<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) November 19, 1998
DLJ Commercial Mortgage Corp.
- -------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-59167-01 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>
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. 333-59167-01) 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
19, 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 19, 1998
DLJ COMMERCIAL MORTGAGE CORP.
By: /s/ N. Dante LaRocca
----------------------------
Name: N. Dante LaRocca
Title: Senior Vice President
<PAGE>
EXHIBIT INDEX
The following exhibits are filed herewith:
Exhibit No. Page No.
99.1 Computational Materials and ABS Term Sheets,
dated November 19, 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
================================================================================
C O M M E R C I A L M O R T G A G E T R A D I N G
================================================================================
$1,107,680,439
(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 19, 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 terms sheets. These materials and the information
contained herein shall be superseded by a final prospectus, prospectus
supplement or similar private placement memorandum. 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
================================================================================
C O M M E R C I A L M O R T G A G E T R A D I N G
================================================================================
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(3) Maturity(3) Talk Index Price Status SMMEA(5)
----- ---------- ----------- ------- --- ------- ----------- ---- ----- ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
S Aaa/AAA 1,107,680,439(2) NA NA 9.4 Oct-23 + 435 Curve 5-23 Public Yes/Yes
A-1A Aaa/AAA 218,044,000 19.70 28.00 5.7 Jun-08 + 118 Curve 100-16 Public Yes/Yes
A-1B Aaa/AAA 579,485,000 52.30 28.00 9.7 Oct-08 + 128 10 Yr UST 101-16 Public Yes/Yes
A-2 Aa2/AA 55,384,000 5.00 23.00 9.9 Nov-08 + 153 10 Yr UST 101-16 Public No/Yes
A-3 A2/A 60,923,000 5.50 17.50 9.9 Nov-08 + 170 10 Yr UST 101-16 Public No
A-4 A3/A- 13,846,000 1.25 16.25 9.9 Nov-08 + 195 10 Yr UST 101-16 Public No
B-1 Baa2/BBB 41,538,000 3.75 12.50 9.9 Nov-08 + 245 10 Yr UST 100-00 Public No
B-2 Baa3/BBB- 16,615,000 1.50 11.00 9.9 Nov-08 + 350 10 Yr UST 94-00 Public No
B-3 NR/BB 52,615,000 4.75 6.25 10.8 May-12 ****** ** (4) ** ****** Private-144A No
B-4 NR/BB- 11,077,000 1.00 5.25 14.1 Jul-13 ****** ** (4) ** ****** Private-144A No
B-5 NR/B 22,153,000 2.00 3.25 14.7 Oct-13 ****** ** (4) ** ****** Private-144A No
B-6 NR/B- 13,846,000 1.25 2.00 14.9 Aug-14 ****** ** (4) ** ****** Private-144A No
C NR/NR 22,154,439 2.00 0.00 18.3 Oct-23 ****** ** (4) ** ****** Private-144A No
</TABLE>
(1) Moody's Investor Service, Inc. / Fitch IBCA, Inc.
(2) Notional Amount. Class S Certificates will not be entitled to distributions
of principal.
(3) Reflects average life and maturity. Assumes 0% CPR, no defaults and no
extensions.
(4) Sold.
(5) 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
================================================================================
C O M M E R C I A L M O R T G A G E T R A D I N G
================================================================================
DLJ COMMERCIAL MORTGAGE CORP.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
Collateral
Overview: The Trust Fund will consist of a pool of 302 fixed-rate,
monthly-pay mortgage loans with an aggregate balance of
approximately $1,107,680,439 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 37 states and the District of
Columbia with the largest concentrations (by balance) in NY 14.0%
(19 loans), CA 13.0% (39 loans) and TX 11.0% (44 loans).
o Property Type Diversification: Multifamily (27.8%), Office
(20.3%), Retail (19.9%), Hotel (14.1%)
o ARD Loans as % of Total: 14.9%
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: 93.0% 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 6.8% of the mortgage loans provide for an initial
lockout period followed by a yield maintenance period and/or
prepayment premium period.
o Underwriting Procedures:
- 66.7% 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
Origination: The mortgage loans, in general, were originated between July 1997
and November 1998 by 2 participants in DLJ Mortgage Capital,
Inc.'s ("DLJMC") commercial and multifamily mortgage loan conduit
program. Approximately 90.7% (by balance) of the mortgage loans
were originated by Column Financial, Inc. ("Column"). The
remaining mortgage loans were originated by Union Capital
Investments LLC (8.0%) 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.
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
Servicer: Banc One Mortgage Capital Lead Donaldson, Lufkin & Jenrette Securities
Markets, LLC Manager: Corporation, Sole Manager
- --------------------------------------------------------------------------------
Special
Servicer: Banc One Mortgage Capital Settlement: December 10, 1998
Markets, LLC
- --------------------------------------------------------------------------------
Rating Moody's Investor Service, Inc. Trustee: Norwest Bank Minnesota, National Association
Agencies: Fitch IBCA, Inc.
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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
================================================================================
C O M M E R C I A L M O R T G A G E T R A D I N G
================================================================================
DLJ COMMERCIAL MORTGAGE CORP.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
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
Class: The Controlling Class of Certificateholders may appoint a 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
and Distribution ("Defeasance"), a yield maintenance premium ("YMP") period
of Premiums: and/or a prepayment premium ("PP") period or a combination
thereof.
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 % (Mortgage Rate - Discount Rate)
to non-IO Certificates
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
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
================================================================================
C O M M E R C I A L M O R T G A G E T R A D I N G
================================================================================
DLJ COMMERCIAL MORTGAGE CORP.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
Priority of
Interest: On each distribution date, interest will be distributed to
each 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 of
Principal: On each distribution date, principal will be distributed and
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,
12. Class C pro rata
(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
================================================================================
C O M M E R C I A L M O R T G A G E T R A D I N G
================================================================================
DLJ COMMERCIAL MORTGAGE CORP.
