<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) August 10, 1999
Salmon Brothers Mortgage Securities VII, Inc.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-72647-07 13-3439681
- --------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
388 Greenwich Street, New York, New York 10013
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 783-5635
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
================================================================================
<PAGE>
Item 5. Other Events.
It is expected that during August 1999, a single series of certificates,
entitled, Salomon Brothers Mortgage Securities VII, Inc, Commercial Mortgage
Pass-Through Certificates, Series 1999-C1 (the "Certificates"), be issued
pursuant to a pooling and servicing agreement (the "Pooling and Servicing
Agreement"), to be entered into by and among Salomon Brothers Mortgage
Securities VII, Inc. (the "Registrant"), GMAC Commercial Mortgage Corporation as
Master Servicer, BNY Asset Solutions LLC as Special Servicer, Salomon Brothers
Realty Corp. and Llama Capital Mortgage Company Limited Partnership as Mortgage
Loan Sellers and The Chase Manhattan Bank as Trustee and Tax Administrator.
Certain classes of the Certificates (the "Underwritten Certificates") will be
registered under the Registrant's registration statement on Form S-3 (no.
333-72647-07) and sold to Salomon Smith Barney Inc. ("SSBI") and Banc of America
Securities LLC ("BAS"; and together with SSBI, the "Underwriters") pursuant to
an underwriting agreement (the "Underwriting Agreement") to be entered into by
and between the Registrant and the Underwriters.
In connection with the expected sale of the Underwritten Certificates,
SSBI 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 SSBI. 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:
<PAGE>
Not applicable.
(c) Exhibits:
Exhibit No. Description
99.1 Computational Materials and ABS Term Sheets prepared by Salomon
Smith Barney Inc.
<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: August 10, 1999
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC.
By: /s/ Angela Hutzel
----------------------------------
Name: Angela Hutzel
Title: Assistant Vice President
<PAGE>
EXHIBIT INDEX
The following exhibits are filed herewith:
Exhibit No.
99.1 Computational Materials and ABS Term Sheets prepared by Salomon
Smith Barney Inc.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
information in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
THIS TERM SHEET CONTAINS REVISED INFORMATION CONCERNING CERTIFICATE
PASS-THROUGH RATES, WHICH YOU SHOULD REVIEW CAREFULLY.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
-------------
CMBS New Issue Term Sheet
-------------
July 28, 1999
SALOMON SMITH BARNEY BANC OF AMERICA SECURITIES LLC
<TABLE>
<S> <C> <C> <C>
Contacts: Phone Fax Email
Trading-SalomonSmithBarney
- -------
Paul Vanderslice (212) 723-6156 (212) 723-8599 [email protected]
Jeff Lewis (212) 723-6156 (212) 723-8599 [email protected]
Jeff Sturdevant (212) 723-6156 (212) 723-8599 [email protected]
Trading-Banc of America Securities LLC
- --------------------------------------
Bill Hale (704) 388-1597 (704) 388-9677 [email protected]
Geordie Walker (704) 388-1597 (704) 388-9677 [email protected]
Ken Rivkin (704) 388-1597 (704) 388-9677 [email protected]
Finance
- -------
David Tibbals (212) 816-7613 (212) 816-8307 [email protected]
Angela Hutzel (212) 816-8087 (212) 816-8307 [email protected]
Joseph Siragusa (212) 816-7973 (212) 816-8307 [email protected]
Analytics
- ---------
Tony Lupo (212) 816-7962 (212) 816-8307 [email protected]
Nancy Wilt (212) 816-7808 (212) 816-8307 [email protected]
Bruce Bernard (212) 816-7965 (212) 816-8307 [email protected]
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not
by the issuer of the securities. Salomon Smith Barney Inc. is not acting as
agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
formation in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
COLLATERAL FACTS
<TABLE>
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Initial Pool Balance: $734,852,899
Number of Mortgage Loans: 213
Number of Properties 232
Average Loan Cut-off Date Balance: $3,450,014
Average Property Cut-off Date Balance: $3,167,469
Weighted Average Current Mortgage Rate(a): 7.255% (6.200% - 9.375%)
Weighted Average U/W NCF DSCR (b): 1.36x (1.05x - 3.04x)
Weighted Average Cut-off Date LTV Ratio: 69.99% (25.15 %- 83.54%)
Weighted Average Remaining Term to Scheduled
Maturity/ARD(c): 123 mos. (55 mos. - 346 mos.)
Weighted Average Remaining Amortization Term: 313 mos. (110 mos. - 357 mos.)
Weighted Average Seasoning: 11 mos. (2 mos. - 26 mos.)
Weighted Average Lockout Period (Non-Defeasance)(d): 45 mos. (14 mos. - 226 mos.)
