to the interest only
certificates, Class S, will equal the total yield maintenance
premium less the CYMA as defined above.
All PPs collected on the Mortgage Loans will be distributed to
the interest only certificates, Class S.
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet prepared solely for informational purposes. No offer to sell or
solicitation of any offer to purchase securities is being made hereby. This
summary is designed for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed subject offering.
While the information contained herein is from sources believed to be reliable,
it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any computations of yields and weighted average
life) is hypothetical and based on certain assumptions (including without
limitation assumptions regarding the rate and timing of voluntary and
involuntary prepayments of the mortgage loan/loans or assumptions that the
mortgage loan/loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage
loan/loans will differ from such assumptions and such differences may be
material. This document is subject to errors, omissions and changes in the
information and is subject to modification or withdrawal at any time with or
without notice. These materials and the information contained herein supersedes
any and all information contained in any previously furnished computational,
structural and/or collateral terms sheets and shall be superseded by any
subsequently furnished similar materials. These materials and the information
contained herein shall be superseded by a final prospectus and prospectus
supplement and by subsequent summary memoranda. No purchase of any securities
may be made unless and until a final prospectus, prospectus supplement or
similar private placement memorandum has been received by a potential investor
and such investor has complied with all additional related offering
requirements. The contents herein are not to be reproduced without the express
written consent of Donaldson, Lufkin & Jenrette Securities Corporation.
Donaldson, Lufkin & Jenrette Securities Corporation and its affiliates expressly
reserve the right, at their sole discretion, to reject any or all proposals or
expressions of interest in the subject proposed offering and to terminate
discussions with any party at any time with or without notice.
================================================================================
<PAGE>
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
================================================================================
COMMERCIAL MORTGAGE TRADING
================================================================================
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
================================================================================
Analytics: Cashflows are expected to be available through: Bloomberg, the
Trepp Group, Intex Solutions and Charter Research.
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet prepared solely for informational purposes. No offer to sell or
solicitation of any offer to purchase securities is being made hereby. This
summary is designed for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed subject offering.
While the information contained herein is from sources believed to be reliable,
it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any computations of yields and weighted average
life) is hypothetical and based on certain assumptions (including without
limitation assumptions regarding the rate and timing of voluntary and
involuntary prepayments of the mortgage loan/loans or assumptions that the
mortgage loan/loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage
loan/loans will differ from such assumptions and such differences may be
material. This document is subject to errors, omissions and changes in the
information and is subject to modification or withdrawal at any time with or
without notice. These materials and the information contained herein supersedes
any and all information contained in any previously furnished computational,
structural and/or collateral terms sheets and shall be superseded by any
subsequently furnished similar materials. These materials and the information
contained herein shall be superseded by a final prospectus and prospectus
supplement and by subsequent summary memoranda. No purchase of any securities
may be made unless and until a final prospectus, prospectus supplement or
similar private placement memorandum has been received by a potential investor
and such investor has complied with all additional related offering
requirements. The contents herein are not to be reproduced without the express
written consent of Donaldson, Lufkin & Jenrette Securities Corporation.
Donaldson, Lufkin & Jenrette Securities Corporation and its affiliates expressly
reserve the right, at their sole discretion, to reject any or all proposals or
expressions of interest in the subject proposed offering and to terminate
discussions with any party at any time with or without notice.
================================================================================
<PAGE>
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
================================================================================
COMMERCIAL MORTGAGE TRADING
================================================================================
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
================================================================================
Priority of On each distribution date, interest will be distributed to each
Interest: of the classes in the following order of priority:
1. Class S, A-1A and A-1B, pro rata
2. Class A-2
3. Class A-3
4. Class A-4
5. Class B-1
6. Class B-2
7. Class B-3
8. Class B-4
9. Class B-5
10. Class B-6
11. Class C
================================================================================
Priority On each distribution date, principal will be distributed and
of Principal: losses will be allocated to each of the classes in the following
order of priority:
Scheduled and Prepayments(1) Losses
---------------------------- --------------------------------
1. Class A-1A 1. Class C
2. Class A-1B(2) 2. Class B-6
3. Class A-2 3. Class B-5
4. Class A-3 4. Class B-4
5. Class A-4 5. Class B-3
6. Class B-1 6. Class B-2
7. Class B-2 7. Class B-1
8. Class B-3 8. Class A-4
9. Class B-4 9. Class A-3
10. Class B-5 10. Class A-2
11. Class B-6 11. Class A-1A and A-1B, pro rata
12. Class C
(1) None of the following classes will receive any principal
distributions until all classes, if any, listed above it are
retired.
(2) Pro rata with Class A-1A if the balances of Classes A-2
through C are reduced to zero on account of losses.
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet prepared solely for informational purposes. No offer to sell or
solicitation of any offer to purchase securities is being made hereby. This
summary is designed for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed subject offering.
While the information contained herein is from sources believed to be reliable,
it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any computations of yields and weighted average
life) is hypothetical and based on certain assumptions (including without
limitation assumptions regarding the rate and timing of voluntary and
involuntary prepayments of the mortgage loan/loans or assumptions that the
mortgage loan/loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage
loan/loans will differ from such assumptions and such differences may be
material. This document is subject to errors, omissions and changes in the
information and is subject to modification or withdrawal at any time with or
without notice. These materials and the information contained herein supersedes
any and all information contained in any previously furnished computational,
structural and/or collateral terms sheets and shall be superseded by any
subsequently furnished similar materials. These materials and the information
contained herein shall be superseded by a final prospectus and prospectus
supplement and by subsequent summary memoranda. No purchase of any securities
may be made unless and until a final prospectus, prospectus supplement or
similar private placement memorandum has been received by a potential investor
and such investor has complied with all additional related offering
requirements. The contents herein are not to be reproduced without the express
written consent of Donaldson, Lufkin & Jenrette Securities Corporation.
Donaldson, Lufkin & Jenrette Securities Corporation and its affiliates expressly
reserve the right, at their sole discretion, to reject any or all proposals or
expressions of interest in the subject proposed offering and to terminate
discussions with any party at any time with or without notice.
================================================================================
<PAGE>
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
================================================================================
COMMERCIAL MORTGAGE TRADING
================================================================================
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
================================================================================
Three Largest
Assets (1): THE CHANIN BUILDING
122 East 42nd Street, New York, New York
Office Property
o LTV:71.2%
o DSCR: 1.33x
o Sq. Ft.: 848,562
o Cut-off Date Balance: $ 74,732,033 (6.5%)
The Chanin Building (the "Property") is a 55-story office
building composed of 795,983 net rentable square feet of office
space, 42,654 net rentable square feet of retail space and 9,925
net rentable square feet of storage space. Built in 1929, the
borrower has invested more than $30 million in capital
expenditures with renovations as recent as 1997. The lobby has
been restored to its original condition and is considered one of
the architectural masterpieces of Art Deco construction. This is
a landmark building at the SW corner of 42nd Street and
Lexington Avenue in mid-town Manhattan. The current occupancy
level is 95% with a diverse tenant roster. The subject property
is occupied by 174 total tenants, with the 10 largest accounting
for approximately 35% of the building's rentable area. All
revenues from the property are deposited into a hard lockbox.
The borrower is a single-purpose, bankruptcy-remote entity
controlled by Mr. Stanley Stahl. His entire portfolio
encompasses more than 4,000,000 square feet of office space,
2,500 apartments, and 150 retail tenancies.
The property is managed by Colliers ABR, Inc. Colliers ABR, Inc.
provides national and international coverage through its equity
partnership in Colliers International.
(1) Excludes groups of cross-collaterized loans or
multi-property loans, each of which might be larger than the
individual loans listed.
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet prepared solely for informational purposes. No offer to sell or
solicitation of any offer to purchase securities is being made hereby. This
summary is designed for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed subject offering.
While the information contained herein is from sources believed to be reliable,
it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any computations of yields and weighted average
life) is hypothetical and based on certain assumptions (including without
limitation assumptions regarding the rate and timing of voluntary and
involuntary prepayments of the mortgage loan/loans or assumptions that the
mortgage loan/loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage
loan/loans will differ from such assumptions and such differences may be
material. This document is subject to errors, omissions and changes in the
information and is subject to modification or withdrawal at any time with or
without notice. These materials and the information contained herein supersedes
any and all information contained in any previously furnished computational,
structural and/or collateral terms sheets and shall be superseded by any
subsequently furnished similar materials. These materials and the information
contained herein shall be superseded by a final prospectus and prospectus
supplement and by subsequent summary memoranda. No purchase of any securities
may be made unless and until a final prospectus, prospectus supplement or
similar private placement memorandum has been received by a potential investor
and such investor has complied with all additional related offering
requirements. The contents herein are not to be reproduced without the express
written consent of Donaldson, Lufkin & Jenrette Securities Corporation.
Donaldson, Lufkin & Jenrette Securities Corporation and its affiliates expressly
reserve the right, at their sole discretion, to reject any or all proposals or
expressions of interest in the subject proposed offering and to terminate
discussions with any party at any time with or without notice.
================================================================================
<PAGE>
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
================================================================================
COMMERCIAL MORTGAGE TRADING
================================================================================
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
================================================================================
HERITAGE POINTE APARTMENTS
10018 Holly Lane, Des Plaines, Illinois
Multifamily Property
o LTV: 69.4%
o DSCR: 1.61x
o Units: 924
o Cut-off Date Balance: $24,982,355 (2.2%)
Heritage Pointe Apartments (the "Property") is a garden style,
multifamily apartment complex built in 1973 and is composed of
924 units in 154 buildings. The property has 746,900 net
rentable square feet and is located 27 miles northwest of
Chicago CBD. Amenities include a swimming pool, clubhouse,
children's playground, laundry facilities and on site parking.
The current occupancy rate is 96%. The area is desirable because
of its close proximity to major interstate and regional
highways.
