<PAGE> 1
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-C3
CLASSES A1, A2, B, C, D, E, AND F
$825,481,000 (APPROXIMATE)
-------------
CMBS NEW ISSUE TERM SHEET
-------------
DECEMBER 1, 2000
[SALOMON SMITH BARNEY LOGO] [GREENWICH CAPITAL LOGO]
ABN AMRO N.V.
ARTESIA BANKING CORPORATION N.V./S.A.
CHASE SECURITIES INC.
DEUTSCHE BANC ALEX. BROWN
J.P. MORGAN & CO.
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securities discussed herein or otherwise, will be superseded by the information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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15pm
Page 1 of 30
<PAGE> 2
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
CONTACT INFORMATION
<TABLE>
<CAPTION>
<S> <C>
SSB TRADING/DISTRIBUTION PHONE FAX EMAIL
----- --- -----
<C> <C> <C>
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]
FINANCE
Angela Hutzel (212) 816-8087 (212) 816-8307 [email protected]
Joseph Siragusa (212) 816-7973 (212) 202-3865 [email protected]
Jay Dewaltoff (212) 816-7976 (212) 816-8307 [email protected]
ANALYTICS
Nancy Wilt (212) 816-7808 (212) 816-8307 [email protected]
GREENWICH TRADING/DISTRIBUTION
Greg Jacobs (203) 625-2900 (203) 618-2033 [email protected]
Chris McCormack (203) 625-2900 (203) 618-2033 [email protected]
Brian Schwartz (203) 625-2900 (203) 618-2033 [email protected]
FINANCE
Mark Jarrell (203) 618-2373 (203) 618-2134 [email protected]
David Goodwin (203) 618-2226 (203) 618-2134 [email protected]
ABN AMRO TRADING/DISTRIBUTION
Frank Forelle (212) 314-1275 (212) 333-7445 [email protected]
Gerald Sneider (212) 314-1182 (212) 333-7445 [email protected]
FINANCE
Margaret Govern (312) 904-8359 (312) 904-0900 [email protected]
ARTESIA TRADING/DISTRIBUTION
Frank Persyn 011-322-204-3781 011-322-204-3751 [email protected]
FINANCE
Diana Kelsey Kutas (425) 313-3999 (425) 313-1005 [email protected]
CHASE TRADING/DISTRIBUTION
Scott Davidson (212) 834-3813 (212) 834-6598 [email protected]
Glenn Riis (212) 834-3813 (212) 834-6572 [email protected]
David McNamara (212) 834-3813 (212) 834-6572 [email protected]
DEUTSCHE TRADING/DISTRIBUTION
Justin Kennedy (212) 469-5149 (212) 469-2740 [email protected]
Scott Waynebern (212) 469-5149 (212) 469-2740 [email protected]
J.P. MORGAN TRADING/DISTRIBUTION
Brian Baker (212)-648-1413 (212)-648-5907 [email protected]
Andy Taylor (212)-648-1413 (212)-648-5907 [email protected]
</TABLE>
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15pm
Page 2 of 30
<PAGE> 3
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
BOND CLASSES
SERIES 2000-C3 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
<TABLE>
<CAPTION>
EXPECTED
INITIAL
AGGREGATE APPROX.
PRINCIPAL APPROX. % OF WEIGHTED
BALANCE OR INITIAL APPROX. PASS-THROUGH AVERAGE
NOTIONAL MORTGAGE INITIAL RATE LIFE ERISA
CLASS RATINGS(1) AMOUNT POOL BALANCE CREDIT SUPPORT DESCRIPTION(2) (YEARS)(3) DELIVERY ELIGIBLE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 Aaa/AAA $180,689,000 19.75 23.000 Fixed Rate 5.70 DTC Yes
A-2 Aaa/AAA 523,600,000 57.25 23.000 Fixed Rate 9.37 DTC Yes
B Aa2/AA 43,446,000 4.75 18.250 Fixed/WAC Cap 9.82 DTC Yes
C A2/A 36,586,000 4.00 14.250 Fixed/WAC Cap 9.90 DTC Yes
D A3/A- 13,720,000 1.50 12.750 Fixed/WAC Cap 9.91 DTC Yes
E Baa1/BBB+ 13,720,000 1.50 11.250 Fixed/WAC Cap 9.91 DTC Yes
F Baa2/BBB 13,720,000 1.50 9.750 WAC 9.91 DTC Yes
PRIVATELY PLACED CLASSES
X Aaa/AAA 914,661,061(4) 100% N/A Variable Rate N/A N/A N/A
G Baa3/BBB- N/A WAC N/A N/A N/A
H NR/BB+ N/A Fixed Rate N/A N/A N/A
J Ba2/BB N/A Fixed Rate N/A N/A N/A
K Ba3/BB- N/A Fixed Rate N/A N/A N/A
L B1/B+ N/A Fixed Rate N/A N/A N/A
M B2/B N/A Fixed Rate N/A N/A N/A
N B3/B- N/A Fixed Rate N/A N/A N/A
P NR/NR N/A Fixed Rate N/A N/A N/A
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
PAYMENT
WINDOW(3)
<S> <C>
01/18/01 - 07/18/09
07/18/09 - 10/18/10
10/18/10 - 10/18/10
10/18/10 - 11/18/10
11/18/10 - 11/18/10
11/18/10 - 11/18/10
11/18/10 - 11/18/10
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
</TABLE>
(1) Ratings shown are those of Moody's Investors Service and Standard and
Poor's, respectively.
(2) (I) The pass-through rate for publicly offered classes A1 and A2 will
be equal to a fixed rate.
(ii) The pass-through rate for publicly offered classes B-E will be
the lesser of a) a fixed rate and b) the Weighted Average Pool
Pass-Through Rate.
(iii) The pass-through rate for publicly offered class F will be equal
to the Weighted Average Pool Pass-Through Rate.
(3) Calculated based upon the assumption that the borrower will: a) not
prepay the loan prior to the stated maturity except as described, b)
if applicable, pay the loan in full on any anticipated repayment date,
c) make all payments in a timely fashion, and d) not receive a balloon
extension. Also, based on the assumption that there is: x) no cleanup
call, and y) no loan repurchase.
(4) Initial aggregate notional amount. The aggregate notional amount of
the class "X" certificates will be used solely to calculate the
accrual of interest with respect to those certificates. The class "X"
certificates will not have principal balances and will not entitle
their holders to payments of principal. They will, however, entitle
their holders to share in prepayment premiums, if any. The
pass-through rate of the class "X" certificate is the excess of the
Weighted Average Pool Pass-Through Rate over the weighted average of
the respective pass-through rates of the other classes of certificates
identified in the table above.
[STRUCTURAL OVERVIEW CHART]
Note: Classes are not drawn to scale
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 3 of 30
<PAGE> 4
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Commercial Mortgage Pass-Through Certificates, Series 2000-C3
$825,481,000 (Approximate)
KEY FEATURES:
<TABLE>
<S> <C>
Lead Manager and Underwriter: Salomon Smith Barney Inc.
Co-Managers and Underwriters: Greenwich Capital Markets, Inc.; Artesia Banking Corporation*, ABN AMRO N.V.*;
Chase Securities Inc.; J.P. Morgan Securities Inc.; Deutsche Bank Securities Inc.
Loan Sellers: Greenwich Capital Financial Products, Inc. ("GCFP")
Salomon Brothers Realty Corp. ("SBRC")
LaSalle Bank National Association ("LBNA")
Artesia Mortgage Capital Corporation
("AMCC")
Master Servicer: Midland Loan Services, Inc.
Special Servicer: Lennar Partners, Inc.
Trustee: Wells Fargo Bank Minnesota, N.A.
Cut-Off Date: December 1, 2000
Payment Delay: 17 days
Payment Date: 18th of each month, or the following business day (commencing in January, 2001)
ERISA Eligibility: Classes A1, A2, B, C, D, E and F are expected to be ERISA eligible under lead
manager's exemption.
Structure: Sequential Pay
Offering Type: Public - Classes A1-F; Private - Classes X, G-P
Day Count: 30 / 360
Tax Treatment: REMIC
Rated Final Distribution Date: July 1, 2033
</TABLE>
* May only offer certificates outside the U.S.
<TABLE>
<CAPTION>
COLLATERAL FACTS: (a) (b) (c)
-----------------------------
<S> <C>
Initial Pool Balance: $914,661,061
Number of Mortgage Loans: 180
Number of Properties 184
Average Loan Cut-off Date Balance: $ 5,081,450 ($494,988 to $119,577,993)
Weighted Average Mortgage Rate: 8.169% (6.750% to 9.350%)
Weighted Average U/W NCF DSCR: 1.35x (1.05x to 3.94x)
Weighted Average Cut-off Date LTV Ratio: 67.40% (21.95% to 79.81%)
Weighted Average Remaining Term to Scheduled Maturity/ARD: 113 mos. (52 mos. to 234 mos.)
Weighted Average Remaining Amortization Term: 336 mos. (100 mos. to 360 mos.)
Weighted Average Seasoning: 8 mos. (0 mos. to 79 mos.)
</TABLE>
(a) For each weighted average characteristic presented in the table, the range
of individual values for that characteristic appears in parentheses.
(b) For purposes of this Term Sheet, weighted averages are calculated according
to the Cut-off Date principal balances of the individual mortgage loans or
allocated principal balances of the mortgaged properties, as applicable.
(c) For purposes of this Term Sheet, mortgage loans that are part of a
cross-collateralized group are presented as individual mortgage loans
(without regard to the cross-collateralization), except where otherwise
indicated.