Weighted Average Lockout Period (Defeasance)(e): 116 mos. (48 mos. - 197 mos.)
- -------------------------------------------------------------------------------------------------
</TABLE>
(a) Gross Coupon.
(b) U/W NCF DSCR is the ratio of Underwritten Net Cash Flow over the annualized
debt service payments.
(c) Anticipated Repayment Date for loans that provide for such a date. All
information presented herein with respect to ARD Loans assumes that they
mature on their respective Anticipated Repayment Dates.
(d) For non-Defeasance loans with a Lock-out period. (e) Includes both the
remaining Lock-out and Defeasance periods.
(e) Includes both the remaining Lock-out and Defeasance periods.
KEY FEATURES
<TABLE>
<S> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Depositor: Salomon Brothers Mortgage Securities VII, Inc..
Lead Manager: Salomon Smith Barney Inc.
Co-Manager Banc of America Securities LLC
Mortgage Loan Sellers: Salomon Brothers Realty Corp. ("Salomon"; 68.49% of the Initial Pool Balance) and
Llama Capital Mortgage Company Limited Partnership ("Llama"; 31.51% of the Initial Pool Balance)
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: BNY Asset Solutions LLC
Trustee/Fiscal Agent: The Chase Manhattan Bank
Pricing: On or about August 6, 1999
Closing: On or about August 20, 1999
Settlement: On or about August 20, 1999
Cut-off Date: August 1, 1999
Distribution Date: 18th of each month, or following business day (commencing in September, 1999)
ERISA Eligible: Classes A1, A2 and X are ERISA eligible under the individual underwriters'
prohibited transaction exemptions,
subject to certain conditions for eligibility
Representations & Warranties: Provided by applicable Mortgage Loan Sellers Structure:
Structure: Sequential pay
Interest Accrual Period: With respect to any Distribution Date, the calendar month preceding the month in which
such Distribution Date occurs.
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date: May 18, 2032
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes, except Class X: $10,000
Class X: $1,000,000 Notional Amount
Deal Information/Analytics It is anticipated that
certain Mortgage Loan and Certificate
information will be available from the
following services: Bloomberg, Intex, Charter
Research, and The Trepp Group.
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not
by the issuer of the securities. Salomon Smith Barney Inc. is not acting as
agent for the issuer or its affiliates in connection with the proposed
transaction. The issuer has not prepared or taken part in the preparation of
these materials.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
formation in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
THIS TERM SHEET CONTAINS REVISED INFORMATION CONCERNING CERTIFICATE PASS-THROUGH
RATES, WHICH YOU SHOULD REVIEW CAREFULLY.
APPROXIMATE SECURITIES STRUCTURE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
Rating Credit Class Approx. Coupon
Class (Moody's/Fitch)(a) Support % Size Description (d) Coupon Price
- ------------------------------------------------------------------------------------------------
Publicly Offered Classes:
<S> <C> <C> <C> <C> <C>
X Aaa/AAA $734,852,899(c) Variable Rate
A1 Aaa/AAA 28.75% 22.84% $167,874,000 Fixed Rate
A2 Aaa/AAA 28.75% 48.41% $355,708,000 Fixed Rate
(subject to WAC Cap)
B Aa2/AA 23.50% 5.25% $38,580,000 WAC
C A2/A 18.25% 5.25% $38,580,000 WAC
D A3/A- 16.75% 1.50% $11,023,000 WAC
E1 Baa2/BBB 13.00% 2.92% $21,457,000 WAC
E2 NR/BBB 13.00% 0.83% $ 6,100,000 WAC
F Baa3/BBB- 11.50% 1.50% $11,022,000 WAC
- -------------------------------------------------------------
Principal
Wtd Average SMMEA ERISA Payment
Life (yrs.) Delivery Eligible Eligible Window (b)
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
9.11 DTC N/A Yes
5.68 DTC N/A Yes 09/99-05/08
9.11 DTC N/A Yes 05/08-01/09
9.55 DTC N/A N/A 01/09-04/09
9.69 DTC N/A N/A 04/09-05/09
9.74 DTC N/A N/A 05/09-05/09
10.47 DTC N/A N/A 05/09-03/11
11.90 DTC N/A N/A 03/11-11/11
12.80 DTC N/A N/A 11/11-12/12
</TABLE>
Privately Placed Classes (144A eligible):
<TABLE>
- --------------------------------------------------
<S> <C> <C>
G NOT OFFERED HEREBY
H NOT OFFERED HEREBY
J NOT OFFERED HEREBY
K NOT OFFERED HEREBY
L NOT OFFERED HEREBY
M NOT OFFERED HEREBY
Total Securities $734,852,899
</TABLE>
(a) Ratings shown are those of Moody's and Fitch, respectively. Classes marked
"NR" will not be rated by the applicable Rating Agency.