The mortgagor on the subject is the Sherwood Village L.P. Mid
America Management Corp., an Inland affiliate, has been managing
the property for the last 15 years. Mid America currently
manages approximately 16,000 apartment units with a
concentration in the Chicago area.
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet prepared solely for informational purposes. No offer to sell or
solicitation of any offer to purchase securities is being made hereby. This
summary is designed for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed subject offering.
While the information contained herein is from sources believed to be reliable,
it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any computations of yields and weighted average
life) is hypothetical and based on certain assumptions (including without
limitation assumptions regarding the rate and timing of voluntary and
involuntary prepayments of the mortgage loan/loans or assumptions that the
mortgage loan/loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage
loan/loans will differ from such assumptions and such differences may be
material. This document is subject to errors, omissions and changes in the
information and is subject to modification or withdrawal at any time with or
without notice. These materials and the information contained herein supersedes
any and all information contained in any previously furnished computational,
structural and/or collateral terms sheets and shall be superseded by any
subsequently furnished similar materials. These materials and the information
contained herein shall be superseded by a final prospectus and prospectus
supplement and by subsequent summary memoranda. No purchase of any securities
may be made unless and until a final prospectus, prospectus supplement or
similar private placement memorandum has been received by a potential investor
and such investor has complied with all additional related offering
requirements. The contents herein are not to be reproduced without the express
written consent of Donaldson, Lufkin & Jenrette Securities Corporation.
Donaldson, Lufkin & Jenrette Securities Corporation and its affiliates expressly
reserve the right, at their sole discretion, to reject any or all proposals or
expressions of interest in the subject proposed offering and to terminate
discussions with any party at any time with or without notice.
================================================================================
<PAGE>
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
================================================================================
COMMERCIAL MORTGAGE TRADING
================================================================================
DLJ Commercial Mortgage Corp.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
================================================================================
THE CENTER AT RANCHO NIGUEL
28121-28141 & 28201-28251 Crown Valley Parkway,
Laguna Niguel, California
Retail Property
o LTV: 80.6%
o DSCR: 1.35x
o Sq. Ft.: 120,867
o Cut-off Date Balance: $22,979,767 (2.0%)
The Center at Rancho Niguel (the "Property") is an anchored,
neighborhood shopping center that consists of two sites, the
Hughes Center and TGI Friday's Center. The property was built in
1988 and is currently 100% occupied. The city of Laguna Niguel
is located in the southern portion of Orange County.
Major tenants include Hughes Market, which leases 36,300 square
feet and Sav-On Express, which leases 7,712 square feet. Hughes
Market currently has 56 stores in California and has recently
been acquired by Fred Meyer, Inc. Fred Meyer operates 1100
stores and was recently acquired by Kroger Co. which operates
1400 stores, forming a chain of stores spanning 31 states.
Sav-On Express is owned by American Drug Stores, Inc., which
currently has a total of 882 stores. American Stores has a
credit rating "BBB+" and is being acquired by Albertsons, rated
"A+", to form the largest grocery chain in the country.
The mortgagor is an entity of Robert F. Buie. The property
management company is Pacific West Asset Management Corporation,
which is a full-service asset and property management company.
This property is cross-collaterized and cross-defaulted with the
Edwards Center at Rancho Niguel, a 35,600 sq. ft. retail
property, for $5,694,986.
- --------------------------------------------------------------------------------
This investment summary is a computational, structural and/or collateral term
sheet prepared solely for informational purposes. No offer to sell or
solicitation of any offer to purchase securities is being made hereby. This
summary is designed for use by Donaldson, Lufkin & Jenrette Securities
Corporation personnel to assist them in determining whether potential investors
wish to proceed with an in-depth investigation of the proposed subject offering.
While the information contained herein is from sources believed to be reliable,
it has not been independently verified by Donaldson, Lufkin & Jenrette
Securities Corporation or any of its respective affiliates. Therefore, none of
Donaldson, Lufkin & Jenrette Securities Corporation nor any of its respective
affiliates make any representations or warranties with respect to the
information contained herein or as to the appropriateness, usefulness or
completeness of these materials. Any computational information set forth herein
(including without limitation any computations of yields and weighted average
life) is hypothetical and based on certain assumptions (including without
limitation assumptions regarding the rate and timing of voluntary and
involuntary prepayments of the mortgage loan/loans or assumptions that the
mortgage loan/loans will not be prepaid voluntarily or involuntarily or
liquidated). The actual characteristics and performance of the mortgage
loan/loans will differ from such assumptions and such differences may be
material. This document is subject to errors, omissions and changes in the
information and is subject to modification or withdrawal at any time with or
without notice. These materials and the information contained herein supersedes
any and all information contained in any previously furnished computational,
structural and/or collateral terms sheets and shall be superseded by any
subsequently furnished similar materials. These materials and the information
contained herein shall be superseded by a final prospectus and prospectus
supplement and by subsequent summary memoranda. No purchase of any securities
may be made unless and until a final prospectus, prospectus supplement or
similar private placement memorandum has been received by a potential investor
and such investor has complied with all additional related offering
requirements. The contents herein are not to be reproduced without the express
written consent of Donaldson, Lufkin & Jenrette Securities Corporation.
Donaldson, Lufkin & Jenrette Securities Corporation and its affiliates expressly
reserve the right, at their sole discretion, to reject any or all proposals or
expressions of interest in the subject proposed offering and to terminate
discussions with any party at any time with or without notice.
================================================================================
<PAGE>
<TABLE>
<CAPTION>
Series 1998-CF2 Collateral Pool Summary
Mortgage Loan Characteristics Mortgaged Properties Characteristics
- ----------------------------- ------------------------------------
<S> <C> <S> <C>
Number of Loans: 318 Wtd. Avg. U/W DSCR: 1.45 x
Original Balance: $1,153,250,436 Wtd. Avg. Cut-off Date LTV: 71.6%
Cut-off Date Balance (1): $1,149,622,805 Wtd. Avg. Maturity/ARD LTV (3): 60.1%
Average Cut-off Date Balance: $3,615,166
Wtd. Avg. Year Built/Renovated (4): 1988
Number of States (5): 38
Wtd. Avg. Mortgage Rate: 7.120%
Wtd. Avg. Original Amort Term (Months): (2) 322
Wtd. Avg. Original Term to Maturity (Months): 130
Wtd. Avg. Seasoning (Months): 3
<CAPTION>
Top 5 States/Property Types:
Percentage of Percentage of
Number Cut-off Date Initial Pool Number Cut-off Date Initial Pool
# State of Loans Balance (1) Balance # Property Type of Loans Balance (1) Balance
======================================================================= =========================================================
<S> <C> <C> <C> <C> <C> <C> <C>
1 New York 19 $ 154,641,881 13.5% 1 Multifamily 114 $ 321,935,877 28.0%
2 California 40 146,120,586 12.7% 2 Retail 65 230,878,567 20.1%
3 Texas 49 126,540,415 11.0% 3 Office 38 224,653,725 19.5%
4 Florida 28 124,431,437 10.8% 4 Hotel 28 156,034,952 13.6%
5 Illinois 19 114,847,294 10.0% 5 Industrial 25 85,001,549 7.4%
--------------------------------------- ---------------------------------------
Total/ Weighted Average: 155 $ 666,581,612 58.0% 270 $ 1,018,504,671 88.6%
======================================= =======================================
<CAPTION>
Top 5 Mortgage Loans (6):
Percentage of
Property Cut-off Date Cut-off Date Appraised Cut-off Date
# Property Name Type State Balance (1) Balance Value LTV Ratio U/W NCF (7)
===============================================================================================================================
<C> <C> <C> <C> <C> <C> <C> <C>
1 Chanin Building Office NY $ 74,732,033 6.5% $105,000,000 71.2% $ 8,387,294
2 Heritage Pointe Multifamily IL 24,982,355 2.2% 36,000,000 69.4% 3,450,664
3 The Center at Rancho Niguel(8) Retail CA 22,979,767 2.0% 28,500,000 80.6% 2,387,689
4 Best Western Inn of Chicago Hotel IL 21,883,901 1.9% 30,700,000 71.3% 3,279,579
5 Christiana Hilton Inn - Newark, DE Hotel DE 21,450,788 1.9% 33,000,000 65.0% 3,251,846
--------------------------------------------------------------------
Total/Weighted Average: $166,028,844 14.4% $233,200,000 71.4% $20,757,072
====================================================================
<CAPTION>
Top 5 Mortgage Loans (6):
Year Built/
# Property Name U/W DSCR Renovated (4)
=================================================================
<S> <C> <C>
1 Chanin Building 1.33x 1997
2 Heritage Pointe 1.61 1973
3 The Center at Rancho Niguel(8) 1.35 1988
4 Best Western Inn of Chicago 1.55 1981
5 Christiana Hilton Inn - Newark, DE 1.79 1997
--------------------------
Total/Weighted Average: 1.46x 1990
==========================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1998.
(2) Excludes Mortgage Loans that require payment of interest only until
maturity.
(3) At maturity with respect to Balloon Loans only or at the ARD. Does not
include Fully Amortizing Loans. There can be no assurance that the value of
any particular Mortgaged Property will not have declined from the orignal
appraised value.
(4) Year Built/Renovated denotes the later of the Year Built or the Year
Renovated.
(5) Includes the District of Columbia.
(6) Excludes groups of cross-collateralized loans or multi-property loans, each
of which might be larger than the individual loans listed.
(7) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(8) The Mortgage Loan secured by The Center at Rancho Niguel is
cross-collateralized and cross-defaulted with the Mortgage Loan The Edwards
Center at Rancho Niguel.
