<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: March 17, 1998
(Date of earliest event reported)
Deutsche Mortgage & Asset Receiving Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-4272 04-3310019
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number Identification No.)
Incorporation
One International Place - Room 520, Boston, Massachusetts 02110
Address of Principal Executive Office
Registrant's telephone number, including area code: (617) 951-7690
<PAGE>
ITEM 5. OTHER EVENTS
Attached as Exhibit 99.1 to this Current Report are certain materials
(the "Collateral Term Sheets") furnished to the Registrant by Deutsche Morgan
Grenfell Inc. and Morgan Stanley & Co. Incorporated (the "Underwriters"), the
underwriters in respect of the Registrant's Commercial Mortgage Pass-Through
Certificates, Series 1998-C1 (the "Certificates"). The Certificates are being
offered pursuant to a Prospectus and related Prospectus Supplement (together,
the "Prospectus"), which will be filed with the Commission pursuant to Rule
424(b)(5) under the Securities Act of 1933, as amended (the "Act"). The
Certificates have been registered pursuant to the Act under a Registration
Statement on Form S-3 (No. 333-08328)(the "Registration Statement"). The
Registrant hereby incorporates the Collateral Term Sheets by reference in the
Registration Statement.
The Collateral Term Sheets were prepared solely by the Underwriters,
and the Registrant did not prepare or participate in the preparation of the
Collateral Term Sheets.
Any statement or information contained in the Collateral Term Sheets
shall be deemed to be modified or superseded for purposes of the Prospectus and
the Registration Statement by statements or information contained in the
Prospectus.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Exhibit 99.1 Collateral Term Sheets.
-2-
<PAGE>
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
DEUTSCHE MORTGAGE & ASSET RECEIVING
CORPORATION
By: /s/ Nancy D. Smith
--------------------------------
Nancy D. Smith
President
Date: March 17, 1998
<PAGE>
DEUTSCHE MORGAN GRENFELL @
CMBS New Issue
Term Sheet as of March 17, 1998
----------------
Expected Pricing Date: March 23, 1998
----------------
$1,816,541,155
(Approximate)
Deutsche Mortgage & Asset Receiving Corporation
as Depositor
ContiTrade Services L.L.C.
German American Capital Corporation
Morgan Stanley Mortgage Capital Inc.
Boston Capital Mortgage Company Limited Partnership
Red Mountain Funding, L.L.C.
as Mortgage Loan Sellers
Commercial Mortgage Pass-Through Certificates
Series 1998-C1
DEUTSCHE MORGAN GRENFELL MORGAN STANLEY DEAN WITTER
Llama Company, L.P.
and solely as members of the selling group
ContiFinancial Services Corporation SouthTrust Securities, Inc.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET @
$1,816,541,155 (Approximate) March 17, 1998
Deutsche Mortgage & Asset Receiving Corporation
Mortgage Pass-Through Certificates
Series 1998-C1
Approx. Securities Structure - SUBJECT TO CHANGE
<TABLE>
<CAPTION>
Approx. Face/ Expected Expected
Expected Notional Expected Credit Weighted Principal
Rating Amount Support Average Payment
Class (Moody's/Fitch) ($mm) (% of UPB) Life(a) Window(a)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Publicly Offered Classes
X Aaa/AAA $ 1,816.5 32.0% 9.9 4/98 - 2/23
A1 Aaa/AAA 382.9 32.0% 5.5 4/98 - 9/07
A2 Aaa/AAA 852.4 32.0% 9.7 9/07 - 2/08
B Aa2/AA 109.0 26.0% 9.9 2/08 - 2/08
C A2/A 109.0 20.0% 10.0 2/08 - 3/08
D Baa2/BBB 99.9 14.5% 11.9 3/08 - 7/12
E Baa3/BBB- 27.2 13.0% 14.5 7/12 - 11/12
- ------------------------------------------------------------------------------------------------------------------------------
Privately Placed Classes (144a): Not Offered
F NR/BB+ 45.4 10.5% 14.6 11/12 - 11/12
G NR/BB 45.4 8.0% 14.7 11/12 - 12/12
H NR/BB- 18.2 7.0% 14.7 12/12 - 12/12
J NR/B+ 22.7 5.75% 14.8 12/12 - 1/13
K NR/B 22.7 4.5% 14.8 1/13 - 8/13
L NR/B- 40.9 2.25% 17.4 8/13 - 10/17
M Unrated 40.9 0.0% 21.3 10/17 - 2/23
Total Securities: $1,816.5
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Calculated at 0% CPR and no balloon extension.
(b) Notional amount.
<TABLE>
<S> <C>
Key Features:
Co-Lead Managers: Deutsche Morgan Grenfell and Morgan Stanley Dean Witter
Co-Manager: Llama Company, L.P.
Mortgage Loan Sellers: ContiFinancial Services Corporation - $682,577,438 (37.6%)
German American Capital Corporation - $452,581,252 (24.9%)
Morgan Stanley Mortgage Capital Inc. - $299,073,774 (16.5%)
Red Mountain Funding, L.L.C. - $221,744,773 (12.2%)
Boston Capital Mortgage Company L.P. - $160,563,918 (8.8%)
Master Servicer: Banc One Mortgage Capital Markets, LLC
Special Servicer: Banc One Mortgage Capital Markets, LLC
Purchaser of Classes K, L and M Banc One Mortgage Capital Markets, LLC
Trustee: LaSalle National Bank
Pricing: On or about March 23rd
Closing: On or about March 27th
Settlement: All classes will settle plus accrued from March 1
Cut-Off Date: March 1, 1998
Distribution Date: 15th of each month, or following business day (commencing
April 1998)
ERISA Eligible: Classes A1, A2 and X are ERISA eligible subject to certain
conditions for eligibility
Representations & Warranties: Provided by applicable Mortgage Loan Sellers
Structure: Sequential pay
Interest Accrual Period: Prior calendar month
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date: June 15, 2031
Clean up Call: 1.0%
Minimum Denominations: Classes A1, A2, B, C, D and E: $50,000 & $1
Class X: $1,000,000 Notional Amount & $1
</TABLE>
Collateral Facts
Cut-Off Date Balance: 1,816,541,155
Number of Mortgage Loans: 371
Number of Mortgage Properties: 521
Average Cut-Off Date Principal Balance: $4,896,337
Weighted Average Current Mortgage Interest Rate: 7.78%
Weighted Average DSCR: 1.40x
Weighted Average Cut-Off Date LTV Ratio: 72.6
Weighted Average Remaining Term to Maturity: 135mos.