Commercial Mortgage Pass-Through Certificates, Series 1998-CF2
"Column Conduit VIII"
- --------------------------------------------------------------------------------
Three Largest THE CHANIN BUILDING
Assets (1): 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 (6.7%)
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
================================================================================
C O M M E R C I A L M O R T G A G E T R A D I N G
================================================================================
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 (2.1%)
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 Drug 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>
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, New York 10172
- --------------------------------------------------------------------------------
Real Estate Finance Group
================================================================================
C O M M E R C I A L M O R T G A G E T R A D I N G
================================================================================
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 (2.3%)
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. 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>
Series 1998-CF2 Collateral Pool Summary
<TABLE>
<CAPTION>
Mortgage Loan Characteristics Mortgaged Properties Characteristics
- ----------------------------- ------------------------------------
<S> <C> <C> <C>
Number of Loans: 302 Wtd. Avg. U/W DSCR: 1.46x
Original Balance: $1,111,112,936 Wtd. Avg. Cut-off Date LTV: 71.6%
Cut-off Date Balance (1): $1,107,680,439 Wtd. Avg. Maturity/ARD LTV (3): 60.3%
Average Cut-off Date Balance: $3,667,816
Wtd. Avg. Year Built/Renovated (4): 1988
Number of States (5): 38
Wtd. Avg. Mortgage Rate: 7.116%
Wtd. Avg. Original Amort Term (Months): (2) 322
Wtd. Avg. Original Term to Maturity (Months): 130
Wtd. Avg. Seasoning (Months): 3
</TABLE>
<TABLE>
<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 14.0% 1 Multifamily 106 $ 308,230,423 27.8%
2 California 39 144,512,421 13.0% 2 Office 38 224,653,725 20.3%
3 Texas 44 121,646,831 11.0% 3 Retail 61 220,707,607 19.9%
4 Florida 27 117,568,068 10.6% 4 Hotel 28 156,034,952 14.1%
5 Illinois 19 114,847,294 10.4% 5 Industrial 23 75,539,424 6.8%
Total/ Weighted --------------------------------- -------------------------------------
Average: 148 $ 653,216,495 59.0% 256 $ 985,166,132 88.9%
================================= =====================================
</TABLE>
<TABLE>
<CAPTION>
Top 5 Mortgage Loans (6):
Percentage of
Property Cut-off Date Initial Pool Appraised Cut-off Date
# Property Name Type State Balance(1) Balance Value LTV Ratio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Chanin Building Office NY $ 74,732,033 6.7% $ 105,000,000 71.2%
2 Heritage Pointe Multifamily IL 24,982,355 2.3% 36,000,000 69.4%
3 The Center at Rancho Niguel(8) Retail CA 22,979,767 2.1% 28,500,000 80.6%
4 Best Western Inn of Chicago Hotel IL 21,883,901 2.0% 30,700,000 71.3%
5 Christiana Hilton Inn - Newark, DE Hotel DE 21,450,788 1.9% 33,000,000 65.0%
---------------------------------------------------------------
Total/Weighted Average: $166,028,844 15.0% $ 233,200,000 71.4%
===============================================================
</TABLE>
<TABLE>
<CAPTION>
Top 5 Mortgage Loans (6):
Year Built/
# Property Name U/W NCF (7) U/W DSCR Renovated (4)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Chanin Building $ 8,387,294 1.33x 1997
2 Heritage Pointe 3,450,664 1.61 1973
3 The Center at Rancho Niguel(8)) 2,387,689 1.35 1988
4 Best Western Inn of Chicago 3,279,579 1.55 1981
5 Christiana Hilton Inn - Newark, DE 3,251,846 1.79 1997
-------------------------------------------------
Total/Weighted Average: $ 20,757,072 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 14.0% $ 208,145,000 74.5% $ 17,859,305 1.38x 96.6% 1992
California 39 144,512,421 13.0% 213,190,000 70.4% 17,360,290 1.44 97.2% 1987
Texas 44 121,646,831 11.0% 163,000,000 75.1% 13,975,366 1.38 95.5% 1989
Florida 27 117,568,068 10.6% 153,605,000 76.7% 13,536,350 1.35 94.4% 1989
Illinois 19 114,847,294 10.4% 176,785,000 66.9% 15,747,360 1.66 97.0% 1982
Alabama 7 38,143,937 3.4% 56,600,000 68.7% 5,049,746 1.40 89.2% 1989
Georgia 10 32,095,046 2.9% 43,160,000 74.6% 3,617,926 1.32 96.1% 1990
Michigan 14 31,611,268 2.9% 44,150,000 73.8% 3,812,387 1.47 96.2% 1987
Ohio 7 29,958,311 2.7% 41,620,000 72.2% 3,675,429 1.48 96.5% 1990
Delaware 3 25,063,708 2.3% 38,375,000 65.3% 3,762,951 1.78 95.0% 1997
Nevada 7 24,458,829 2.2% 44,150,000 58.5% 3,845,644 1.84 94.2% 1984
Maine 12 20,199,567 1.8% 28,258,000 72.8% 2,466,521 1.34 99.2% 1992
Indiana 4 18,927,006 1.7% 32,100,000 59.1% 2,500,128 1.57 84.7% 1986
New Jersey 12 18,859,677 1.7% 26,975,000 70.2% 2,358,553 1.41 98.2% 1979
Kentucky 2 18,677,296 1.7% 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 1.4% 20,010,000 77.3% 1,725,680 1.37 96.4% 1987
Tennessee 3 14,279,115 1.3% 19,745,000 72.7% 1,848,783 1.42 99.3% 1990
Washington 9 13,546,161 1.2% 19,580,000 70.1% 1,742,872 1.47 96.0% 1984
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 1.2% 19,495,000 67.6% 1,471,987 1.34 95.2% 1989
New Hampshire 10 11,659,314 1.1% 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 0.8% 12,850,000 67.7% 1,058,693 1.61 98.0% 1993
Massachusetts 2 8,353,069 0.8% 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 0.6% 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: 302 $1,107,680,439 100.0% $1,578,020,000 71.6% $136,278,189 1.46x 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 106 $ 308,230,423 27.8% $ 416,020,000 74.6% $ 35,461,004 1.41x 96.1% 1984
Office 38 224,653,725 20.3% 309,938,000 72.8% 25,850,224 1.37 95.0% 1992
Retail 61 220,707,607 19.9% 325,437,000 70.5% 27,337,681 1.51 96.3% 1990
Hotel 28 156,034,952 14.1% 247,545,000 64.5% 23,528,964 1.65 N/A 1991
Industrial 23 75,539,424 6.8% 99,010,000 76.6% 9,033,251 1.40 99.5% 1988
Mixed Use 13 53,708,672 4.8% 80,505,000 69.2% 6,300,001 1.37 97.5% 1989
Manufactured Housing 18 36,182,566 3.3% 54,875,000 68.2% 4,597,797 1.56 97.5% 1975
Other 11 20,720,678 1.9% 29,950,000 69.3% 2,880,980 1.49 86.4% 1986
Self Storage 1 6,133,110 0.6% 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:302 $1,107,680,439 100.0% $1,578,020,000 71.6% $136,278,189 1.46x 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>
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>
120 - 239 15 $ 39,590,321 3.6% $ 66,770,000 62.2% $ 6,084,866 1.42x 96.8% 1991
240 - 299 33 87,663,187 7.9% 133,386,000 67.8% 12,809,771 1.52 99.2% 1989
300 - 311 116 384,174,533 34.7% 554,523,000 70.2% 48,112,306 1.45 96.1% 1990
312 - 360 133 571,252,399 51.6% 773,391,000 74.7% 65,203,390 1.41 95.6% 1986
-------------------------------------------------------------------------------------------------------------
Total/Weighted
Average: 297 $1,082,680,439 97.7% $1,528,070,000 72.1% $132,210,333 1.44x 96.0% 1988
=============================================================================================================
</TABLE>
Maximum Original Amortization Term (Months): 360
Minimum Original Amortization Term (Months): 120
Wtd. Avg. Original Amortization Term (Months): 322
(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
Range of Aggregate Percentage of Aggregate Average