<PAGE>
Mortgage Loans by State
<TABLE>
<CAPTION>
Weighted
Weighted Average Weighted
Aggregate Percentage of Aggregate Average Weighted Occupancy Average
Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average Rate at Year Built/
State of Loans Balance (1) Pool Balance Value LTV Ratio U/W NCF(2) U/W DSCR U/W(3) Renovated(4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
New York 19 $ 154,641,881 13.5% $ 208,145,000 74.5% $ 17,859,305 1.38x 96.6% 1992
California 40 146,120,586 12.7% 215,490,000 70.4% 17,555,913 1.44 97.2% 1987
Texas 49 126,540,415 11.0% 169,520,000 75.1% 14,582,045 1.38 95.5% 1989
Florida 28 124,431,437 10.8% 162,755,000 76.6% 14,298,174 1.35 94.7% 1989
Illinois 19 114,847,294 10.0% 176,785,000 66.9% 15,747,360 1.66 97.0% 1982
Alabama 8 41,387,710 3.6% 61,650,000 68.3% 5,435,689 1.38 90.6% 1989
Ohio 8 35,190,077 3.1% 48,370,000 73.0% 4,214,131 1.46 96.6% 1991
Michigan 15 33,445,788 2.9% 46,560,000 73.9% 4,007,915 1.46 96.1% 1988
Georgia 10 32,095,046 2.8% 43,160,000 74.6% 3,617,926 1.32 96.1% 1990
New Jersey 15 30,067,386 2.6% 45,175,000 67.3% 3,588,826 1.36 95.5% 1983
Delaware 3 25,063,708 2.2% 38,375,000 65.3% 3,762,951 1.78 95.0% 1997
Nevada 7 24,458,829 2.1% 44,150,000 58.5% 3,845,644 1.84 94.2% 1984
Indiana 6 24,246,029 2.1% 39,400,000 62.1% 3,197,871 1.57 89.4% 1987
Maine 12 20,199,567 1.8% 28,258,000 72.8% 2,466,521 1.34 99.2% 1992
Kentucky 2 18,677,296 1.6% 25,550,000 73.3% 2,575,287 1.56 100.0% 1986
Virginia 6 15,792,365 1.4% 21,465,000 73.7% 1,812,860 1.41 95.8% 1989
Maryland 5 15,453,506 1.3% 20,010,000 77.3% 1,725,680 1.37 96.4% 1987
Washington 10 15,286,618 1.3% 21,955,000 70.5% 1,941,817 1.45 96.6% 1982
Tennessee 3 14,279,115 1.2% 19,745,000 72.7% 1,848,783 1.42 99.3% 1990
Colorado 3 13,298,622 1.2% 23,037,000 60.8% 1,535,085 1.35 84.4% 1991
North Carolina 6 12,895,856 1.1% 19,495,000 67.6% 1,471,987 1.34 95.2% 1989
New Hampshire 10 11,659,314 1.0% 15,205,000 77.4% 1,553,062 1.54 99.0% 1989
New Mexico 4 11,508,552 1.0% 20,461,000 57.9% 1,821,243 1.74 99.0% 1994
Connecticut 4 9,965,187 0.9% 14,180,000 70.5% 1,271,298 1.43 96.6% 1989
Pennsylvania 2 9,368,492 0.8% 12,550,000 75.6% 1,063,928 1.37 100.0% 1987
Missouri 2 8,948,338 0.8% 11,300,000 79.2% 1,069,982 1.51 96.5% 1993
Minnesota 3 8,442,343 0.7% 12,850,000 67.7% 1,058,693 1.61 98.0% 1993
Massachusetts 2 8,353,069 0.7% 11,330,000 73.7% 911,549 1.28 100.0% 1995
Kansas 2 8,212,836 0.7% 11,100,000 74.1% 896,468 1.29 96.0% 1989
South Carolina 3 7,474,564 0.7% 9,526,000 78.5% 864,272 1.33 98.5% 1983
Arkansas 1 6,336,379 0.6% 10,900,000 58.1% 875,698 1.58 100.0% 1980
Alaska 2 6,224,117 0.5% 8,588,000 72.5% 822,781 1.58 96.7% 1991
Wisconsin 2 5,782,263 0.5% 9,100,000 63.6% 755,262 1.63 95.4% 1981
Louisiana 3 3,087,389 0.3% 3,925,000 78.8% 340,982 1.29 99.5% 1978
Oregon 1 2,347,823 0.2% 3,300,000 71.1% 253,374 1.44 100.0% 1962
Vermont 1 1,490,301 0.1% 2,000,000 74.5% 215,809 1.35 95.0% 1997
Rhode Island 1 1,294,855 0.1% 1,760,000 73.6% 135,737 1.25 97.0% 1997
District of Columbia 1 707,854 0.1% 950,000 74.5% 87,541 1.35 100.0% 1922
------------------------------------------------------------------------------------------------------------
Total/Weighted
Average: 318 $1,149,622,805 100.0% $1,638,075,000 71.6% $141,089,449 1.45x 96.0% 1988
============================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1998.
(2) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(3) Does not reflect any Mortgage Loans secured by hotel properties.
(4) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
<PAGE>
Mortgage Loans by Property Type
<TABLE>
<CAPTION>
Weighted
Weighted Average Weighted
Aggregate Percentage of Aggregate Average Weighted Occupancy Average
Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average Rate at Year Built/
Property Type of Loans Balance(1) Pool Balance Value LTV Ratio U/W NCF (2) U/W DSCR U/W(3) Renovated(4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 114 $ 321,935,877 28.0% $ 434,050,000 74.7% $ 36,981,702 1.41x 96.1% 1984
Retail 65 230,878,567 20.1% 339,937,000 70.5% 28,616,990 1.50 96.5% 1990
Office 38 224,653,725 19.5% 309,938,000 72.8% 25,850,224 1.37 95.0% 1992
Hotel 28 156,034,952 13.6% 247,545,000 64.5% 23,528,964 1.65 N/A 1991
Industrial 25 85,001,549 7.4% 114,860,000 74.8% 10,083,735 1.38 98.5% 1989
Mixed Use 14 60,572,042 5.3% 89,805,000 69.7% 7,061,825 1.36 97.7% 1990
Manufactured Housing 19 37,923,023 3.3% 57,250,000 68.4% 4,796,742 1.55 97.6% 1975
Other 11 20,720,678 1.8% 29,950,000 69.3% 2,880,980 1.49 86.4% 1986
Self Storage 1 6,133,110 0.5% 8,300,000 73.9% 725,163 1.35 83.0% 1995
Triple Net Lease 3 5,769,282 0.5% 6,440,000 89.6% 563,124 1.11 100.0% 1998
---------------------------------------------------------------------------------------------------------------
Total/Weighted
Average: 318 $1,149,622,805 100.0% $1,638,075,000 71.6% $141,089,449 1.45x 96.0% 1988
===============================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1998.
(2) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(3) Does not reflect any Mortgage Loans secured by hotel properties.
(4) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
<PAGE>
Mortgage Rates
<TABLE>
<CAPTION>
Weighted
Weighted Average Weighted
Aggregate Percentage of Aggregate Average Weighted Occupancy Average
Range of Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average Rate at Year Built/
Mortgage Rates of Loans Balance(1) Pool Balance Value LTV Ratio U/W NCF(2) U/W DSCR U/W(3) Renovated(4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5.780% -- 6.499% 13 $ 23,059,334 2.0% $ 31,983,000 73.4% $ 2,762,047 1.56x 97.7% 1980
6.500% -- 6.749% 20 90,479,254 7.9% 123,370,000 74.6% 10,183,590 1.44 97.9% 1987
6.750% -- 6.999% 69 355,295,324 30.9% 491,821,000 72.8% 41,475,746 1.40 95.7% 1991
7.000% -- 7.249% 89 296,812,364 25.8% 451,616,000 68.4% 37,504,976 1.52 95.3% 1988
7.250% -- 7.499% 57 199,005,046 17.3% 281,885,000 71.4% 25,687,034 1.45 94.8% 1988
7.500% -- 7.999% 53 164,884,709 14.3% 230,235,000 72.9% 20,668,710 1.44 97.7% 1985
8.000% -- 8.520% 17 20,086,774 1.7% 27,165,000 74.1% 2,807,346 1.42 98.2% 1987
----------------------------------------------------------------------------------------------------------------
Total/Weighted
Average: 318 $1,149,622,805 100.0% $1,638,075,000 71.6% $141,089,449 1.45x 96.0% 1988
================================================================================================================
Maximum Mortgage Rate: 8.520% per annum
Minimum Mortgage Rate: 5.780% per annum
Wtd. Avg. Mortgage Rate: 7.120% per annum
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1998.
(2) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(3) Does not reflect any Mortgage Loans secured by hotel properties.
(4) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
<PAGE>
Cut-off Date Balances (1)
<TABLE>
<CAPTION>
Weighted
Weighted Average Weighted
Aggregate Percentage of Aggregate Average Weighted Occupancy Average
Range of Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average Rate at Year Built/
Cut-off Date Balances of Loans Balance(1) Pool Balance Value LTV Ratio U/W NCF(2) U/W DSCR U/W(3) Renovated(4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 66,773 -- 749,999 31 $ 16,496,213 1.4% $ 25,795,000 68.0% $ 2,199,027 1.50x 98.6% 1984
750,000 -- 1,249,999 44 44,866,265 3.9% 66,422,000 69.5% 5,939,645 1.47 97.2% 1983
1,250,000 -- 1,999,999 80 127,750,257 11.1% 182,198,000 71.8% 15,606,555 1.42 96.5% 1985
2,000,000 -- 2,999,999 52 128,521,172 11.2% 183,475,000 71.1% 15,720,143 1.45 95.9% 1986
3,000,000 -- 3,999,999 28 97,837,443 8.5% 139,075,000 72.3% 11,957,236 1.46 96.4% 1987
4,000,000 -- 4,999,999 18 82,124,985 7.1% 127,640,000 66.6% 10,664,469 1.50 97.6% 1992
5,000,000 -- 5,999,999 21 113,357,123 9.9% 162,740,000 71.4% 14,077,689 1.48 96.3% 1987
6,000,000 -- 9,999,999 28 200,511,124 17.4% 285,450,000 71.6% 23,484,082 1.39 94.0% 1990
10,000,000 -- 14,999,999 5 60,847,618 5.3% 80,580,000 75.7% 6,717,733 1.36 94.8% 1988
15,000,000 -- 19,999,999 5 91,281,760 7.9% 126,500,000 73.5% 11,726,733 1.58 97.9% 1990
20,000,000 -- 24,999,999 5 111,296,811 9.7% 153,200,000 73.1% 14,608,843 1.53 97.6% 1986
25,000,000 -- $74,732,033 1 74,732,033 6.5% 105,000,000 71.2% 8,387,294 1.33 95.0% 1997
------------------------------------------------------------------------------------------------------
Total/Weighted Average: 318 $1,149,622,805 100.0% $1,638,075,000 71.6% $141,089,449 1.45x 96.0% 1988
======================================================================================================
Maximum Cut-off Date Balance: $74,732,033
Minimum Cut-off Date Balance: $66,773
Average Cut-off Date Balance: $3,615,166
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1998.