Overview of Prepayment Restrictions
Prepayment Restriction % of Initial Pool Balance
- -------------------------------------------------------------------------------
Lockout Period with Yield Maintenance 42.85%
Lockout Period with Defeasance 35.13
Lockout Period with Yield Maintenance and 8.00
Prepayment Premium
Lockout Period with Defeasance and 4.24
Prepayment Premium
Lockout Period with Prepayment Premium 3.76
Yield Maintenance with Prepayment Premium 2.28
Yield Maintenance only 1.70
Lockout Period only 1.52
Other (a) 0.52
------
Total 100.00
(a) Includes Mortgage Loans with other types and combinations of prepayment
restrictions.
Selected Loan Data:
Cut-Off Date Principal Balance
(as of March 1, 1998)(a)
----------------------------------
Geographic Number of % by
Distribution Mortgage Properties (Balance) Balance
- ------------------------------------------------------------------------------
California 56 303,807,858 16.72%
New York 49 189,911,727 10.45%
Massachusetts 19 153,316,040 8.44%
Florida 34 143,255,877 7.89%
Texas 67 117,276,326 6.46%
Other 296 908,973,327 50.04%
--- ----------- ------
Total 521 1,816,541,155 100.00%
Cut-Off Date Principal Balance
(as of March 1, 1998)(a)
Number of ------------------------------------
Mortgage % by
Property Type Properties (Balance) Balance
- -------------------------------------------------------------------------------
Multifamily 109 418,200,760 23.02%
Anchored Retail 47 295,127,291 16.25%
Hospitality 44 257,394,676 14.17%
Office 52 238,403,474 13.12%
Unanchored Retail 67 140,301,317 7.72%
Nursing Home, Skilled 28 126,819,603 6.98%
Industrial 28 96,898,812 5.33%
Self Storage 97 96,569,962 5.32%
Assisted Living 11 45,377,412 2.50%
Special Purpose 17 39,085,328 2.15%
Mobile Home Park 11 38,064,733 2.10%
Mixed Use 10 24,297,787 1.34%
-- ----------- -----
Total 521 1,816,541,155 100.00%
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
APPROXIMATE SECURITIES STRUCTURE - SUBJECT TO CHANGE
<TABLE>
<CAPTION>
Expected
Expected Approx. Expected Weighted Expected
Rating Size Credit Targeted Coupon Average Life Principal
Class (Moody's/Fitch) ($mm) Support Dollar Price Description Delivery (yrs.) (a) Payment Window (a)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Publicly Offered Classes:
X Aaa/AAA $ 1,816.5 32.0% Variable IO(d) DTC (e) 9.9 4/98 - 2/23
A1 Aaa/AAA 382.9 32.0% Fixed DTC (e) 5.5 4/98 - 9/07
A2 Aaa/AAA 852.4 32.0% Fixed DTC (e) 9.7 9/07 - 2/08
B Aa2/AA 109.0 26.0% Fixed DTC (e) 9.9 2/08 - 2/08
C A2/A 109.0 20.0% Fixed DTC (e) 10.0 2/08 - 3/08
D Baa2/BBB 99.9 14.5% Fixed DTC (e) 11.9 3/08 - 7/12
E Baa3/BBB- 27.2 13.0% Fixed (c) DTC (e) 14.5 7/12 - 11/12
- -----------------------------------------------------------------------------------------------------------------------------------
Privately Placed Classes: Not Offered
F NR/BB+ 45.4 10.5% Fixed (c) 14.6 11/12 - 11/12
G NR/BB 45.4 8.0% Fixed (c) 14.7 11/12 - 12/12
G NR/BB- 18.2 7.0% Fixed (c) 14.7 12/12 - 12/12
H NR/B+ 22.7 5.75% Fixed (c) 14.8 12/12 - 1/13
J NR/B 22.7 4.5% Fixed (c) 14.8 1/13 - 8/13
K NR/B- 40.9 2.25% Fixed (c) 17.4 8/13 - 10/17
L Unrated 40.9 0.0% Fixed (c) 21.3 10/17 - 2/23
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Calculated at 0% CPR and no balloon extension.
(b) Notional amount.
(c) The coupon will be fixed, provided that the coupon will not exceed the
Weighted Average Net Mortgage Pass-Through Rate in effect from time to
time on the mortgage loans.
(d) The Class X coupon is calculated as the Weighted Average Net Mortgage
Pass-Through Rate less the Weighted Average Pass-Through Rate.
(e) Delivery shall be DTC, Euroclear and Cedel.