Original Terms Number Cut-off Date Initial Appraised Cut-off Date
to Maturity (Months) of Loans Balance (2) Pool Balance Value LTV Ratio
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
60 - 108 4 $ 14,617,313 1.3% $ 20,100,000 74.6%
109 - 120 253 957,102,637 86.4% 1,351,814,000 72.1%
121 - 204 28 81,368,004 7.3% 120,176,000 68.8%
205 - 300 17 54,592,486 4.9% 85,930,000 66.8%
---------------------------------------------------------------------------------
Total/Weighted Average: 302 $1,107,680,439 100.0% $1,578,020,000 71.6%
=================================================================================
<CAPTION>
Weighted
Average Weighted
Range of Weighted Occupancy Average
Original Terms Aggregate Average Rate at Year Built/
to Maturity (Months) U/W NCF (3) U/W DSCR U/W (4) Renovated (5)
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
60 - 108 $ 1,697,612 1.32x 91.1% 1984
109 - 120 116,089,947 1.45 95.8% 1988
121 - 204 10,758,694 1.45 97.7% 1989
205 - 300 7,731,936 1.51 99.5% 1995
-------------------------------------------------------------------
Total/Weighted Average: $136,278,189 1.46x 96.0% 1988
===================================================================
</TABLE>
Maximum Original Term to Maturity (Months): 300
Minimum Original Term to Maturity (Months): 60
Wtd. Avg. Original Term to Maturity (Months): 130
(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
Range of Remaining Number Cut-off Date Initial Appraised Cut-off Date
Amort. Terms (Months) of Loans Balance (2) Pool Balance Value LTV Ratio
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
117 - 176 4 $ 6,183,504 0.6% $ 13,010,000 54.4%
177 - 236 24 58,529,505 5.3% 89,092,000 67.0%
237 - 272 18 58,351,521 5.3% 91,404,000 66.5%
273 - 296 31 114,960,951 10.4% 165,625,000 70.9%
297 - 332 88 274,401,497 24.8% 396,808,000 69.9%
333 - 355 44 203,350,472 18.4% 267,601,000 76.3%
356 - 359 88 366,902,989 33.1% 504,530,000 73.8%
---------------------------------------------------------------------------------------
Total/Weighted Average: 297 $1,082,680,439 97.7% $1,528,070,000 72.1%
=======================================================================================
<CAPTION>
Weighted
Average Weighted
Weighted Occupancy Average
Range of Remaining Aggregate Average Rate at Year Built/
Amort. Terms (Months) U/W NCF (3) U/W DSCR U/W (4) Renovated (5)
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
117 - 176 $ 1,147,201 1.44x 90.5% 1979
177 - 236 8,450,024 1.41 99.3% 1993
237 - 272 8,732,205 1.58 99.0% 1987
273 - 296 14,701,122 1.46 96.2% 1990
297 - 332 34,091,501 1.45 96.1% 1991
333 - 355 22,332,340 1.35 94.3% 1988
356 - 359 42,755,940 1.45 96.4% 1985
-------------------------------------------------------------------------
Total/Weighted Average: $132,210,333 1.44x 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
Aggregate Percentage of Aggregate Average
Range of Remaining Terms Number Cut-off Date Initial Appraised Cut-off Date
to Stated Maturity (Months) of Loans Balance (2) Pool Balance Value LTV Ratio
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
55 - 90 4 $ 14,617,313 1.3% $ 20,100,000 74.6%
91 - 126 253 957,102,637 86.4% 1,351,814,000 72.1%
127 - 162 4 10,070,557 0.9% 16,015,000 63.5%
163 - 186 23 69,052,469 6.2% 100,161,000 70.0%
187 - 298 18 56,837,463 5.1% 89,930,000 66.4%
---------------------------------------------------------------------------------------
Total/Weighted Average: 302 $1,107,680,439 100.0% $1,578,020,000 71.6%
=======================================================================================
<CAPTION>
Weighted
Average Weighted
Weighted Occupancy Average
Range of Remaining Terms Aggregate Average Rate at Year Built/
to Stated Maturity (Months) U/W NCF (3) U/W DSCR U/W (4) Renovated (5)
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
55 - 90 $ 1,697,612 1.32x 91.1% 1984
91 - 126 116,089,947 1.45 95.8% 1988
127 - 162 1,385,431 1.34 97.3% 1991
163 - 186 9,039,517 1.45 97.7% 1989
187 - 298 8,065,682 1.53 99.6% 1995
------------------------------------------------------------------------
Total/Weighted Average: $136,278,189 1.46x 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
Range of Number Cut-off Date Initial Appraised Cut-off Date
U/W DSCRs of Loans Balance (1) Pool Balance Value LTV Ratio
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.060x - 1.190 4 $ 7,358,253 0.7% $ 8,340,000 88.3%
1.200 - 1.290 48 145,855,109 13.2% 193,996,000 75.5%
1.300 - 1.390 93 427,433,941 38.6% 591,481,000 73.3%
1.400 - 1.490 71 207,079,613 18.7% 279,960,000 74.4%
1.500 - 1.590 40 134,672,016 12.2% 189,918,000 71.5%
1.600 - 1.690 17 75,268,173 6.8% 113,360,000 66.8%
1.700 - 1.790 7 41,683,312 3.8% 68,500,000 61.6%
1.800 - 1.890 6 14,068,507 1.3% 21,980,000 64.7%
1.900 - 1.990 6 16,100,202 1.5% 29,485,000 58.7%
2.000 - 2.790x 10 38,161,313 3.4% 81,000,000 48.9%
-------------------------------------------------------------------------------------
Total/Weighted Average: 302 $1,107,680,439 100.0% $1,578,020,000 71.6%
=====================================================================================
<CAPTION>
Average Weighted
Weighted Occupancy Average
Range of Aggregate Average Rate at Year Built/
U/W DSCRs U/W NCF (2) U/W DSCR U/W (3) Renovated (4)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1.060x - 1.190 $ 726,291 1.11x 100.0% 1998
1.200 - 1.290 16,091,002 1.26 96.5% 1987
1.300 - 1.390 47,768,326 1.34 95.6% 1990
1.400 - 1.490 24,617,293 1.44 95.9% 1986
1.500 - 1.590 18,335,889 1.54 97.9% 1985
1.600 - 1.690 10,706,760 1.63 94.6% 1985
1.700 - 1.790 6,372,779 1.77 100.0% 1996
1.800 - 1.890 2,143,400 1.83 96.3% 1981
1.900 - 1.990 2,836,564 1.94 90.4% 1987
2.000 - 2.790x 6,679,885 2.27 97.5% 1987
-----------------------------------------------------------------------
Total/Weighted Average: $136,278,189 1.46x 96.0% 1988
=======================================================================
</TABLE>
Maximum Underwriting DSCR: 2.79x
Minimum Underwriting DSCR: 1.06x
Wtd. Avg. Underwriting DSCR: 1.46x
(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
Cut-off Date Number Cut-off Date Initial Appraised Cut-off Date
LTV Ratios of Loans Balance (1) Pool Balance Value LTV Ratio
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
25.00% - 50.00% 14 $ 34,242,096 3.1% $ 83,785,000 41.9%
50.01% - 60.00% 22 86,662,794 7.8% 154,435,000 56.2%
60.01% - 70.00% 64 188,625,316 17.0% 284,792,000 66.4%
70.01% - 75.00% 100 380,968,921 34.4% 526,514,000 72.4%
75.01% - 80.00% 93 374,393,619 33.8% 476,194,000 78.6%
80.01% - 85.00% 6 37,018,411 3.3% 45,860,000 80.7%
85.01% - 91.20% 3 5,769,282 0.5% 6,440,000 89.6%
-------------------------------------------------------------------------------------
Total/Weighted Average: 302 $1,107,680,439 100.0% $1,578,020,000 71.6%
=====================================================================================
<CAPTION>
Weighted
Average Weighted
Range of Weighted Occupancy Average
Cut-off Date Aggregate Average Rate at Year Built/
LTV Ratios U/W NCF (2) U/W DSCR U/W (3) Renovated (4)
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
25.00% - 50.00% $ 5,587,542 1.89x 94.0% 1985
50.01% - 60.00% 12,919,958 1.79 94.5% 1988
60.01% - 70.00% 25,729,839 1.54 96.9% 1987
70.01% - 75.00% 45,452,248 1.40 95.0% 1989
75.01% - 80.00% 42,067,032 1.36 96.6% 1988
80.01% - 85.00% 3,958,446 1.37 99.5% 1988
