<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
and Exchange Act of 1934
Date of Report: August 15, 1996
(Date of earliest event reported)
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
(Exact name of registrant as specified in governing instruments)
New York
(State or other Jurisdiction of Incorporation)
399 Park Avenue
3rd Floor
New York, New York 10043
(Address of Principal Executive Offices) (Zip Code)
(212) 793-5602
(Registrant's telephone number, including area code)
Commission File Number 33-25068 and 33-63924
04-3325342(I.R.S. Employer Identification NO.)
Not Applicable
(Former name, former address and former fiscal year if changed since
last report)
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgages-Pass-Through Certificates, Series 1996-MC1
FORM 8-K
INDEX
<TABLE>
<CAPTION>
ITEM DESCRIPTION PAGE NUMBER
<S> <C> <C>
Item 5. Other Event 3
Item 7. Financial Statements and
Exibits 3
Signatures 3
Exibit A Trustee's Report to
Bondholders 4
</TABLE>
<PAGE>
Mortgage Caapital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
FORM 8-K
ITEMS AND SIGNATURES
ITEMS
Item 5. Other Events
See Exhibit A, the Trustee's Report to Bondholders as of August 15, 1996
attached hereto.
Item 7. Financial Statements and Exibits
See Exhibit A, the Trustee's Report to Bondholders as of August 15, 1996
attached hereto.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrar has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
(Registrant)
Date: August 15, 1996
By:
Name William G. Swan
Title: Assistant Vice President
State Street Bank and Trust Company
as Trustee
<PAGE>
STATE STREET BANK and TRUST COMPANY
Corporate Trust Department
Securities Administration
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
FORM 8-K
REPORT TO CERTIFICATEHOLDERS
EXIBIT A
CONTENTS
<TABLE>
<CAPTION>
CONTENT PAGE NUMBER
<S> <C>
QUICK REFERENCE I
FOR EASY ISSUE AND FACTOR
INFORMATION
PAYMENT SUMMARY 1
PAYMENT DETAIL 2&3
FACTOR SHEET 4&5
FOR DETAILED INFORMATION
BALANCE INFORMATION 6
FOR SECURITY AND COLLATERAL
BALANCE INFORMATION
DELINQUENCY AND OTHER 7
INFORMATION
</TABLE>
<PAGE>
Mortgage Capital Funding, Inc., Multifamily \ Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
"Payment Date: AUGUST 15, 1996"
<TABLE>
<CAPTION>
QUICK REFERENCE
BEGINNING PASS
CERTIFICATE THROUGH INTEREST PRINCIPAL
CLASS CUSIP FACTOR RATE TYPE DISTRIBUTION1
<S> <C> <C> <C> <C> <C>
X-1* 61910DBE1 1.00000 0.79600% Variable 0.00000
X-2* 61910DBF8 1.00000 0.98000% Variable 0.00000
A-1 61910DBG6 1.00000 6.12000% Variable 0.84757
A-2A 61910DBH4 1.00000 7.35000% Fixed 2.98421
A-2B 61910DBJ0 1.00000 7.90000% Fixed 0.00000
B 61910DBK7 1.00000 7.90000% Fixed 0.00000
C 61910DBL5 1.00000 7.80000% Fixed 0.00000
D 61910DBM3 1.00000 7.80000% Fixed 0.00000
E 61910DBN1 1.00000 7.70000% Fixed 0.00000
F 61910DBP6 1.00000 7.70000% Fixed 0.00000
G 61910DBQ4 1.00000 7.15000% Fixed 0.00000
H 61910DBR2 1.00000 5.70000% Fixed 0.00000
J 61910DBS0 1.00000 5.70000% Fixed 0.00000
K 61910DBT8 1.00000 5.70000% Fixed 0.00000
R-II N/A 0.00000 0.00000% N/A 0.00000
</TABLE>
1represents net payment per certificate
*based on a Notional Balance
NOTE: There are no Principal Adjustments or Losses to report this period.
There is no Negative Amortization to report this period.