STRUCTURAL OVERVIEW
<TABLE>
<CAPTION>
Approximate Percent Moody's Fitch's Approximate Credit
of Total Rating Rating Support
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A1 Class A2
(21.0%) (47.0%)
68.0% Aaa/AAA Aaa/AAA 32.0%
------------------------------------------------
6.0% Class B Aa2 AA 26.0%
------------------------------------------------
6.0% Class Class C A2 A 20.0%
------------------------------------------------
5.5% X Class D Baa2 BBB 14.5%
------------------------------------------------
1.5% Aaa/AAA Class E Baa3 BBB- 13.0%
------------------------------------------------
2.5% Class F Not rated BB+ 10.5%
------------------------------------------------
2.5% Class G Not rated BB 8.0%
------------------------------------------------
1.0% Class H Not rated BB- 7.0%
------------------------------------------------
1.25% Class J Not rated B+ 5.75%
------------------------------------------------
1.25% Class K Not rated B 4.5%
------------------------------------------------
2.25% Class L Not rated B- 2.25%
------------------------------------------------
2.25% Class M Not rated Unrated 0.0%
------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
STRUCTURAL OVERVIEW - Cont.
o The Mortgage Pool will be comprised of one Loan Group
-- Principal will be allocated sequentially to A1, A2, B, C, D, E, F, G,
H,J, K, L and M Certificates (If all classes other than classes A1 and A2
have been reduced to zero, principal will be allocated to Class A1 and A2
pro-rata)
o Class X will receive interest payments pro-rata (based on interest
entitlements) with the Class A Certificates each month
o Each of the Classes will be subordinate to earlier alphabetically
lettered classes (except Class X) (Losses will be allocated in reverse
alphabetical order to Classes with certificate balances and pro-rata to
Classes A1 and A2)
o The servicer will cover net prepayment interest shortfalls, up to Master
Servicing Fee. Net shortfalls (after application of prepayment interest
excesses) will be allocated in reverse alphabetical order to the
Certificates and then pro-rata (based on interest entitlements) to the
Senior Certificates
o All classes will pay interest on a 30/360 basis
o Shortfalls resulting from servicer modifications or special servicer
compensation will be allocated in reverse alphabetical order to Classes
with certificate balances
MORTGAGE POOL OVERVIEW
o The Mortgage Pool is comprised of 371 multifamily and commercial loans
with an aggregate Cut-Off Date Balance of approximately $1,816,541,155
o All of the Mortgage Loans are secured by first liens on multifamily and
commercial properties
o The Pool's average Cut-Off Date Principal Balance is approximately
$4,896,337
o The Pool's weighted average current Debt Service Coverage Ratio is 1.40x
o The Pool's Cut-Off Date LTV is 72.6%
The Pool's weighted average Mortgage Interest Rate is approximately 7.78
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
PREPAYMENT PROVISIONS
o Approximately 100% of the Pool Balance has prepayment protection as of
the Cut-Off Date
o Approximately 95.6% of the Pool Balance is locked out as of the Cut-Off
Date
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Prepayment Lock-Out/ Premium Analysis
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage of Mortgage Pool by Prepayment Restriction Assuming No Prepayment
--------------------------------------------------------------------------------------
Prepayment April April April April April April April
Restrictions 1998 1999 2000 2001 2002 2003 2004
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Locked Out 95.55% 91.52% 74.07% 57.68% 50.96% 11.72% 11.21%
Defeasance 0.00% 0.00% 16.09% 27.50% 30.36% 33.21% 33.29%
Greater of 1% or Yield 3.36% 6.52% 6.83% 9.33% 12.05% 31.62% 32.01%
Maintenance
Yield Maintenance 0.62% 1.50% 1.66% 2.82% 3.76% 11.50% 11.46%
- ----------------------------------------------------------------------------------------------------------------------------------
Subtotal 99.54% 99.54% 98.64% 97.32% 97.13% 88.05% 87.97%
5.00 or Greater 0.46% 0.46% 0.46% 0.53% 0.02% 4.86% 0.08%
4.00 - 4.99% 0.00% 0.00% 0.00% 1.13% 0.67% 0.08% 4.85%
3.00 - 3.99% 0.00% 0.00% 0.75% 0.12% 0.98% 3.94% 0.08%
2.00 - 2.99% 0.00% 0.00% 0.00% 0.75% 0.30% 2.63% 0.50%
1.00 - 1.99% 0.00% 0.00% 0.00% 0.00% 0.75% 0.30% 6.20%