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 4 of 30
<PAGE> 5
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Commercial Mortgage Pass-Through Certificates, Series 2000-C3
$825,481,000 (Approximate)
<TABLE>
<CAPTION>
% OF
AGGREGATE CUT- INITIAL
NUMBER OF OFF DATE MORTGAGE WTD. AVG.
MORTGAGE PRINCIPAL POOL U/W NCF
LOAN SELLERS LOANS BALANCE BALANCE DSCR
------------ ----- -------- ------- -----
<S> <C> <C> <C> <C>
Greenwich Capital Financial Products, Inc. 66 $ 337,444,107 36.89% 1.31x
Salomon Brothers Realty Corp 21 257,886,272 28.19 1.44
LaSalle Bank National Association 27 205,284,547 22.44 1.28
Artesia Mortgage Capital Corporation 66 114,046,135 12.47 1.37
-------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 180 $ 914,661,061 100.00% 1.35X
-------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE CUT-OFF % OF INITIAL
MORTGAGED DATE PRINCIPAL MORTGAGE WTD. AVG. U/W
STATE PROPERTIES BALANCE POOL BALANCE NCF DSCR
----- ---------- ------- ------------ --------
<S> <C> <C> <C> <C>
Illinois 17 $ 241,516,982 26.41% 1.47x
California 34 152,100,783 16.63 1.40
Michigan 10 51,426,022 5.62 1.22
Ohio 3 42,894,723 4.69 1.25
Massachusetts 5 41,482,031 4.54 1.29
Washington 7 38,905,919 4.25 1.25
New York 10 31,165,163 3.41 1.31
Other 98 315,169,439 34.46 1.29
--------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 184 $ 914,661,061 100.00% 1.35X
--------------------------------------------------------------------------------------------------
</TABLE>
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15pm
Page 5 of 30
<PAGE> 6
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Commercial Mortgage Pass-Through Certificates, Series 2000-C3
$825,481,000 (Approximate)
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL WTD. AVG.
RANGE OF U/W NCF MORTGAGE PRINCIPAL MORTGAGE U/W NCF
DSCR LOANS BALANCE POOL BALANCE DSCR
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1.00x to 1.09x 4 $ 13,395,674 1.46% 1.06x
1.10x to 1.19x 9 42,960,948 4.70 1.16
1.20x to 1.24x 38 277,294,558 30.32 1.23
1.25x to 1.29x 49 172,876,198 18.90 1.27
1.30x to 1.39x 38 170,543,779 18.65 1.33
1.40x to 1.49x 17 49,436,546 5.40 1.43
1.50x to 1.59x 11 45,045,636 4.92 1.54
1.60x to 1.69x 5 130,092,445 14.22 1.63
1.70x to 1.99x 4 4,785,603 0.52 1.81
2.00x to 3.99x 5 8,229,673 0.90 2.71
-----------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 180 $914,661,061 100.00% 1.35X
-----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL WTD. AVG.
RANGE OF CUT-OFF DATE MORTGAGE PRINCIPAL MORTGAGE U/W NCF
LTV RATIO LOANS BALANCE POOL BALANCE DSCR
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
0.00% to 49.99% 11 $ 33,693,892 3.68% 1.64x
50.00% to 54.99% 12 142,974,549 15.63 1.61
55.00% to 59.99% 10 20,200,672 2.21 1.47
60.00% to 64.99% 24 96,110,788 10.51 1.41
65.00% to 69.99% 30 139,290,733 15.23 1.31
70.00% to 74.99% 65 334,413,819 36.56 1.25
75.00% to 79.99% 28 147,976,606 16.18 1.23
------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 180 $914,661,061 100.00% 1.35X
------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE CUT- % OF INITIAL MAXIMUM CUT- WTD. AVG. WTD. AVG.
NUMBER OF OFF DATE MORTGAGE OFF DATE WTD. AVG. STATED WTD. AVG. CUT-OFF DATE
MORTGAGED PRINCIPAL POOL PRINCIPAL MORTGAGE REMAINING U/W NCF LOAN-TO-
PROPERTY TYPES PROPERTIES BALANCE BALANCE BALANCE RATE TERM (MO.) DSCR VALUE RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Office 55 $319,768,299 34.96% $ 35,364,183 8.374% 111 1.29x 68.85%
Office (Shadow Rated
Baa3/BBB-) 1 119,577,993 13.07 119,577,993 7.890 114 1.63 53.62
Multifamily 40 103,846,773 11.35 15,988,455 7.941 118 1.33 70.11
Anchored Retail 15 95,272,425 10.42 18,235,848 7.762 109 1.30 71.24
Industrial 15 56,907,246 6.22 16,000,000 8.274 112 1.34 68.53
Office/Retail 11 47,667,302 5.21 11,010,038 8.085 120 1.34 65.97
Single Tenant Retail 10 34,843,644 3.81 7,095,636 8.182 123 1.21 73.13
Self Storage 8 29,518,787 3.23 8,365,375 8.449 112 1.38 68.90
Mobile Home Park 3 27,039,989 2.96 22,714,214 7.938 118 1.20 78.26
Office/Industrial 10 26,478,174 2.89 6,781,144 8.483 115 1.34 69.20
Shadow Anchored Retail 6 21,410,856 2.34 6,247,050 8.206 115 1.28 74.38
Hotel 3 12,136,926 1.33 9,550,083 8.854 135 1.58 62.97
Unanchored Retail 6 11,849,644 1.30 3,391,218 8.284 113 1.25 69.41
Other 1 8,343,003 0.91 8,343,003 9.000 76 1.50 47.67
------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 184 $914,661,061 100.00% $119,577,993 8.169% 113 1.35X 67.40%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Note: For purposes of the foregoing table, Office (Shadow Rated Baa3/BBB-)
refers to the shadow ratings of Baa3 from Moody's and BBB- from S&P
with respect to the pooled mortgage loan secured by the mortgaged real
property identified as One Financial Place.
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15pm
Page 6 of 30
<PAGE> 7
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
STRUCTURAL OVERVIEW - CONT.
- Principal will be paid sequentially to Class A1, A2, B, C, D, E, F, G, H,
J, K, L, M, N and P Certificates (except that 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)
- Class X will receive interest payments pro-rata (based on interest
entitlements) with interest on 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
between Classes A1 and A2)
- The Master Servicer will cover prepayment interest shortfalls, up to the
portion of the Master Servicing Fees accrued at 0.02% per annum and any
prepayment interest excesses. Net prepayment interest shortfalls (after
application of prepayment interest excesses and Servicer coverage from the
Master Servicing Fee) will be allocated pro-rata based on interest
entitlements with respect to each of the certificate classes
- 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 or realized losses 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)
- The pass-through rate with respect to the Class X (IO) is protected from
loan modifications and/or waivers which reduce individual Mortgage Rates
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 7 of 30
<PAGE> 8
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
PREPAYMENT PROVISIONS
INITIAL LOAN POOL PREPAYMENT RESTRICTIONS COMPOSITION OVER TIME (1)
<TABLE>
<CAPTION>
MONTHS FOLLOWING CUT-OFF DATE
-------------------------------------------------------------------------------------------
PREPAYMENT RESTRICTION 0 12 24 36 48 60 72 84 96 108
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Remaining Pool Balance (2) 100.00% 99.01% 97.92% 96.75% 95.49% 92.64% 90.90% 87.99% 83.48% 71.71%
Locked/Defeasance 97.80 97.43 97.46 96.15 93.00 90.64 91.07 92.12 93.31 91.67
Yield Maintenance 2.20 2.41 2.40 3.71 6.87 9.24 7.92 7.62 6.29 3.58
5% Premium 0.00 0.15 0.15 0.14 0.13 0.12 0.00 0.00 0.00 0.00
4% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.11 0.00 0.00 0.00
3% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.09 0.00
2% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.09
1% Premium 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Open 0.00 0.00 0.00 0.00 0.00 0.00 0.89 0.15 0.31 4.65
-------------------------------------------------------------------------------------------------------------------------------
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.
PREPAYMENT PREMIUM
<TABLE>
<CAPTION>
AGGREGATE % OF INITIAL WTD. AVG.