85.01% - 91.20% 563,124 1.11 100.0% 1998
-----------------------------------------------------------------------
Total/Weighted Average: $136,278,189 1.46x 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>
Mortgage Rates
<TABLE>
<CAPTION>
Weighted
Aggregate Percentage of Aggregate Average
Range of Number Cut-off Date Initial Appraised Cut-off Date
Mortgage Rates of Loans Balance (1) Pool Balance Value LTV Ratio
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
5.780% - 6.499% 13 $ 23,059,334 2.1% $ 31,983,000 73.4%
6.500% - 6.749% 18 83,501,903 7.5% 114,270,000 74.4%
6.750% - 6.999% 67 351,667,202 31.7% 486,811,000 72.8%
7.000% - 7.249% 87 287,107,155 25.9% 435,541,000 68.6%
7.250% - 7.499% 53 185,921,648 16.8% 264,285,000 71.2%
7.500% - 7.999% 49 157,578,676 14.2% 219,645,000 73.1%
8.000% - 8.520% 15 18,844,521 1.7% 25,485,000 74.1%
-------------------------------------------------------------------------------------
Total/Weighted Average: 302 $1,107,680,439 100.0% $1,578,020,000 71.6%
=====================================================================================
<CAPTION>
Weighted
Average Weighted
Weighted Occupancy Average
Range of Aggregate Average Rate at Year Built/
Mortgage Rates U/W NCF (2) U/W DSCR U/W (3) Renovated (4)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
5.780% - 6.499% $ 2,762,047 1.56x 97.7% 1980
6.500% - 6.749% 9,465,099 1.45 98.0% 1987
6.750% - 6.999% 41,019,721 1.40 95.7% 1991
7.000% - 7.249% 36,438,705 1.53 95.4% 1988
7.250% - 7.499% 24,169,495 1.46 94.3% 1988
7.500% - 7.999% 19,780,511 1.45 97.6% 1985
8.000% - 8.520% 2,642,611 1.42 98.4% 1986
----------------------------------------------------------------------
Total/Weighted Average: $136,278,189 1.46x 96.0% 1988
======================================================================
</TABLE>
Maximum Mortgage Rate: 8.520% per annum
Minimum Mortgage Rate: 5.780% per annum
Wtd. Avg. Mortgage Rate: 7.116% per annum
(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 Balances (1)
<TABLE>
<CAPTION>
Weighted
Aggregate Percentage of Aggregate Average
Range of Number Cut-off Date Initial Appraised Cut-off Date
Cut-off Date Balances of Loans Balance (1) Pool Balance Value LTV Ratio
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 66,773 - 749,999 29 $ 15,253,961 1.4% $ 24,115,000 67.5%
750,000 - 1,249,999 43 43,909,542 4.0% 65,182,000 69.3%
1,250,000 - 1,999,999 72 114,835,948 10.4% 164,563,000 71.6%
2,000,000 - 2,999,999 52 128,521,172 11.6% 183,475,000 71.1%
3,000,000 - 3,999,999 26 91,068,250 8.2% 129,325,000 72.5%
4,000,000 - 4,999,999 18 82,124,985 7.4% 127,640,000 66.6%
5,000,000 - 5,999,999 20 108,125,357 9.8% 156,140,000 71.1%
6,000,000 - 9,999,999 26 185,683,003 16.8% 262,300,000 72.1%
10,000,000 - 14,999,999 5 60,847,618 5.5% 80,580,000 75.7%
15,000,000 - 19,999,999 5 91,281,760 8.2% 126,500,000 73.5%
20,000,000 - 24,999,999 5 111,296,811 10.0% 153,200,000 73.1%
25,000,000 - $74,732,033 1 74,732,033 6.7% 105,000,000 71.2%
-------------------------------------------------------------------------------------
Total/Weighted Average: 302 $1,107,680,439 100.0% $1,578,020,000 71.6%
=====================================================================================
<CAPTION>
Weighted
Average Weighted
Weighted Occupancy Average
Range of Aggregate Average Rate at Year Built/
Cut-off Date Balances U/W NCF (2) U/W DSCR U/W (3) Renovated (4)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 66,773 - 749,999 $ 2,034,292 1.52x 98.9% 1983
750,000 - 1,249,999 5,816,170 1.47 97.2% 1983
1,250,000 - 1,999,999 14,074,546 1.43 96.5% 1985
2,000,000 - 2,999,999 15,720,143 1.45 95.9% 1986
3,000,000 - 3,999,999 11,134,047 1.47 96.1% 1987
4,000,000 - 4,999,999 10,664,469 1.50 97.6% 1992
5,000,000 - 5,999,999 13,538,987 1.49 96.2% 1987
6,000,000 - 9,999,999 21,854,932 1.40 94.0% 1990
10,000,000 - 14,999,999 6,717,733 1.36 94.8% 1988
15,000,000 - 19,999,999 11,726,733 1.58 97.9% 1990
20,000,000 - 24,999,999 14,608,843 1.53 97.6% 1986
25,000,000 - $74,732,033 8,387,294 1.33 95.0% 1997
----------------------------------------------------------------------
Total/Weighted Average: $136,278,189 1.46x 96.0% 1988
======================================================================
</TABLE>
Maximum Cut-off Date Balance: $74,732,033
Minimum Cut-off Date Balance: $66,773
Average Cut-off Date Balance: $ 3,667,816
(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
Weighted Average Weighted
Range of Aggregate Percentage of Aggregate Average Weighted Occupancy Average
Years Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average Rate at Year Built/
Built/Renovated of Loans Balance(2) Pool Balance Value LTV Ratio U/W NCF (3) U/W DSCR U/W (4) Renovated (1)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <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 98.9% 1939
1951 - 1960 2 3,342,057 0.3% 4,500,000 74.4% 399,579 1.40 98.0% 1960
1961 - 1970 22 41,860,229 3.8% 62,951,000 69.6% 5,111,395 1.46 94.8% 1967
1971 - 1980 49 156,489,779 14.1% 226,308,000 70.7% 19,453,621 1.48 96.7% 1975
1981 - 1990 100 373,784,274 33.7% 534,653,000 71.7% 46,725,875 1.48 96.2% 1986
1991 - 1998 125 527,711,489 47.6% 743,333,000 72.0% 64,022,516 1.43 95.8% 1995
-----------------------------------------------------------------------------------------------------------------
Total/Weighted
Average: 302 $1,107,680,439 100.0% $1,578,020,000 71.6% $136,278,189 1.46 x 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
Weighted Average Weighted
Range of Aggregate Percentage of Aggregate Average Weighted Occupancy Average
Occupancy Number Cut-off Date Initial Appraised Cut-off Date Aggregate Average Rate at Year Built/
Rates at U/W of Loans Balance(2) Pool Balance Value LTV Ratio U/W NCF (3) U/W DSCR U/W (4) Renovated (1)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <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 51.7% 1992
70.0% - 79.9% 5 12,478,159 1.1% 22,200,000 62.1% 1,795,378 1.48 75.8% 1988
80.0% - 89.9% 13 57,538,187 5.2% 88,550,000 68.5% 6,622,781 1.41 85.5% 1986
90.0% - 100.0% 254 877,290,342 79.2% 1,212,625,000 73.3% 103,760,871 1.42 97.2% 1988
-----------------------------------------------------------------------------------------------------------------
Total/Weighted
Average: 274 $951,645,487 85.9% $1,330,475,000 72.8% $112,749,225 1.42 x 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 date of the Year Built or the Year
Renovated.
<PAGE>
<TABLE>
Prepayment Provision as of the Cut-off Date
<CAPTION>
Weighted Weighted
Weighted Average Average
Average Remaining Remaining
Remaining Lockout Lockout Plus Weighted
Range of Number Aggregate Percentage Lockout Plus YM Premium Average
Remaining Terms to of Cut-off Date of Initial Period Period Period Maturity
Stated Maturity (Years) (1) 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 -- 9.9 253 957,102,637 86.4% 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 0.8% 11.3 11.3 11.3 11.8
14.0 -- 14.9 23 69,052,469 6.2% 14.0 14.2 14.2 14.8
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 15 43,081,535 3.9% 18.8 19.2 19.2 19.7
24.0 -- 24.9 1 6,284,400 0.6% 24.3 24.3 24.3 24.8
---------------------------------------------------------------------------------------------------
Total/Weighted Average: 302 $1,107,680,439 100.0% 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.