<1% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Open 0.00% 0.00% 0.15% 0.15% 0.15% 0.14% 0.32%
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Mortgage Pool Balance ($ million) $1,816.54 $1,796.37 $1,753.80 $1,728.55 $1,701.25 $1,647.11 $1,615.95
% of Initial Pool Balance 100.00% 98.89% 96.55% 95.16% 93.65% 90.67% 88.96%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Prepayment Lock-Out/ Premium Analysis
- --------------------------------------------------------------------------------
Percentage of Mortgage Pool by Prepayment
Restriction Assuming No Prepayment
------------------------------------------
Prepayment April April April
Restrictions 2005 2006 2007
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Locked Out 6.81% 4.11% 3.80%
Defeasance 36.44% 36.56% 34.53%
Greater of 1% or Yield 31.96% 33.98% 33.87%
Maintenance
Yield Maintenance 11.87% 11.81% 11.86%
- --------------------------------------------------------------------------------
Subtotal 86.45% 86.46% 84.05%
5.00 or Greater 0.36% 0.00% 0.00%
4.00 - 4.99% 0.07% 0.35% 0.34%
3.00 - 3.99% 6.09% 0.07% 0.00%
2.00 - 2.99% 0.24% 6.09% 0.25%
1.00 - 1.99% 2.01% 0.92% 6.17%
<1% 0.00% 1.33% 0.00%
Open 4.78% 4.79% 9.17%
- --------------------------------------------------------------------------------
Totals 100.00% 100.00% 100.00%
Mortgage Pool Balance ($ million) $1,561.07 $1,524.66 $1,470.23
% of Initial Pool Balance 85.94% 83.93% 80.94%
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
Prepayment Lock-Out/ Premium Analysis
Percentage of Mortgage Pool by Prepayment
Restriction Assuming No Prepayment
-------------------------------------------
Prepayment April April April
Restrictions 2008 2009 2010
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
Locked Out 0.00% 0.00% 0.00%
Defeasance 24.52% 24.80% 26.51%
Greater of 1% or Yield 38.39% 38.30% 40.27%
Maintenance
Yield Maintenance 7.20% 7.10% 2.66%
- -----------------------------------------------------------------------------------
Subtotal 70.11% 70.20% 69.44%
5.00 or Greater 0.85% 0.00% 0.00%
4.00 - 4.99% 5.73% 0.82% 0.14%
3.00 - 3.99% 1.35% 6.80% 0.82%
2.00 - 2.99% 5.02% 0.11% 6.82%
1.00 - 1.99% 1.05% 5.08% 5.42%
<1% 0.00% 0.00% 0.00%
Open 15.90% 16.98% 17.36%
- -----------------------------------------------------------------------------------
Totals 100.00% 100.00% 100.00%
Mortgage Pool Balance ($ million) 348.54 $334.76 $303.29
% of Initial Pool Balance 19.19% 18.43% 16.70%
- -----------------------------------------------------------------------------------
</TABLE>
ALLOCATION OF PREPAYMENT PENALTIES
Allocation of Prepayment Premiums
All Prepayment Premiums are distributed to Certificateholders on the
Distribution Date following the one-month collection period in which the
prepayment occurred. All Prepayment Premiums will be allocated (i) to an
amount equal to, and pro rata on the basis of, the "PV Yield Loss Amount" for
the Class X Certificates and for Class A1 and A2 to the extent they receive
principal; (ii) sequentially to the holders of the remaining Classes of
Offered Certificates in an amount up to the corresponding "PV Yield Loss
Amount" for such class of Offered Certificates; and (iii) to the extent there
are any excess amounts, to Class X.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF CUT-OFF DATE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENTAGE OF
AGGREGATE AVERAGE CUT- WEIGHTED AVERAGE WEIGHTED
NUMBER OF CUT-OFF DATE CUT-OFF DATE OFF DATE DEBT SERVICE AVERAGE
RANGE OF CUT-OFF DATE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE MORTGAGE INTEREST
PRINCIPAL BALANCE LOANS BALANCE BALANCE BALANCE RATIO RATE
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
< $999,999 45 $ 28,829,529 1.59% $ 640,656 1.47x 8.6585%
1,000,000 - 1,999,999 82 126,497,227 6.86 1,542,649 1.59 8.0800
2,000,000 - 2,999,999 54 133,367,908 7.34 2,469,776 1.37 7.9947
3,000,000 - 3,999,999 58 204,203,497 11.24 3,520,750 1.48 7.8202
4,000,000 - 4,999,999 31 140,377,287 7.73 4,528,300 1.41 7.7276
5,000,000 - 5,999,999 25 137,642,316 7.58 5,505,693 1.39 7.7600
6,000,000 - 6,999,999 7 46,626,359 2.57 6,660,908 1.38 7.7422
7,000,000 - 7,999,999 16 121,805,845 6.71 7,612,865 1.47 7.9569
8,000,000 - 8,999,999 11 101,599,170 5.14 8,496,081 1.25 8.0099
9,000,000 - 9,999,999 8 76,554,132 4.21 9,569,267 1.30 7.7297
10,000,000 - 11,999,999 6 66,806,360 3.68 11,134,393 1.40 7.7037