NUMBER OF CUT-OFF DATE MORTGAGE HIGHEST CUT-OFF WTD. AVG. STATED WTD. AVG. WTD. AVG. CUT-
MORTGAGE PRINCIPAL POOL DATE PRINCIPAL MORTGAGE REMAINING U/W NCF OFF DATE LOAN-
PREPAYMENT PREMIUM LOANS BALANCE BALANCE BALANCE RATE TERM (MO.) DSCR TO-VALUE RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 130 $824,108,656 90.10% $ 119,577,993 8.170% 114 1.34x 68.07%
Lockout/> of YM or 1% 46 70,222,273 7.68 5,679,549 7.974 116 1.42 63.98
> of YM or 1% 3 18,874,703 2.06 8,343,003 8.869 86 1.30 51.40
Lockout/Declining Fee 1 1,455,429 0.16 1,455,429 7.750 152 1.05 58.22
------------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 180 $914,661,061 100.00% $ 119,577,993 8.169% 113 1.35X 67.40%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
PREPAYMENT PREMIUM BY MORTGAGE RATE
<TABLE>
<CAPTION>
BALANCE % OF POOL
LOCKOUT % OF POOL BALANCE
AGGREGATE % OF INITIAL WTD. AVG. % OF POOL THEN BALANCE LOCKOUT
NUMBER OF CUT-OFF DATE MORTGAGE WTD. AVG. STATED BALANCE GREATER OF GREATER OF THEN
MORTGAGE PRINCIPAL POOL MORTGAGE REMAINING LOCKOUT THEN 1% OR YLD. 1% OR YLD. DECLINING
MORTGAGE RATE LOANS BALANCE BALANCE RATE TERM (MO.) DEFEASANCE MAINT. MAINT. FEE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6.75% to 7.24% 1 $ 1,451,686 0.16% 6.750% 95 0.00% 0.16% 0.00 0.00
7.25% to 7.49% 13 31,700,293 3.47 7.312 121 2.27 1.20 0.00 0.00
7.50% to 7.74% 19 93,868,299 10.26 7.623 113 9.31 0.95 0.00 0.00
7.75% to 7.99% 22 198,447,686 21.70 7.883 116 20.74 0.80 0.00 0.16
8.00% to 8.24% 40 174,293,961 19.06 8.098 114 17.50 1.55 0.00 0.00
8.25% to 8.49% 44 239,220,167 26.15 8.374 115 23.65 2.50 0.00 0.00
8.50% to 8.74% 29 94,381,467 10.32 8.598 117 9.61 0.45 0.26 0.00
8.75% to 8.99% 8 58,531,506 6.40 8.830 97 5.51 0.00 0.89 0.00
9.00% to 9.24% 3 22,163,684 2.42 9.097 92 1.51 0.00 0.91 0.00
9.25% to 9.49% 1 602,312 0.07 9.350 76 0.00 0.07 0.00 0.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 180 $914,661,061 100.00% 8.169% 113 90.10% 7.68% 2.06% 0.16%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 8 of 30
<PAGE> 9
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
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
Investment Grade 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% nor less than
0%), 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.
Prepayment (Pass-Through Rate - Discount Rate )
Premium Allocation = -------------------------------------
Percentage (Mortgage Rate - Discount Rate)
- 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 percentage of
Prepayment Premiums allocated 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 percentage allocated to such
Classes as discount rates rise
Allocation of Prepayment Premiums Example
Discount Rate Fraction Methodology:
Mortgage Rate = 9%
Bond Class Rate = 7%
Discount Rate = 6%
BOND CLASS ALLOCATION CLASS X ALLOCATION
7% - 6%
-------- = 33 1/3% Receives excess premiums = 66 2/3% thereof
9% - 6%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 pm Page 9 of 30
<PAGE> 10
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY PROPERTY TYPE
<TABLE>
<CAPTION>
AGGREGATE CUT- % OF INITIAL MAXIMUM CUT- WTD. AVG. WTD. AVG.
NUMBER OF OFF DATE MORTGAGE OFF DATE WTD. AVG. STATED WTD. AVG. CUT-OFF DATE
MORTGAGED PRINCIPAL POOL PRINCIPAL MORTGAGE REMAINING U/W NCF LOAN-TO-
PROPERTY TYPES PROPERTIES BALANCE BALANCE BALANCE RATE TERM (MO.) DSCR VALUE RATIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Office 55 $319,768,299 34.96% $ 35,364,183 8.374% 111 1.29x 68.85%
Office (Shadow Rated
Baa3/BBB-) 1 119,577,993 13.07 119,577,993 7.890 114 1.63 53.62
Multifamily 40 103,846,773 11.35 15,988,455 7.941 118 1.33 70.11
Anchored Retail 15 95,272,425 10.42 18,235,848 7.762 109 1.30 71.24
Industrial 15 56,907,246 6.22 16,000,000 8.274 112 1.34 68.53
Office/Retail 11 47,667,302 5.21 11,010,038 8.085 120 1.34 65.97
Single Tenant Retail 10 34,843,644 3.81 7,095,636 8.182 123 1.21 73.13
Self Storage 8 29,518,787 3.23 8,365,375 8.449 112 1.38 68.90
Mobile Home Park 3 27,039,989 2.96 22,714,214 7.938 118 1.20 78.26
Office/Industrial 10 26,478,174 2.89 6,781,144 8.483 115 1.34 69.20
Shadow Anchored Retail 6 21,410,856 2.34 6,247,050 8.206 115 1.28 74.38
Hotel 3 12,136,926 1.33 9,550,083 8.854 135 1.58 62.97
Unanchored Retail 6 11,849,644 1.30 3,391,218 8.284 113 1.25 69.41
Other 1 8,343,003 0.91 8,343,003 9.000 76 1.50 47.67
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 184 $914,661,061 100.00% $119,577,993 8.169% 113 1.35X 67.40%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Note: For purposes of the foregoing table, Office (Shadow Rated Baa3/BBB-)
refers to the shadow ratings of Baa3 from Moody's and BBB- from S&P
with respect to the pooled mortgage loan secured by the mortgaged real
property identified as One Financial Place.
[PIE CHART PLOT POINTS]
<TABLE>
<S> <C>
Office 34.96%
Other 0.91%
Unanchored Retail 1.30%
Hotel 1.33%
Shadow Anchored Retail 2.34%
Office/Industrial 2.89%
Office (Shadow Rated
Baa3/BBB-) 13.07%
Mobile Home Park 2.96%
Self Storage 3.23%
Single Tenant Retail 3.81%
Multifamily 11.35%
Office/Retail 5.21%
Industrial 6.22%
Anchored Retail 10.42%
</TABLE>
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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 No underwriter makes
any this material may be based on assumptions regarding market conditions and
other matters as reflected therein.
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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 pm
Page 10 of 30
<PAGE> 11
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
<TABLE>
<CAPTION>
WTD. AVG.
NUMBER OF AGGREGATE CUT-OFF % OF INITIAL CUMULATIVE % STATED
MORTGAGED DATE PRINCIPAL MORTGAGE OF INITIAL POOL WTD. AVG. REMAINING
STATE PROPERTIES BALANCE POOL BALANCE BALANCE MORTGAGE RATE TERM (MO.)
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Illinois 17 241,516,982 26.41% 26.41% 7.986% 114
California 34 152,100,783 16.63% 43.03% 8.278% 112
Michigan 10 51,426,022 5.62% 48.66% 8.087% 117
Ohio 3 42,894,723 4.69% 53.35% 8.345% 119
Massachusetts 5 41,482,031 4.54% 57.88% 8.469% 96
Washington 7 38,905,919 4.25% 62.14% 7.845% 111
New York 10 31,165,163 3.41% 65.54% 8.231% 115
Maryland 6 30,059,584 3.29% 68.83% 8.421% 112
New Hampshire 5 28,180,874 3.08% 71.91% 7.988% 101
Virginia 2 24,615,772 2.69% 74.60% 8.073% 118
Florida 6 23,438,445 2.56% 77.16% 8.200% 113
Minnesota 8 19,577,170 2.14% 79.30% 8.217% 126
Connecticut 4 16,048,386 1.75% 81.06% 8.883% 112
District of Columbia 1 15,933,791 1.74% 82.80% 8.380% 112
Arizona 7 14,395,799 1.57% 84.37% 8.241% 123
North Carolina 3 14,122,071 1.54% 85.92% 8.349% 129
Texas 7 13,772,383 1.51% 87.42% 8.050% 115
Nevada 6 12,554,156 1.37% 88.80% 8.184% 112
Utah 6 12,367,780 1.35% 90.15% 8.241% 132
Oregon 3 11,765,257 1.29% 91.44% 8.368% 109
Puerto Rico 1 11,197,298 1.22% 92.66% 8.540% 103
Colorado 4 9,829,178 1.07% 93.73% 7.779% 114
New Mexico 4 9,713,701 1.06% 94.80% 8.493% 129
Oklahoma 4 8,336,682 0.91% 95.71% 8.215% 116
Tennessee 3 7,973,778 0.87% 96.58% 8.148% 112
Pennsylvania 2 6,261,776 0.68% 97.26% 8.348% 114
Delaware 2 5,439,955 0.59% 97.86% 8.152% 105
Georgia 1 4,064,239 0.44% 98.30% 8.050% 109
South Dakota 4 3,970,399 0.43% 98.74% 7.627% 178
New Jersey 2 3,817,225 0.42% 99.15% 8.052% 112
Alabama 1 2,181,165 0.24% 99.39% 8.110% 117
Idaho 1 1,391,114 0.15% 99.55% 8.350% 108
Missouri 1 1,119,278 0.12% 99.67% 8.200% 119
Rhode Island 1 1,036,271 0.11% 99.78% 7.900% 99
Montana 1 831,794 0.09% 99.87% 7.900% 99
North Dakota 1 665,633 0.07% 99.94% 7.350% 94
Maine 1 508,483 0.06% 100.00% 7.500% 96
------------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 184 $914,661,061 100.00% 8.169% 113
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. CUT-
WTD. AVG. U/W OFF DATE LOAN-
STATE NCF DSCR TO-VALUE RATIO
-------------------------------------------------------------
<S> <C> <C>
Illinois 1.47x 60.46%
California 1.40 64.93%
Michigan 1.22 75.85%
Ohio 1.25 74.63%
Massachusetts 1.29 69.92%
Washington 1.25 69.73%
New York 1.31 71.05%
Maryland 1.29 67.63%
New Hampshire 1.26 73.12%
Virginia 1.24 73.70%
Florida 1.31 69.34%
Minnesota 1.34 70.01%
Connecticut 1.42 64.87%
District of Columbia 1.33 72.76%
Arizona 1.37 68.86%
North Carolina 1.27 71.49%
Texas 1.23 67.25%
Nevada 1.29 74.41%
Utah 1.27 73.39%
Oregon 1.21 74.94%
Puerto Rico 1.26 67.58%
Colorado 1.16 69.55%
New Mexico 1.38 71.21%
Oklahoma 1.27 72.40%
Tennessee 1.29 75.29%
Pennsylvania 1.25 72.40%
Delaware 1.23 60.15%
Georgia 1.31 75.26%
South Dakota 1.30 71.39%
New Jersey 1.34 66.21%
Alabama 1.24 77.07%
Idaho 1.30 71.34%
Missouri 1.28 69.95%
Rhode Island 1.39 53.42%
Montana 1.45 63.25%
North Dakota 1.50 63.39%
Maine 1.36 63.56%
-------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 1.35X 67.40%
-------------------------------------------------------------
</TABLE>
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 11 of 30
<PAGE> 12
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
[MAP GRAPHIC]
* Does not include 1 property in Puerto Rico representing 1.22% of the Initial
Mortgage Pool Balance.