(b) Calculated at 0% CPR, no balloon extension and ARD Loans pay in full on
Anticipated Repayment Dates.
(c) Notional amount.
(d) The Pass-Through Rate for the Class A2 will equal the lesser of the
applicable fixed Pass-Through Rate and the Weighted Average Mortgage
Pass-Through Rate for the related Distribution Date. The Pass-Through Rates
for the Class B, Class C, Class D, Class E1, Class E2 and Class F
Certificates will equal the Weighted Average Mortgage Pass-Through Rate for
the related Distribution Date.
STRUCTURAL OVERVIEW
[GRAPHIC ILLUSTRATION OF STRUCTURAL OVERVIEW]
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not by the
issuer of the securities. Salomon Smith Barney Inc. is not acting as agent for
the issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
formation in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
STRUCTURAL OVERVIEW - Cont.
The Mortgage Pool will be comprised of one Loan Group
Principal will be paid sequentially to Class A1, A2, B, C, D, E1, E2, F, G, H,
J, K, L and M Certificates (If principal balances of all such Classes other than
Classes A1 and A2 have reduced to zero, principal will be allocated to Class A1
and A2 pro-rata). Classes E1 and E2 will be similarly treated
Class X will receive interest payments pro-rata (based on interest entitlements)
with the Class A1 and Class A2 Certificates each month
Each of the Classes (except Class X) will be subordinate to earlier
alphabetically lettered classes (Losses will be allocated in reverse
alphabetical order to Classes with certificate balances and pro-rata to Classes
A1 and A2)
The Master Servicer will cover net prepayment interest shortfalls, up to the
portion of the Master Servicing Fee equal to 0.04% per annum. Net shortfalls
(after application of prepayment interest excesses and Servicer coverage from
the Master Servicing Fee) will be allocated in reverse alphabetical order (for
Class E, pro-rata between Class E1 and Class E2) to the interest-bearing
Certificates (other than the Class A1, Class A2 and Class X) and then pro-rata
(based on interest entitlements) to the Class A1, Class A2 and Class X
Certificates
All Classes will pay interest on a 30/360 basis
Shortfalls resulting from Master Servicer and Special Servicer modifications,
Special Servicer compensation or other extraordinary trust fund expenses will be
allocated in reverse alphabetical order to Classes with certificate balances (in
the case of the Class A1 and Class A2 Certificates, pro rata based on
certificate balances)
IO protected with regard to loan modifications and waivers that reduce Mortgage
Rate
MORTGAGE POOL OVERVIEW
- -------------------------------------------------------------------------------
The Mortgage Pool is comprised of 213 multifamily and commercial loans with an
aggregate Cut-off Date Balance of approximately $734,852,899
All of the Mortgage Loans are secured by first mortgage liens on multifamily and
commercial properties
The Mortgage Pool's average Cut-off Date Balance is approximately $3,450,014
The Mortgage Pool's weighted average current Underwritten NCF Debt Service
Coverage Ratio is 1.36x (a)
The Mortgage Pool's Cut-off Date LTV is 69.99%
The Mortgage Pool's weighted average Mortgage Rate is approximately 7.255% per
annum
(a) Underwritten NCF Debt Service Coverage Ratio is the ratio of
Underwritten NCF over the annualized debt service payments.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not by the
issuer of the securities. Salomon Smith Barney Inc. is not acting as agent for
the issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
formation in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
Prepayment Premium
<TABLE>
<CAPTION>
Weighted Averages
---------------------------------------------------------------
Number of Stated Cut-off Date
Mortgage Aggregate Cut-off % of Initial Maximum Cut-off Mortgage Remaining U/W NCF Loan-to-
Prepayment Restrictions Loans Date Balance Pool Balance Date Balance Rate Term (Mo.) DSCR Value Ratio
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 91 $ 349,032,429 47.50% $21,841,789 7.132% 121 1.37x 69.57%
Lockout/> of YM or 1% 68 187,267,721 25.48 13,181,122 7.400 133 1.34 70.15
Lockout/YM 45 150,251,905 20.45 14,424,219 7.221 118 1.38 69.12
Lockout/> of YM or 1%
or Defeasance 5 34,718,323 4.72 9,976,813 7.864 116 1.23 78.88
Lockout/YM/Declining Fee 1 7,007,360 0.95 7,007,360 7.510 105 1.44 72.24
Lockout/Declining Fee 1 3,863,094 0.53 3,863,094 7.160 119 1.41 72.89
> of YM or 1% 1 2,467,629 0.34 2,467,629 6.500 170 3.04 35.25
> of YM or 1%/Declining Fee 1 244,438 0.03 $ 244,438 9.310 156 1.49 57.51
- ---------------------------------------------------------------------------------------------------------------------------------
TOTALS 213 $ 734,852,899 100.00% 7.255% 123 1.36x 69.99%
- ---------------------------------------------------------------------------------------------------------------------------------
Prepayment Premium by Mortgage Rate
</TABLE>
<TABLE>
<CAPTION>
Weighted Averages % of Initial Pool Balance
---------------------------------------------------
Number of Aggregate Stated Lockout then
Mortgage Cut-Off % of Initial Mortgage Remaining Lockout then Greater of
Mortgage Rate Loans Date Balance Pool Balance Rate Term (Mo.) Defeasance 1%/Yld. Maint.