12,000,000 - 13,999,999 7 91,691,482 5.05 13,098,783 1.29 7.9182
14,000,000 - 16,999,999 5 79,799,865 4.39 15,959,973 1.38 7.8456
17,000,000 - 39,999,999.99 13 292,211,822 16.09 22,477,832 1.35 7.6582
> 40,000,000 3 176,670,634 9.73 58,890,211 1.36 7.2138
--- -------------- ------ ---------- ---- ------
Total 371 $1,816,541,155 100.00% $ 4,896,337 1.40x 7.7826%
<CAPTION>
WEIGHTED
AVERAGE
REMAINING WEIGHTED
RANGE OF CUT-OFF DATE TERM TO AVERAGE CURRENT
PRINCIPAL BALANCE MATURITY LTV
- -------------------------------------------------------------------------
<S> <C> <C>
< $999,999 133.5 63.51%
1,000,000 - 1,999,999 132.1 66.23
2,000,000 - 2,999,999 122.2 71.99
3,000,000 - 3,999,999 128.0 71.51
4,000,000 - 4,999,999 135.9 73.20
5,000,000 - 5,999,999 129.2 71.54
6,000,000 - 6,999,999 144.0 71.13
7,000,000 - 7,999,999 130.7 74.75
8,000,000 - 8,999,999 146.6 73.94
9,000,000 - 9,999,999 164.2 71.53
10,000,000 - 11,999,999 169.6 73.68
12,000,000 - 13,999,999 133.2 68.82
14,000,000 - 16,999,999 127.7 73.23
17,000,000 - 39,999,999.99 148.2 74.95
> 40,000,000 118.0 76.54
----- -----
Total 135.0 72.58%
</TABLE>
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
GEOGRAPHIC DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED
AGGREGATE AVERAGE CUT- AVERAGE WEIGHTED WEIGHTED
NUMBER OF CUT-OFF DATE CUT-OFF DATE OFF DATE WEIGHTED AVERAGE MORTGAGE AVERAGE AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL DEBT SERVICE INTEREST REMAINING TERM CURRENT
PROPERTY STATE LOANS BALANCE (B) BALANCE BALANCE COVERAGE RATIO RATE TO MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
California 56 $303,807,858 16.72% $5,425,140 1.38x 7.6688 152.4 71.72
New York 49 189,911,727 10.45 3,875,750 1.37 7.7465 128.0 73.19
Massachusetts 19 153,316,040 8.44 8,069,265 1.32 7.1429 123.0 75.22
Florida 34 143,255,877 7.89 4,213,408 1.33 8.0778 116.0 70.97
Texas 67 117,276,326 6.46 1,750,393 1.46 7.9246 119.0 72.30
Georgia 34 97,658,251 5.38 2,872,302 1.33 7.8119 127.7 77.14
Pennsylvania 27 85,106,381 4.69 3,152,088 1.31 7.5007 117.2 74.07
Colorado 14 74,848,481 4.12 5,346,320 1.26 7.5431 165.4 71.55
Tennessee 13 64,720,707 3.56 4,978,516 1.32 8.1335 149.5 74.94
Virginia 11 48,752,389 2.68 4,432,035 1.50 8.3853 216.3 70.77
Maryland 10 44,698,713 2.46 4,469,871 1.39 8.0869 126.3 65.06
Washington 10 38,871,873 2.14 3,887,187 1.44 7.8323 131.7 70.29
Alabama 4 34,543,983 1.90 8,635,996 1.47 8.2935 205.2 69.65
Nevada 3 31,744,969 1.75 10,581,656 1.75 8.0314 116.6 60.14
Louisiana 8 30,491,484 1.68 3,811,435 1.20 7.9231 161.6 78.54
Michigan 22 29,978,582 1.65 1,362,663 1.51 7.3653 141.2 73.84
Illinois 8 29,830,907 1.64 3,728,863 1.44 7.6951 125.6 73.81
Puerto Rico 1 27,955,965 1.54 27,955,965 1.31 7.2250 118.0 84.72
Missouri 15 26,583,313 1.46 1,772,221 1.74 8.1673 131.6 69.26
New Hampshire 9 25,823,694 1.42 2,869,299 1.23 9.0030 49.3 78.17
Arizona 9 25,451,684 1.40 2,827,965 1.92 8.1631 134.6 70.20
North Carolina 13 21,077,871 1.16 1,621,375 1.45 7.9591 128.9 74.11
Connecticut 6 19,018,060 1.05 3,169,677 1.45 7.9845 116.7 72.54
Ohio 6 18,639,717 1.03 3,106,620 1.46 7.8408 125.0 65.15
Wisconsin 5 16,734,678 0.92 3,346,936 1.86 7.3600 118.0 65.31
Oregon 7 15,416,719 0.85 2,202,388 1.38 7.7640 122.9 71.15
Arkansas 19 14,474,667 0.80 761,825 1.51 7.7998 117.9 73.06
New Jersey 5 11,631,289 0.64 2,326,258 1.32 7.4531 133.5 73.99
Vermont 2 10,281,722 0.57 5,140,861 1.34 7.4743 118.0 74.40
Kentucky 2 10,029,153 0.55 5,014,576 1.51 7.3891 145.4 83.32
Oklahoma 5 9,843,750 0.54 1,968,750 1.49 8.0120 117.2 71.95
New Mexico 4 7,315,019 0.40 1,828,755 1.48 8.0743 84.6 75.86
Iowa 3 6,851,663 0.38 2,283,888 1.33 7.6487 228.4 73.51
West Virginia 1 6,400,000 0.35 6,400,000 1.38 7.7100 120.0 64.00
Utah 6 5,095,155 0.28 849,192 1.38 8.5422 118.3 66.19
Idaho 2 3,787,298 0.21 1,893,649 1.63 8.0747 117.3 58.86
Minnesota 2 3,698,139 0.20 1,849,070 1.30 7.4610 117.0 74.46
Kansas 2 2,891,305 0.16 1,445,653 1.19 7.7437 160.9 68.50
Rhode Island 2 2,442,810 0.13 1,221,405 1.29 8.0670 142.7 66.72
Indiana 1 1,939,366 0.11 1,939,366 1.33 9.0000 114.0 79.16
Hawaii 1 1,488,442 0.08 1,488,442 1.88 9.0625 115.0 56.44
South Carolina 2 1,487,462 0.08 743,731 1.48 7.4720 118.0 79.48
Mississippi 2 1,367,666 0.08 683,833 1.48 7.4720 118.0 79.48
Total 521 $1,816,541,155 100.00% $ 3,486,643 1.40x 7.7826 135.0 72.58%
</TABLE>
(a) Column totals may not sum due to rounding.