(2) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(3) Does not reflect any Mortgage Loans secured by hotel properties.
(4) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
<PAGE>
Original Amortization Terms (1)
<TABLE>
<CAPTION>
Weighted
Range of Weighted Average Weighted
Original Aggregate Percentage of Aggregate Average Weighted Occupancy Average
Amortization Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average Rate at Year Built/
Terms (Months) of Loans Balance(2) Pool Balance Value LTV Ratio U/W NCF(3) U/W DSCR U/W(4) Renovated(5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
120 -- 239 15 $ 39,590,321 3.4% $ 66,770,000 62.2% $ 6,084,866 1.42x 96.8% 1991
240 -- 299 38 95,180,501 8.3% 144,176,000 68.0% 13,739,430 1.50 99.2% 1989
300 -- 311 122 404,865,265 35.2% 585,928,000 70.0% 50,488,831 1.45 96.0% 1991
312 -- 360 138 584,986,719 50.9% 791,251,000 74.8% 66,708,466 1.41 95.7% 1986
----------------------------------------------------------------------------------------------------------
Total/Weighted Average: 313 $1,124,622,805 97.8% $1,588,125,000 72.0% $137,021,593 1.43x 96.0% 1988
==========================================================================================================
Maximum Original Amortization Term (Months): 360
Minimum Original Amortization Term (Months): 120
Wtd. Avg. Original Amortization Term (Months): 322
</TABLE>
(1) Excludes Mortgage Loans that require payment of interest only until
maturity.
(2) Assumes a Cut-off Date of December 1, 1998.
(3) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(4) Does not reflect any Mortgage Loans secured by hotel properties.
(5) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
Original Terms to Stated Maturity (1)
<TABLE>
<CAPTION>
Weighted
Weighted Average Weighted
Range of Aggregate Percentage of Aggregate Average Weighted Occupancy Average
Original Terms Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average Rate at Year Built/
to Maturity (Months) of Loans Balance(2) Pool Balance Value LTV Ratio U/W NCF(3) U/W DSCR U/W(4) Renovated(5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
60 -- 108 4 $ 14,617,313 1.3% $ 20,100,000 74.6% $ 1,697,612 1.32x 91.1% 1984
109 -- 120 267 995,279,364 86.6% 1,406,119,000 72.1% 120,442,839 1.45 95.8% 1988
121 -- 204 29 84,611,776 7.4% 125,226,000 68.6% 11,144,637 1.44 97.8% 1990
205 -- 300 18 55,114,352 4.8% 86,630,000 66.9% 7,804,361 1.51 99.4% 1995
-------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 318 $1,149,622,805 100.0% $1,638,075,000 71.6% $ 141,089,449 1.45x 96.0% 1988
=============================================================================================================
Maximum Original Term to Maturity (Months): 300
Minimum Original Term to Maturity (Months): 60
Wtd. Avg. Original Term to Maturity (Months): 130
</TABLE>
(1) In the case of the Anticipated Repayment Date loans, the Anticipated
Repayment Date is assumed to be the maturity date for the purposes of the
table.
(2) Assumes a Cut-off Date of December 1, 1998.
(3) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(4) Does not reflect any Mortgage Loans secured by hotel properties.
(5) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
<PAGE>
Remaining Amortization Terms (1)
<TABLE>
<CAPTION>
Weighted
Aggregate Percentage of Aggregate Average Weighted
Range of Remaining Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average
Amort. Terms (Months) of Loans Balance (2) Pool Balance Value LTV Ratio U/W NCF (3) U/W DSCR
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
117 - 176 4 $ 6,183,504 0.5% $ 13,010,000 54.4% $ 1,147,201 1.44 x
177 - 236 25 59,051,371 5.1% 89,792,000 67.1% 8,522,449 1.41
237 - 272 22 65,346,969 5.7% 101,494,000 66.8% 9,589,439 1.54
273 - 296 34 131,529,530 11.4% 191,150,000 70.3% 16,529,217 1.43
297 - 332 91 278,523,651 24.2% 402,688,000 69.9% 34,639,931 1.45
333 - 355 45 206,875,892 18.0% 272,151,000 76.3% 22,769,586 1.35
356 - 359 92 377,111,888 32.8% 517,840,000 73.9% 43,823,770 1.45
----------------------------------------------------------------------------------------------------
Total/Weighted Average: 313 $1,124,622,805 97.8% $1,588,125,000 72.0% $ 137,021,593 1.43 x
====================================================================================================
<CAPTION>
Weighted
Average Weighted
Occupancy Average
Range of Remaining Rate at Year Built/
Amort. Terms (Months) U/W (4) Renovated (5)
- ----------------------------------------------------
<S> <C> <C>
117 - 176 90.5% 1979
177 - 236 99.2% 1993
237 - 272 99.1% 1987
273 - 296 95.9% 1990
297 - 332 96.1% 1991
333 - 355 94.4% 1988
356 - 359 96.3% 1985
-------------------------
Total/Weighted Average: 96.0% 1988
=========================
</TABLE>
Maximum Remaining Amortization Term (Months): 359
Minimum Remaining Amortization Term (Months): 117
Wtd. Avg. Remaining Amortization Term (Months): 319
(1) Excludes Mortgage Loans that require payment of interest only until
maturity.
(2) Assumes a Cut-off Date of December 1, 1998.
(3) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(4) Does not reflect any Mortgage Loans secured by hotel properties.
(5) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
Remaining Terms to Stated Maturity (1)
<TABLE>
<CAPTION>
Weighted
Range of Remaining Aggregate Percentage of Aggregate Average Weighted
Terms to Stated Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average
Maturity (Months) of Loans Balance (2) Pool Balance Value LTV Ratio U/W NCF (3) U/W DSCR
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
55 - 90 4 $ 14,617,313 1.3% $ 20,100,000 74.6% $ 1,697,612 1.32 x
91 - 126 267 995,279,364 86.6% 1,406,119,000 72.1% 120,442,839 1.45
127 - 162 4 10,070,557 0.9% 16,015,000 63.5% 1,385,431 1.34
163 - 186 24 72,296,241 6.3% 105,211,000 69.7% 9,425,460 1.44
187 - 298 19 57,359,329 5.0% 90,630,000 66.5% 8,138,107 1.52
--------------------------------------------------------------------------------------------------
Total/Weighted Average: 318 $1,149,622,805 100.0% $1,638,075,000 71.6% $ 141,089,449 1.45 x
==================================================================================================
<CAPTION>
Weighted
Average Weighted
Occupancy Average
Range of Remaining Rate at Year Built/
Amort. Terms (Months) U/W (4) Renovated (5)
- ----------------------------------------------------
<S> <C> <C>
55 - 90 91.1% 1984
91 - 126 95.8% 1988
127 - 162 97.3% 1991
163 - 186 97.8% 1989
187 - 298 99.5% 1995
-------------------------
Total/Weighted Average: 96.0% 1988
=========================
</TABLE>
Maximum Remaining Term to Maturity (Months): 298
Minimum Remaining Term to Maturity (Months): 55
Wtd. Avg. Remaining Term to Maturity (Months): 126
(1) In the case of the Anticipated Repayment Date loans, the Anticipated
Repayment Date is assumed to be the maturity date for the purposes of the
table.
(2) Assumes a Cut-off Date of December 1, 1998.
(3) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(4) Does not reflect any Mortgage Loans secured by hotel properties.