<TABLE>
Prepayment Option
<CAPTION>
Weighted Weighted
Weighted Average Average
Average Remaining Remaining
Remaining Lockout Lockout Plus Weighted
Number Aggregate Percentage Lockout Plus YM Premium Average
of Cut-off Date of Initial Period Period Period Maturity
Prepayment Option Loans Balance (1) Pool Balance (Years) (Years) (Years) (Years)(2)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Lockout / Defeasance 240 $1,009,059,222 91.1% 10.1 10.1 10.1 10.6
Lockout / Yield Maintenance 57 68,331,352 6.2% 3.6 9.7 9.7 10.2
Defeasance / Yield Maintenance(3) 3 21,006,733 1.9% 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: 302 $ 1,107,680,439 100.0% 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>
<TABLE>
Mortgage Pool Prepayment Profile (1)
<CAPTION>
Prepayment Provision % of Pool % of Pool % of Pool % 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 Dec-04 Dec-05 Dec-06
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout 100.0% 100.0% 99.3% 95.0% 94.9% 91.4% 91.3% 91.9% 91.9%
Yield Maint. Premium 0.0% 0.0% 0.0% 4.3% 4.4% 7.8% 7.8% 8.1% 8.1%
1% to 5% Prepayment Premium 0.0% 0.0% 0.7% 0.7% 0.7% 0.0% 0.0% 0.0% 0.0%
Open 0.0% 0.0% 0.0% 0.0% 0.0% 0.9% 0.9% 0.0% 0.0%
----------------------------------------------------------------------------------------------------
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
====================================================================================================
Outstanding
Balance (mm): $1,107.7 $1,093.7 $1,078.8 $1,062.4 $1,044.8 $1,020.8 $1,000.7 $970.3 $947.0
Number of Loans: 302 302 302 302 302 300 300 298 298
<CAPTION>
Prepayment Provision % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool % of Pool
As of the Cut-off Date Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout 90.8% 96.7% 96.6% 96.4% 96.3% 96.2% 96.9% 96.9% 96.7%
Yield Maint. Premium 6.1% 3.3% 3.4% 1.4% 1.4% 1.4% 3.1% 3.1% 3.3%
1% to 5% Prepayment Premium 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Open 3.1% 0.0% 0.0% 2.2% 2.3% 2.4% 0.0% 0.0% 0.0%
----------------------------------------------------------------------------------------------------
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
====================================================================================================
Outstanding
Balance (mm): $921.9 $94.1 $86.7 $77.8 $71.6 $64.9 $24.6 $20.9 $15.3
Number of Loans: 298 45 44 41 41 41 18 18 17
<CAPTION>
Prepayment Provision % of Pool % of Pool
As of the Cut-off Date Dec-16 Dec-17
- --------------------------------------------------
<S> <C> <C>
Lockout 96.7% 97.1%
Yield Maint. Premium 3.3% 2.9%
1% to 5% Prepayment Premium 0.0% 0.0%
Open 0.0% 0.0%
-----------------------
Total: 100.0% 100.0%
=======================
Outstanding
Balance (mm): $11.0 $7.0
Number of Loans: 16 16
</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>
DLJ-1998CF2RED2 A1A
Yield Table(Speeds Start after YMP)
Current Balance : $218,044,000 Gross WAC : 7.2352
Pass-Thru Rate : 5.8000 Current WAM : 333
Accrued Days / Delay Days : 9 / 11 Settlement : 12/10/98
Prepayments
<TABLE>
<CAPTION>
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> <C>
100.00000 100-00 5.832 4.58 5.831 4.51 5.831 4.47 5.831 4.45 5.830 4.41
100.03125 100-01 5.825 5.824 5.824 5.824 5.823
100.06250 100-02 5.818 5.817 5.817 5.817 5.816
100.09375 100-03 5.811 5.811 5.810 5.810 5.809
100.12500 100-04 5.805 5.804 5.803 5.803 5.802
100.15625 100-05 5.798 5.797 5.796 5.796 5.795
100.18750 100-06 5.791 5.790 5.789 5.789 5.788
100.21875 100-07 5.784 5.783 5.782 5.782 5.781
100.25000 100-08 5.777 4.58 5.776 4.52 5.775 4.48 5.775 4.45 5.774 4.41
100.28125 100-09 5.771 5.769 5.768 5.768 5.767
100.31250 100-10 5.764 5.762 5.761 5.761 5.760
100.34375 100-11 5.757 5.755 5.754 5.754 5.753
100.37500 100-12 5.750 5.748 5.747 5.747 5.746
100.40625 100-13 5.744 5.742 5.741 5.740 5.739
100.43750 100-14 5.737 5.735 5.734 5.733 5.732
100.46875 100-15 5.730 5.728 5.727 5.726 5.725
100.49260 100-16 5.725 4.59 5.723 4.52 5.721 4.48 5.721 4.46 5.719 4.42
100.50000 100-16 5.723 5.721 5.720 5.719 5.718
100.53125 100-17 5.716 5.714 5.713 5.712 5.711
100.56250 100-18 5.710 5.707 5.706 5.705 5.704
100.59375 100-19 5.703 5.700 5.699 5.698 5.697
100.62500 100-20 5.696 5.694 5.692 5.691 5.689
100.65625 100-21 5.689 5.687 5.685 5.684 5.682
100.68750 100-22 5.683 5.680 5.678 5.677 5.675
100.71875 100-23 5.676 4.59 5.673 4.53 5.671 4.49 5.670 4.46 5.668 4.43
100.75000 100-24 5.669 5.666 5.664 5.663 5.661
100.78125 100-25 5.662 5.659 5.658 5.656 5.654
100.81250 100-26 5.656 5.652 5.651 5.649 5.647
100.84375 100-27 5.649 5.646 5.644 5.643 5.640
100.87500 100-28 5.642 5.639 5.637 5.636 5.634
100.90625 100-29 5.635 5.632 5.630 5.629 5.627
100.93750 100-30 5.629 5.625 5.623 5.622 5.620
Avg Life 5.70 5.61 5.56 5.53 5.47
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>
The analyses, calculations and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the
actual characteristics of the pool. Donaldson, Lufkin and Jenrette
Securities Corporation makes no representation that such analyses or
calculations are accurate or that such valuations represent levels where
actual trades may occur. Investors should rely on the information contained
in or filed in connection with the prospectus / prospectus supplement.