(b) For purposes of describing geographic concentration, loans secured by
multiple properties are allocated a Cut-off Date Principal Balance based
on the Allocated Principal Amounts.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
GEOGRAPHIC DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE
[GRAPHIC OMIITED - MAP OF UNITED STATES SHOWING GEOPRAPHIC DISTRIBUTION
BY CUT-OFF DATE PRINCIPAL BALANCE. DATA ON PREVIOUS PAGE
IN TABULAR FORMAT]
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
PROPERTY TYPE DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
NUMBER AGGREGATE AVERAGE AVERAGE DEBT AVERAGE AVERAGE WEIGHTED
OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERMS TO CURRENT
PROPERTY TYPE PROPERTIES BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 109 418,200,760 23.02 3,836,704 1.33 7.3786 126.2 74.40
Anchored Retail 47 295,127,291 16.25 6,279,304 1.28 7.5631 161.5 75.65
Hospitality 44 257,394,676 14.17 5,849,879 1.53 8.1611 146.1 68.93
Office 52 238,403,474 13.12 4,584,682 1.33 7.6571 119.5 72.68
Unanchored Retail 67 140,301,317 7.72 2,094,050 1.36 7.8859 125.9 71.60
Nursing Home, Skilled 28 126,819,603 6.98 4,529,272 1.64 8.4413 130.7 73.66
Industrial 28 96,898,812 5.33 3,460,672 1.35 7.9599 117.4 65.87
Self-Storage 97 96,569,962 5.32 995,567 1.52 7.7344 124.9 74.71
Assisted Living Facility 11 45,377,412 2.50 4,125,219 1.57 7.8944 170.8 69.75
Special Purpose 17 39,085,328 2.15 2,299,137 1.54 9.0857 141.7 68.99
Mobile Home Park 11 38,064,733 2.10 3,460,430 1.30 7.7595 117.2 75.77
Mixed Use 10 24,297,787 1.34 2,429,779 1.39 7.7998 135.9 66.04
-- ---------- --- --------- ---- ------ ----- -----
Total 521 $1,816,541,155 100.00% $ 3,486,643 1.40x 7.7826% 135.0 72.58%
</TABLE>
(a) Column totals may not sum due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
DEBT SERVICE COVERAGE RATIO
o Weighted Average Current Debt Service Coverage Ratio: 1.40X
o 94% of the Portfolio has Debt Service Coverage Ratio Greater Than 1.20X
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
NUMBER OF AGGREGATE AVERAGE CUT- DEBT AVERAGE AVERAGE WEIGHTED
RANGE OF OF CUT-OFF DATE CUT-OFF DATE OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
DEBT SERVICE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO CURRENT
COVERAGE RATIOS LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
< 1.00 1 $ 8,868,778 0.49 % $ 8,868,778 1.00 8.3100 114.0 76.55%
1.01 - 1.10 3 16,002,625 0.88 5,334,208 1.06 8.3988 197.5 79.97
1.11 - 1.20 22 83,886,591 4.62 3,813,027 1.17 7.9463 121.6 76.50
1.21 - 1.30 115 664,590,022 36.59 5,779,044 1.26 7.6673 134.1 75.20
1.31 - 1.40 90 476,529,826 26.23 5,294,776 1.34 7.6268 131.1 74.39
1.41 - 1.50 53 273,202,761 15.04 5,154,769 1.45 7.8389 127.3 69.10
1.51 - 1.60 29 109,077,047 6.00 3,761,277 1.56 8.3980 184.5 70.36
1.61 - 1.70 12 37,618,803 2.07 3,134,900 1.65 8.0598 143.7 66.47
1.71 - 1.80 12 55,288,220 3.04 4,607,352 1.77 7.9430 121.7 61.49
1.81 - 1.90 9 28,495,448 1.57 3,166,161 1.84 7.7780 120.7 63.03
1.91 - 2.00 11 27,654,530 1.52 2,514,048 1.95 8.2479 121.7 66.25
2.01 - 2.20 4 7,100,563 0.39 1,775,141 2.13 7.6114 117.7 56.05
2.21 - 2.40 3 7,842,511 0.43 2,614,170 2.29 8.0652 115.9 54.73
2.41 - 2.80 1 7,484,433 0.41 7,484,433 2.75 8.5410 177.0 73.38
2.81 - 3.00 2 4,680,771 0.26 2,340,385 2.93 7.7926 250.1 37.47
3.01 >= 4 8,218,227 0.45 2,054,557 4.14 7.9320 145.8 49.83
Total 371 $1,816,541,155 100.00% $ 4,896,337 1.40x 7.7826 135.0 72.58%
</TABLE>
(a) Column totals may not add due to rounding
CUT-OFF DATE LOAN TO VALUE RATIO
o WEIGHTED AVERAGE CURRENT LOAN TO VALUE RATIO: 72.6%
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
RANGE OF NUMBER OF AGGREGATE AVERAGE CUT- DEBT AVERAGE AVERAGE WEIGHTED
CURRENT OF CUT-OFF DATE CUT-OFF DATE OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
LOAN-TO-VALUE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO CURRENT
RATIOS LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
25.00% - 30.00% 2 $ 2,345,866 0.13% $ 1,172,933 3.51x 7.4105% 118.5 26.36%
30.01 - 50.00 13 37,882,154 2.09 2,914,012 1.82 8.3480 116.0 43.85
50.01 - 60.00 41 120,527,725 6.64 2,939,701 1.68 8.1494 131.9 56.84
60.01 - 65.00 44 134,273,603 7.39 3,051,673 1.55 7.7996 124.8 62.67
65.01 - 70.00 51 171,507,649 9.44 3,362,895 1.48 8.0671 154.9 68.47
70.01 - 75.00 108 589,843,393 32.47 5,461,513 1.36 7.7106 134.0 73.42
75.01 - 80.00 92 657,069,467 36.17 7,142,059 1.31 7.6945 135.1 77.93
80.01 - 85.00 18 91,208,437 5.02 5,067,135 1.26 7.6736 127.6 82.47
85.01 - 95.00 2 11,882,859 0.65 5,941,430 1.30 7.3112 159.2 90.71
Total 371 $1,816,541,155 100.00% $ 4,896,337 1.40x 7.7826% 135.0 72.58%
</TABLE>
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
REMAINING AMORTIZATION TERM (IN MONTHS)
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE CUT- DEBT AVERAGE AVERAGE
RANGE OF NUMBER OF CUT-OFF DATE CUT-OFF DATE OFF DATE SERVICE MORTGAGE REMAINING WEIGHTED
AMORTIZATION MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO AVERAGE CURRENT
TERMS LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
131-190 14 $ 33,901,288 1.87 $2,421,521 1.43x 8.8352 161.1 70.12 %
191-250 55 155,854,785 8.58 2,833,723 1.55 8.1791 169.1 67.75
251-270 2 2,186,047 0.12 1,093,023 1.46 8.6100 115.0 73.56
271-290 13 92,016,761 5.07 7,078,212 1.31 8.2179 106.8 78.36
291-310 158 506,659,040 27.89 3,206,703 1.50 8.0688 131.5 68.11
311-330 3 30,099,217 1.66 10,033,072 1.32 7.8513 126.9 68.66
331-360 107 735,366,861 40.48 6,872,587 1.32 7.5652 138.7 74.70
361>= 19 260,457,156 14.34 13,708,271 1.34 7.2965 118.6 76.89
---- ----------- ----- ---------- ---- ------ ----- -----
Total 371 $1,816,541,155 100.00% $4,896,337 1.40x 7.7826% 135.0 72.58
</TABLE>
(a) Column totals may not add due to rounding.