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 12 of 30
<PAGE> 13
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY CUT-OFF DATE BALANCE
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL CUMULATIVE %
MORTGAGE PRINCIPAL MORTGAGE POOL OF INITIAL POOL WTD. AVG.
RANGE OF CUT-OFF DATE BALANCES LOANS BALANCE BALANCE BALANCE MORTGAGE RATE
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 0 to $ 999,999 23 $ 17,070,457 1.87% 1.87% 7.953%
$ 1,000,000 to $ 2,499,999 59 98,335,194 10.75 12.62 8.220
$ 2,500,000 to $ 4,999,999 48 169,436,494 18.52 31.14 8.204
$ 5,000,000 to $ 7,499,999 24 142,117,998 15.54 46.68 8.210
$ 7,500,000 to $ 9,999,999 7 60,042,882 6.56 53.24 8.621
$ 10,000,000 to $ 14,999,999 6 70,527,861 7.71 60.95 8.386
$ 15,000,000 to $ 24,999,999 11 202,187,997 22.11 83.06 8.022
$ 25,000,000 to $ 49,999,999 1 35,364,183 3.87 86.93 8.380
$ 50,000,000 to $ 119,999,999 1 119,577,993 13.07 100.00 7.890
------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 180 $ 914,661,061 100.00% 8.169%
------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG.
STATED WTD. AVG. CUT-
REMAINING WTD. AVG. U/W OFF DATE LOAN-
RANGE OF CUT-OFF DATE BALANCES TERM (MO.) NCF DSCR TO-VALUE RATIO
---------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 0 to $ 999,999 120 1.39x 62.79%
$ 1,000,000 to $ 2,499,999 121 1.39 67.07
$ 2,500,000 to $ 4,999,999 113 1.31 69.92
$ 5,000,000 to $ 7,499,999 114 1.31 69.41
$ 7,500,000 to $ 9,999,999 106 1.38 62.90
$ 10,000,000 to $ 14,999,999 102 1.30 68.56
$ 15,000,000 to $ 24,999,999 114 1.25 72.36
$ 25,000,000 to $ 49,999,999 118 1.24 73.98
$ 50,000,000 to $ 119,999,999 114 1.63 53.62
---------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 113 1.35x 67.40%
---------------------------------------------------------------------------------
</TABLE>
[BAR CHART]
<TABLE>
<CAPTION>
RANGE OF CUT-OFF % OF INITIAL
DATE PRINCIPAL MORTGAGE POOL
BALANCES ($MM) BALANCE
<S> <C>
0.00 - 0.99 1.87%
1.00 - 2.49 10.75%
2.50 - 4.99 18.52%
5.00 - 7.49 15.54%
7.50 - 9.99 6.56%
10.00 - 14.99 7.71%
15.00 - 24.99 22.11%
25.00 - 49.99 3.87%
50.00 - 119.99 13.07%
</TABLE>
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 13 of 30
<PAGE> 14
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY UNDERWRITTEN NET CASH FLOW DSCR
<TABLE>
<CAPTION>
AGGREGATE CUT-
NUMBER OF OFF DATE % OF INITIAL CUMULATIVE %
MORTGAGE PRINCIPAL MORTGAGE POOL OF INITIAL POOL WTD. AVG.
RANGE OF U/W NCF DSCR LOANS BALANCE BALANCE BALANCE MORTGAGE RATE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.00x to 1.09x 4 $ 13,395,674 1.46% 1.46% 7.897%
1.10x to 1.19x 9 42,960,948 4.70 6.16 8.361
1.20x to 1.24x 38 277,294,558 30.32 36.48 8.165
1.25x to 1.29x 49 172,876,198 18.90 55.38 8.287
1.30x to 1.39x 38 170,543,779 18.65 74.02 8.275
1.40x to 1.49x 17 49,436,546 5.40 79.43 8.142
1.50x to 1.59x 11 45,045,636 4.92 84.35 8.225
1.60x to 1.69x 5 130,092,445 14.22 98.58 7.891
1.70x to 1.99x 4 4,785,603 0.52 99.10 7.173
2.00x to 3.99x 5 8,229,673 0.90 100.00 7.915
-----------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 180 $ 914,661,061 100.00% 8.169%
-----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG. STATED WTD. AVG. CUT-
REMAINING TERM WTD. AVG. U/W OFF DATE LOAN-
RANGE OF U/W NCF DSCR (MO.) NCF DSCR TO-VALUE RATIO
-----------------------------------------------------------------------------------
<S> <C> <C> <C>
1.00x to 1.09x 122 1.06x 71.05%
1.10x to 1.19x 117 1.16 69.43
1.20x to 1.24x 116 1.23 73.65
1.25x to 1.29x 112 1.27 71.42
1.30x to 1.39x 109 1.33 66.94
1.40x to 1.49x 113 1.43 67.11
1.50x to 1.59x 111 1.54 59.13
1.60x to 1.69x 114 1.63 53.46
1.70x to 1.99x 125 1.81 54.62
2.00x to 3.99x 130 2.71 39.93
-----------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 113 1.35X 67.40%
-----------------------------------------------------------------------------------
</TABLE>
[BAR CHART]
<TABLE>
<CAPTION>
% OF INITIAL
RANGE OF U/W MORTGAGE POOL
NCF DSCR BALANCE
<S> <C>
1.00 - 1.09x 1.46%
1.10 - 1.19x 4.70%
1.20 - 1.24x 30.32%
1.25 - 1.29x 18.90%
1.30 - 1.39x 18.65%
1.40 - 1.49x 5.40%
1.50 - 1.59x 4.92%
1.60 - 1.69x 14.22%
1.70 - 1.99x 0.52%
2.00 - 3.99x 0.90%
</TABLE>
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 14 of 30
<PAGE> 15
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY CUT-OFF DATE LOAN TO VALUE RATIO
<TABLE>
<CAPTION>
AGGREGATE CUT- % OF INITIAL
NUMBER OF OFF DATE MORTGAGE CUMULATIVE WTD. AVG.
RANGE OF CUT-OFF DATE LTV MORTGAGE PRINCIPAL POOL % OF INITIAL MORTGAGE
RATIO LOANS BALANCE BALANCE POOL BALANCE RATE
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0.00% to 49.99% 11 $ 33,693,892 3.68% 3.68% 8.455%
50.00% to 54.99% 12 142,974,549 15.63 19.32 7.890
55.00% to 59.99% 10 20,200,672 2.21 21.52 8.018
60.00% to 64.99% 24 96,110,788 10.51 32.03 8.186
65.00% to 69.99% 30 139,290,733 15.23 47.26 8.284
70.00% to 74.99% 65 334,413,819 36.56 83.82 8.310
75.00% to 79.99% 28 147,976,606 16.18 100.00 7.956
---------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 180 $ 914,661,061 100.00% 8.169%
---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG.
STATED WTD. AVG. WTD. AVG. CUT-
RANGE OF CUT-OFF DATE LTV REMAINING U/W NCF OFF DATE LOAN-
RATIO TERM (MO.) DSCR TO-VALUE RATIO
-----------------------------------------------------------------------
<S> <C> <C> <C>
0.00% to 49.99% 104 1.64x 44.41%
50.00% to 54.99% 114 1.61 53.55
55.00% to 59.99% 129 1.47 58.25
60.00% to 64.99% 116 1.41 63.13
65.00% to 69.99% 106 1.31 67.98
70.00% to 74.99% 116 1.25 72.64
75.00% to 79.99% 112 1.23 77.65
-----------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 113 1.35x 67.40%
-----------------------------------------------------------------------
</TABLE>
[BAR CHART]
<TABLE>
<CAPTION>
% OF INITIAL
MORTGAGE POOL
BALANCE
<S> <C>
RANGE OF CUT-OFF
DATE LTV RATIO
0.00 - 49.99 3.68%
50.00 - 54.99 15.63%
55.00 - 59.99 2.21%
60.00 - 64.99 10.51%
65.00 - 69.99 15.23%
70.00 - 74.99 36.56%
75.00 - 79.99 16.18%
</TABLE>
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 pm
Page 15 of 30
<PAGE> 16
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGE LOANS BY REMAINING TERM TO SCHEDULED MATURITY/ARD
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE CUT- % OF INITIAL CUMULATIVE % OF WTD. AVG.
RANGE OF REMAINING TERM TO MORTGAGE OFF DATE PRINCIPAL MORTGAGE INITIAL MORTGAGE MORTGAGE
MATURITY (MOS.) LOANS BALANCE POOL BALANCE POOL BALANCE RATE
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
0 to 83 5 $ 29,252,248 3.20% 3.20% 8.922%
84 to 107 44 135,884,226 14.86 18.05 7.990
108 to 119 108 661,050,043 72.27 90.33 8.189
120 to 143 9 71,314,279 7.80 98.12 8.055
144 to 179 4 5,440,058 0.59 98.72 8.173
180 to 215 2 2,408,798 0.26 98.98 7.917
216 to 239 8 9,311,408 1.02 100.00 7.900
-------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 180 $ 914,661,061 100.00% 8.169%
-------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
WTD. AVG.
