<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: April 8, 1998
-------------
(Date of earliest event reported)
MORTGAGE CAPITAL FUNDING, INC.
--------------------------------
(SPONSOR)
(Issuer in Respect of Multifamily/Commercial Mortgage Series
Series 1998-MC1) (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
Delaware 333-24489 13-3408716
- -------------------------------------------------------------------------------
(STATE OR OTHER JURIS- (COMMISSION (I.R.S. EMPLOYER
DICTION OF ORGANIZATION) FILE NOS.) IDENTIFICATION NO.)
399 Park Avenue, New York, New York 10043
- ----------------------------------- -----
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's Telephone Number, including area code (212) 559-6899
--------------
- --------------------------------------------------------------------------------
(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST
REPORT.)
<PAGE>
Item 5. Other Events.
-------------
MORTGAGE CAPTIAL FUNDING, INC.
Multifamily/Commercial Mortgage Pass-Through Certificates,
Series 1998-MC1
----------------------------------------------
Attached as Exhibit I are the Computational Materials (as defined in the
no-action letter dated May 20, 1994 issued by the Securities and Exchange
Commission to Kidder, Peabody Acceptance Corporation-I, Kidder, Peabody & Co.
Incorporated and Kidder Structured Asset Corporation) and/or ABS Term
Sheets (as defined in the no-action letter dated February 17, 1995 issued by
the Securities and Exchange Commission to the Public Securities Association)
prepared by Citibank, N.A. and Goldman, Sachs & Co. that are required to be
filed pursuant to such letters.
2
<PAGE>
EXHIBIT INDEX
Exhibit No. Page No.
- ---------- --------
I Computational Materials/Structural Term Sheets
prepared by Citibank, N.A. and
Goldman, Sachs & Co.
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MORTGAGE CAPITAL FUNDING, INC.
(Registrant)
By: /s/ Richard L. Jarocki, Jr.
----------------------------
Richard L. Jarocki, Jr.
President
Dated: April 9, 1998
4
<PAGE>
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SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE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.
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
$1,167,506,895 (APPROXIMATE) APRIL 7, 1998
MORTGAGE CAPITAL FUNDING, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-MC1
APPROX. SECURITIES STRUCTURE - SUBJECT TO CHANGE
APPROX.
FACE/ EXPECTED EXPECTED EXPECTED
EXPECTED NOTIONAL CREDIT WEIGHTED PRINCIPAL
RATING AMOUNT SUPPORT AVERAGE PAYMENT
CLASS (S&P/FITCH) ($MM) (% OF UPB) LIFE(A) WINDOW(A)
- ---------------------------------------------------------------
PUBLICLY OFFERED CLASSES
X AAA/AAA $1,319.2(b) 05/98-01/09
A1 AAA/AAA 224.3 32.00% 5.50 05/98-06/07
A2 AAA/AAA 672.8 32.00 9.56 06/07-01/08
B AA/AA 66.0 27.00 9.71 01/08-01/08
C A/A 79.2 21.00 9.71 01/08-01/08
D BBB/BBB 92.3 14.00 9.72 01/08-02/08
E --/BBB- 33.0 11.50 9.79 02/08-02/08
PRIVATELY PLACED CLASSES (144A)
F --/BB+ (c) 33.0 9.00 9.79 02/08-02/08
- ----------------------------------------------------------------
G NOT OFFERED
H NOT OFFERED
J NOT OFFERED
K NOT OFFERED
L NOT OFFERED
TOTAL SECURITIES: $1,319.2
- ----------------------------------------------------------------
(a) Calculated at 0% CPR, no balloon extension and Hyperamortization Loans pay
in full on Anticipated Repayment Dates.
(b) Notional amount.
(c) Not offered hereby.
KEY FEATURES:
Co-Lead Managers: Goldman, Sachs & Co. and Citibank, N.A.
Mortgage Loan Sellers: Citicorp Real Estate, Inc.
($525.6mm), Amresco Capital, L.P.
($541.3mm) and Goldman Sachs
Mortgage Company ($252.4mm)
Master Servicer: Amresco Services, L.P.
Special Servicer: CRIIMI MAE Inc.
Purchaser of Classes G,
H, J, K, L: CRIIMI MAE Inc.
Trustee: LaSalle National Bank/ABN AMRO Bank N.V.
Pricing: On or about April 24th
Closing: On or about April 30th
Settlement: All classes will settle plus accrued from April 1
Cut-Off Date: April 1, 1998
Distribution Date: 15th of each month, or following business day
(commencing May 1998)
ERISA Eligible: Classes A1, A2 and X are ERISA eligible subject to
certain conditions for eligibility
Representations &
Warranties: Provided by applicable Mortgage Loan Sellers
Structure: Sequential pay
Interest Accrual Period: Prior calendar month
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution
Date: [ ]
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes except Class X: $10,000 &
$1 Class X: $1,000,000 Notional Amount & $1
Privately Placed Classes: $100,000 & $1
<PAGE>
COLLATERAL FACTS
CUT-OFF DATE PRINCIPAL BALANCE: $1,319,216,830
NUMBER OF MORTGAGE LOANS: 253
AVERAGE CUT-OFF DATE PRINCIPAL BALANCE: $5,214,296
WEIGHTED AVERAGE CURRENT MORTGAGE INTEREST RATE(A): 7.489%
WEIGHTED AVERAGE REMAINING AMORTIZATION TERM 339 mos.