CURRENT MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE CUT- DEBT AVERAGE AVERAGE
RANGE OF NUMBER OF CUT-OFF DATE CUT-OFF DATE OFF DATE SERVICE MORTGAGE REMAINING WEIGHTED
MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO AVERAGE CURRENT
RATES LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
< 7.000 % 5 $ 85,470,281 4.71% $17,094,056 1.37x 6.7897% 120.2 73.18%
7.001 - 7.250 39 280,447,897 15.44 7,190,972 1.32 7.1542 140.8 76.36
7.251 - 7.500 51 381,694,226 21.01 7,484,201 1.37 7.4299 128.1 73.65
7.501 - 7.750 63 283,105,906 15.58 4,493,745 1.39 7.6401 130.4 72.16
7.751 - 8.000 60 228,721,743 12.59 3,812,029 1.48 7.9120 127.4 70.34
8.001 - 8.250 35 179,137,989 9.86 5,118,228 1.42 8.1047 134.9 71.61
8.251 - 8.500 40 161,390,235 8.88 4,034,756 1.31 8.3408 156.2 73.27
8.501 - 8.750 22 69,597,855 3.83 3,163,539 1.59 8.5997 171.4 71.41
8.751 - 9.000 19 58,533,956 3.22 3,080,735 1.46 8.9269 165.3 64.49
9.001 - 9.250 23 52,251,311 2.88 2,271,796 1.45 9.1399 78.9 71.34
9.251 - 9.500 10 19,185,373 1.06 1,918,537 1.37 9.3747 129.2 58.98
9.501 - 9.750 3 16,661,695 0.92 5,553,898 1.62 9.7344 175.0 75.94
> 9.751 1 342,690 0.02 342,690 1.45 10.0000 235.0 55.72
--- ------------- ------ ------------ ---- ------ ----- ------
Total 371 $1,816,541,155 100.00% $ 4,896,337 1.40x 7.7826 135.0 72.58%
</TABLE>
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
<TABLE>
<CAPTION>
AMORTIZATION TYPES
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
NUMBER AGGREGATE AVERAGE AVERAGE DEBT AVERAGE AVERAGE WEIGHTED
OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERMS TO CURRENT
AMORTIZATION TYPE LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 214 $ 787,802,921 43.37% $ 3,681,322 1.41x 7.8998% 129.3 71.31%
Fully Amortizing 35 128,117,543 7.05 3,660,501 1.59 8.5208 240.2 69.22
Hyper Amortizing 122 900,620,691 49.58 7,382,137 1.35 7.5749 125.0 74.17
---- -------------- ------ ----------- ---- ------ ----- -----
TOTAL 371 $1,816,541,155 100.00% $ 4,896,337 1.40x 7.7826% 135.0 72.58%
</TABLE>
(a) Column totals may not add due to rounding.
<TABLE>
<CAPTION>
REMAINING TERM TO MATURITY (IN MONTHS)
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE CUT- DEBT AVERAGE AVERAGE WEIGHTED
RANGE OF NUMBER OF CUT-OFF DATE CUT-OFF DATE OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
REMAINING MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO CURRENT
TERM TO MATURITY LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
=<70 12 $ 46,857,490 2.58% $ 3,904,791 1.28x 8.7863% 42.1 68.61%
71 - 90 9 23,916,188 1.32 2,657,354 1.32 7.7509 81.1 73.21
91 - 100 1 3,129,039 0.17 3,129,039 1.26 7.8000 97.0 74.50
101 - 110 4 16,245,959 0.89 4,061,490 1.75 8.4272 106.1 62.45
111- 115 43 163,193,672 8.98 3,795,202 1.41 8.3027 114.5 69.70
116 - 120 213 1,126,043,264 61.99 5,286,588 1.39 7.5847 117.9 73.18
121 - 140 1 3,570,786 0.20 3,570,786 1.19 8.3700 136.0 72.87
141 - 150 1 19,169,231 1.06 19,169,231 1.26 7.1300 142.0 74.52
151 - 170 1 3,841,251 0.21 3,841,251 1.28 7.5400 170.0 57.33
171-190 57 266,234,930 14.66 4,670,788 1.35 7.9882 176.7 73.58
191 - 250 24 95,041,133 5.23 3,960,047 1.46 7.9856 235.8 72.36
251-310 5 49,298,211 2.71 9,859,642 1.62 8.1556 295.0 70.39
--- -------------- ------ ----------- ---- ------ ----- -----
TOTAL 371 $1,816,541,155 100.00% $ 4,896,337 1.40x 7.7826% 135.0 72.58%
</TABLE>
(a) Column totals may not add due to rounding.