(5) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
<PAGE>
Underwriting Debt Service Coverage Ratios
<TABLE>
<CAPTION>
Weighted
Aggregate Percentage of Aggregate Average Weighted
Range of Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average
U/W DSCRs of Loans Balance (1) Pool Balance Value LTV Ratio U/W NCF (2) U/W DSCR
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1.060 x - 1.190 4 $ 7,358,253 0.6% $ 8,340,000 88.3% $ 726,291 1.11 x
1.200 - 1.290 52 165,424,376 14.4% 224,196,000 74.4% 18,289,253 1.26
1.300 - 1.390 103 444,488,016 38.7% 614,036,000 73.4% 49,683,592 1.34
1.400 - 1.490 71 207,079,613 18.0% 279,960,000 74.4% 24,617,293 1.44
1.500 - 1.590 41 138,197,437 12.0% 194,618,000 71.6% 18,773,135 1.54
1.600 - 1.690 17 75,268,173 6.5% 113,360,000 66.8% 10,706,760 1.63
1.700 - 1.790 8 43,476,914 3.8% 71,100,000 61.9% 6,633,276 1.76
1.800 - 1.890 6 14,068,507 1.2% 21,980,000 64.7% 2,143,400 1.83
1.900 - 1.990 6 16,100,202 1.4% 29,485,000 58.7% 2,836,564 1.94
2.000 - 2.790 x 10 38,161,313 3.3% 81,000,000 48.9% 6,679,885 2.27
----------------------------------------------------------------------------------------------------
Total/Weighted Average: 318 $1,149,622,805 100.0% $1,638,075,000 71.6% $ 141,089,449 1.45 x
====================================================================================================
<CAPTION>
Weighted
Average Weighted
Occupancy Average
Range of Rate at Year Built/
U/W DSCRs U/W (3) Renovated (4)
- ----------------------------------------------------
<S> <C> <C>
1.060 x - 1.190 100.0% 1998
1.200 - 1.290 96.4% 1988
1.300 - 1.390 95.6% 1990
1.400 - 1.490 95.9% 1986
1.500 - 1.590 98.0% 1986
1.600 - 1.690 94.6% 1985
1.700 - 1.790 98.9% 1995
1.800 - 1.890 96.3% 1981
1.900 - 1.990 90.4% 1987
2.000 - 2.790 x 97.5% 1987
---------------------------
Total/Weighted Average: 96.0% 1988
===========================
</TABLE>
Maximum Underwriting DSCR: 2.79 x
Minimum Underwriting DSCR: 1.06 x
Wtd. Avg. Underwriting DSCR: 1.45 x
(1) Assumes a Cut-off Date of December 1, 1998.
(2) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(3) Does not reflect any Mortgage Loans secured by hotel properties.
(4) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
Cut-off Date Loan-to-Value Ratios
<TABLE>
<CAPTION>
Weighted
Range of Aggregate Percentage of Aggregate Average Weighted
Cut-off Date Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average
LTV Ratios of Loans Balance (1) Pool Balance Value LTV Ratio U/W NCF (2) U/W DSCR
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
25.00% - 50.00% 14 $ 34,242,096 3.0% $ 83,785,000 41.9% $ 5,587,542 1.89 x
50.01% - 60.00% 23 94,627,546 8.2% 168,285,000 56.3% 13,787,284 1.74
60.01% - 70.00% 67 195,270,856 17.0% 294,742,000 66.4% 26,571,902 1.54
70.01% - 75.00% 108 398,880,958 34.7% 550,719,000 72.5% 47,542,603 1.40
75.01% - 80.00% 97 383,813,656 33.4% 488,244,000 78.6% 43,078,548 1.36
80.01% - 85.00% 6 37,018,411 3.2% 45,860,000 80.7% 3,958,446 1.37
85.01% - 91.20% 3 5,769,282 0.5% 6,440,000 89.6% 563,124 1.11
----------------------------------------------------------------------------------------------------
Total/Weighted Average: 318 $1,149,622,805 100.0% $1,638,075,000 71.6% $ 141,089,449 1.45 x
====================================================================================================
<CAPTION>
Weighted
Average Weighted
Range of Occupancy Average
Cut-off Date Rate at Year Built/
LTV Ratios U/W (3) Renovated (4)
- ----------------------------------------------------
<S> <C> <C>
25.00% - 50.00% 94.0% 1985
50.01% - 60.00% 93.8% 1989
60.01% - 70.00% 97.0% 1987
70.01% - 75.00% 95.2% 1989
75.01% - 80.00% 96.6% 1988
80.01% - 85.00% 99.5% 1988
85.01% - 91.20% 100.0% 1998
---------------------------
Total/Weighted Average: 96.0% 1988
===========================
</TABLE>
Maximum Cut-off Date LTV Ratio: 91.2%
Minimum Cut-off Date LTV Ratio: 25.0%
Wtd. Avg. Cut-off Date LTV Ratio: 71.6%
(1) Assumes a Cut-off Date of December 1, 1998.
(2) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(3) Does not reflect any Mortgage Loans secured by hotel properties.
(4) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
<PAGE>
Years Built/Years Renovated (1)
<TABLE>
<CAPTION>
Weighted
Range of Aggregate Percentage of Aggregate Average Weighted
Years Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average
Built/Renovated of Loans Balance (2) Pool Balance Value LTV Ratio U/W NCF (3) U/W DSCR
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1922 - 1950 4 $ 4,492,611 0.4% $ 6,275,000 72.2% $ 565,204 1.48 x
1951 - 1960 3 4,298,780 0.4% 5,740,000 75.0% 523,054 1.38
1961 - 1970 23 43,605,813 3.8% 65,301,000 69.8% 5,291,183 1.46
1971 - 1980 50 158,230,236 13.8% 228,683,000 70.8% 19,652,566 1.48
1981 - 1990 102 377,075,250 32.8% 539,253,000 71.7% 47,169,530 1.48
1991 - 1998 136 561,920,115 48.9% 792,823,000 71.9% 67,887,912 1.42
----------------------------------------------------------------------------------------------------
Total/Weighted Average: 318 $1,149,622,805 100.0% $1,638,075,000 71.6% $141,089,449 1.45 x
====================================================================================================
<CAPTION>
Weighted
Average Weighted
Range of Occupancy Average
Cut-off Date Rate at Year Built/
LTV Ratios U/W (4) Renovated (1)
- ----------------------------------------------------
<S> <C> <C>
1922 - 1950 98.9% 1939
1951 - 1960 97.5% 1960
1961 - 1970 94.7% 1967
1971 - 1980 96.7% 1975
1981 - 1990 96.2% 1986
1991 - 1998 95.8% 1995
---------------------------
Total/Weighted Average: 96.0% 1988
===========================
</TABLE>
Most Recent Year Built/Renovated: 1998
Oldest Year Built/Renovated: 1922
Wtd. Avg. Year Built/Renovated: 1988
(1) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
(2) Assumes a Cut-off Date of December 1, 1998.
(3) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(4) Does not reflect any Mortgage Loans secured by hotel properties.
Occupancy Rates at Underwriting (1)
<TABLE>
<CAPTION>
Weighted
Range of Aggregate Percentage of Aggregate Average Weighted
Occupancy Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average
Rates at U/W of Loans Balance (2) Pool Balance Value LTV Ratio U/W NCF (3) U/W DSCR
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
30.0% - 69.9% 2 $ 4,338,800 0.4% $ 7,100,000 62.5% $ 570,195 1.58 x
70.0% - 79.9% 5 12,478,159 1.1% 22,200,000 62.1% 1,795,378 1.48
80.0% - 89.9% 14 65,502,939 5.7% 102,400,000 67.2% 7,490,107 1.39
90.0% - 100.0% 269 911,267,955 79.3% 1,258,830,000 73.3% 107,704,805 1.42
----------------------------------------------------------------------------------------------------
Total/Weighted Average: 290 $ 993,587,852 86.4% $1,390,530,000 72.7% $ 117,560,485 1.42 x
====================================================================================================
<CAPTION>
Weighted
Average Weighted
Range of Occupancy Average
Cut-off Date Rate at Year Built/
LTV Ratios U/W (1) Renovated (4)
- ----------------------------------------------------
<S> <C> <C>
30.0% - 69.9% 51.7% 1992
70.0% - 79.9% 75.8% 1988
80.0% - 89.9% 85.9% 1987
90.0% - 100.0% 97.2% 1988
---------------------------
Total/Weighted Average: 96.0% 1988
===========================
</TABLE>
Maximum Occupancy Rate at Underwriting: 100.0%
Minimum Occupancy Rate at Underwriting: 30.0%
Wtd. Avg. Occupancy Rate at Underwriting: 96.0%
(1) Does not include any Mortgage Loans secured by hotel properties.
(2) Assumes a Cut-off Date of December 1, 1998.
(3) Underwriting NCF reflects Net Cash Flow after U/W Replacement Reserves, U/W
LC's and TI's and FF&E.
(4) Year Built/Renovated reflects the later of the Year Built or the Year
Renovated.
<PAGE>
Prepayment Provision as of the Cut-off Date
<TABLE>
<CAPTION>
Weighted Weighted Weighted
Average Average Average
Remaining Remaining Remaining Weighted
Range of Aggregate Percentage of Lockout Lockout Lockout Plus Average
Remaining Terms to Number Cut-off Date Initial Period Plus YM Period Premium Period Maturity
Stated Maturity (Years)(1) of Loans Balance (2) Pool Balance (Years) (Years) (Years) (Years)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
4.0 - 4.9 2 $ 5,334,181 0.5% 4.1 4.1 4.1 4.6
6.0 - 6.9 2 9,283,132 0.8% 1.8 1.8 4.2 6.2
9.0 - 9.9 267 995,279,364 86.6% 8.7 9.2 9.2 9.7
10.0 - 10.9 1 1,595,934 0.1% 10.3 10.3 10.3 10.8
11.0 - 11.9 3 8,474,623 0.7% 11.3 11.3 11.3 11.8
14.0 - 14.9 24 72,296,241 6.3% 14.0 14.1 14.1 14.7
16.0 - 16.9 1 2,244,978 0.2% 16.3 16.3 16.3 16.8
17.0 - 17.9 1 5,226,550 0.5% 17.3 17.3 17.3 17.8
19.0 - 19.9 16 43,603,401 3.8% 18.6 19.1 19.1 19.7
24.0 - 24.9 1 6,284,400 0.5% 24.3 24.3 24.3 24.8
-----------------------------------------------------------------------------------------------------
Total/Weighted Average: 318 $1,149,622,805 100.0% 9.5 10.0 10.0 10.5
=====================================================================================================
</TABLE>
(1) In the case of the Anticipated Repayment Date loans, the Anticipated
Repayment Date is assumed to be the maturity date for the purposes of the
table.
(2) Assumes a Cut-off Date of December 1, 1998.