WEIGHTED AVERAGE DSCR: 1.37 x
WEIGHTED AVERAGE CUT-OFF DATE LTV RATIO: 73.22%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY(B): 115 mos.
(a) Gross Coupon.
(b) Anticipated Repayment Date for loans with hyperamortization. All
information presented herein with respect to Hyperamortization Loans
assumes that they mature on their respective Anticipated Repayment Dates.
PREPAYMENT PENALTY TABLE
<TABLE>
<CAPTION>
CUT-OFF
DATE WTD. AVG. WTD. AVG. WTD. AVG.
# OF PRINCIPAL % OF INITIAL REMAINING STATED ORIGINAL WTD. AVG.
MORTGAGE BALANCE POOL LOCKOUT REMAINING TERM AFTER OPEN
LOANS (MM) BALANCE TERM (MO.) TERM (MO.) ALL PENALTIES PERIOD
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Lockout/Yield Maint 108 504.8 38.26% 43.8 116.6 113.4 6.1
Lockout/> of YM or 1% 81 333.0 25.24 39.5 113.2 113.2 6.2
Lockout/Defeasance 48 439.7 33.33 28.9 115.5 115.4 3.3
Lockout/Declining Fee 13 29.6 2.24 29.2 94.0 86.0 12.4
> of YM or 1% 2 5.6 0.43 - 113.4 114.0 6.0
Lockout/Declining Fee
or YM 1 6.5 0.49 56.0 116.0 114.0 6.0
----- -------- -------- ------- -------- ------- ------
TOTAL\WTD.AVG. 253 1,319.2 100.00% 37.3 114.9 113.4 5.3
============================================================================================================
</TABLE>
SELECTED LOAN DATA:
CUT-OFF DATE PRINCIPAL
BALANCE
(AS OF APRIL 1, 1998)(A)
NUMBER OF ----------------------------
GEOGRAPHIC MORTGAGE % BY WTD.
DISTRIBUTION PROPERTIES (MM) BALANCE AVG. DSCR
- -----------------------------------------------------------------
CALIFORNIA 28 $ 162.6 12.33% 1.41x
TEXAS 42 158.2 11.99 1.33
FLORIDA 17 107.1 8.12 1.31
OREGON 5 106.3 8.05 1.39
NEW YORK 8 80.4 6.09 1.31
ILLINOIS 11 64.1 4.86 1.25
NEW JERSEY 13 55.7 4.22 1.37
OTHER 137 584.9 44.33 1.41
--- -------- ------- ----
TOTAL\WTD.AVG. 261 $1,319.2 100.00% 1.37X
- -----------------------------------------------------------------
CUT-OFF DATE PRINCIPAL BALANCE
(AS OF APRIL 1, 1998)(A)
NUMBER OF ------------------------------
MORTGAGE % BY WTD.
PROPERTY TYPE PROPERTIES (MM) BALANCE AVG. DSCR
- -----------------------------------------------------------------
MULTIFAMILY 93 $ 411.0 31.15% 1.30x
OFFICE 45 314.2 23.82 1.38
ANCHORED RETAIL 40 288.7 21.89 1.34
UNANCHORED RETAIL 40 131.3 9.95 1.43
LODGING 19 94.6 7.17 1.59
INDUSTRIAL/WAREHOUSE 11 42.8 3.24 1.30
MOBILE HOME PARK 5 15.7 1.19 1.92
HEALTH CARE 3 6.5 0.49 1.99
SELF-STORAGE 2 2.2 0.17 1.47
OTHER 3 12.3 0.93 1.53
----- --------- -------- ----
TOTAL\WTD.AVG. 261 $1,319.2 100.00% 1.37X
- -----------------------------------------------------------------
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. 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 Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
APPROXIMATE SECURITIES STRUCTURE - SUBJECT TO CHANGE
- -----------------------------------------------------------------------------------------------------------------------------------
EXPECTED
EXPECTED WEIGHTED EXPECTED
EXPECTED RATING APPROX. SIZE CREDIT COUPON AVERAGE LIFE PRINCIPAL
CLASS (S&P/FITCH) ($MM) SUPPORT DESCRIPTION DELIVERY (YRS.)(A) PAYMENT WINDOW(A)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PUBLICLY OFFERED CLASSES:
X AAA/AAA $1,319.2(b) WAC IO(c) DTC 05/98-01/09
A1 AAA/AAA 224.3 32.00% Fixed DTC 5.50 05/98-06/07
A2 AAA/AAA 672.8 32.00 Fixed DTC 9.56 06/07-01/08
B AA/AA 66.0 27.00 Fixed DTC 9.71 01/08-01/08
C A/A 79.2 21.00 Fixed DTC 9.71 01/08-01/08
D BBB/BBB 92.3 14.00 min(Fixed,WAC)(d) DTC 9.72 01/08-02/08
E --/BBB- 33.0 11.50 min(Fixed,WAC)(d) DTC 9.79 02/08-02/08
PRIVATELY PLACED CLASSES:
F --/BB+ (e) 33.0 9.00 min(Fixed,WAC)(d) DTC 9.79 02/08-02/08
- -----------------------------------------------------------------------------------------------------------------------------------
G NOT OFFERED
H NOT OFFERED
J NOT OFFERED
K NOT OFFERED
L NOT OFFERED
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Calculated at 0% CPR, no balloon extension and Hyperamortization Loans pay
in full on Anticipated Repayment Dates.