Page 1
<PAGE>
DLJ-1998CF2RED2 A1B
Yield Table(Speeds Start after YMP)
Current Balance : $579,485,000 Gross WAC : 7.2352
Pass-Thru Rate : 6.2600 Current WAM : 333
Accrued Days / Delay Days : 9 / 11 Settlement : 12/10/98
Prepayments
<TABLE>
<CAPTION>
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> <C>
101.06250 101-02 6.166 7.09 6.166 7.08 6.165 7.05 6.164 7.02 6.161 6.87
101.09375 101-03 6.162 6.161 6.161 6.160 6.156
101.12500 101-04 6.157 6.157 6.156 6.156 6.152
101.15625 101-05 6.153 6.153 6.152 6.151 6.147
101.18750 101-06 6.149 6.148 6.148 6.147 6.143
101.21875 101-07 6.144 6.144 6.143 6.142 6.138
101.25000 101-08 6.140 6.140 6.139 6.138 6.134
101.28125 101-09 6.136 6.135 6.135 6.134 6.129
101.31250 101-10 6.131 7.10 6.131 7.08 6.130 7.06 6.129 7.02 6.125 6.88
101.34375 101-11 6.127 6.127 6.126 6.125 6.120
101.37500 101-12 6.123 6.122 6.121 6.120 6.116
101.40625 101-13 6.118 6.118 6.117 6.116 6.111
101.43750 101-14 6.114 6.114 6.113 6.112 6.107
101.46875 101-15 6.110 6.109 6.108 6.107 6.102
101.50000 101-16 6.105 6.105 6.104 6.103 6.098
101.53125 101-17 6.101 6.101 6.100 6.098 6.093
101.53900 101-17 6.100 7.10 6.099 7.08 6.099 7.06 6.097 7.03 6.092 6.88
101.56250 101-18 6.097 6.096 6.095 6.094 6.089
101.59375 101-19 6.092 6.092 6.091 6.090 6.084
101.62500 101-20 6.088 6.087 6.087 6.085 6.080
101.65625 101-21 6.084 6.083 6.082 6.081 6.075
101.68750 101-22 6.079 6.079 6.078 6.077 6.071
101.71875 101-23 6.075 6.075 6.074 6.072 6.067
101.75000 101-24 6.071 6.070 6.069 6.068 6.062
101.78125 101-25 6.066 7.10 6.066 7.09 6.065 7.06 6.064 7.03 6.058 6.88
101.81250 101-26 6.062 6.062 6.061 6.059 6.053
101.84375 101-27 6.058 6.057 6.056 6.055 6.049
101.87500 101-28 6.054 6.053 6.052 6.050 6.044
101.90625 101-29 6.049 6.049 6.048 6.046 6.040
101.93750 101-30 6.045 6.044 6.043 6.042 6.035
101.96875 101-31 6.041 6.040 6.039 6.037 6.031
102.00000 102-00 6.036 6.036 6.035 6.033 6.027
Avg Life 9.69 9.66 9.62 9.55 9.28
First Pay 06/12/08 04/12/08 03/12/08 02/12/08 01/12/08
Last Pay 10/12/08 10/12/08 10/12/08 09/12/08 05/12/08
Prin. Window 5 7 8 8 5
</TABLE>
The analyses, calculations and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the
actual characteristics of the pool. Donaldson, Lufkin and Jenrette
Securities Corporation makes no representation that such analyses or
calculations are accurate or that such valuations represent levels where
actual trades may occur. Investors should rely on the information contained
in or filed in connection with the prospectus / prospectus supplement.
<PAGE>
DLJ-1998CF2RED2 A2
Yield Table(Speeds Start after YMP)
Current Balance : $55,384,000 Gross WAC : 7.2352
Pass-Thru Rate : 6.5000 Current WAM : 333
Accrued Days / Delay Days : 9 / 11 Settlement : 12/10/98
Prepayments
<TABLE>
<CAPTION>
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> <C>
101.03125 101-01 6.416 7.11 6.416 7.09 6.416 7.09 6.415 7.07 6.411 6.90
101.06250 101-02 6.412 6.412 6.411 6.411 6.407
101.09375 101-03 6.408 6.407 6.407 6.407 6.402
101.12500 101-04 6.403 6.403 6.403 6.402 6.398
101.15625 101-05 6.399 6.399 6.398 6.398 6.393
101.18750 101-06 6.395 6.394 6.394 6.394 6.389
101.21875 101-07 6.390 6.390 6.390 6.389 6.384
101.25000 101-08 6.386 6.386 6.385 6.385 6.380
101.28125 101-09 6.382 7.12 6.381 7.10 6.381 7.09 6.381 7.08 6.376 6.91
101.31250 101-10 6.377 6.377 6.377 6.376 6.371
101.34375 101-11 6.373 6.373 6.372 6.372 6.367
101.37500 101-12 6.369 6.368 6.368 6.368 6.362
101.40625 101-13 6.364 6.364 6.364 6.363 6.358
101.43750 101-14 6.360 6.360 6.359 6.359 6.353
101.46875 101-15 6.356 6.355 6.355 6.355 6.349
101.50000 101-16 6.351 6.351 6.351 6.350 6.344
101.51050 101-16+ 6.350 7.12 6.349 7.10 6.349 7.10 6.349 7.08 6.343 6.91
101.53125 101-17 6.347 6.347 6.346 6.346 6.340
101.56250 101-18 6.343 6.342 6.342 6.342 6.335
101.59375 101-19 6.339 6.338 6.338 6.337 6.331
101.62500 101-20 6.334 6.334 6.333 6.333 6.327
101.65625 101-21 6.330 6.329 6.329 6.329 6.322
101.68750 101-22 6.326 6.325 6.325 6.324 6.318
101.71875 101-23 6.321 6.321 6.320 6.320 6.313
101.75000 101-24 6.317 7.12 6.316 7.11 6.316 7.10 6.316 7.09 6.309 6.92
101.78125 101-25 6.313 6.312 6.312 6.311 6.304
101.81250 101-26 6.308 6.308 6.307 6.307 6.300
101.84375 101-27 6.304 6.303 6.303 6.303 6.296
101.87500 101-28 6.300 6.299 6.299 6.298 6.291
101.90625 101-29 6.295 6.295 6.295 6.294 6.287
101.93750 101-30 6.291 6.290 6.290 6.290 6.282
101.96875 101-31 6.287 6.286 6.286 6.285 6.278
Avg Life 9.88 9.85 9.84 9.81 9.49
First Pay 10/12/08 10/12/08 10/12/08 09/12/08 05/12/08
Last Pay 11/12/08 11/12/08 10/12/08 10/12/08 06/12/08
Prin. Window 2 2 1 2 2
</TABLE>
The analyses, calculations and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the
actual characteristics of the pool. Donaldson, Lufkin and Jenrette
Securities Corporation makes no representation that such analyses or
calculations are accurate or that such valuations represent levels where
actual trades may occur. Investors should rely on the information contained
in or filed in connection with the prospectus / prospectus supplement.
<PAGE>
DLJ-1998CF2RED2 A3
Yield Table(Speeds Start after YMP)
Current Balance : $60,923,000 Gross WAC : 7.2352
Pass-Thru Rate : 6.6700 Current WAM : 333
Accrued Days / Delay Days : 9 / 11 Settlement : 12/10/98
Prepayments
<TABLE>
<CAPTION>
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> <C>
101.03125 101-01 6.589 7.07 6.589 7.07 6.589 7.06 6.589 7.04 6.584 6.86
101.06250 101-02 6.585 6.585 6.585 6.584 6.580
101.09375 101-03 6.581 6.581 6.580 6.580 6.575
101.12500 101-04 6.576 6.576 6.576 6.575 6.571
101.15625 101-05 6.572 6.572 6.572 6.571 6.566
101.18750 101-06 6.568 6.568 6.567 6.567 6.562
101.21875 101-07 6.563 6.563 6.563 6.562 6.557
101.25000 101-08 6.559 6.559 6.559 6.558 6.553
101.28125 101-09 6.555 7.08 6.555 7.08 6.554 7.07 6.554 7.04 6.548 6.86
101.31250 101-10 6.550 6.550 6.550 6.549 6.544
101.34375 101-11 6.546 6.546 6.546 6.545 6.539
101.37500 101-12 6.542 6.542 6.541 6.540 6.535
101.40625 101-13 6.537 6.537 6.537 6.536 6.530
101.43750 101-14 6.533 6.533 6.532 6.532 6.526
101.46875 101-15 6.529 6.529 6.528 6.527 6.521
101.50000 101-16 6.524 6.524 6.524 6.523 6.517
101.53000 101-17 6.520 7.08 6.520 7.08 6.520 7.07 6.519 7.05 6.512 6.87
101.53125 101-17 6.520 6.520 6.519 6.519 6.512
101.56250 101-18 6.515 6.515 6.515 6.514 6.508
101.59375 101-19 6.511 6.511 6.511 6.510 6.503
101.62500 101-20 6.507 6.507 6.506 6.505 6.499
101.65625 101-21 6.502 6.502 6.502 6.501 6.494
101.68750 101-22 6.498 6.498 6.498 6.497 6.490
101.71875 101-23 6.494 6.494 6.493 6.492 6.485
101.75000 101-24 6.489 7.09 6.489 7.09 6.489 7.07 6.488 7.05 6.481 6.87
101.78125 101-25 6.485 6.485 6.485 6.484 6.477
101.81250 101-26 6.481 6.481 6.480 6.479 6.472
101.84375 101-27 6.477 6.477 6.476 6.475 6.468
101.87500 101-28 6.472 6.472 6.472 6.471 6.463
101.90625 101-29 6.468 6.468 6.467 6.466 6.459
101.93750 101-30 6.464 6.464 6.463 6.462 6.454
101.96875 101-31 6.459 6.459 6.459 6.458 6.450
Avg Life 9.92 9.92 9.90 9.85 9.51
First Pay 11/12/08 11/12/08 10/12/08 10/12/08 06/12/08
Last Pay 11/12/08 11/12/08 11/12/08 11/12/08 06/12/08
Prin. Window 1 1 2 2 1
</TABLE>
The analyses, calculations and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the
actual characteristics of the pool. Donaldson, Lufkin and Jenrette
Securities Corporation makes no representation that such analyses or
calculations are accurate or that such valuations represent levels where
actual trades may occur. Investors should rely on the information contained
in or filed in connection with the prospectus / prospectus supplement.