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.00% to 6.49% 5 $ 21,109,321 2.87% 6.320% 119 2.87% 0.00%
6.50% to 6.74% 8 43,408,090 5.91 6.593 113 5.57 0.00
6.75% to 6.99% 30 112,368,868 15.29 6.875 116 9.13 4.02
7.00% to 7.24% 58 240,301,136 2.70 7.138 126 13.47 6.11
7.25% to 7.49% 35 105,422,723 14.35 7.311 124 6.71 4.69
7.50% to 7.74% 39 99,364,991 13.52 7.581 132 4.57 6.18
7.75% to 7.99% 22 77,307,397 10.52 7.847 123 2.19 2.67
8.00% to 8.24% 10 29,517,169 4.02 8.129 112 2.99 1.03
8.25% to 9.49% 6 6,053,204 0.82 8.826 129 0.00 0.79
- ---------------------------------------------------------------------------------------------------
TOTALS 213 $734,852,899 100.00% 7.255% 123 47.50% 25.48%
- ---------------------------------------------------------------------------------------------------
<CAPTION>
% of Initial Pool Balance
- ---------------------------------------------------------------------------------------------------------------------------------
Lockout then Greater of
Lockout Greater of 1%/Yld. Lockout then Yld. Lockout then Greater of 1%/Yld. Maint.
Mortgage Rate Yld. Maint. Maint. Or Def Maint then Declining Fee Declinging Fee 1%/Yld. Maint. then Declining Fee
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
0.00% to 6.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6.50% to 6.74% 0.00 0.00 0.00 0.00 0.34 0.00
6.75% to 6.99% 2.15 0.00 0.00 0.00 0.00 0.00
7.00% to 7.24% 12.60 0.00 0.00 0.53 0.00 0.00
7.25% to 7.49% 2.95 0.00 0.00 0.00 0.00 0.00
7.50% to 7.74% 0.84 0.98 0.95 0.00 0.00 0.00
7.75% to 7.99% 1.91 3.75 0.00 0.00 0.00 0.00
8.00% to 8.24% 0.00 0.00 0.00 0.00 0.00 0.00
8.25% to 9.49% 0.00 0.00 0.00 0.00 0.00 0.03
- -----------------------------------------------------------------------------------------------------------------------------
TOTALS 20.45% 4.72% 0.95% 0.53% 0.34% 0.03%
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Initial Loan Pool Prepayment Restrictions Composition Over Time (1)
<TABLE>
<CAPTION>
Months Following Cut-off Date
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Prepayment Restriction 0 12 24 36 48 60 72 84 96 108
Remaining Pool Balance(2) 100.00% 98.58% 97.03% 95.37% 93.58% 90.80% 88.73% 86.50% 83.85% 64.08%
Locked/Defeasance 99.63 99.63 96.10 80.51 67.47 57.30 50.45 47.85 48.04 16.89
Yield Maintenance 0.37 0.37 3.90 19.49 31.99 42.15 48.11 50.73 49.03 30.86
5% Premium 0.00 0.00 0.00 0.00 0.54 0.00 0.00 0.00 0.03 0.00
4% Premium 0.00 0.00 0.00 0.00 0.00 0.55 0.00 0.00 0.00 0.04
3% Premium 0.00 0.00 0.00 0.00 0.00 0.00 1.44 0.00 0.00 0.00
2% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.42 0.00 0.00
1% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.41 0.00
Open 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.48 52.21
- ----------------------------------------------------------------------------------------------------------------------------------
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) All numbers, unless otherwise noted, are as a percentage of the aggregate
pool balance at the specified point in time.