(b) Notional amount.
(c) The Class X coupon is calculated as the excess of (i) the weighted
average Remittance Rate, determined without regard to any modifications
of the mortgage loans, in effect from time to time on the mortgage loans
over (ii) the weighted average of the Pass-Through Rates in effect from
time to time on the Class A1 through Class L Certificates.
(d) Subject to a cap equal to the weighted average of the Remittance Rates in
effect from time to time on the mortgage loans.
(e) Not offered hereby.
- -------------------------------------------------------------------------------
STRUCTURAL OVERVIEW
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
STRUCTURAL OVERVIEW - CONT.
- -------------------------------------------------------------------------------
o The Mortgage Pool will be comprised of one Loan Group
-- Principal will be allocated sequentially to A1, A2, B, C, D, E, F,
G, H, J, K and L Certificates (If all classes other than classes A1
and A2 have reduced to zero, principal will be allocated to Class
A1 and A2 pro-rata)
o Class X will receive interest payments pro-rata (based on interest
entitlements) with the Class A1 and Class A2 Certificates each month
o Each of the Classes will be subordinate to earlier alphabetically
lettered classes (except Class X) (Losses will be allocated in
reverse alphabetical order to Classes with certificate balances and
pro-rata to Classes A1 and A2)
o The Servicer will cover net prepayment interest shortfalls, up to o
Master Servicing Fee. Net shortfalls (after application of prepayment
interest excesses and other Servicer coverage from the Master
Servicing Fee) will be allocated in reverse alphabetical order to the
Subordinate Certificates and then pro-rata (based on interest
entitlements) to the Senior Certificates
o All classes will pay interest on a 30/360 basis
o Shortfalls resulting from Servicer modifications, Special Servicer
compensation or other extraordinary trust fund expenses will be
allocated in reverse alphabetical order to Classes with certificate
balances
- -------------------------------------------------------------------------------
MORTGAGE POOL OVERVIEW
- -------------------------------------------------------------------------------
o The Mortgage Pool is comprised of 253 multifamily and commercial
loans with an aggregate Cut-Off Date Principal Balance of
approximately $1,319,216,830
o All of the Mortgage Loans are secured by first liens on multifamily
and commercial properties
o The Pool's average Cut-Off Date Principal Balance is approximately
$5,214,296
o The Pool's weighted average current Debt Service Coverage Ratio is
1.37x (a)
o The Pool's Cut-Off Date LTV is 73.22%
o The Pool's weighted average Mortgage Interest Rate is approximately
7.489%
(a) Debt service is the ratio of Underwritten NCF over the annualized
debt service payments.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PENALTIES
- -------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PREMIUMS
Prepayment premiums will be allocated between the Offered Certificates then
entitled to principal distributions and the Class X Certificates as follows:
o A percentage of all Prepayment Premiums (either fixed Prepayment
Premiums or Yield Maintenance amount) will be allocated to the
Offered Certificates then entitled to principal distributions, which
percentage will be equal to the product of (a) the percentage of the
total principal distribution that each such Class receives, and (b) a
percentage (which can be no greater that 100%), the numerator of
which is the excess of the Pass-Through Rate of the Class of the
Certificates currently receiving principal over the relevant Discount
Rate, and the denominator of which is the excess of the Mortgage Rate
of the related Mortgage Loan over the Discount Rate.