Account Administrator: William T. Oberlies, Ph. (617)664-5420
Account Officer: William G. Swan, Ph. (617) 664-5469
Street Connection: for Factor & Rate by CUSIP, Ph. (617) 664-5500
<PAGE>
Mortgage Capital Funding, Inc., Multifamily \ Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
"Payment Date: AUGUST 15, 1996"
<TABLE>
<CAPTION>
QUICK REFERENCE continue
ENDING
INTEREST CERTIFICATE
CLASS DISTRIBUTION1 FACTOR
<S> <C> <C>
X-1* 0.66333 0.99915
X-2* 0.80000 0.99902
A-1 5.95000 0.99915
A-2A 6.12500 0.99702
A-2B 6.58333 1.00000
B 6.58333 1.00000
C 6.50000 1.00000
D 6.50000 1.00000
E 6.41667 1.00000
F 6.41667 1.00000
G 5.95833 1.00000
H 4.75000 1.00000
J 4.75000 1.00000
K 4.75000 1.00000
R-II 0.00000 0.00000
</TABLE>
1represents net payment per certificate
*based on a Notional Balance
NOTE: There are no Principal Adjustments or Losses to report this period.
There is no Negative Amortization to report this period.
Account Administrator: William T. Oberlies, Ph. (617)664-5420
Account Officer: William G. Swan, Ph. (617) 664-5469
Street Connection: for Factor & Rate by CUSIP, Ph. (617) 664-5500
<PAGE>
Morgan Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
"Payment Date: AUGUST 15, 1996"
<TABLE>
<CAPTION>
PAYMENT SUMMARY
PRINCIPAL
DISTRIBUTION PRINCIPAL ACCRUED INTEREST TOTAL
CLASS AMOUNT ADJUSTMENTS INTEREST ADJUSTMENTS2 PAYABLE
<S> <C> <C> <C> <C> <C>
X-1* 0.00 0.00 "$19,878.08" 0.00 "$19,878.08"
X-2* 0.00 0.00 "$385,500.36" 0.00 "$385,500.36"
A-1 "$25,399.00" 0.00 "$178,303.36" 0.00 "$203,702.36"
A-2A "$447,631.04" 0.00 "$918,750.00" 0.00 "$1,366,381.04"
A-2B 0.00 0.00 "$958,691.33" 0.00 "$958,691.33"
B 0.00 0.00 "$95,260.83" 0.00 "$95,260.83"
C 0.00 0.00 "$203,794.50" 0.00 "$203,794.50"
D 0.00 0.00 "$125,411.00" 0.00 "$125,411.00"
E 0.00 0.00 "$108,326.17" 0.00 "$108,326.17"
F 0.00 0.00 "$46,424.58" 0.00 "$46,424.58"
G 0.00 0.00 "$193,997.38" 0.00 "$193,997.38"
H 0.00 0.00 "$85,918.00" 0.00 "$85,918.00"
J 0.00 0.00 "$17,180.75" 0.00 "$17,180.75"
K 0.00 0.00 "$63,027.09" 0.00 "$63,027.09"
R-II 0.00 0.00 0.00 0.00 0.00
TOTAL "$473,030.04" $0.00 "$3,400,463.43" 0.00 "$3,873,493.47"
</TABLE>
2for complete information see Payment Detail
*based on a Notional Balance
DISCLAIMER NOTICE: This report has been prepared by or based on information
furnished to State Street Bank and Trust Company ("State Street")by one or more
third parties (e.g., Servicer, Master Servicer, etc.). State Steeet shall not
have and does not undertake responsibility for the accuracy or completeness of
information provided by such third parties, and makes no representation or
warranty with respect to the accuracy or completeness thereof or the sufficiency
thereof for any particular purpose. State Street has not independently
verified information received from third parties, and shall have no liability
for any inaccuracies therein or caused thereby.