STATED WTD. AVG. WTD. AVG. CUT-
RANGE OF REMAINING TERM TO REMAINING U/W NCF OFF DATE LOAN-
MATURITY (MOS.) TERM (MO.) DSCR TO-VALUE RATIO
------------------------------------------------------------------------
<S> <C> <C> <C>
0 to 83 64 1.35x 61.40%
84 to 107 102 1.33 67.96
108 to 119 115 1.35 67.61
120 to 143 121 1.32 68.59
144 to 179 165 1.35 52.69
180 to 215 201 1.57 59.82
216 to 239 223 1.43 64.86
------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 113 1.35x 67.40%
------------------------------------------------------------------------
</TABLE>
[BAR CHART]
<TABLE>
<CAPTION>
% OF INITIAL
MORTGAGE POOL
BALANCE
<S> <C>
RANGE OF REMAINING
TERMS TO SCHEDULED
MATURITY (MONTHS)
0 - 83 3.20%
84 - 107 14.86%
108 - 119 72.27%
120 - 143 7.80%
144 - 179 0.59%
180 - 215 0.26%
216 - 239 1.02%
</TABLE>
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 pm
Page 16 of 30
<PAGE> 17
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
TOP TEN LOANS
<TABLE>
<CAPTION>
AGGREGATE CUT- % OF INITIAL
TEN LARGEST LOANS: OFF DATE MORTGAGE
LOAN PRINCIPAL POOL MORTGAGE
PROPERTY NAME(S) ORIGINATOR PROPERTY TYPE BALANCE BALANCE RATE
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1) One Financial Place SBRC Office $ 119,577,993 13.07% 7.890%
2) Medical Mutual of Ohio LBNA Office 35,364,183 3.87 8.380
3) Jorie Plaza LBNA Office 22,800,000 2.49 8.330
4) Westland Meadows GCFP Mobile Home Park 22,714,214 2.48 7.830
5) Stonegate One GCFP Office 20,985,981 2.29 8.025
6) 149 New Montgomery Street SBRC Office 18,809,602 2.06 8.880
7) Friedman Portfolio (Crossed Loan Group) LBNA 18,500,000 2.02 7.549
101 West Grand Office/Retail 10,000,000 1.09 7.590
57 W. Grand Office 6,000,000 0.66 7.550
40 West Hubbard Office/Retail 2,500,000 0.27 7.380
8) South Loop Market Place LBNA Anchored Retail 18,235,848 1.99 7.280
9) Granite State Marketplace GCFP Anchored Retail 18,205,497 1.99 7.735
10) Pacific Plaza GCFP Office 16,426,642 1.80 8.400
-------------------------------------------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE $ 311,619,961 34.07% 8.004%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CUT-OFF
TEN LARGEST LOANS: STATED DATE LOAN-
REMAINING U/W NCF TO-VALUE
PROPERTY NAME(S) TERM (MO.) DSCR RATIO
-------------------------------------------------------------------------------
<S> <C> <C> <C>
1) One Financial Place 114 1.63x 53.62%
2) Medical Mutual of Ohio 118 1.24 73.98
3) Jorie Plaza 120 1.20 70.15
4) Westland Meadows 119 1.20 78.32
5) Stonegate One 119 1.23 73.89
6) 149 New Montgomery Street 110 1.23 70.61
7) Friedman Portfolio (Crossed Loan Group) 120 1.58 63.39
101 West Grand 120 1.58 63.39
57 W. Grand 120 1.58 63.39
40 West Hubbard 120 1.58 63.39
8) South Loop Market Place 119 1.24 79.81
9) Granite State Marketplace 93 1.23 75.86
10) Pacific Plaza 116 1.25 69.02
-------------------------------------------------------------------------------
TOTAL / WEIGHTED AVERAGE 115 1.40X 65.56%
-------------------------------------------------------------------------------
</TABLE>
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 17 of 30
<PAGE> 18
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SBRC #6605225 - One Financial Place
LOAN INFORMATION
CUT-OFF DATE BALANCE: $119,577,993
% OF INITIAL MORTGAGE POOL BALANCE: 13.07%
NOTE DATE: 5/2/00
ANTICIPATED REPAYMENT DATE: 6/1/10
MATURITY DATE: 6/1/30
MORTGAGE RATE: 7.89%
ARD RATE: 9.89%
AMORTIZATION TERM: 360
LOCK BOX: Hard Lock Box in lender's name
MEZZANINE DEBT: Not permitted
BORROWER/SPONSOR:
One Financial Place, LP is a special purpose entity with an independent director
and non-consolidation opinion. The borrowing entity is composed of Travelers
Insurance Company with a 10% interest and Geno One Financial Place L.P., a
Delaware limited partnership with the remaining 90% interest. Geno One Financial
Place L.P., consists of GZB-Bank, Stuttgart, SGZ-Bank AG, Frankfurt, and
WGZ-Bank, Duesseldorf each having a 33 1/3% ownership interest. The German banks
intend to syndicate their respective interests to German investors.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 30 payments of its term:
subject to defeasance for the next 87 payments and open to prepayment without
penalty for the last 3 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE
RENT % OF TOTAL LEASE
PSF NRSF NRSF EXPIRATION
<S> <C> <C> <C> <C>
Chicago
Stock $23.48 166,373(1) 16.4% 4/30/05
Exchange
$20.00 4,996 0.50% 8/30/00
$25.92 40,872 4.00% 4/30/15
---------------------------------------------------
Total $23.87 212,741 20.86%
First
Options $19.73 96,474(2) 9.46% 2/28/03
$18.10 4,220 0.40% 4/30/05
---------------------------------------------------
Total $19.66 100,694 9.86%
Options
Clearing $25.27 64,459 6.3% 1/31/02
Corp
Morgan
Stanley $24.10 51,634 5.1% 12/31/02
ABN
AMRO $22.85 51,100 5.0% 1/31/04
</TABLE>
Notes:
1. The Chicago Stock Exchange has sub-leased 100,673 SF to Depository Trust
Company.
2. First Options of Chicago has sub-leased an additional 84,639 SF from
Depository Trust Company effectively making it the largest tenant in the
building with 181,818 SF.
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amount
escrowed monthly.
Replacement reserves: $244,638 ($0.24 psf) deposited at closing and $244,638
($0.24 psf) escrowed annually on each May 1, for the life of the loan.
Tenant improvements and leasing commissions: Initial deposit of $2,005,362
($1.97 psf); with a continuing escrow deposit of $2,005,362 ($1.97 psf) on each
May 1, for the life of the loan.
Borrower has right to deliver an LOC in lieu of above escrows. If the loan is
not repaid before ARD, TI/LC will convert to a monthly escrow for the remaining
term of loan.
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 18 of 30
<PAGE> 19
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SBRC #6605225 - One Financial Place
PROPERTY INFORMATION
PROPERTY TYPE: Office
LOCATION: Chicago, IL
YEAR BUILT/RENOVATED: 1984 / NAP
PROPERTY SIZE: 1,019,325 SF
CUT-OFF DATE BALANCE
PER SF: $117.31
GENERAL CHARACTERISTICS:
The property is a 1,019,325 SF, Class A CBD office building located at 440 South
LaSalle Street, Chicago, Illinois. The 39-story property has an adjacent
five-story "annex" building which houses the trading floor of the Chicago Stock
Exchange. The property is interconnected to the Chicago Board of Options
Exchange, which in turn is interconnected to the Chicago Board of Trade, making
it the largest financial and trading center in the world. The building was
constructed in 1984 and has attractive amenities including a private fitness
center, 22-room hotel, a five star restaurant on the penthouse floor and a
290-car parking garage.
The site has excellent access to Congress Parkway, which provides immediate
access to the I-90/94 and I-290 expressways. The subject building has direct
access to the CTA elevated line, the O'Hare/Congress/Douglas subway line and CTA
bus stops. The south end of the building contains the LaSalle Street Station of
the Metro Line train.
Chicago CBD has 125 million square feet of office space with a vacancy rate of
5.5%. Subject is located in the Central Loop sub-market, which has 34.5
million square feet of office space and a vacancy rate of 3.1%.
PROPERTY MANAGER: Jones Lang LaSalle,
subcontractor to 440 South
LaSalle LLC.
OCCUPANCY (AS OF DATE): 95% (3/13/00)
U/W NOI $19,651,616
U/W NET CASH FLOW: $17,029,161
U/W NET CASH FLOW DSCR: 1.63x
APPRAISED VALUE ($ PSF): $223,000,000 ($219 psf)
APPRAISAL DATE: 3/1/00
CUT-OFF DATE LTV RATIO: 53.62%
MATURITY DATE/ARD LTV
RATIO: 47.99%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000, 3:15 PM
Page 19 of 30
<PAGE> 20
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
LBNA #1 - Medical Mutual of Ohio
LOAN INFORMATION
CUT-OFF DATE BALANCE: $ 35,364,183
% OF INITIAL MORTGAGE
POOL BALANCE:: 3.87%
NOTE DATE: 09/29/00
MATURITY DATE: 10/1/00
MORTGAGE RATE: 8.38%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR:
MMCO, LLC is a special purpose entity. MMCO Holding LLC is the managing member
and BFG (Bentley Forbes Group) Holdings 2000 II is the 100% member of MMCO
Holding, LLC. BFG Holdings 2000 II is comprised of 60% GFW Trust, 15% C.