<PAGE>
DLJ-1998CF2RED2 A4
Yield Table(Speeds Start after YMP)
Current Balance : $13,846,000 Gross WAC : 7.2352
Pass-Thru Rate : 6.9100 Current WAM : 333
Accrued Days / Delay Days : 9 / 11 Settlement : 12/10/98
Prepayments
<TABLE>
<CAPTION>
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> <C>
101.00000 101-00 6.838 6.99 6.838 6.99 6.838 6.99 6.838 6.99 6.832 6.78
101.03125 101-01 6.833 6.833 6.833 6.833 6.828
101.06250 101-02 6.829 6.829 6.829 6.829 6.823
101.09375 101-03 6.824 6.824 6.824 6.824 6.819
101.12500 101-04 6.820 6.820 6.820 6.820 6.814
101.15625 101-05 6.816 6.816 6.816 6.816 6.810
101.18750 101-06 6.811 6.811 6.811 6.811 6.805
101.21875 101-07 6.807 6.807 6.807 6.807 6.801
101.25000 101-08 6.802 7.00 6.802 7.00 6.802 7.00 6.802 7.00 6.796 6.79
101.28125 101-09 6.798 6.798 6.798 6.798 6.791
101.31250 101-10 6.794 6.794 6.794 6.794 6.787
101.34375 101-11 6.789 6.789 6.789 6.789 6.782
101.37500 101-12 6.785 6.785 6.785 6.785 6.778
101.40625 101-13 6.780 6.780 6.780 6.780 6.773
101.43750 101-14 6.776 6.776 6.776 6.776 6.769
101.46875 101-15 6.772 6.772 6.772 6.772 6.764
101.48020 101-15+ 6.770 7.00 6.770 7.00 6.770 7.00 6.770 7.00 6.763 6.79
101.50000 101-16 6.767 6.767 6.767 6.767 6.760
101.53125 101-17 6.763 6.763 6.763 6.763 6.755
101.56250 101-18 6.758 6.758 6.758 6.758 6.751
101.59375 101-19 6.754 6.754 6.754 6.754 6.746
101.62500 101-20 6.750 6.750 6.750 6.750 6.742
101.65625 101-21 6.745 6.745 6.745 6.745 6.737
101.68750 101-22 6.741 6.741 6.741 6.741 6.733
101.71875 101-23 6.737 7.01 6.737 7.01 6.737 7.01 6.737 7.01 6.728 6.80
101.75000 101-24 6.732 6.732 6.732 6.732 6.724
101.78125 101-25 6.728 6.728 6.728 6.728 6.719
101.81250 101-26 6.723 6.723 6.723 6.723 6.715
101.84375 101-27 6.719 6.719 6.719 6.719 6.710
101.87500 101-28 6.715 6.715 6.715 6.715 6.706
101.90625 101-29 6.710 6.710 6.710 6.710 6.701
101.93750 101-30 6.706 6.706 6.706 6.706 6.697
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 06/12/08
Last Pay 11/12/08 11/12/08 11/12/08 11/12/08 06/12/08
Prin. Window 1 1 1 1 1
</TABLE>
The analyses, calculations and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the
actual characteristics of the pool. Donaldson, Lufkin and Jenrette
Securities Corporation makes no representation that such analyses or
calculations are accurate or that such valuations represent levels where
actual trades may occur. Investors should rely on the information contained
in or filed in connection with the prospectus / prospectus supplement.
<PAGE>
DLJ-1998CF2RED2 B1
Yield Table(Speeds Start after YMP)
Current Balance : $41,538,000 Gross WAC : 7.2352
Pass-Thru Rate : 7.0663 Current WAM : 333
Accrued Days / Delay Days : 9 / 11 Settlement : 12/10/98
Prepayments
Prepayments
<TABLE>
<CAPTION>
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> <C>
99.31250 99-10 7.342 6.87 7.340 6.87 7.339 6.87 7.338 6.87 7.339 6.67
99.34375 99-11 7.338 7.336 7.334 7.334 7.334
99.37500 99-12 7.333 7.331 7.330 7.329 7.330
99.40625 99-13 7.329 7.327 7.325 7.324 7.325
99.43750 99-14 7.324 7.322 7.321 7.320 7.320
99.46875 99-15 7.320 7.317 7.316 7.315 7.316
99.50000 99-16 7.315 7.313 7.312 7.311 7.311
99.53125 99-17 7.310 7.308 7.307 7.306 7.306
99.56250 99-18 7.306 6.88 7.304 6.88 7.302 6.88 7.302 6.88 7.301 6.68
99.59375 99-19 7.301 7.299 7.298 7.297 7.297
99.62500 99-20 7.297 7.295 7.293 7.293 7.292
99.65625 99-21 7.292 7.290 7.289 7.288 7.287
99.68750 99-22 7.288 7.286 7.284 7.283 7.283
99.71875 99-23 7.283 7.281 7.280 7.279 7.278
99.75000 99-24 7.279 7.276 7.275 7.274 7.273
99.78125 99-25 7.274 7.272 7.271 7.270 7.269
99.80890 99-26 7.270 6.88 7.268 6.88 7.267 6.88 7.266 6.88 7.265 6.68
99.81250 99-26 7.269 7.267 7.266 7.265 7.264
99.84375 99-27 7.265 7.263 7.262 7.261 7.259
99.87500 99-28 7.260 7.258 7.257 7.256 7.255
99.90625 99-29 7.256 7.254 7.252 7.252 7.250
99.93750 99-30 7.251 7.249 7.248 7.247 7.245
99.96875 99-31 7.247 7.245 7.243 7.243 7.241
100.00000 100-00 7.242 7.240 7.239 7.238 7.236
100.03125 100-01 7.238 6.89 7.236 6.89 7.234 6.89 7.234 6.89 7.231 6.69
100.06250 100-02 7.233 7.231 7.230 7.229 7.227
100.09375 100-03 7.229 7.227 7.225 7.224 7.222
100.12500 100-04 7.224 7.222 7.221 7.220 7.217
100.15625 100-05 7.220 7.217 7.216 7.215 7.213
100.18750 100-06 7.215 7.213 7.212 7.211 7.208
100.21875 100-07 7.211 7.208 7.207 7.206 7.203
100.25000 100-08 7.206 7.204 7.203 7.202 7.199
Avg Life 9.92 9.92 9.92 9.92 9.51
First Pay 11/12/08 11/12/99 11/12/08 11/12/08 06/12/08
Last Pay 11/12/08 11/12/08 11/12/08 11/12/08 06/12/08
Prin. Window 1 1 1 1 1
</TABLE>
The analyses, calculations and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the
actual characteristics of the pool. Donaldson, Lufkin and Jenrette
Securities Corporation makes no representation that such analyses or
calculations are accurate or that such valuations represent levels where
actual trades may occur. Investors should rely on the information contained
in or filed in connection with the prospectus / prospectus supplement.