<TABLE>
<CAPTION>
--------------------------- ---- --------------------------------------------------------
<S> <C> <C>
Prepayment (Pass-Through Rate - Discount Rate )
Premium Allocation = -----------------------------------
Percentage (Mortgage Rate - Discount Rate)
--------------------------- ---- --------------------------------------------------------
</TABLE>
o The remaining percentage of the Prepayment Premiums will be allocated
to the Class X Certificates
o In general, this formula provides for an increase in the allocation
of Prepayment Premiums to the Offered Certificates then entitled to
principal distributions relative to the Class X Certificates as
Discount Rates decrease and a decrease in the allocation to such
Classes as Discount Rates rise
Allocation of Prepayment Premiums Example
Discount Rate Fraction Methodology:
Mortgage Rate = 9%
Bond Class Rate = 7%
Treasury Rate = 6%
BOND CLASS ALLOCATION CLASS X ALLOCATION
--------------------------- ------------------------
7% - 6%
---------
9% - 6% = 33 1/3% Receives excess premiums = 66 2/3% thereof
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
PREPAYMENT PROVISIONS
- -------------------------------------------------------------------------------
o 100.00% of the Pool Balance has prepayment protection as of the
Cut-Off Date
o Approximately 99.5% of the Pool Balance is locked out as of the
Cut-Off Date
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT LOCK-OUT/ PREMIUM ANALYSIS
- -----------------------------------------------------------------------------------------------------------------------------------
PERCENTAGE OF MORTGAGE POOL BY PREPAYMENT RESTRICTION ASSUMING NO PREPAYMENT
--------------------------------------------------------------------------------------------------------------
PREPAYMENT APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL APRIL
RESTRICTIONS 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 99.57% 98.06% 95.41% 93.10% 34.36% 33.51% 33.56% 33.63% 33.70% 33.78% 0.00%
Yield Maintenance 0.43% 1.94% 3.71% 5.09% 63.38% 64.09% 64.03% 65.29% 65.22% 50.65% 100.00%
- -----------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL 100.00% 100.00% 99.12% 98.19% 97.74% 97.60% 97.59% 98.92% 98.92% 84.43% 100.00%
% Premium
5.00-5.99% 0.00% 0.00% 0.61% 0.19% 0.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4.00-4.99% 0.00% 0.00% 0.00% 1.02% 0.00% 0.63% 0.19% 0.00% 0.00% 0.00% 0.00%
3.00-3.99% 0.00% 0.00% 0.27% 0.00% 1.02% 0.00% 0.44% 0.19% 0.00% 0.00% 0.00%
2.00-2.99% 0.00% 0.00% 0.00% 0.27% 0.00% 1.03% 0.00% 0.46% 0.19% 0.00% 0.00%
1.00-1.99% 0.00% 0.00% 0.00% 0.34% 0.60% 0.34% 0.95% 0.00% 0.46% 0.65% 0.00%
Open 0.00% 0.00% 0.00% 0.00% 0.00% 0.41% 0.82% 0.42% 0.42% 14.92% 0.00%
- --------------------------------------------------------------------------------------------------------------------------------
TOTALS 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Mortgage Pool
Balance ($ mm) $1,319.22 $1,305.31 $1,290.46 $1,274.29 $1,256.86 $1,238.07 $1,217.94 $1,152.76 $1,129.98 $1,105.42 $3.10
% of Initial Pool
Balance 100.00% 98.95% 97.82% 96.59% 95.27% 93.85% 92.32% 87.38% 85.66% 83.79% 0.23%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Note: For the purposes of this table defeasance is combined with lock out.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE PRINCIPAL BALANCE (A)
- -----------------------------------------------------------------------------------------------------------------------------------
PERCENTAGE
OF
AGGREGATE WEIGHTED WEIGHTED WEIGHTED
CUT-OFF AVERAGE AVERAGE AVERAGE AVERAGE WEIGHTED
NUMBER OF CUT-OFF DATE DATE CUT-OFF DATE DEBT MORTGAGE REMAINING AVERAGE
RANGE OF CUT-OFF DATE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL SERVICE INTEREST TERM TO CURRENT
PRINCIPAL BALANCE LOANS BALANCE BALANCE BALANCE COVERAGE RATE MATURITY LTV
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
418,508 - 499,999 1 $ 418,508 0.03% $ 418,508 1.37x 7.3000% 117.0 73.40%
500,000 - 999,999 13 10,546,969 0.80 811,305 1.47 7.9816 115.6 64.78
1,000,000 - 1,999,999 39 58,117,027 4.41 1,490,180 1.40 7.7501 115.0 71.51
2,000,000 - 2,999,999 47 117,764,005 8.93 2,505,617 1.41 7.6372 115.0 71.47
3,000,000 - 3,999,999 47 167,621,356 12.71 3,566,412 1.33 7.6808 115.9 74.84
4,000,000 - 4,999,999 26 117,169,570 8.88 4,506,522 1.39 7.4419 114.6 71.31
5,000,000 - 5,999,999 18 97,536,764 7.39 5,418,709 1.35 7.6820 113.7 73.99
6,000,000 - 6,999,999 18 118,247,990 8.96 6,569,333 1.44 7.5494 111.2 73.39
7,000,000 - 7,999,999 13 99,478,130 7.54 7,652,164 1.37 7.4226 113.5 74.77