Frederick Wehba and 10% Chad Wehba, with the remaining percentages owned by
various Wehba family members.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 35 payments of its term;
subject to defeasance for the next 82 payments and open to prepayment without
penalty for the last 3 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE
RENT % OF TOTAL LEASE
PSF NRSF NRSF EXPIRATION
------ ------- ---------- ----------
<S> <C> <C> <C> <C>
Medical
Mutual
of Ohio $13.21 381,176 100% 9/30/20
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amount
escrowed monthly.
Replacement reserves: A $286,000 ($0.75 psf) surety bond is held for the life of
the loan in lieu of monthly collections.
Tenant improvements and leasing commissions: A $3,800,000 ($9.97 psf) surety
bond is held for the life of the loan in lieu of monthly collections.
PROPERTY INFORMATION
PROPERTY TYPE: Office
LOCATION: Cleveland, OH
YEAR BUILT/RENOVATED: 1900 / 1999
PROPERTY SIZE: 381,176 SF
CUT-OFF DATE BALANCE
PER SF: $92.78
GENERAL CHARACTERISTICS:
The property is a vintage, 10 story, 381,176 SF office building located in
downtown Cleveland, Ohio. The property was built in 1900 with a full interior
renovation ($21mm) completed in 1995 and an exterior renovation ($3.5mm) in
1999. Medical Mutual of Ohio has occupied the building since the 1950's and is
currently renting the entire building on a 20 year absolute net lease. It is the
oldest and largest health care insurer in Ohio with a 15% market share. Standard
& Poor's has rated Medical Mutual BB with a stable outlook.
PROPERTY MANAGER: Owner Managed
OCCUPANCY (AS OF DATE): 100% (9/30/00)
U/W NOI: $4,523,389
U/W NET CASH FLOW: $4,019,905
U/W NET CASH FLOW DSCR: 1.24x
APPRAISED VALUE ($ PSF): $47,800,000 ($125.40 psf)
APPRAISAL DATE: 8/1/00
CUT-OFF DATE LTV RATIO: 73.98%
MATURITY DATE/ARD LTV
RATIO: 66.81%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 20 of 30
<PAGE> 21
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
LBNA #34 - Jorie Plaza
LOAN INFORMATION
CUT-OFF DATE BALANCE: $22,800,000
% OF INITIAL MORTGAGE
POOL BALANCE: 2.49%
NOTE DATE: 11/22/00
MATURITY DATE: 12/1/10
MORTGAGE RATE: 8.33%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR:
The borrower, 800 Jorie Plaza LLC is a special purpose entity with an
independent director. It is 100% owned by Prime Group Realty Trust (PGRT). PGRT
is a NYSE listed REIT and is the largest owner of office and industrial
properties in metropolitan Chicago. Their portfolio consists of 27 office
properties totaling 8.8 million net rentable square feet, 31 industrial
properties totaling 3.8 million net rentable square feet and 206.3 acres of
developable land. PGRT has a stated net worth in excess of $545mm as of June 30,
2000.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 35 payments of its term;
subject to defeasance for the next 82 payments and open to prepayment without
penalty for the last 3 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE
RENT % OF TOTAL LEASE
PSF NRSF NRSF EXPIRATION
------ ------ ---------- ----------
<S> <C> <C> <C> <C>
Ameritech
Information $17.86 69,455 36% 8/31/07
System
Nextlink $15.85 55,061 29% 4/21/08
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amounts
escrowed monthly.
Replacement reserves: $38,333 ($0.20 psf) escrowed monthly for the
life of the loan.
Tenant improvements and leasing commissions: $256,631 ($1.34 psf)
escrowed monthly for the life of the loan.
PROPERTY INFORMATION
PROPERTY TYPE: Office
LOCATION: Oak Brook, IL
YEAR BUILT/RENOVATED: 1961 / 1999
PROPERTY SIZE: 191,666 SF
CUT-OFF DATE BALANCE
PER SF: $118.96
GENERAL CHARACTERISTICS:
The property consists of two adjacent, Class A- office buildings located on
Jorie Boulevard near in Oak Brook, IL , a first tier Chicago suburb. The
property is located near the core of the retail and business activity centered
around the Oak Brook Center regional mall. Additionally it has excellent access
to all of the major interstate highways connecting it to Chicago's CBD and the
airports. The two buildings consist of 191,666 SF of net rentable area. The
property has a strong mix of national and regional tenants and is anchored by
Ameritech and Nextlink
PROPERTY MANAGER: Prime Group Realty , L.P.,
borrower related.
OCCUPANCY (AS OF DATE): 100% (11/7/00)
U/W NOI: $2,787,822
U/W NET CASH FLOW: $2,492,858
U/W NET CASH FLOW DSCR: 1.20x
APPRAISED VALUE ($ PSF): $32,500,000 ($170 psf)
APPRAISAL DATE: 11/1/00
CUT-OFF DATE LTV RATIO: 70.15%
MATURITY DATE/ARD LTV
RATIO: 63.21%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 pm
Page 21 of 30
<PAGE> 22
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
GCFP #03-0812051 - Westland Meadows
LOAN INFORMATION
CUT-OFF DATE BALANCE: $22,714,214
% OF INITIAL MORTGAGE 2.48%
POOL BALANCE::
ORIGINATION DATE: 10/12/00
MATURITY DATE: 11/1/00
MORTGAGE RATE: 7.83%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR:
Westland Meadows, L.L.C, is a special purpose entity with an independent
director and a non-consolidation opinion. JMB Westland Meadows, Inc. is the 1%
managing member. The remaining 99% of the entity is owned by Westland Park
Associates (50%), S&R Properties (12.5%), Cobra Investments (12.5%), Mary Lou
Romano, Trustee (12.5%) and various other investors (none of whom owns more than
5% of the borrower). JMB Westland Meadows, Inc. is owned 100% by Joseph Boyle.
Joseph Boyle also owns 2.50% of Westland Meadows LLC and 33.33% of Westland Park
Associates.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 25 payments of its term;
subject to defeasance for the next 91 payments and open to prepayment without
penalty for the last 4 payments.
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amount
escrowed monthly.
Replacement reserves: $38,600 ($49.87 per pad) escrowed monthly for the life of
the loan.
PROPERTY INFORMATION
PROPERTY TYPE: Mobile Home Park
LOCATION: Westland, MI
YEAR BUILT/RENOVATED: 1985 / NAP
PROPERTY SIZE: 774 Pads
CUT-OFF DATE BALANCE
PER UNIT: $29,346.53
GENERAL CHARACTERISTICS:
The property is a 774-pad mobile home community on 117.72 acres (6.57 pads per
acre) located in Westland, Michigan, a suburb of Detroit. The park was developed
in 1985 and expanded in 1988 and 1989 by the borrower. Over the past five years,
the subject has maintained occupancy levels above 99%. Amenities at the property
include a community center, pool, playground, and cable television.
PROPERTY MANAGER: Midway Corporation
OCCUPANCY (AS OF DATE): 99% (8/23/99)
U/W NOI: $2,401,899
U/W NET CASH FLOW: $2,363,299
U/W NET CASH FLOW DSCR: 1.20x
APPRAISED VALUE ($ PAD): $29,000,000.00 ($37,468/pad)
APPRAISAL DATE: 8/29/00
CUT-OFF DATE LTV RATIO: 78.32%
MATURITY DATE/ARD LTV
RATIO: 69.78%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 pm
Page 22 of 30
<PAGE> 23
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
GCFP #03-0810413 - Stonegate One
LOAN INFORMATION
CUT-OFF DATE BALANCE: $20,985,981
% OF INITIAL MORTGAGE 2.29%
POOL BALANCE:
ORIGINATION DATE: 10/11/00
MATURITY DATE: 11/1/10
MORTGAGE RATE: 8.025%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR:
Wellington Place Associates LLC, special purpose entity, with a non-
consolidation opinion. Spaulding & Slye Real Estate Services Company, Inc.
(S&SRESCI), owns 0.95% of the Borrower. The remaining 63 members are individuals
and officers of the Borrower. The largest individual member has a 9.3417%
interest. The Borrower is managed by a special purpose manager, Wellington Place
Manager, Inc. (Manager), a Virginia Corporation, which is also an SPE, and holds
no economic interest in the Borrower. James B. Karman and William N. Whelan are
the President and CEO of the Manager, respectively. Each owns 50% of the stock.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 25 payments of its term;
subject to defeasance for the next 91 payments and open to prepayment without
penalty for the last 4 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF
RENT TOTAL LEASE
PSF NRSF NRSF EXPIRATION
------ ------- ----- ----------
<S> <C> <C> <C> <C>
Lockheed Martin
Corporation $23.00 142,477 100% 12/31/07
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amount
escrowed monthly.
Replacement reserves: $5,343 ($0.04 psf) deposited at closing and $21,372 ($0.15
psf) escrowed monthly for the life of the loan.
Tenant improvements and leasing commissions will be collected starting January
1, 2002. Annual contributions to the TI & LC escrow will be equal to the
contractual increase in base rent payments over the Year 1 base rent. The escrow
account balance is capped at $2,000,000 ($14.04 psf).
PROPERTY TYPE: Office [PROPERTY INFORMATION]
LOCATION: Chantilly, VA
YEAR BUILT/ RENOVATED: 2000/NAP
PROPERTY SIZE: 142,477 SF
CUT-OFF DATE BALANCE
PER SF: $147.29
GENERAL CHARACTERISTICS:
The property consists of a 6-story, Class A office building, completed in
September 2000, by the borrowing entity. The property is 100% occupied by
Lockheed Martin (LM) on a 7-year lease (expires 12/31/07).