(2) Remaining aggregate mortgage loan pool balance as a percentage of the
Initial Pool Balance at the specified point in time.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not by the
issuer of the securities. Salomon Smith Barney Inc. is not acting as agent for
the issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
formation in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
Allocation of Prepayment Premiums
Prepayment premiums will be allocated between the Publicly Offered Certificates
then entitled to principal distributions and the Class X Certificates as
follows:
A percentage of all prepayment premiums (either fixed prepayment premiums
or yield maintenance amount) will be allocated to each class of the
Publicly Offered Certificates then entitled to principal distributions,
which percentage will be equal to the product of (a) the percentage of the
total principal distribution that such Class receives, and (b) a fraction
(expressed as a percentage which can be no greater than 100%), the
numerator of which is the excess of the Pass-Through Rate of such Class of
the Publicly Offered Certificates currently receiving principal over the
relevant Discount Rate, and the denominator of which is the excess of the
Mortgage Rate of the related Mortgage Loan over the Discount Rate.
<TABLE>
<S> <C>
Prepayment (Pass-Through Rate - Discount Rate)
Premium Allocation = ------------------------------------------
Percentage (Mortgage Rate - Discount Rate)
</TABLE>
The remaining percentage of the Prepayment Premiums will be allocated to
the Class X Certificates
In general, this formula provides for an increase in the allocation of
Prepayment Premiums to the Publicly Offered Certificates then entitled to
principal distributions relative to the Class X Certificates as Discount
Rates decrease and a decrease in the allocation to such Classes as Discount
Rates rise
Allocation of Prepayment Premiums Example
Discount Rate Fraction Methodology:
Mortgage Rate = 9%
Bond Class Rate = 7%
Treasury Rate = 6%
<TABLE>
<S> <C>
Bond Class Allocation Class X Allocation
- -----------------------------------------------------------------------------
7% - 6%
------- = 33 1/3% Receives excess premiums = 66 2/3% thereof
9% - 6%
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not by the
issuer of the securities. Salomon Smith Barney Inc. is not acting as agent for
the issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
formation in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
States
<TABLE>
<CAPTION>
Weighted Averages
---------------------------------------------------
Number of Cumulative % Stated Cut-off Date
Mortgaged Aggregate Cut- % of Initial of Initial Mortgage Remaining U/W NCF Loan-to-Value
States Properties off Date Balance Pool Balance Pool Balance Rate Term (Mo.) DSCR Ratio
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CA 32 $126,904,988 17.27% 17.27% 7.255% 132 1.37x 69.18%
TX 26 91,135,130 12.40 29.67 7.519 115 1.25 75.50
MA 25 85,699,446 11.66 41.33 7.076 116 1.33 67.69
NY 13 39,527,875 5.38 46.71 7.138 115 1.40 56.63
CT 6 35,267,679 4.80 51.51 7.181 110 1.36 75.52
FL 18 34,669,912 4.72 56.23 7.328 125 1.52 70.49
OH 9 30,208,796 4.11 60.34 7.130 106 1.37 69.50
GA 9 24,144,066 3.29 63.63 7.328 131 1.45 67.00
NV 4 20,240,235 2.75 66.38 7.079 141 1.48 60.86
AZ 6 19,862,457 2.70 69.08 7.295 136 1.31 76.78
NJ 9 16,569,925 2.25 71.34 7.368 110 1.44 69.45
WA 4 14,885,737 2.03 73.36 7.332 110 1.32 67.96
PA 7 14,752,917 2.01 75.37 7.595 117 1.36 74.13
NH 1 14,424,219 1.96 77.33 7.190 113 1.53 63.82
HI 1 14,373,504 1.96 79.29 6.880 110 1.22 69.42
OR 2 14,263,619 1.94 81.23 7.109 116 1.42 71.94
MD 6 14,234,227 1.94 83.17 7.437 158 1.38 63.24
TN 4 11,021,774 1.50 84.67 6.777 170 1.42 79.17
NC 7 10,350,934 1.41 86.08 7.398 131 1.28 76.42
OK 5 9,266,110 1.26 87.34 7.550 172 1.25 74.53
AL 4 8,887,866 1.21 88.55 7.162 111 1.31 72.09
VA 3 8,358,683 1.14 89.68 7.496 111 1.41 61.26