8,000,000 - 8,999,999 6 51,235,485 3.88 8,539,247 1.47 7.3360 116.5 71.08
9,000,000 - 9,999,999 2 19,563,858 1.48 9,781,929 1.24 6.9943 118.0 77.57
10,000,000 - 11,999,999 6 66,143,536 5.01 11,023,923 1.42 7.3850 116.7 69.04
12,000,000 - 13,999,999 5 66,620,150 5.05 13,324,030 1.36 7.6301 109.2 72.51
14,000,000 - 16,999,999 4 62,513,296 4.74 15,628,324 1.36 7.5370 114.6 76.36
17,000,000 - 19,999,999 1 17,158,012 1.30 17,158,012 1.31 7.0700 117.0 73.30
20,000,000 - 24,999,999 3 68,098,071 5.16 22,699,357 1.30 7.2136 117.0 75.99
25,000,000 - 49,999,999 2 73,981,280 5.61 36,990,640 1.37 7.0533 118.0 73.05
50,000,000 - 56,871,141 2 107,002,824 8.11 53,501,412 1.30 7.3590 117.0 73.86
----- -------------- -------- ---------- ---- ------ ----- -----
TOTAL\AVG.\WTD.AVG. 253 $1,319,216,830 100.00% $ 5,214,296 1.37X 7.4887% 114.9 73.22%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. 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 Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE (A)
- -----------------------------------------------------------------------------------------------------------------------------------
PERCENTAGE WEIGHTED WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE AVERAGE AVERAGE AVERAGE WEIGHTED
NUMBER OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE DEBT SERVICE MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO CURRENT
PROPERTY STATE PROPERTIES BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
California 28 $ 162,638,109 12.33% $ 5,808,504 1.41x 7.4746% 115.0 70.67%
Texas 42 158,207,200 11.99 3,766,838 1.33 7.7722 114.1 74.84
Florida 17 107,056,088 8.12 6,297,417 1.31 7.3679 116.4 74.79
Oregon 5 106,251,927 8.05 21,250,385 1.39 7.1461 117.3 71.19
New York 8 80,396,169 6.09 10,049,521 1.31 7.3810 114.1 73.95
Illinois 11 64,063,000 4.86 5,823,909 1.25 7.3024 117.5 77.92
New Jersey 13 55,733,943 4.22 4,287,226 1.37 7.1642 117.3 75.82
Tennessee 12 48,102,432 3.65 4,008,536 1.44 7.2984 117.1 71.69
Oklahoma 13 47,823,577 3.63 3,678,737 1.32 7.3581 116.2 79.17
Michigan 8 45,845,822 3.48 5,730,728 1.36 7.7160 114.4 76.02
Virginia 8 44,724,749 3.39 5,590,594 1.40 7.7905 115.0 72.64
Ohio 7 36,611,800 2.78 5,230,257 1.31 7.8017 110.9 73.46
Arizona 11 33,589,943 2.55 3,053,631 1.35 7.5563 117.7 74.36
Kentucky 4 30,841,029 2.34 7,710,257 1.33 7.3968 101.1 74.95
Massachusetts 4 27,982,646 2.12 6,995,661 1.31 7.4174 113.6 72.54
Colorado 4 26,763,429 2.03 6,690,857 1.83 7.0873 107.9 67.73
Nevada 9 24,193,536 1.83 2,688,171 1.46 8.1234 111.9 68.89
Mississippi 6 17,762,488 1.35 2,960,415 1.31 7.3712 117.8 75.02
North Carolina 4 16,950,467 1.28 4,237,617 1.54 7.2067 117.6 74.86
Indiana 3 16,628,201 1.26 5,542,734 1.50 7.5787 116.4 69.25
Washington 3 16,211,290 1.23 5,403,763 1.38 6.8961 117.2 69.82
District of Columbia 1 13,759,238 1.04 13,759,238 1.34 7.5800 116.0 70.60
Alabama 2 13,733,312 1.04 6,866,656 1.45 7.8545 117.0 69.22
Iowa 2 13,466,615 1.02 6,733,308 1.29 7.5418 116.5 77.07
Utah 5 13,066,234 0.99 2,613,247 1.54 7.9951 115.1 64.21
Maryland 2 11,732,737 0.89 5,866,368 1.34 7.5651 116.4 67.79
Wisconsin 3 11,013,502 0.83 3,671,167 1.28 7.8952 92.1 74.51
South Carolina 3 10,425,398 0.79 3,475,133 1.36 8.1473 114.9 75.00
Nebraska 4 9,564,911 0.73 2,391,228 1.54 7.7141 116.2 71.87
Maine 2 9,217,110 0.70 4,608,555 1.37 7.9829 116.3 66.69
Missouri 2 7,327,802 0.56 3,663,901 1.29 7.8854 113.8 81.85
Connecticut 3 7,172,625 0.54 2,390,875 1.43 7.6497 115.8 77.05
Georgia 2 7,012,098 0.53 3,506,049 1.86 7.3659 114.8 45.04
Vermont 1 5,482,019 0.42 5,482,019 1.48 7.8200 117.0 69.50
Idaho 1 3,985,325 0.30 3,985,325 1.47 7.6200 115.0 71.20
Rhode Island 1 3,548,080 0.27 3,548,080 1.38 7.4600 119.0 68.90
Pennsylvania 1 2,829,961 0.21 2,829,961 1.37 7.2200 118.0 79.90
New Hampshire 3 2,690,408 0.20 896,803 1.37 7.3000 117.0 78.31
Montana 1 1,793,855 0.14 1,793,855 1.42 7.5500 117.0 59.90
Louisiana 1 1,606,283 0.12 1,606,283 1.30 7.3100 117.0 79.30
Kansas 1 1,411,473 0.11 1,411,473 1.25 8.8250 110.0 79.10
----- -------------- ------- --------- ---- ------ ----- -----
TOTAL\AVG.\WTD.AVG. 261 $1,319,216,830 100.00% $ 5,054,471 1.37X 7.4887% 114.9 73.22%
</TABLE>
- -----------------------------------------------------------------------------
(a) Column totals may not sum due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. 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 Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
GEOGRAPHIC DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE
- -------------------------------------------------------------------------------
WA 1.2% MI 3.5% NJ 4.2%
OR 8.1% IN 1.3% MD 0.9%
CA 12.3% KY 2.3% DC 1.0%
ID 0.3% TN 3.7%
NV 1.8% AL 1.0%
MT 0.1% OH 2.8%
UT 1.0% VT 0.4%
AZ 2.6% NY 6.1%
CO 2.0% PA 0.2%
NE 0.7% VA 3.4%
KS 0.1% NC 1.3%
OK 3.6% SC 0.8%
TX 12.0% GA 0.5%
IA 1.0% FL 8.1%
MO 0.6% ME 0.7%
LA 0.1% NH 0.2%
WI 0.8% MA 2.1%
IL 4.9% RI 0.3%
MS 1.4% CT 0.5%
NEW JERSEY 4.2%
OTHER 43.2%
ILLINOIS 4.9%
FLORIDA 8.1%
TEXAS 12.0%
CALIFORNIA 12.3%
OREGON 8.1%
NEW YORK 6.1%
Totals may not sum due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. 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 Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
PROPERTY TYPE DISTRIBUTION BY CUT-OFF DATE PRINCIPAL BALANCE (A)
- -------------------------------------------------------------------------------
All Other Types 2.78%
Industrial Warehouse 3.24%
Lodging 7.17%
Unanchored Retail 9.95%
Anchored Retail 21.89%
Office 23.82%
Multi-Family 31.15%
<TABLE>
<CAPTION>
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
NUMBER AGGREGATE AVERAGE AVERAGE DEBT AVERAGE AVERAGE WEIGHTED
OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERMS TO CURRENT
PROPERTY TYPE PROPERTIES BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 93 $ 410,961,021 31.15% $4,418,936 1.30x 7.4382% 113.9 77.66%
Office 45 314,209,769 23.82 6,982,439 1.38 7.3877 115.7 70.60
Anchored Retail 40 288,728,238 21.89 7,218,206 1.34 7.5312 114.4 73.94
Unanchored Retail 40 131,281,316 9.95 3,282,033 1.43 7.6253 116.6 70.83
Lodging 19 94,626,749 7.17 4,980,355 1.59 7.7168 116.7 64.87
Industrial/Warehouse 11 42,798,362 3.24 3,890,760 1.30 7.6026 116.1 77.09
Mobile Home Park 5 15,666,391 1.19 3,133,278 1.92 6.9769 101.7 57.66
Health Care 3 6,464,236 0.49 2,154,745 1.99 8.4304 113.9 70.46
Self-Storage 2 2,184,053 0.17 1,092,026 1.47 8.2200 113.0 66.20
Other 3 12,296,696 0.93 4,098,899 1.53 7.1793 117.1 73.42
----- --------------- -------- --------- ---- ------ ----- -----
TOTAL\AVG.\WTD.AVG. 261 $1,319,216,830 100.00% $5,054,471 1.37X 7.4887% 114.9 73.22%
</TABLE>
- -------------------------------------------------------------------------------
(a) Column totals may not sum due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. 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 Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DEBT SERVICE COVERAGE RATIO (A)
- -----------------------------------------------------------------------------------------------------------------------------------
o Weighted Average Current Debt Service Coverage Ratio: 1.37x
o 92.4% of the Portfolio has Debt Service Coverage Ratio greater than 1.20x
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF AGGREGATE AVERAGE DEBT WEIGHTED AVERAGE WEIGHTED
RANGE OF NUMBER OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE AVERAGE REMAINING AVERAGE
DEBT SERVICE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE MORTGAGE TERM TO CURRENT
COVERAGE RATIOS LOANS BALANCE BALANCE BALANCE RATIO INTEREST RATE MATURITY LTV
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.72 - 0.90 2 6,746,664 0.51 3,373,332 0.84 8.6433 82.8 69.20
1.01 - 1.10 2 3,723,361 0.28 1,861,680 1.10 8.3352 113.5 76.59
1.11 - 1.20 17 88,495,186 6.71 5,205,599 1.18 7.4689 114.5 81.58
1.21 - 1.30 73 409,554,260 31.05 5,610,332 1.27 7.5397 115.1 75.60
1.31 - 1.40 74 427,610,422 32.41 5,778,519 1.35 7.4565 114.7 74.46
1.41 - 1.50 44 212,167,899 16.08 4,821,998 1.46 7.5094 116.3 70.23
1.51 - 1.60 19 83,699,665 6.34 4,405,246 1.54 7.4438 115.3 69.35
1.61 - 1.70 6 21,542,495 1.63 3,590,416 1.63 7.6243 116.5 68.03
1.71 - 1.80 3 18,586,185 1.41 6,195,395 1.74 7.2957 116.8 52.69
1.81 - 1.90 4 18,501,056 1.40 4,625,264 1.86 7.1551 116.7 65.74
1.91 - 2.00 2 9,096,414 0.69 4,548,207 1.93 7.2999 116.0 63.28
2.01 - 2.10 2 6,826,988 0.52 3,413,494 2.05 7.0957 116.3 36.39
2.11 - 2.20 1 885,314 0.07 885,314 2.18 8.2100 117.0 34.70
2.21 - 2.30 1 1,099,343 0.08 1,099,343 2.26 6.9000 119.0 49.40
2.31 - 2.40 1 2,797,356 0.21 2,797,356 2.31 7.4400 119.0 63.60
2.41 - 2.50 1 897,727 0.07 897,727 2.47 7.4200 118.0 42.70
2.51 - 2.54 1 6,986,497 0.53 6,986,497 2.54 6.7100 82.0 46.30
TOTAL\AVG.\WTD.AVG. 253 1,319,216,830 100.00 5,214,296 1.37 7.4887 114.9 73.22
</TABLE>
(a) Column totals may not add due to rounding.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CUT-OFF DATE LOAN TO VALUE RATIO (A)
- -----------------------------------------------------------------------------------------------------------------------------------