Prepayment Option
<TABLE>
<CAPTION>
Weighted Weighted Weighted
Average Average Average
Remaining Remaining Remaining Weighted
Aggregate Percentage of Lockout Lockout Lockout Plus Average
Number Cut-off Date Initial Period Plus YM Period Premium Period Maturity
Prepayment Options of Loans Balance (1) Pool Balance (Years) (Years) (Years) (Years)(2)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 249 $1,043,002,466 90.7% 10.1 10.1 10.1 10.6
Lockout/Yield Maintenance 64 76,330,474 6.6% 3.5 9.6 9.6 10.2
Defeasance/Yield Maintenance (3) 3 21,006,733 1.8% 4.5 8.9 8.9 9.5
Lockout/Prepayment Penalty 1 7,198,183 0.6% 1.2 1.2 4.2 6.2
Lockout 1 2,084,949 0.2% 4.2 4.2 4.2 6.2
----------------------------------------------------------------------------------------------------
Total/Weighted Average: 318 $1,149,622,805 100.0% 9.5 10.0 10.0 10.5
====================================================================================================
</TABLE>
(1) Assumes a Cut-off Date of December 1, 1998.
(2) In the case of the Anticipated Repayment Date loans, the Anticipated
Repayment Date is assumed to be the maturity date for the purposes of the
table.
(3) "Defeasance / Yield Maintenance" means that the Mortgage Loan provides for
a Lockout Period followed by a period during which defeasance is permitted.
The two periods are together presented as a Lockout Period during which
defeasance is permitted.
<PAGE>
Mortgage Pool Prepayment Profile (1)
<TABLE>
<CAPTION>
Prepayment Provision % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool
As of the Cut-off Date Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Lockout 100.0% 100.0% 99.4% 94.5% 94.4% 91.0%
Yield Maint. Premium 0.0% 0.0% 0.0% 4.9% 4.9% 8.2%
1% to 5% Prepayment Premium 0.0% 0.0% 0.6% 0.6% 0.6% 0.0%
-------------------------------------------------------------------------------------------
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
===========================================================================================
Outstanding
Balance (mm): $ 1,149.6 $ 1,135.1 $ 1,119.6 $ 1,102.5 $ 1,084.2 $ 1,059.4
Number of Loans: 318 318 318 318 318 316
<CAPTION>
Prepayment Provision % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool
As of the Cut-off Date Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Lockout 91.0% 91.5% 91.5% 90.5% 96.4% 96.3% 96.1%
Yield Maint. Premium 8.2% 8.5% 8.5% 6.5% 3.2% 3.3% 1.4%
1% to 5% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
=============================================================================================
Outstanding
Balance (mm): $ 1,038.5 $ 1,007.2 $ 982.9 $ 956.9 $ 96.8 $ 89.3 $ 80.2
Number of Loans: 316 314 314 314 47 46 43
<CAPTION>
Prepayment Provision % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool
As of the Cut-off Date Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Lockout 96.0% 95.9% 96.0% 96.0% 95.7% 95.8% 96.2%
Yield Maint. Premium 1.3% 1.4% 3.1% 3.1% 3.3% 3.3% 2.9%
1% to 5% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
----------------------------------------------------------------------------------------
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
========================================================================================
Outstanding
Balance (mm): $ 73.8 $ 65.2 $ 24.8 $ 21.1 $ 15.5 $ 11.1 $ 7.1
Number of Loans: 43 42 19 19 18 17 17
</TABLE>
(1) Calculated assuming that no Mortgage Loan prepays, defaults or is
repurchased prior to stated maturity, except that the ARD Loans are assumed
to pay in full on their respective Final Anticipated Repayment Dates.
Otherwise calculated based on Maturity Assumptions to be set forth in the
final prospectus supplement.
<PAGE>
DLJCMC-1998CF2RED.V1 A1A
Yield Table(Speeds Start after YMP)
Current Balance $226,315,000 Gross WAC 7.1203
Pass-Thru Rate 5.84 Current WAM 317
Accrued Days / Delay Days 9 / 11 Settlement 12/10/98
<TABLE>
<CAPTION>
Prepayments
Price 0.0% CPR 25.0% CPR 50.0% CPR 75.0% CPR 100.0% CPR
Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
100.03125 100-01 5.866 4.57 5.865 4.51 5.865 4.47 5.864 4.45 5.864 4.41
100.0625 100-02 5.859 5.858 5.858 5.857 5.857
100.09375 100-03 5.852 5.851 5.851 5.85 5.85
100.125 100-04 5.845 5.844 5.844 5.843 5.843
100.15625 100-05 5.838 5.837 5.837 5.836 5.836
100.1875 100-06 5.832 5.83 5.83 5.829 5.829
100.21875 100-07 5.825 5.824 5.823 5.822 5.822
100.25 100-08 5.818 5.817 5.816 5.815 5.815
100.28125 100-09 5.811 4.58 5.81 4.51 5.809 4.47 5.808 4.45 5.807 4.41
100.3125 100-10 5.804 5.803 5.802 5.801 5.8
100.34375 100-11 5.798 5.796 5.795 5.794 5.793
100.375 100-12 5.791 5.789 5.788 5.787 5.786
100.40625 100-13 5.784 5.782 5.781 5.78 5.779
100.4375 100-14 5.777 5.775 5.774 5.773 5.772
100.46875 100-15 5.77 5.768 5.767 5.767 5.765
100.5 100-16 5.764 5.762 5.76 5.76 5.758
100.5225 100-16+ 5.759 4.58 5.757 4.52 5.755 4.48 5.755 4.46 5.753 4.42
100.53125 100-17 5.757 5.755 5.753 5.753 5.751
100.5625 100-18 5.75 5.748 5.746 5.746 5.744
100.59375 100-19 5.743 5.741 5.74 5.739 5.737
100.625 100-20 5.737 5.734 5.733 5.732 5.73
100.65625 100-21 5.73 5.727 5.726 5.725 5.723
100.6875 100-22 5.723 5.72 5.719 5.718 5.716
100.71875 100-23 5.716 5.713 5.712 5.711 5.709
100.75 100-24 5.71 4.59 5.707 4.52 5.705 4.48 5.704 4.46 5.702 4.42
100.78125 100-25 5.703 5.7 5.698 5.697 5.695
100.8125 100-26 5.696 5.693 5.691 5.69 5.688
100.84375 100-27 5.689 5.686 5.684 5.683 5.681
100.875 100-28 5.683 5.679 5.677 5.676 5.674
100.90625 100-29 5.676 5.672 5.67 5.669 5.667
100.9375 100-30 5.669 5.666 5.664 5.662 5.66
100.96875 100-31 5.662 5.659 5.657 5.655 5.653
Avg Life 5.7 5.61 5.56 5.53 5.48
First Pay 1/12/99 1/12/99 1/12/99 1/12/99 1/12/99
Last Pay 6/12/08 4/12/08 3/12/08 2/12/08 1/12/08
Prin. Window 114 112 111 110 109
</TABLE>
<PAGE>
DLJCMC-1998CF2RED.V1 A1B
Yield Table(Speeds Start after YMP)
Current Balance $601,417,000 Gross WAC 7.1203
Pass-Thru Rate 6.28 Current WAM 317
Accrued Days / Delay Days 9 / 11 Settlement 12/10/98
<TABLE>
<CAPTION>
Prepayments
Price 0.0% CPR 25.0% CPR 50.0% CPR 75.0% CPR 100.0% CPR
Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
101 101-00 6.195 7.08 6.195 7.07 6.194 7.04 6.193 7.01 6.19 6.86
101.03125 101-01 6.191 6.19 6.19 6.189 6.185
101.0625 101-02 6.186 6.186 6.185 6.185 6.181
101.09375 101-03 6.182 6.182 6.181 6.18 6.176
101.125 101-04 6.178 6.177 6.177 6.176 6.172
101.15625 101-05 6.173 6.173 6.172 6.171 6.167
101.1875 101-06 6.169 6.169 6.168 6.167 6.163
101.21875 101-07 6.165 6.164 6.164 6.163 6.158
101.25 101-08 6.16 7.09 6.16 7.07 6.159 7.05 6.158 7.01 6.154 6.87
101.28125 101-09 6.156 6.155 6.155 6.154 6.149
101.3125 101-10 6.152 6.151 6.15 6.149 6.145
101.34375 101-11 6.147 6.147 6.146 6.145 6.14