<PAGE>
DLJ-1998CF2RED2 B2
Yield Table(Speeds Start after YMP)
Current Balance : $16,615,000 Gross WAC : 7.2352
Pass-Thru Rate : 7.0663 Current WAM : 333
Accrued Days / Delay Days : 9 / 11 Settlement : 12/10/98
Prepayments
<TABLE>
<CAPTION>
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> <C>
92.43750 92-14 8.396 6.72 8.394 6.72 8.392 6.72 8.391 6.72 8.424 6.53
92.46875 92-15 8.391 8.389 8.387 8.386 8.419
92.50000 92-16 8.386 8.384 8.382 8.381 8.413
92.53125 92-17 8.381 8.379 8.377 8.376 8.408
92.56250 92-18 8.376 8.374 8.372 8.371 8.403
92.59375 92-19 8.371 8.369 8.367 8.366 8.398
92.62500 92-20 8.366 8.364 8.362 8.361 8.393
92.65625 92-21 8.361 8.359 8.357 8.356 8.388
92.68750 92-22 8.356 6.73 8.354 6.73 8.352 6.73 8.351 6.73 8.382 6.54
92.71875 92-23 8.351 8.349 8.347 8.346 8.377
92.75000 92-24 8.346 8.344 8.342 8.341 8.372
92.78125 92-25 8.341 8.339 8.337 8.336 8.367
92.81250 92-26 8.336 8.334 8.332 8.331 8.362
92.84375 92-27 8.331 8.329 8.327 8.326 8.357
92.87500 92-28 8.326 8.324 8.322 8.321 8.352
92.90625 92-29 8.321 8.319 8.317 8.316 8.347
92.91150 92-29 8.320 6.73 8.318 6.73 8.316 6.73 8.316 6.73 8.346 6.54
92.93750 92-30 8.316 8.314 8.312 8.311 8.341
92.96875 92-31 8.311 8.309 8.307 8.306 8.336
93.00000 93-00 8.306 8.304 8.302 8.301 8.331
93.03125 93-01 8.301 8.299 8.297 8.296 8.326
93.06250 93-02 8.296 8.294 8.292 8.291 8.321
93.09375 93-03 8.291 8.289 8.287 8.287 8.316
93.12500 93-04 8.286 8.284 8.282 8.282 8.311
93.15625 93-05 8.281 6.74 8.279 6.74 8.277 6.74 8.277 6.74 8.306 6.55
93.18750 93-06 8.276 8.274 8.272 8.272 8.300
93.21875 93-07 8.271 8.269 8.268 8.267 8.295
93.25000 93-08 8.266 8.264 8.263 8.262 8.290
93.28125 93-09 8.261 8.259 8.258 8.257 8.285
93.31250 93-10 8.256 8.254 8.253 8.252 8.280
93.34375 93-11 8.251 8.249 8.248 8.247 8.275
93.37500 93-12 8.246 8.244 8.243 8.242 8.270
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 06/12/08
Last Pay 11/12/08 11/12/08 11/12/08 11/12/08 06/12/08
Prin. Window 1 1 1 1 1
</TABLE>
The analyses, calculations and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the
actual characteristics of the pool. Donaldson, Lufkin and Jenrette
Securities Corporation makes no representation that such analyses or
calculations are accurate or that such valuations represent levels where
actual trades may occur. Investors should rely on the information contained
in or filed in connection with the prospectus / prospectus supplement.
<PAGE>
DLJ-1998CF2RED2 S
Yield Table(Speeds Start after YMP, Inc. Prepay Penalties)
Current Balance : $1,107,680,439 Gross WAC : 7.2352
Pass-Thru Rate : 0.8545 Current WAM : 333
Accrued Days / Delay Days : 9 / 11 Settlement : 12/10/98
Prepayments
<TABLE>
<CAPTION>
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> <C>
5.25000 5-08 11.203 3.86 11.061 3.86 10.954 3.87 10.850 3.86 10.475 3.84
5.28125 5-09 11.051 10.908 10.801 10.697 10.321
5.31250 5-10 10.899 10.757 10.650 10.546 10.169
5.34375 5-11 10.749 10.607 10.500 10.396 10.018
5.37500 5-12 10.601 10.459 10.352 10.248 9.868
5.40625 5-13 10.454 10.312 10.205 10.101 9.720
5.43750 5-14 10.308 10.167 10.060 9.955 9.574
5.46875 5-15 10.164 10.023 9.916 9.811 9.429
5.50000 5-16 10.021 3.98 9.880 3.98 9.773 3.99 9.668 3.98 9.285 3.95
5.53125 5-17 9.880 9.739 9.632 9.527 9.142
5.56250 5-18 9.739 9.599 9.492 9.387 9.001
5.59375 5-19 9.601 9.460 9.353 9.248 8.862
5.62500 5-20 9.463 9.322 9.215 9.110 8.723
5.65625 5-21 9.326 9.186 9.079 8.974 8.586
5.68750 5-22 9.191 9.051 8.944 8.839 8.450
5.71875 5-23 9.057 8.917 8.811 8.705 8.315
5.72510 5-23 9.030 4.08 8.890 4.09 8.784 4.09 8.678 4.09 8.288 4.06
5.75000 5-24 8.925 8.785 8.678 8.572 8.181
5.78125 5-25 8.793 8.653 8.546 8.441 8.049
5.81250 5-26 8.663 8.523 8.416 8.311 7.917
5.84375 5-27 8.533 8.394 8.287 8.181 7.787
5.87500 5-28 8.405 8.266 8.159 8.053 7.658
5.90625 5-29 8.278 8.139 8.032 7.926 7.530
5.93750 5-30 8.152 8.013 7.906 7.801 7.404
5.96875 5-31 8.027 4.19 7.888 4.20 7.782 4.20 7.676 4.20 7.278 4.17
6.00000 6-00 7.903 7.765 7.658 7.552 7.153
6.03125 6-01 7.780 7.642 7.535 7.429 7.030
6.06250 6-02 7.659 7.520 7.414 7.308 6.907
6.09375 6-03 7.538 7.400 7.293 7.187 6.786
6.12500 6-04 7.418 7.280 7.174 7.067 6.665
6.15625 6-05 7.299 7.161 7.055 6.949 6.546
6.18750 6-06 7.182 7.044 6.938 6.831 6.427
Avg Life 9.38 9.34 9.30 9.26 9.02
First Pay 01/12/99 01/12/99 01/12/99 01/12/99 01/12/99
Last Pay 10/12/23 10/12/23 10/12/23 10/12/23 05/12/23
Prin. Window 298 298 298 298 293
</TABLE>
The analyses, calculations and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the
actual characteristics of the pool. Donaldson, Lufkin and Jenrette
Securities Corporation makes no representation that such analyses or
calculations are accurate or that such valuations represent levels where
actual trades may occur. Investors should rely on the information contained
in or filed in connection with the prospectus / prospectus supplement.