Weighted Average Current Loan to Value Ratio: 73.22%(b)
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE DEBT AVERAGE AVERAGE WEIGHTED
NUMBER OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
RANGE OF CURRENT MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO CURRENT
LOAN-TO-VALUE RATIOS LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- ------------------------- ---------- ---------------- -------------- --------------- ----------- ------------ ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
30.01 - 50.00 7 $ 18,059,257 1.37% $2,579,894 2.23 x 7.1196% 103.2 42.16%
50.01 - 60.00 8 27,060,137 2.05 3,382,517 1.59 7.3262 113.2 53.27
60.01 - 65.00 21 96,013,860 7.28 4,572,089 1.58 7.6736 116.3 62.46
65.01 - 70.00 34 153,620,564 11.64 4,518,252 1.46 7.6357 114.2 67.35
70.01 - 75.00 87 538,145,836 40.79 6,185,584 1.34 7.5255 114.5 73.36
75.01 - 80.00 82 402,552,223 30.51 4,909,173 1.31 7.4227 115.3 78.35
80.01 - 85.00 11 75,185,122 5.70 6,835,011 1.25 7.2152 117.7 82.33
85.01 - 90.00 1 698,358 0.05 698,358 1.16 7.2700 117.0 85.20
95.01 - 100.00 1 3,890,853 0.29 3,890,853 1.13 7.2700 117.0 96.10
100.01 - 101 1 3,990,619 0.30 3,990,619 1.12 7.2700 117.0 101.10
TOTAL\AVG.\WTD.AVG. 253 $1,319,216,830 100.00% $5,214,296 1.37 X 7.4887% 114.9 73.22 %
- ------------------------- ---------- ---------------- -------------- --------------- ----------- ------------ ---------------------
</TABLE>
(a) Column totals may not add due to rounding.
(b) Ratio of Cut-Off Date Loan Balance over Appraisal Value at Origination.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM (IN MONTHS) (A)
- -----------------------------------------------------------------------------------------------------------------------------------
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE DEBT AVERAGE AVERAGE WEIGHTED
NUMBER OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
RANGE OF MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO CURRENT
AMORTIZATION TERMS LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
111 - 130 1 $ 885,314 0.07% $ 885,314 2.18x 8.2100% 117.0 34.70%
171 - 190 3 5,269,274 0.40 1,756,425 1.22 7.6502 115.0 66.23
211 - 230 1 1,281,481 0.10 1,281,481 1.50 9.8400 110.0 67.50
231 - 250 8 24,279,540 1.84 3,034,943 1.32 7.6815 116.9 72.97
251 - 270 1 10,751,719 0.82 10,751,719 1.52 7.5700 117.0 64.80
271 - 290 8 17,577,045 1.33 2,197,131 1.39 9.0598 110.0 72.37
291 - 310 68 277,360,267 21.02 4,078,827 1.45 7.6719 114.7 70.36
311 - 330 3 7,306,098 0.55 2,435,366 1.11 8.5918 110.6 77.60
331 - 360 160 974,506,094 73.87 6,090,663 1.35 7.3897 115.0 74.19
--- -------------- ------- --------- ---- ------ ----- -----
TOTAL\AVG.\WTD.AVG. 253 $1,319,216,830 100.00% $5,214,296 1.37X 7.4887% 114.9 73.22%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT MORTGAGE INTEREST RATES (A)
- -----------------------------------------------------------------------------------------------------------------------------------
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE DEBT AVERAGE AVERAGE WEIGHTED
NUMBER OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
RANGE OF MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO CURRENT
MORTGAGE RATES LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6.5001 - 6.7500 1 $ 6,986,497 0.53% $6,986,497 2.54x 6.7100% 82.0 46.30%
6.7501 - 7.0000 18 132,531,411 10.05 7,362,856 1.45 6.9119 112.2 71.49
7.0001 - 7.2500 44 308,081,134 23.35 7,001,844 1.36 7.1494 117.3 74.52
7.2501 - 7.5000 83 447,081,807 33.89 5,386,528 1.36 7.3616 116.5 74.22
7.5001 - 7.7500 29 124,229,079 9.42 4,283,761 1.33 7.6214 114.7 72.97
7.7501 - 8.0000 26 119,462,578 9.06 4,594,715 1.39 7.8753 115.4 73.40
8.0001 - 8.2500 15 50,995,105 3.87 3,399,674 1.37 8.1302 109.2 69.94
8.2501 - 8.5000 14 71,564,767 5.42 5,111,769 1.34 8.4026 111.8 71.89
8.5001 - 8.7500 9 22,708,716 1.72 2,523,191 1.18 8.6674 103.3 68.88
8.7501 - 9.0000 7 18,925,887 1.43 2,703,698 1.26 8.9001 110.9 71.22
9.0001 - 9.2500 5 14,181,878 1.08 2,836,376 1.43 9.1339 110.6 71.83
9.5001 - 9.7500 1 1,186,492 0.09 1,186,492 1.51 9.7500 110.0 74.20
9.7501 - 10.0000 1 1,281,481 0.10 1,281,481 1.50 9.8400 110.0 67.50
----- ---------------- -------- --------- ---- ------ ----- -----
TOTAL\AVG.\WTD.AVG. 253 $1,319,216,830 100.00% $5,214,296 1.37X 7.4887% 114.9 73.22%
- -----------------------------------------------------------------------------------------------------------------------------------
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. 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 Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