LM was formed in March, 1995 with the merger of Lockheed Corporation and Martin
Marietta Corporation. LM is listed on the New York Stock Exchange (LMT), and is
ranked 41st on the 1999 Fortune 500 list of largest industrial corporations. As
of year-end 1999, it employed 149,000 employees in the United States and
overseas in 939 facilities located in 457 cities and 45 states throughout the US
and in 56 nations and territories internationally. Sales for 1999 were $25.5
billion, and 1999 net earnings were $382 million. The company is headquartered
in Bethesda, MD. LM is one of the world's largest diversified technology
companies. Its business areas include aeronautics, space, systems integration,
and technology services. It has government and commercial customers worldwide.
In 1999, 53% of its sales were to the U.S. Department of Defense; 19% to NASA &
other government agencies; 6% to domestic commercial customers; and 22%
international.
PROPERTY MANAGER: Spaulding & Slye Services, L.P.
OCCUPANCY (AS OF DATE): 100% (9/15/00)
U/W NOI: $2,486,233
U/W NET CASH FLOW: $2,286,128
U/W NET CASH FLOW DSCR: 1.23x
APPRAISED VALUE ($ PSF): $28,400,000 ($199 psf)
APPRAISAL DATE: 1/1/01
CUT-OFF DATE LTV RATIO: 73.89%
MATURITY DATE/ARD LTV
RATIO: 66.14%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 23 of 30
<PAGE> 24
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
SBRC #6603559 - 149 New Montgomery
LOAN INFORMATION
CUT-OFF DATE BALANCE: $18,809,602
% OF INITIAL MORTGAGE
POOL BALANCE: 2.06%
NOTE DATE: 1/14/00
MATURITY DATE: 2/1/10
MORTGAGE RATE: 8.88%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR:
149 New Montgomery LLC, is a special purpose, entity with an independent
director and non-consolidation opinion. The key principals are Harold A. Parker
(40%), Jonathan Parker (25%) and Thomas Monahan (30%). The three key principals
have a total net worth in excess of $75MM.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 34 payments of its term;
subject to defeasance for the next 84 payments and open to prepayment without
penalty for the last 2 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF
RENT TOTAL LEASE
PSF NRSF NRSF EXPIRATION
------ ------ ----- ----------
<S> <C> <C> <C> <C>
E-Greetings Network $34.83 76,687 96% 8/31/09
Utrecht Manufacturing
Corporation $40.00 3,063 4% 10/31/04
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amounts
escrowed monthly.
Replacement reserves: $15,950/year ($0.20 psf) escrowed monthly for the life of
the loan.
TI and LC reserves: $9,969 ($0.13 psf) deposited at closing and $119,624/year
($1.50 psf) escrowed monthly for the life of the loan.
E-Greetings is required to post a letter of credit in the amount of 2,000,000 to
be held and administered by lender if E-Greetings net worth falls below
25,000,000.
Twelve months prior to E-Greetings lease expiration if tenant has not exercised
its option to renew, a full cash sweep will be implemented.
PROPERTY INFORMATION
PROPERTY TYPE: Office
LOCATION: San Francisco, CA
YEAR BUILT/RENOVATED: 1907 / 1999
PROPERTY SIZE: 79,750 SF
CUT-OFF DATE BALANCE
PER SF: $235.86
GENERAL CHARACTERISTICS:
The property is a 79,750 SF, Class A office building in San Francisco,
California. The 100% occupied property was built in 1907, and underwent a
complete gut renovation in 1999. E-Greetings occupies 96% of the building. As
of September 30, 2000, E-Greetings had a reported book equity of $87MM .
E-greetings Network, Inc. is Nasdaq-listed company under the symbol EGRT.
Significant investors include American Greetings, NBC-GE, Vulcan Ventures -
Microsoft co-founder Paul Allen, Altos Partners, new Enterprise Associates,
Entities Affiliated with Weiss, Peck & Greer Venture Partners.
According to the CB Richard Ellis Third Quarter 2000, San Francisco Market
Report, rents are ranging from $66 to $77 with a 2% vacancy rate. Rents at the
subject property are significantly below market.
PROPERTY MANAGER: 149 New Montgomery
Managers owned and operated
by the borrower.
OCCUPANCY (AS OF DATE): 100% (6/30/00)
U/W NOI: $2,361,860
U/W NET CASH FLOW: $2,226,287
U/W NET CASH FLOW DSCR: 1.23x
APPRAISED VALUE ($ PSF): $26,640,000 ($334 psf)
APPRAISAL DATE: 4/16/00
CUT-OFF DATE LTV RATIO: 70.61%
MATURITY DATE/ARD LTV
RATIO: 64.72%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 24 of 30
<PAGE> 25
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
LBNA - Friedman Portfolio (Crossed Loan Group)
#8 - 101 W. Grand Ave. #14 - 57 W. Grand Ave.
#28 - 40 W. Hubbard St.
LOAN INFORMATION
CUT-OFF DATE BALANCE: $18,500,000(1)
% OF INITIAL MORTGAGE
POOL BALANCE: 2.02%
NOTE DATE: 11/15/00
MATURITY DATE: 12/1/10
MORTGAGE RATE: 7.55% (7.59%, 7.55%, 7.38%, respectively)
AMORTIZATION TERM: 360
BORROWER/ SPONSOR:
101 W. Grand LLC, 57 W. Grand LLC and 40 W. Hubbard LLC are the borrowers for
the loans on the respective properties. Each is a special purpose entity and all
are managed by Friedman Properties Ltd., a related entity.
The borrowers are controlled by Albert Friedman, who has been involved in the
construction, renovation and property management in the Chicago area for over 20
years. Mr. Friedman is an attorney and a licensed real estate broker and has
successfully rehabilitated more than 1.0 million square feet of commercial and
residential property.
CALL PROTECTION AT ORIGINATION:
Each of the loans is locked-out to prepayment for the first 35 payments of its
term; subject to defeasance for the next 82 payments and open to prepayment
without penalty for the last 3 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF
RENT TOTAL LEASE
PSF NRSF NRSF EXPIRATION
------ ------ ----- ----------
<S> <C> <C> <C> <C>
Brinker International $29.14 24,886 34% 03/31/11
Williams Labadie, LLC $19.29 19,685 24% 09/30/05
Prime Steak Chicago, Inc. $24.12 7,500 59% 8/31/02
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amounts
escrowed monthly for each property.
Replacement reserves: 101 W. Grand: $10,932 year ($0.15 psf); 57 W. Grand:
$12,528 ($0.15 psf); 40 W. Hubbard: $2,052 ($0.16 psf); escrowed monthly for the
lives of each loan.
Tenant improvements and leasing commissions: 101 W. Grand: $80,064 year ($1.10
psf); 57 W. Grand: $91,812 ($1.10 psf); 40 W. Hubbard: $14,100 ($1.10 psf)
escrowed monthly.
1. Cross-collateralized mortgage loan group aggregate cut-off date balance.
Individual loan balances are $10,000,000, $6,000,000 and $2,500,000,
respectively.
PROPERTY INFORMATION
PROPERTY TYPE: Office/Retail
LOCATION: Chicago, IL
YEAR BUILT/RENOVATED: 1872/1998, 1912/1991,
1950/1991 respectively
PROPERTY SIZE: 72,865, 83,469, 12,672 SF
respectively
CUT-OFF DATE BALANCE $137.24, $71.88 and $197.29,
PER SF: respectively
GENERAL CHARACTERISTICS:
101 W. Grand Ave. is a 72,865 SF loft office building located in Chicago's River
North area, which is eight blocks west of Chicago's "Magnificent Mile", a major
retail area in metropolitan Chicago. The building is 100% occupied, and the
tenant mix includes 11 office users and a ground floor restaurant that has
reported sales of $564/sf.
57 W. Grand is a 83,469 SF loft office building located in Chicago's River North
area. The building is 100% occupied by a mixture of office (85%) and retail
(15%) users.
40 W. Hubbard is a 12,672 SF office building also located in Chicago's River
North area. The property is 100% occupied with a tenant mix of retail (75%) and
office (25%) users.
PROPERTY MANAGER: Friedman Properties Ltd.,
borrower related.
OCCUPANCY (AS OF DATE): 100% (9/30/00)
U/W NOI: $2,697,959
U/W NET CASH FLOW: $2,471,798
U/W NET CASH FLOW DSCR: 1.58x
APPRAISED VALUE ($ PSF): $29,185,000 ($173 psf)
APPRAISAL DATE: 10/12/00
CUT-OFF DATE LTV RATIO: 63.39%
MATURITY DATE/ARD LTV
RATIO: 56.05%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 25 of 30
<PAGE> 26
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
LBNA #3 - South Loop Marketplace
LOAN INFORMATION
CUT-OFF DATE BALANCE: $18,235,848
% OF INITIAL MORTGAGE
POOL BALANCE: 1.99%
NOTE DATE: 10/19/00
MATURITY DATE (ARD): 11/1/10
MORTGAGE RATE: 7.28%
AMORTIZATION TERM: 360
BORROWER/ SPONSOR:
South Loop Marketplace is owned under a tenants in common structure composed of
TJN-SOO T LLC, WPC-SOO T LLC, and SOO T LLC. Each tenant is a special purpose
entity with an independent director and a non-consolidation opinion. Hiffman
Shaffer Associates (HSA) has an ownership interest in SOO T LLC. HSA developed
and is currently managing South Loop Marketplace. HSA has developed over 15mm sf
of industrial, office and retail projects. Principals include John Shaffer, E.