101.375 101-12 6.143 6.142 6.142 6.141 6.136
101.40625 101-13 6.139 6.138 6.137 6.136 6.131
101.4375 101-14 6.134 6.134 6.133 6.132 6.127
101.46875 101-15 6.13 6.129 6.129 6.127 6.122
101.4826 101-15+ 6.128 7.09 6.127 7.08 6.127 7.05 6.125 7.02 6.12 6.87
101.5 101-16 6.126 6.125 6.124 6.123 6.118
101.53125 101-17 6.121 6.121 6.12 6.119 6.114
101.5625 101-18 6.117 6.116 6.116 6.114 6.109
101.59375 101-19 6.113 6.112 6.111 6.11 6.105
101.625 101-20 6.108 6.108 6.107 6.106 6.1
101.65625 101-21 6.104 6.103 6.102 6.101 6.096
101.6875 101-22 6.1 6.099 6.098 6.097 6.091
101.71875 101-23 6.095 7.1 6.095 7.08 6.094 7.06 6.092 7.02 6.087 6.88
101.75 101-24 6.091 6.09 6.089 6.088 6.082
101.78125 101-25 6.087 6.086 6.085 6.084 6.078
101.8125 101-26 6.082 6.082 6.081 6.079 6.073
101.84375 101-27 6.078 6.077 6.076 6.075 6.069
101.875 101-28 6.074 6.073 6.072 6.071 6.064
101.90625 101-29 6.069 6.069 6.068 6.066 6.06
101.9375 101-30 6.065 6.064 6.063 6.062 6.056
Avg Life 9.69 9.66 9.61 9.55 9.28
First Pay 6/12/08 4/12/08 3/12/08 2/12/08 1/12/08
Last Pay 10/12/08 10/12/08 10/12/08 9/12/08 5/12/08
Prin. Window 5 7 8 8 5
</TABLE>
<PAGE>
DLJCMC-1998CF2RED.V1 A2
Yield Table(Speeds Start after YMP)
Current Balance $57,482,000 Gross WAC 7.1203
Pass-Thru Rate 6.53 Current WAM 317
Accrued Days / Delay Days 9 / 11 Settlement 12/10/98
<TABLE>
<CAPTION>
Prepayments
Price 0.0% CPR 25.0% CPR 50.0% CPR 75.0% CPR 100.0% CPR
Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
101.03125 101-01 6.447 7.1 6.446 7.08 6.446 7.08 6.446 7.06 6.442 6.89
101.0625 101-02 6.442 6.442 6.442 6.442 6.437
101.09375 101-03 6.438 6.438 6.438 6.437 6.433
101.125 101-04 6.434 6.433 6.433 6.433 6.428
101.15625 101-05 6.429 6.429 6.429 6.428 6.424
101.1875 101-06 6.425 6.425 6.425 6.424 6.419
101.21875 101-07 6.421 6.42 6.42 6.42 6.415
101.25 101-08 6.416 6.416 6.416 6.415 6.41
101.28125 101-09 6.412 7.1 6.412 7.09 6.411 7.08 6.411 7.06 6.406 6.89
101.3125 101-10 6.408 6.407 6.407 6.407 6.401
101.34375 101-11 6.403 6.403 6.403 6.402 6.397
101.375 101-12 6.399 6.399 6.398 6.398 6.392
101.40625 101-13 6.395 6.394 6.394 6.394 6.388
101.4375 101-14 6.39 6.39 6.39 6.389 6.383
101.46875 101-15 6.386 6.385 6.385 6.385 6.379
101.5 101-16 6.382 6.381 6.381 6.38 6.375
101.5267 101-17 6.378 7.11 6.377 7.09 6.377 7.09 6.377 7.07 6.371 6.9
101.53125 101-17 6.377 6.377 6.377 6.376 6.37
101.5625 101-18 6.373 6.372 6.372 6.372 6.366
101.59375 101-19 6.369 6.368 6.368 6.367 6.361
101.625 101-20 6.364 6.364 6.364 6.363 6.357
101.65625 101-21 6.36 6.359 6.359 6.359 6.352
101.6875 101-22 6.356 6.355 6.355 6.354 6.348
101.71875 101-23 6.351 6.351 6.351 6.35 6.343
101.75 101-24 6.347 7.11 6.347 7.09 6.346 7.09 6.346 7.07 6.339 6.9
101.78125 101-25 6.343 6.342 6.342 6.341 6.335
101.8125 101-26 6.339 6.338 6.338 6.337 6.33
101.84375 101-27 6.334 6.334 6.333 6.333 6.326
101.875 101-28 6.33 6.329 6.329 6.328 6.321
101.90625 101-29 6.326 6.325 6.325 6.324 6.317
101.9375 101-30 6.321 6.321 6.32 6.32 6.312
101.96875 101-31 6.317 6.316 6.316 6.315 6.308
Avg Life 9.88 9.85 9.84 9.81 9.48
First Pay 10/12/08 10/12/08 10/12/08 9/12/08 5/12/08
Last Pay 11/12/08 11/12/08 10/12/08 10/12/08 6/12/08
Prin. Window 2 2 1 2 2
</TABLE>
<PAGE>
DLJCMC-1998CF2RED.V1 A3
Yield Table(Speeds Start after YMP)
Current Balance $63,230,000 Gross WAC 7.1203
Pass-Thru Rate 6.73 Current WAM 317
Accrued Days / Delay Days 9 / 11 Settlement 12/10/98
<TABLE>
<CAPTION>
Prepayments
Price 0.0% CPR 25.0% CPR 50.0% CPR 75.0% CPR 100.0% CPR
Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
101 101-00 6.647 7.05 6.647 7.05 6.646 7.04 6.646 7.02 6.641 6.84
101.03125 101-01 6.642 6.642 6.642 6.641 6.637
101.0625 101-02 6.638 6.638 6.637 6.637 6.632
101.09375 101-03 6.634 6.634 6.633 6.632 6.627
101.125 101-04 6.629 6.629 6.629 6.628 6.623
101.15625 101-05 6.625 6.625 6.624 6.624 6.618
101.1875 101-06 6.621 6.62 6.62 6.619 6.614
101.21875 101-07 6.616 6.616 6.616 6.615 6.609
101.25 101-08 6.612 7.06 6.612 7.06 6.611 7.04 6.61 7.02 6.605 6.85
101.28125 101-09 6.607 6.607 6.607 6.606 6.6
101.3125 101-10 6.603 6.603 6.602 6.602 6.596
101.34375 101-11 6.599 6.599 6.598 6.597 6.591
101.375 101-12 6.594 6.594 6.594 6.593 6.587
101.40625 101-13 6.59 6.59 6.589 6.589 6.582
101.4375 101-14 6.586 6.586 6.585 6.584 6.578
101.46875 101-15 6.581 6.581 6.581 6.58 6.574
101.4923 101-16 6.578 7.06 6.578 7.06 6.577 7.05 6.576 7.03 6.57 6.85
101.5 101-16 6.577 6.577 6.576 6.575 6.569
101.53125 101-17 6.573 6.572 6.572 6.571 6.565
101.5625 101-18 6.568 6.568 6.568 6.567 6.56
101.59375 101-19 6.564 6.564 6.563 6.562 6.556
101.625 101-20 6.56 6.559 6.559 6.558 6.551
101.65625 101-21 6.555 6.555 6.554 6.554 6.547
101.6875 101-22 6.551 6.551 6.55 6.549 6.542
101.71875 101-23 6.547 7.07 6.546 7.07 6.546 7.05 6.545 7.03 6.538 6.86
101.75 101-24 6.542 6.542 6.541 6.54 6.533
101.78125 101-25 6.538 6.538 6.537 6.536 6.529
101.8125 101-26 6.533 6.533 6.533 6.532 6.524
101.84375 101-27 6.529 6.529 6.528 6.527 6.52
101.875 101-28 6.525 6.525 6.524 6.523 6.515
101.90625 101-29 6.521 6.52 6.52 6.519 6.511
101.9375 101-30 6.516 6.516 6.515 6.514 6.506
Avg Life 9.92 9.92 9.89 9.85 9.51
First Pay 11/12/08 11/12/08 10/12/08 10/12/08 6/12/08
Last Pay 11/12/08 11/12/08 11/12/08 11/12/08 6/12/08
Prin. Window 1 1 2 2 1
</TABLE>
<PAGE>
DLJCMC-1998CF2RED.V1 A4
Yield Table(Speeds Start after YMP)
Current Balance $14,370,000 Gross WAC 7.1203
Pass-Thru Rate 7.13 Current WAM 317
Accrued Days / Delay Days 9 / 11 Settlement 12/10/98
<TABLE>
<CAPTION>
Prepayments
Price 0.0% CPR 25.0% CPR 50.0% CPR 75.0% CPR 100.0% CPR
Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
101.03125 101-01 6.995 6.94 6.995 6.94 6.994 6.94 6.994 6.94 6.987 6.73
101.0625 101-02 6.991 6.99 6.99 6.989 6.982
101.09375 101-03 6.987 6.986 6.985 6.985 6.978
101.125 101-04 6.982 6.981 6.981 6.981 6.973
101.15625 101-05 6.978 6.977 6.976 6.976 6.969
101.1875 101-06 6.973 6.972 6.972 6.972 6.964
101.21875 101-07 6.969 6.968 6.968 6.967 6.96
101.25 101-08 6.964 6.964 6.963 6.963 6.955
101.28125 101-09 6.96 6.94 6.959 6.94 6.959 6.94 6.958 6.94 6.95 6.74
101.3125 101-10 6.955 6.955 6.954 6.954 6.946
101.34375 101-11 6.951 6.95 6.95 6.949 6.941
101.375 101-12 6.947 6.946 6.945 6.945 6.937
101.40625 101-13 6.942 6.941 6.941 6.941 6.932
101.4375 101-14 6.938 6.937 6.936 6.936 6.928
101.46875 101-15 6.933 6.933 6.932 6.932 6.923
101.5 101-16 6.929 6.928 6.928 6.927 6.918
101.5063 101-16 6.928 6.95 6.927 6.95 6.927 6.95 6.926 6.95 6.918 6.74
101.53125 101-17 6.924 6.924 6.923 6.923 6.914
101.5625 101-18 6.92 6.919 6.919 6.919 6.909
101.59375 101-19 6.916 6.915 6.914 6.914 6.905
101.625 101-20 6.911 6.91 6.91 6.91 6.9
101.65625 101-21 6.907 6.906 6.906 6.905 6.896