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commerical
Mortgage-Pass-Through Certificates Series 1996-MC1
Payment Date: AUGUST 15, 1996
<TABLE>
<CAPTION>
PRINCIPAL DISTRIBUTION DETAIL
PRINCIPAL
DISTRIBUTION PRINCIPAL NET
CLASS AMOUNT SHORTFALL DISTRIBUTION
<S> <C> <C> <C>
X-1* 0.00 0.00 0.00
X-2* 0.00 0.00 0.00
A-1 "$25,399.00" 0.00 "$25,399.00"
A-2A "$447,631.04" 0.00 "$447,631.04"
A-2B 0.00 0.00 0.00
B 0.00 0.00 0.00
C 0.00 0.00 0.00
D 0.00 0.00 0.00
E 0.00 0.00 0.00
F 0.00 0.00 0.00
G 0.00 0.00 0.00
H 0.00 0.00 0.00
J 0.00 0.00 0.00
K 0.00 0.00 0.00
R-II 0.00 0.00 0.00
TOTAL "$473,030.04" $0.00 "$473,030.04"
</TABLE>
*based on a Notional Balance
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
"Payment Date: AUGUST 15, 1996"
<TABLE>
<CAPTION>
INTEREST DISTRIBUTION DETAIL
CURRENT PRIOR ACCRUED
UNPAID UNPAID
ACCRUED DISTRIBUTABLE DISTRIBUTABLE
CERTIFICATE CERTIFICATE CERTIFICATE PREPAYMENT
CLASS INTEREST INTEREST INTEREST PREMIUMS
<S> <C> <C> <C> <C>
X-1* "$19,878.08" 0.00 0.00 0.00
X-2* "$385,500.36" 0.00 0.00 0.00
A-1 "$178,303.36" 0.00 0.00 0.00
A-2A "$918,750.00" 0.00 0.00 0.00
A-2B "$958,691.33" 0.00 0.00 0.00
B "$95,260.83" 0.00 0.00 0.00
C "$203,794.50" 0.00 0.00 0.00
D "$125,411.00" 0.00 0.00 0.00
E "$108,326.17" 0.00 0.00 0.00
F "$48,424.58" 0.00 0.00 0.00
G "$193,997.38" 0.00 0.00 0.00
H "$85,918.00" 0.00 0.00 0.00
J "$17,180.75" 0.00 0.00 0.00
K "$83,027.09" 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
TOTAL "$3,400,463.43" $0.00 $0.00 $0.00
</TABLE>
*based on a Notional Balance
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
"Payment Date: AUGUST 15, 1996"
<TABLE>
<CAPTION>
INTEREST DISTRIBUTION DETAIL continued
NET
PREPAYMENT PREPAYMENT DISTRIBUTABLE
INTEREST INTEREST CERTIFICATE
CLASS EXCESSES SHORTFALLS INTEREST
<S> <C> <C> <C>
X-1* 0.00 0.00 "$19,878.08"
X-2* 0.00 0.00 "$385,500.36"
A-1 0.00 0.00 "$178,303.36"
A-2A 0.00 0.00 "$918,750.00"
A-2B 0.00 0.00 "$958,691.33"
B 0.00 0.00 "$95,260.83"
C 0.00 0.00 "$203,794.50"
D 0.00 0.00 "$125,411.00"
E 0.00 0.00 "$108,326.17"
F 0.00 0.00 "$48,424.58"
G 0.00 0.00 "$193,997.38"
H 0.00 0.00 "$85,918.00"
J 0.00 0.00 "$17,180.75"
K 0.00 0.00 "$83,027.09"
R-II 0.00 0.00 0.00
TOTAL $0.00 $0.00 "$3,400,463.43"
</TABLE>
*based on a Notional Balance
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
"Payment Date: AUGUST 15, 1996"
<TABLE>
<CAPTION>
PRINCIPAL DISTRIBUTION PER CERTIFICATE
PRINCIPAL
DISTRIBUTION PRINCIPAL NET
CLASS AMOUNT SHORTFALL DISTRIBUTION
<S> <C> <C> <C>
X-1* 0.00000 0.00000 0.00000
X-2* 0.00000 0.00000 0.00000
A-1 0.84757 0.00000 0.84757
A-2A 2.98421 0.00000 2.98421
A-2B 0.00000 0.00000 0.00000
B 0.00000 0.00000 0.00000
C 0.00000 0.00000 0.00000
D 0.00000 0.00000 0.00000
E 0.00000 0.00000 0.00000
F 0.00000 0.00000 0.00000
G 0.00000 0.00000 0.00000
H 0.00000 0.00000 0.00000
J 0.00000 0.00000 0.00000
K 0.00000 0.00000 0.00000
R-II 0.00000 0.00000 0.00000
</TABLE>
*based on a Notional Balance
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
"Payment Date: AUGUST 15, 1996"
<TABLE>
<CAPTION>
INTEREST DISTRIBUTION PER CERTIFICATE
CURRENT PRIOR ACCRUED
UNPAID UNPAID
ACCRUED DISTRIBUTABLE DISTRIBUTABLE
CERTIFICATE CERTIFICATE CERTIFICATE PREPAYMENT