<TABLE>
<CAPTION>
YEAR OF ORIGINATION
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE DEBT AVERAGE AVERAGE WEIGHTED
NUMBER OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO CURRENT
YEAR OF ORIGINATION LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 53 $ 314,846,274 17.33 $5,940,496 1.33x 7.3998% 127.2 74.85%
1997 317 1,497,200,539 82.42 4,723,030 1.41 7.8586 136.7 72.14
1996 1 4,494,343 0.25 4,494,343 1.54 9.2500 105.0 59.92
--- -------------- ------ ---------- ---- ------ ----- -----
TOTAL 371 $1,816,541,155 100.00% $4,896,337 1.40x 7.7826 135.0 72.58
</TABLE>
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
OVERVIEW OF SOURCES OF MORTGAGE LOANS
o 211 of the Mortgage Loans (the "ContiTrade Loans"), which represent 37.6%
of the Initial Pool Balance, are currently held by ContiTrade Services
L.L.C. ("ContiTrade"). All of the ContiTrade Loans were originated by
ContiTrade or its affiliates.
o 161 of the Mortgage Loans (the "GACC Mortgage Loans"), which represent
24.9% of the Initial Pool Balance, are currently held by German American
Capital Corporation ("GACC"). All of the GACC Mortgage Loans were
originated by GACC or its affiliates.
o 40 of the Mortgage Loans (the "MSMC Mortgage Loans"), which represent
16.5% of the Initial Pool Balance, are currently held by Morgan Stanley
Mortgage Capital Inc. ("MSMC"). All of the MSMC Mortgage Loans were
originated by MSMC or its affiliates.
o 47 of the Mortgage Loans (the "RMF Loans"), which represent 12.2% of the
Initial Pool Balance, are currently held by Red Mountain Funding, L.L.C.
("RMF"). All of the RMF Loans were originated by RMF or its affiliates.
o 62 of the Mortgage Loans (the "BCMC Mortgage Loans"), which represent
8.8% of the Initial Pool Balance, are currently held Boston Capital
Mortgage Company Limited Partnership ("BCMC"). All of the BCMC Loans were
originated by BCMC or purchased from Llama Capital Services, L.L.C.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
DEUTSCHE MORGAN GRENFELL INC.
31 WEST 52ND STREET
NEW YORK, NY 10019
REAL ESTATE FINANCE
- -------------------
Steve Stuart Phone: (212) 469-8444
Director Fax: (212) 469-8518
Joel Horne Phone: (212) 469-7602
Director Fax: (212) 469-8518
Eric Schwartz Phone: (212) 469-4542
Director Fax: (212) 469-8518
Kenneth Gilison Phone: (212) 469-6791
Vice President Fax: (212) 469-8518
Greg Hartch Phone: (212) 469-2748
Vice President Fax: (212) 469-8518
Michelle Huang Phone: (212) 469-8939
Associate Fax: (212) 469-8518
Lee McGill Phone: (212) 469-3619
Associate Fax: (212) 469-8518
Janet Whang Phone: (212) 469-3672
Associate Fax: (212) 469-8518
MORTGAGE TRADING AND ANALYTICS
- ------------------------------
John Cutting Phone: (212) 469-7730
Director Fax: (212) 469-7558
Adam Behlman Phone: (212) 469-8576
Vice President Fax: (212) 469-7558
Lawrence Lee Phone: (212) 469-8676
Vice President Fax: (212) 469-7558
Scott Waynebern Phone: (212) 469-7730
Associate Fax: (212) 469-7558
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
MORGAN STANLEY DEAN WITTER
1585 BROADWAY
NEW YORK, NY 10036
REAL ESTATE FINANCE
- -------------------
Russ Rahbany Phone: (212) 761-7468
Principal Fax: (212) 761-0524
Pamela Hudson Phone: (212) 761-4351
Vice President Fax: (212) 761-0511
Alexander Gilbert Phone: (212) 761-7484
Associate Fax: (212) 761-0525
MORTGAGE TRADING AND ANALYTICS
- ------------------------------
Louis Colosimo Phone: (212) 761-2022
Managing Director Fax: (212) 761-0711
Tom Jackivicz Phone: (212) 761-2020
Vice President Fax: (212) 761-0711
Sunil Madan Phone: (212) 761-2016
Associate Fax: (212) 761-0711
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
LLAMA COMPANY
ONE MCILROY PLAZA, SUITE 302
FAYETTEVILLE, ARKANSAS 72701
MORTGAGE TRADING AND ANALYTICS
- ------------------------------
S. Michael Lucash Phone: (501) 444-4005
Managing Fax: (501) 444-4018
Director
Stephen Mansfield Phone: (501) 444-4067
Director Fax: (501) 444-4050
Marsha Dunbar Phone: (501) 444-4054
Vice President Fax: (501) 444-4050
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
SOUTHTRUST CAPITAL FUNDING
420 NORTH 20TH STREET
BIRMINGHAM, ALABAMA 35203
REAL ESTATE CAPITAL MARKETS
- ---------------------------
Lawrence Katz Phone: (205) 254-5956
Managing Director Fax: (205) 254-4705
SOUTHTRUST SECURITIES, INC.
112 20TH STREET NORTH, 7TH FLOOR
BIRMINGHAM, ALABAMA 35203
INSTITUTIONAL SALES & TRADING
- -----------------------------
Jim Hudgins Phone: (205) 254-5357
Senior Vice President Fax: (205) 254-5188
Bart Singleton Phone: (205) 254-5691
Group Vice President Fax: (205) 254-5441
Rick Botthof Phone: (205) 254-5842
Asst. Vice President Fax: (205) 254-5144
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
<PAGE>
CONTIFINANCIAL SERVICES CORPORATION
277 PARK AVENUE, 38TH FLOOR
NEW YORK, NEW YORK 10172
REAL ESTATE CAPITAL MARKETS
- ---------------------------
Steve Wendel Phone: (212) 207-2838
Director Fax: (212) 207-5251
Sue Valenti Phone: (212) 672-2950
Director Fax: (212) 953-0406
SALES & TRADING
- ---------------
John Banu Phone: (212) 207-2840
Managing Director Fax: (212) 207-2868
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