SC 2 7,393,613 1.01 90.69 6.774 111 1.51 77.55
IN 2 7,371,041 1.00 91.69 6.988 141 1.33 74.58
MI 1 6,979,929 0.95 92.64 7.760 117 1.42 62.04
AR 5 6,306,953 0.86 93.50 7.569 148 1.27 74.64
WY 3 5,313,903 0.72 94.23 7.109 134 1.48 70.24
NM 2 5,187,262 0.71 94.93 7.120 128 1.24 75.55
MS 2 5,042,153 0.69 95.62 7.016 109 1.43 76.49
MO 3 4,812,217 0.65 96.27 7.556 110 1.25 73.54
UT 2 4,679,973 0.64 96.91 7.250 161 1.31 78.01
LA 1 4,359,003 0.59 97.50 6.580 109 1.66 74.51
WV 1 3,911,797 0.53 98.03 6.860 110 1.29 79.03
ME 1 3,563,701 0.48 98.52 7.260 166 1.50 73.48
ID 1 2,176,375 0.30 98.82 9.375 94 1.39 50.61
IA 1 2,036,706 0.28 99.09 7.125 171 1.35 70.47
WI 1 1,970,515 0.27 99.36 7.250 161 1.32 78.82
KS 1 1,723,704 0.23 99.60 7.610 106 1.38 73.35
DC 1 1,684,755 0.23 99.82 7.090 108 1.29 70.20
CO 1 1,289,201 0.18 100.00% 7.040 105 1.80 73.67
- ------------------------------------------------------------------------------------------------------------------------
TOTALS 232 $734,852,899 100.00% 7.255% 123 1.36x 69.99%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not by the
issuer of the securities. Salomon Smith Barney Inc. is not acting as agent for
the issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
formation in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
Geographic Overview of Mortgage Pool
[MAP OF UNITED STATES WITH PROPERTIES ANNOTATED BY STATE
(ARRANGED CLOCKWISE ON MAP)]
<TABLE>
<S> <C>
Maine (5) New Mexico (4)
1 Property 2 Properties
$3,563,701 $5,187,262
0.48% of total 0.71% of total
Massachusetts (1) Colorado (5)
25 Properties 1 Properties
$85,699,446 $1,289,201
11.66% of total 0.18% of total
Connecticut (2) California (1)
6 Properties 32 Properties
$35,267,679 $126,904,988
4.80% of total 17.27% of total
New Jersey (2) Utah (4)
9 Properties 2 Properties
$16,569,925 $4,679,973
2.25% of total 0.64% of total
District of Columbia Nevada (2)
1 Property 4 Properties
$1,684,755 $20,240,235
0.23% of total 2.75% of total
Maryland (3) Oregon (3)
6 Properties 2 Properties
$14,234,227 $14,263,619
1.94% of total 1.94% of total
Virginia (3) Washington (2)
3 Properties 4 Properties
$8,358,683 $14,885,737
1.14% of total 2.03% of total
North Carolina (3) Idaho (5)
7 Properties 1 Property
$10,350,934 $2,176,375
1.41% of total 0.30% of total
South Carolina (3) Wyoming (4)
2 Properties 3 Properties
$7,393,613 $5,313,903
1.01% of total 0.72% of total
Florida (3) Kansas (5)
18 Properties 1 Property
$34,669,912 $1,723,704
4.72% of total 0.23% of total
Georgia (2) Iowa (5)
9 Properties 1 Property
$24,144,066 $2,036,706
3.29% of total 0.28% of total
Tennessee (3) Wisconsin (5)
4 Properties 1 Property
$11,021,774 $1,970,515
1.50% of total 0.27% of total
Alabama (3) Michigan (4)
4 Properties 1 Property
$8,887,866 $6,979,929
1.21% of total 0.95% of total
Mississippi (4) Indiana (4)
2 Properties 2 Properties
$5,042,153 $7,371,041
0.69% of total 1.00% of total
Louisiana (4) Ohio (2)
1 Property 9 Properties
$4,359,003 $30,208,796
0.59% of total 4.11% of total
Arkansas (4) West Virginia (4)
5 Properties 1 Property
$6,306,953 $3,911,797
0.86% of total 0.53% of total
Missouri (4) Pennsylvania (2)
3 Properties 7 Properties
$4,812,217 $14,752,917
0.65% of total 2.01% of total
Oklahoma (3) New York (2)
5 Properties 13 Properties
$9,266,110 $39,527,875
1.26% of total 5.38% of total
Texas (1) New Hampshire (3)
26 Properties 1 Property
$91,135,130 $14,424,219
12.40% of total 1.96% of total
Arizona (2) Hawaii (3)
6 Properties 1 Property
$19,862,457 $14,373,504
2.70% of total 1.98% of total
</TABLE>
(1) > 10.00% of Initial Pool Balance
(2) 2.01% to 10.00% of Initial Pool Balance
(3) 1.01% to 2.00% of Initial Pool Balance
(4) 0.51% to 1.005 of Initial Pool Balance
(5) <=0.50% of Initial Pool Balance
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not by the
issuer of the securities. Salomon Smith Barney Inc. is not acting as agent for
the issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
formation in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
Property Types
<TABLE>
<CAPTION>
Weighted Averages
---------------------------------------------
Number of Stated Cut-off Date
Mortgaged Aggregate Cut- % of Initial Maximum Cut-off Mortgage Remaining U/W NCF Loan-to-Value
Property Types Properties off Date Balance Pool Balance Date Balance Rate Term (Mo.) DSCR Ratio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 66 $226,801,755 30.86% $13,181,122 7.161% 126 1.36x 74.25%
Office 45 145,105,328 19.75 21,841,789 7.273 122 1.38 68.06
Unanchored Retail 45 104,327,485 14.20 14,373,504 7.302 130 1.34 71.11
Industrial 34 78,780,919 10.72 8,827,859 7.375 121 1.34 67.19
Anchored Retail 14 76,006,998 10.34 10,692,481 7.194 124 1.37 68.87
Hotel 7 29,693,418 4.04 7,513,134 7.623 111 1.48 68.15
Leased Fee 1 17,352,428 2.36 17,352,428 6.550 110 1.27 49.58
Mobile Home Park 5 17,102,287 2.33 6,979,929 7.713 115 1.31 69.27
Mixed Use 8 15,135,292 2.06 6,546,333 7.407 111 1.32 69.60
Factory Outlet Center 1 14,424,219 1.96 14,424,219 7.190 113 1.53 63.82
Health Care 1 5,725,593 0.78 5,725,593 7.160 109 1.47 67.36
Self Storage 3 2,789,121 0.38 965,523 7.856 132 1.37 72.96
Post Office 2 1,608,056 0.22 $ 970,174 7.400 106 1.05 83.54
- -------------------------------------------------------------------------------------------------------------------------------
TOTALS 232 $734,852,899 100.00% 7.255% 123 1.36x 69.99%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
% of Initial Pool Balance
[PIE CHART ANNOTATED WITH PERCENTAGES OF INITIAL
POOL BALANCE BY BUSINESS SECTOR
Multifamily
30.86%
Office
19.75%
Unanchored
Retail
14.20%
Industrial
10.72%
Anchored Retail
10.34%
Hotel 4.04%
Leased Fee 2.36%
Mobile Home Park 2.33%
Mixed Use 2.06%
Factory Outlet Center 1.96%
Other 1.38%]
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not by the
issuer of the securities. Salomon Smith Barney Inc. is not acting as agent for
the issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
formation in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
Weighted Average Underwritten Net Cash Flow Debt Service Coverage Ratio is
1.36x.
Underwritten NCF DSCR
<TABLE>
<CAPTION>
Weighted Averages
------------------------------------------------
U/W NCF Number of Cumulative % Stated Cut-off Date
DSCR(x) Mortgage Aggregate Cut-off % of Initial of Initial Pool Mortgage Remaining U/W NCF Loan-to-Value
U/W NCF DSCR(x) Loans Date Balance Pool Balance Balance Rate Term (Mo.) DSCR Ratio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.00 to 1.09 3 $ 4,198,060 0.57% 0.57% 7.246% 144 1.06x 74.05%
1.10 to 1.19 17 62,110,928 8.45 9.02 7.582 140 1.14 72.84
1.20 to 1.24 18 82,234,376 11.19 20.21 7.212 120 1.22 74.67
1.25 to 1.29 49 186,126,794 25.33 45.54 7.321 116 1.27 71.17
1.30 to 1.39 52 137,801,406 18.75 64.29 7.324 123 1.34 69.03
1.40 to 1.49 38 137,140,778 18.66 82.96 7.204 117 1.44 70.30
1.50 to 1.59 22 91,973,354 12.52 95.47 7.020 134 1.53 65.71
1.60 to 1.69 5 13,857,811 1.89 97.36 7.456 121 1.66 69.04
1.70 to 1.79 1 427,590 0.06 97.42 6.840 107 1.70 25.15
1.80 to 1.89 2 3,762,817 0.51 97.93 7.096 148 1.83 60.59
1.90 to 1.99 1 3,469,360 0.47 98.40 6.380 170 1.94 76.00
2.00 to 3.49 5 11,749,626 1.60 100.00% 6.520 139 2.43 46.93
- -------------------------------------------------------------------------------------------------------------------------------
TOTALS 213 $734,852,899 100.00% 7.255% 123 1.36x 69.99%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Cut-Off Date Loan-to-Value Ratio is 69.99%
Cut-off Date Loan-to-Value Ratios
<TABLE>
<CAPTION>
Weighted Averages
------------------------------------------------
Number of Cumulative % Stated Cut-off Date
Mortgage Aggregate Cut-off % of Initial of Initial Pool Mortgage Remaining U/W NCF Loan-to-Value
LTV Loans Date Balance Pool Balance Balance Rate Term (Mo.) DSCR Ratio