CLASS INTEREST INTEREST INTEREST PREMIUMS
<S> <C> <C> <C> <C>
X-1* 0.66333 0.00000 0.00000 0.00000
X-2* 0.80000 0.00000 0.00000 0.00000
A-1 5.95000 0.00000 0.00000 0.00000
A-2A 6.12500 0.00000 0.00000 0.00000
A-2B 6.58333 0.00000 0.00000 0.00000
B 6.58333 0.00000 0.00000 0.00000
C 6.50000 0.00000 0.00000 0.00000
D 6.50000 0.00000 0.00000 0.00000
E 6.41667 0.00000 0.00000 0.00000
F 6.41667 0.00000 0.00000 0.00000
G 5.95833 0.00000 0.00000 0.00000
H 4.75000 0.00000 0.00000 0.00000
J 4.75000 0.00000 0.00000 0.00000
K 4.75000 0.00000 0.00000 0.00000
R-II 0.00000 0.00000 0.00000 0.00000
</TABLE>
*based on a Notional Balance
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
"Payment Date: AUGUST 15, 1996"
<TABLE>
<CAPTION>
INTEREST DISTRIBUTION PER CERTIFICATE continued
NET
PREPAYMENT PREPAYMENT DISTRIBUTABLE
INTEREST INTEREST CERTIFICATE
CLASS EXCESSES SHORTFALLS INTEREST
<S> <C> <C> <C>
X-1* 0.00000 0.00000 0.66333
X-2* 0.00000 0.00000 0.80000
A-1 0.00000 0.00000 5.95000
A-2A 0.00000 0.00000 6.12500
A-2B 0.00000 0.00000 6.58333
B 0.00000 0.00000 6.58333
C 0.00000 0.00000 6.50000
D 0.00000 0.00000 6.50000
E 0.00000 0.00000 6.41667
F 0.00000 0.00000 6.41667
G 0.00000 0.00000 5.95833
H 0.00000 0.00000 4.75000
J 0.00000 0.00000 4.75000
K 0.00000 0.00000 4.75000
R-II 0.00000 0.00000 0.00000
</TABLE>
*based on a Notional Balance
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commericial
Mortgage-Pass-Through Certificates, Series 1996-MC1
Payment Date: AUGUST 15,1996
<TABLE>
<CAPTION>
CLASS BALANCES
ADDITIONAL
BEGINNING REALIZED TRUST FUND ENDING
CLASS BALANCE PRINCIPAL LOSSES EXPENSES BALANCE
<S> <C> <C> <C> <C> <C>
X-1* "$29,966,951.00" 0.00 0.00 0.00 "$29,941,387.57"
X-2* "$481,875,454.00" 0.00 0.00 0.00 "$481,404,552.00"
A-1 "$29,966,951.00" "$25,399.00" 0.00 0.00 "$29,941,552.00"
A-2A "$150,000,000.00" "$447,631.04" 0.00 0.00 "$149,552,368.96"
A-2B "$145,624,000.00"
B "$14,470,000.00" 0.00 0.00 0.00 "$14,470,000.00"
C "$31,353,000.00" 0.00 0.00 0.00 "$31,353,000.00"
D "$19,294,000.00" 0.00 0.00 0.00 "$19,294,000.00"
E "$16,882,000.00" 0.00 0.00 0.00 "$16,882,000.00"
F "$7,235,000.00" 0.00 0.00 0.00 "$7,235,000.00"
G "$32,559,000.00" 0.00 0.00 0.00 "$32,559,000.00"
H "$18,088,000.00" 0.00 0.00 0.00 "$18,088,000.00"
J "$3,617,000.00" 0.00 0.00 0.00 "$3,617,000.00"
K "$13,268,861.00" 0.00 0.00 0.00 "$13,268,861.00"
R-II 0.00 0.00 0.00 0.00 0.00
TOTAL "$482,357,812.00" "$473,030.04" 0.00 0.00 "$481,884,781.96"
</TABLE>
*based on a Notional Balance
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
Payment Date: AUGUST 15, 1996
<TABLE>
<CAPTION>
DELINQUENCY AND SPECIALLY SERVICED STATISTICS
ONE TWO THREE+ SPECIALLY
MONTH MONTHS MONTHS SERVICED FORECLOSURES
<S> <C> <C> <C> <C> <C>
Number in Loan Group 1 0 0 0 0 0
Unpaid Principal Balance 0.00 0.00 0.00 0.00 0.00
Number in Loan Group 2 0 0 0 0 0
Unpaid Principal Balance 0.00 0.00 0.00 0.00 0.00
Number in Mortgage Pool 0 0 0 0 0
Unpaid Principal Balance 0.00 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
PROPERITIES WHICH BECAME REO PROPERTIES DURING THE RELATED COLLECTION PERIOD
ONE TWO THREE+ SPECIALLY
MONTH MONTHS MONTHS SERVICED FORECLOSURES
<S> <C> <C> <C> <C> <C>
Stated Principal Balance 0.00 0.00 0.00 0.00 0.00