Thomas Collins, Richard Hulina and William Colson.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 35 payments of its term;
subject to defeasance for the next 82 payments and open to prepayment without
penalty for the last 3 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE
RENT % OF TOTAL LEASE
PSF NRSF NRSF EXPIRATION
------ ------ ---------- ----------
<S> <C> <C> <C> <C>
Dominick's $18.53 71,373 70% 10/31/17
Kinko's $18.80 5,644 6% 2/28/08
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amounts
escrowed monthly.
Replacement reserves: $15,360/year ($0.15 psf) escrowed monthly for the life of
the loan.
Tenant improvements and leasing commissions: $30,960/year ($0.30 psf) escrowed
monthly.
PROPERTY INFORMATION
PROPERTY TYPE: Anchored Retail
LOCATION: Chicago, IL
YEAR BUILT/RENOVATED: 1998 / NAP
PROPERTY SIZE: 102,265 SF
CUT-OFF DATE BALANCE
PER SF: $178.32
GENERAL CHARACTERISTICS:
The property is a 102,265 SF shopping center located in the south loop area of
Chicago. This area has experienced extensive residential development and is
currently under-served by retail projects. Developed in 1998, the South Loop
Marketplace is anchored by a 71,373 SF Dominick's grocery. Other tenants include
Kinko's, Wolf Camera, Subway, Bedding Experts and GNC.
PROPERTY MANAGER: Hiffman Shaffer
Associates, borrower
related.
OCCUPANCY (AS OF DATE): 100% (8/30/00)
U/W NOI: $1,902,700
U/W NET CASH FLOW: $1,852,372
U/W NET CASH FLOW DSCR: 1.24x
APPRAISED VALUE ($ PSF): $22,850,000 ($223 psf)
APPRAISAL DATE: 9/15/00
CUT-OFF DATE LTV RATIO: 79.81%
MATURITY DATE/ARD LTV
RATIO: 70.14%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 26 of 30
<PAGE> 27
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
GCFP #03-0810092 - Granite State Marketplace
LOAN INFORMATION
CUT-OFF DATE BALANCE: $18,205,497
% OF INITIAL MORTGAGE
POOL BALANCE: 1.99%
ORIGINATION DATE: 8/19/98
MATURITY DATE: 9/1/08
MORTGAGE INTEREST
RATE: 7.735%
AMORTIZATION TERM: 360
BORROWER/SPONSOR:
Granite Equity Partners, LLC is a special purpose entity with an independent
director and a non-consolidation opinion. Its managing member is Granite
Managing Member, Inc., a single purpose entity which owns .01%. The other
members owning more than a 20% interest in the Borrower are as follows:
Constantine Alexakos 23.57%, Kambiz and Nazgol (Kambiz's wife) Shahbazi under
Sartir Trust I owning 23.57% and John Coumantaros owning 24.54%. Mssrs. Alexakos
and Shahbazi are the key principals of the Borrower. There are six other members
with minority ownership interest.
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 51 payments of its term;
subject to defeasance for the next 65 payments and open to prepayment without
penalty for the last 4 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF
RENT TOTAL LEASE
PSF NRSF NRSF EXPIRATION
----- ------ ----- ----------
<S> <C> <C> <C> <C>
Wal-Mart Stores, Inc. $5.34 82,550 33% 12/8/10
Shaw's Supermarkets, Inc. $9.00 48,394 19% 11/8/13
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amounts
escrowed monthly.
Replacement reserves: $42,504 ($0.17 psf) escrowed monthly for the life of the
loan.
TI and LC reserves: $25,000 ($0.10 psf) deposited at closing and $80,208 ($0.32
psf) escrowed monthly for the life of the loan.
PROPERTY INFORMATION
PROPERTY TYPE: Anchored Retail
LOCATION: Hooksett, NH
YEAR BUILT/RENOVATED: 1988 / NAP
PROPERTY SIZE: 249,621 SF
CUT-OFF DATE BALANCE
PER UNIT: $72.93
GENERAL CHARACTERISTICS:
The 249,621 SF property was constructed in 1988 and is located 25 miles north of
the New Hampshire/Massachusetts border along I-93. The property is anchored by
Wal-Mart, Shaw's Supermarket, and Osco Drugs. National tenants include Burger
King, Shell Gas, Fashion Bug, GNC, Kay Bee Toys, Payless Shoes, and the U.S.
Post Office.
The largest tenant, Wal-Mart, has been at the subject property since 1990 and
reported 1999 sales of $239/SF, an increase of 6.4% over 1998. The international
discount chain has a total of 1,742 Wal-Mart stores, 835 Superstores, 469 Sam's
Clubs, and 1,041 international Wal-Mart stores. Wal-Mart, as of January,
2000, had 1.14 million employees. As of 10/16/00, Moody's rated Wal-Mart's
senior unsecured debt Aa2 and Standard & Poors rated their long-term foreign
issuer credit AA.
PROPERTY MANAGER: Everest Partners, LLC
OCCUPANCY (AS OF DATE): 98% (10/1/00)
U/W NOI: $2,066,805
U/W NET CASH FLOW: $1,963,623
U/W NET CASH FLOW DSCR: 1.23
APPRAISED VALUE ($ psf): $24,000,000 ($96 psf)
APPRAISAL DATE: 9/1/00
CUT-OFF DATE LTV RATIO: 75.86%
MATURITY DATE/ARD LTV
RATIO: 68.65%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15PM
Page 27 of 30
<PAGE> 28
PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
GCFP #11483 - Pacific Plaza
LOAN INFORMATION
CUT-OFF DATE BALANCE: $16,426,642
% OF INITIAL MORTGAGE
POOL BALANCE: 1.80%
ORIGINATION DATE: 7/21/00
MATURITY DATE: 8/1/00
MORTGAGE INTEREST
RATE: 8.40%
AMORTIZATION TERM: 360
BORROWER/SPONSOR:
Sutter Place, LLC is a special purpose entity with an independent director. The
1% managing member is 1375 Sutter Management, Inc., a California Corporation
formed in connection with the origination of the loan. Alexis Wong is the sole
owner of 1375 Sutter Management and also holds a 14% interest in the Borrower.
The remaining members of the LLC are: John Wai (50%), Hok Ching Chan and Frank
Chan (10% each), Aurora Chong (15%), Burton Jang (5%) and Ja Yu Fend (5%).
CALL PROTECTION AT ORIGINATION:
The loan is locked-out to prepayment for the first 28 payments of its term;
subject to defeasance for the next 88 payments and open to prepayment without
penalty for the last 4 payments.
MAJOR TENANTS
<TABLE>
<CAPTION>
BASE % OF
RENT TOTAL LEASE
PSF NRSF NRSF EXPIRATION
------ ----- ---- ----------
<S> <C> <C> <C> <C>
ShopExpert.Com $34.14 8,213 10% 8/31/02
American Technology
Funding, Inc. $47.00 5,027 6% 5/31/05
</TABLE>
RESERVES
Real estate taxes and insurance: One-twelfth of the estimated annual amounts
escrowed monthly.
Replacement reserves: $1,632 ($0.02psf) deposited at closing and $19,584 ($0.24
psf) escrowed monthly for the life of the loan.
TI and LC reserves: $8,040 ($0.10 psf) deposited at closing and $96,480 ($1.18
psf) escrowed monthly for the life of the loan.
PROPERTY INFORMATION
PROPERTY TYPE: Office
LOCATION: San Francisco, CA
YEAR BUILT/RENOVATED: 1974 / 2000
PROPERTY SIZE: 81,551 SF
CUT-OFF DATE BALANCE
PER UNIT: $201.43
GENERAL CHARACTERISTICS:
The property is a 4-story, Class B office building and a 3-level parking garage
located 1 mile west of the San Francisco CBD. Current occupancy is 94.79%, and
is comprised of 31 tenants with an average of 2,631 sq. ft. per tenant.
Industries represented by the tenants are diversified and, in terms of occupied
square footage, are distributed as follows: Professional/Business Services
(Legal, CPA) - 23%; Medical offices - 9.0%; Finance/real estate - 17%; Other
services (publishers, graphic artists, et al) - 13%; Non-Profit - 7%; Retail -
2%; Tech/Internet - 30%. No single tenant occupies more than 15% of the NRA.
ShopExpert.Com, the largest tenant, provides a turnkey marketing plan that helps
brick and mortar retailers drive online shoppers in to physical retail locations
from the retailer's website. ShopExpert.com was started in 1998 and is backed,
in part, by Lycos.
PROPERTY MANAGER: AGI Capital Group, Inc.
OCCUPANCY (AS OF DATE): 95% (7/13/00)
U/W NOI: $1,990,668
U/W NET CASH FLOW: $1,874,604
U/W NET CASH FLOW DSCR: 1.25
APPRAISED VALUE ($ psf): $23,800,000 ($292 psf)
APPRAISAL DATE: 5/22/00
CUT-OFF DATE LTV RATIO: 69.02%
MATURITY DATE/ARD LTV
RATIO: 62.42%
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15PM
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PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
This page intentionally left blank.
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 PM
Page 29 of 30
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PRELIMINARY - SUBJECT TO CHANGE
STRUCTURAL AND COLLATERAL TERM SHEET
This page intentionally left blank.
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 is furnished to prospective investors on a confidential basis solely
for the purposes of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other
purpose.
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. No underwriter makes any 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. Each underwriter and its 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). 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 one of the underwriters listed above, and
not by the issuer of the securities. None of the underwriters listed above is
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.
December 1, 2000 3:15 pm
Page 30 of 30