101.6875 101-22 6.902 6.902 6.901 6.901 6.891
101.71875 101-23 6.898 6.897 6.897 6.896 6.887
101.75 101-24 6.894 6.95 6.893 6.95 6.892 6.95 6.892 6.95 6.882 6.75
101.78125 101-25 6.889 6.888 6.888 6.888 6.878
101.8125 101-26 6.885 6.884 6.883 6.883 6.873
101.84375 101-27 6.88 6.88 6.879 6.879 6.868
101.875 101-28 6.876 6.875 6.875 6.874 6.864
101.90625 101-29 6.872 6.871 6.87 6.87 6.859
101.9375 101-30 6.867 6.866 6.866 6.866 6.855
101.96875 101-31 6.863 6.862 6.861 6.861 6.85
Avg Life 9.92 9.92 9.92 9.92 9.51
First Pay 11/12/08 11/12/08 11/12/08 11/12/08 6/12/08
Last Pay 11/12/08 11/12/08 11/12/08 11/12/08 6/12/08
Prin. Window 1 1 1 1 1
</TABLE>
<PAGE>
DLJCMC-1998CF2RED.V1 B1
Yield Table(Speeds Start after YMP)
Current Balance $43,111,000 Gross WAC 7.1203
Pass-Thru Rate 7.3035 Current WAM 317
Accrued Days / Delay Days 9 / 11 Settlement 12/10/98
<TABLE>
<CAPTION>
Prepayments
Price 0.0% CPR 25.0% CPR 50.0% CPR 75.0% CPR 100.0% CPR
Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99.28125 99-09 7.35 6.87 7.348 6.87 7.347 6.87 7.346 6.87 7.347 6.67
99.3125 99-10 7.346 7.344 7.343 7.342 7.342
99.34375 99-11 7.341 7.339 7.338 7.337 7.338
99.375 99-12 7.337 7.335 7.333 7.333 7.333
99.40625 99-13 7.332 7.33 7.329 7.328 7.328
99.4375 99-14 7.328 7.325 7.324 7.323 7.324
99.46875 99-15 7.323 7.321 7.32 7.319 7.319
99.5 99-16 7.318 7.316 7.315 7.314 7.314
99.53125 99-17 7.314 6.87 7.312 6.88 7.311 6.88 7.31 6.88 7.309 6.67
99.5625 99-18 7.309 7.307 7.306 7.305 7.305
99.59375 99-19 7.305 7.303 7.301 7.301 7.3
99.625 99-20 7.3 7.298 7.297 7.296 7.295
99.65625 99-21 7.296 7.294 7.292 7.292 7.291
99.6875 99-22 7.291 7.289 7.288 7.287 7.286
99.71875 99-23 7.287 7.284 7.283 7.282 7.281
99.75 99-24 7.282 7.28 7.279 7.278 7.277
99.7776 99-25 7.278 6.88 7.276 6.88 7.275 6.88 7.274 6.88 7.273 6.68
99.78125 99-25 7.277 7.275 7.274 7.273 7.272
99.8125 99-26 7.273 7.271 7.27 7.269 7.267
99.84375 99-27 7.268 7.266 7.265 7.264 7.263
99.875 99-28 7.264 7.262 7.261 7.26 7.258
99.90625 99-29 7.259 7.257 7.256 7.255 7.253
99.9375 99-30 7.255 7.253 7.252 7.251 7.249
99.96875 99-31 7.25 7.248 7.247 7.246 7.244
100 100-00 7.246 6.88 7.244 6.88 7.242 6.89 7.242 6.89 7.239 6.68
100.03125 100-01 7.241 7.239 7.238 7.237 7.235
100.0625 100-02 7.237 7.235 7.233 7.233 7.23
100.09375 100-03 7.232 7.23 7.229 7.228 7.225
100.125 100-04 7.228 7.226 7.224 7.224 7.221
100.15625 100-05 7.223 7.221 7.22 7.219 7.216
100.1875 100-06 7.219 7.216 7.215 7.214 7.211
100.21875 100-07 7.214 7.212 7.211 7.21 7.207
Avg Life 9.92 9.92 9.92 9.92 9.51
First Pay 11/12/08 11/12/08 11/12/08 11/12/08 6/12/08
Last Pay 11/12/08 11/12/08 11/12/08 11/12/08 6/12/08
Prin. Window 1 1 1 1 1
</TABLE>
<PAGE>
DLJCMC-1998CF2RED.V1 B2
Yield Table(Speeds Start after YMP)
Current Balance $17,245,000 Gross WAC 7.1203
Pass-Thru Rate 7.3035 Current WAM 317
Accrued Days / Delay Days 9 / 11 Settlement 12/10/98
<TABLE>
<CAPTION>
Prepayments
Price 0.0% CPR 25.0% CPR 50.0% CPR 75.0% CPR 100.0% CPR
Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
92.71875 92-23 8.354 6.73 8.352 6.73 8.351 6.73 8.35 6.73 8.381 6.54
92.75 92-24 8.349 8.347 8.346 8.345 8.376
92.78125 92-25 8.344 8.342 8.341 8.34 8.371
92.8125 92-26 8.339 8.337 8.336 8.335 8.365
92.84375 92-27 8.334 8.332 8.331 8.33 8.36
92.875 92-28 8.329 8.327 8.326 8.325 8.355
92.90625 92-29 8.324 8.322 8.321 8.32 8.35
92.9375 92-30 8.319 8.317 8.316 8.315 8.345
92.96875 92-31 8.314 6.73 8.312 6.73 8.311 6.73 8.31 6.73 8.34 6.54
93 93-00 8.31 8.307 8.306 8.305 8.335
93.03125 93-01 8.305 8.302 8.301 8.3 8.329
93.0625 93-02 8.3 8.297 8.296 8.295 8.324
93.09375 93-03 8.295 8.292 8.291 8.29 8.319
93.125 93-04 8.29 8.287 8.286 8.285 8.314
93.15625 93-05 8.285 8.282 8.281 8.28 8.309
93.1875 93-06 8.28 8.278 8.276 8.275 8.304
93.1979 93-06+ 8.278 6.74 8.276 6.74 8.275 6.74 8.274 6.74 8.302 6.55
93.21875 93-07 8.275 8.273 8.271 8.27 8.299
93.25 93-08 8.27 8.268 8.266 8.265 8.294
93.28125 93-09 8.265 8.263 8.261 8.261 8.289
93.3125 93-10 8.26 8.258 8.256 8.256 8.283
93.34375 93-11 8.255 8.253 8.251 8.251 8.278
93.375 93-12 8.25 8.248 8.246 8.246 8.273
93.40625 93-13 8.245 8.243 8.242 8.241 8.268
93.4375 93-14 8.24 6.74 8.238 6.74 8.237 6.74 8.236 6.74 8.263 6.55
93.46875 93-15 8.235 8.233 8.232 8.231 8.258
93.5 93-16 8.23 8.228 8.227 8.226 8.253
93.53125 93-17 8.225 8.223 8.222 8.221 8.248
93.5625 93-18 8.22 8.218 8.217 8.216 8.243
93.59375 93-19 8.215 8.213 8.212 8.211 8.238
93.625 93-20 8.21 8.208 8.207 8.206 8.233
93.65625 93-21 8.205 8.203 8.202 8.201 8.227
Avg Life 9.92 9.92 9.92 9.92 9.51
First Pay 11/12/08 11/12/08 11/12/08 11/12/08 6/12/08
Last Pay 11/12/08 11/12/08 11/12/08 11/12/08 6/12/08
Prin. Window 1 1 1 1 1
</TABLE>
<PAGE>
DLJCMC-1998CF2RED.V1 S
Yield Table(Speeds Start after YMP, Inc. Prepay Penalties)
Current Balance $1,149,622,805 Gross WAC 7.1203
Pass-Thru Rate 1.0533 Current WAM 317
Accrued Days / Delay Days 9 / 11 Settlement 12/10/98
<TABLE>
<CAPTION>
Prepayments
Price 0.0% CPR 25.0% CPR 50.0% CPR 75.0% CPR 100.0% CPR
Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5.03125 5-01 11.74 3.81 11.597 3.81 11.491 3.81 11.388 3.81 11.02 3.78
5.0625 5-02 11.579 11.436 11.329 11.226 10.858
5.09375 5-03 11.419 11.276 11.17 11.067 10.697
5.125 5-04 11.26 11.118 11.012 10.909 10.538
5.15625 5-05 11.104 10.962 10.855 10.752 10.38
5.1875 5-06 10.949 10.807 10.7 10.597 10.224
5.21875 5-07 10.796 10.654 10.547 10.444 10.069
5.25 5-08 10.644 10.502 10.395 10.292 9.916
5.28125 5-09 10.493 3.93 10.351 3.94 10.245 3.94 10.141 3.93 9.765 3.91
5.3125 5-10 10.344 10.203 10.096 9.992 9.615
5.34375 5-11 10.197 10.055 9.949 9.845 9.466
5.375 5-12 10.051 9.909 9.803 9.699 9.319
5.40625 5-13 9.906 9.764 9.658 9.554 9.173
5.4375 5-14 9.763 9.621 9.515 9.411 9.029
5.46875 5-15 9.621 9.479 9.373 9.269 8.886
5.5 5-16 9.48 9.339 9.233 9.128 8.744
5.5092 5-16+ 9.439 4.04 9.298 4.05 9.191 4.05 9.087 4.04 8.703 4.01
5.53125 5-17 9.34 9.2 9.093 8.989 8.604
5.5625 5-18 9.202 9.062 8.955 8.851 8.465
5.59375 5-19 9.066 8.925 8.819 8.714 8.327
5.625 5-20 8.93 8.79 8.683 8.579 8.191
5.65625 5-21 8.796 8.655 8.549 8.444 8.055
5.6875 5-22 8.663 8.522 8.416 8.311 7.921
5.71875 5-23 8.531 8.39 8.284 8.179 7.788
5.75 5-24 8.4 4.16 8.26 4.16 8.154 4.16 8.048 4.16 7.657 4.13
5.78125 5-25 8.27 8.13 8.024 7.919 7.526
5.8125 5-26 8.142 8.002 7.896 7.79 7.397
5.84375 5-27 8.014 7.875 7.769 7.663 7.269
5.875 5-28 7.888 7.748 7.642 7.537 7.141
5.90625 5-29 7.763 7.623 7.517 7.412 7.015
5.9375 5-30 7.639 7.499 7.393 7.288 6.89
5.96875 5-31 7.516 7.376 7.271 7.165 6.766
Avg Life 9.37 9.33 9.29 9.25 9.01
First Pay 1/12/99 1/12/99 1/12/99 1/12/99 1/12/99
Last Pay 10/12/23 10/12/23 10/12/23 10/12/23 5/12/23
Prin. Window 298 298 298 298 293
</TABLE>