Unpaid Principal Balance 0.00 0.00 0.00 0.00 0.00
</TABLE>
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
Payment Date: AUGUST 15, 1996
<TABLE>
<CAPTION>
MORTGAGE LOANS REPURCHASED, LIQUIDATED OR DISPOSED OF DURING THE RELATED
COLLATERAL PERIOD
ONE TWO THREE+ SPECIALLY
MONTH MONTHS MONTHS SERVICED FORECLOSURES
<S> <C> <C> <C> <C> <C>
Loan Number 0 0 0 0 0
Liquidation Proceeds 0.00 0.00 0.00 0.00 0.00
Portion in Available Distribution Amount 0.00 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
REO PROPERTIES INCLUDED IN THE TRUST FUND AS OF THE LAST DAY OF THE
COLLECTION PERIOD
ONE TWO THREE+ SPECIALLY
MONTH MONTHS MONTHS SERVICED FORECLOSURES
<S> <C> <C> <C> <C> <C>
Loan Number 0 0 0 0 0
Book Value 0.00 0.00 0.00 0.00 0.00
Income Collected 0.00 0.00 0.00 0.00 0.00
Portion in Available Distribution Amount 0.00 0.00 0.00 0.00 0.00
</TABLE>
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commmercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
Payment Date: AUGUST 15, 1996
<TABLE>
<CAPTION>
REO PROPERTIES SOLD OR DISPOSED OF DURING THE RELATED COLLECTION PERIOD
ONE TWO THREE+ SPECIALLY
MONTH MONTHS MONTHS SERVICED FORCLOSURES
<S> <C> <C> <C> <C> <C>
Loan Number 0 0 0 0 0
Liquidation Proceeds 0.00 0.00 0.00 0.00 0.00
Portion in Available Distribution Amount 0.00 0.00 0.00 0.00 0.00
Final Recovery Determination 0.00 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL PREPAYMENTS, PREPAYMENT INTEREST EXCESSES,
PREPAYMENT INTEREST SHORTFALLS
LOAN LOAN
GROUP1 GROUP2
<S> <C> <C>
Principal Prepayments 0.00 0.00
Prepayment Interest Excesses 0.00 0.00
Prepayment Interest Shortfalls 0.00 0.00
</TABLE>
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
Payment Date: AUGUST 15, 1996
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Aggregate Incurred Realized Losses $0.00
Aggregate Incurred Additional Trust Fund Expenses $0.00
Aggregate Servicing Compensation "$87,120.45"
Master Servicer Compensation "$85,110.62"
Special Servicer Compensation "$2,009.83"
Aggregate P & I Advances Outstanding on the prior Distribution Date for:
the Master Servicer $0.00
the Special Servicer $0.00
the Trustee $0.00
Aggregate Appraisal Reduction Amount $0.00
</TABLE>
<TABLE>
<CAPTION>
APPRAISAL REDUCTION AMOUNTS
<S> <C> <C> <C> <C>
Loan Number 0 0 0 0
Appraisal Reduction Amount 0.00 0.00 0.00 0.00
</TABLE>
<PAGE>
Mortgage Capital Funding, Inc., Multifamily / Commercial
Mortgage-Pass-Through Certificates, Series 1996-MC1
Payment Date: AUGUST 15, 1996
<TABLE>
<CAPTION>
AGGREGATE AMOUNT OF BALLOON PAYMENT INTEREST EXCESSESS AND SHORTFALLS
LOAN LOAN
GROUP1 GROUP2
<S> <C> <C>
Balloon Payment Interest Excesses 0.00 0.00
Balloon Payment Interest Shortfalls 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE COLLATERAL INFORMATION
LOAN LOAN MORTGAGE
GROUP1 GROUP2 POOL
<S> <C> <C> <C>
Number of Outstanding Mortgage Loans "8" "168" "176"
Stated Principal Balance of Mortgage
Loans before Distribution "$29,966,804.56" "$452,392,663.44" "$482,359,468.00"
Stated Principal Balance of Mortgage
Loans after Distribution "$29,941,405.56" "$451,945,032.40" "$481,886,437.96"
% of Cut-Off-Date Balance
Outstanding after Distribution "99.92%" "99.90%" "99.90%"
</TABLE>