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.00% to 49.99% 11 $ 47,420,392 6.45% 6.45% 6.892% 143 1.58x 46.25%
50.00% to 54.99% 4 14,239,822 1.94 8.39 7.538 148 1.47 52.67
55.00% to 59.99% 13 34,047,703 4.63 13.02 7.228 114 1.45 57.63
60.00% to 64.99% 19 68,741,316 9.35 22.38 7.291 115 1.42 62.66
65.00% to 69.99% 36 109,960,640 14.96 37.34 7.375 126 1.32 68.07
70.00% to 74.99% 86 253,818,751 34.54 71.88 7.324 122 1.33 73.16
75.00% to 79.99% 39 191,630,166 26.08 97.96 7.183 122 1.34 77.96
80.00% to 84.99% 5 14,994,108 2.04 100.00% 6.921 124 1.28 81.65
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 213 $734,852,899 100.00% 7.255% 123 1.36x 69.99%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not by the
issuer of the securities. Salomon Smith Barney Inc. is not acting as agent for
the issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. All
formation in this Term Sheet, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates, Series 1999-C1
Classes A1, A2, B, C, D, E1, E2, F & X
$666,879,000 (approximate)
Mortgage Rates
<TABLE>
<CAPTION>
Weighted Averages
---------------------------------------------
Number of Cumulative % Stated Cut-off Date
Mortgage Aggregate Cut-off % of Initial of Initial Pool Mortgage Remaining U/W NCF Loan-to-Value
Mortgage Rate Loans Date Balance Pool Balance Balance Rate Term (Mo.) DSCR Ratio
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.00% to 6.49% 5 $ 21,109,321 2.87% 2.87% 6.320% 119 1.75x 70.84%
6.50% to 6.74% 8 43,408,090 5.91 8.78 6.593 113 1.47 62.80
6.75% to 6.99% 30 112,368,868 15.29 24.07 6.875 116 1.34 70.45
7.00% to 7.24% 58 240,301,136 32.70 56.77 7.138 126 1.40 69.08
7.25% to 7.49% 35 105,422,723 14.35 71.12 7.311 124 1.34 72.44
7.50% to 7.74% 39 99,364,991 13.52 84.64 7.581 132 1.27 71.10
7.75% to 7.99% 22 77,307,397 10.52 95.16 7.847 123 1.24 72.01
8.00% to 8.24% 10 29,517,169 4.02 99.18 8.129 112 1.38 69.44
8.25% to 9.49% 6 6,053,204 0.82 100.00% 8.826 129 1.48 61.58
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 213 $ 734,852,899 100.00% 7.255% 123 1.36x 69.99%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Loan Type
<TABLE>
<CAPTION>
Weighted Averages
------------------------------------------------
Number of Stated Cut-off Date
Mortgage Aggregate Cut-off % of Initial Maximum Cut- Mortgage Remaining U/W NCF Loan-to-Value
Loan Type Loans Date Balance Pool Balance off Date Balance Rate Term (Mo.) DSCR Ratio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 150 $ 508,703,521 69.23% $ 21,841,789 7.227% 123 1.38x 70.62%
ARD 47 167,759,838 22.83 14,424,219 7.281 110 1.34 71.26
Fully Amortizing 16 58,389,540 7.95 $ 10,692,481 7.431 168 1.32 60.84
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 213 $ 734,852,899 100.00% 7.255% 123 1.36x 69.99%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Remaining Term to Scheduled Maturity/ARD
<TABLE>
<CAPTION>
Weighted Averages
---------------------------------------------
Number of Cumulative % Stated Cut-off Date
Mortgage Aggregate Cut-off % of Initial of Initial Pool Mortgage Remaining U/W NCF Loan-to-Value
Remaining Term Loans Date Balance Pool Balance Balance Rate Term (Mo.) DSCR Ratio
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
36 to 59 1 6,630,626 0.90 0.90 7.760 55 1.27 73.43
72 to 95 1 2,176,375 0.30 1.20 9.375 94 1.39 50.61
96 to 107 34 87,117,153 11.86 13.05 7.369 105 1.36 72.32
108 to 119 115 469,914,272 63.95 77.00 7.200 111 1.35 70.42
120 to 179 59 160,012,596 21.77 98.78 7.298 166 1.42 68.14
180 to 239 2 8,007,049 1.09 99.86 7.339 219 1.30 58.28
240 to 359 1 994,828 0.14 100.00% 7.600 346 1.15 70.56
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 213 $ 734,852,899 100.00% 7.255% 123 1.36x 69.99%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Salomon Smith Barney Inc. and not by the
issuer of the securities. Salomon Smith Barney Inc. is not acting as agent for
the issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