AMORTIZATION TYPES (A)
- -----------------------------------------------------------------------------------------------------------------------------------
PERCENTAGE OF WEIGHTED WEIGHTED WEIGHTED
NUMBER AGGREGATE AVERAGE AVERAGE DEBT AVERAGE AVERAGE WEIGHTED
OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERMS TO CURRENT
AMORTIZATION TYPE LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 243 $1,134,403,080 85.99% $ 4,668,325 1.38x 7.5076% 114.6 73.16%
Hyperamortizing 9 183,928,437 13.94 20,436,493 1.32 7.3690 116.6 73.77
Fully Amortizing 1 885,314 0.07 885,314 2.18 8.2100 117.0 34.70
----- -------------- -------- ------------ ---- ------ ----- -----
TOTAL\AVG.\WTD.AVG. 253 $1,319,216,830 100.00% $ 5,214,296 1.37X 7.4887% 114.9 73.22%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
REMAINING TERM TO MATURITY (IN MONTHS) (A)
- -----------------------------------------------------------------------------------------------------------------------------------
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE DEBT AVERAGE AVERAGE WEIGHTED
NUMBER OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
RANGE OF REMAINING MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO CURRENT
TERM TO MATURITY LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- ---------------------- ----------- ---------------- -------------- --------------- ----------- ------------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
71 - 90 8 $ 47,487,947 3.60% $5,935,993 1.44x 7.3613% 80.7 69.16%
91 - 110 11 37,856,322 2.87 3,441,484 1.41 8.7994 110.0 70.70
111 - 120 233 1,230,280,773 93.26 5,280,175 1.37 7.4536 116.3 73.46
121 - 130 1 3,591,789 0.27 3,591,789 1.49 7.4100 129.0 70.80
----- ---------------- -------- --------- ---- ------ ----- -----
TOTAL\AVG.\WTD.AVG. 253 $ 1,319,216,830 100.00% $5,214,296 1.37X 7.4887% 114.9 73.22%
- -----------------------------------------------------------------------------------------------------------------------------------
(a) Column totals may not add due to rounding.
- -----------------------------------------------------------------------------------------------------------------------------------
YEAR OF ORIGINATION (A)
- -----------------------------------------------------------------------------------------------------------------------------------
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED WEIGHTED
OF AGGREGATE AVERAGE DEBT AVERAGE AVERAGE WEIGHTED
NUMBER OF CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE SERVICE MORTGAGE REMAINING AVERAGE
MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL COVERAGE INTEREST TERM TO CURRENT
YEAR OF ORIGINATION LOANS BALANCE BALANCE BALANCE RATIO RATE MATURITY LTV
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1997 204 $1,061,773,521 80.49% $5,204,772 1.36x 7.5859% 115.0 73.32%
1998 49 257,443,309 19.51 5,253,945 1.41 7.0881 114.4 72.80
---- -------------- ------- --------- ---- ------ ----- -----
TOTAL\AVG.\WTD.AVG. 253 $1,319,216,830 100.00% $5,214,296 1.37X 7.4887% 114.9 73.22%
- -----------------------------------------------------------------------------------------------------------------------------------
(a) Column totals may not add due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. 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 Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
GOLDMAN, SACHS & CO.
85 BROAD STREET
NEW YORK, N.Y. 10004
REAL ESTATE FINANCE
Rolf Edwards Phone: (212) 902-5637
Associate Fax: (212) 357-5505
Corey Owens Phone: (212) 902-4825
Associate Fax: (212) 357-5505
Brian Landau Phone: (212) 902-8139
Analyst Fax: (212) 357-5505
Viktor Spivakovsky Phone: (212) 902-5373
Analyst Fax: (212) 357-5505
MORTGAGE SALES AND TRADING
Mark Kogan Phone: (212) 902-2565
Managing Director Fax: (212) 902-1691
Mark Buono Phone: (212) 902-3824
Vice President Fax: (212) 902-1691
Justin Kennedy Phone: (212) 902-2914
Vice President Fax: (212) 902-1691
Heath Forusz Phone: (212) 902-2858
Analyst Fax: (212) 902-1691
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents for the
issuer or its affiliates in connection with the proposed transaction. The
issuer has not prepared or taken part in the preparation of these materials.
<PAGE>
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.
CITIBANK N.A.
399 PARK AVENUE
NEW YORK, NY 10043
</TABLE>
<TABLE>
<CAPTION>
REAL ESTATE FINANCE MORTGAGE TRADING AND ANALYTICS
<S> <C> <C> <C> <C> <C>
Rich Jarocki Phone: (212) 559-0217 Frank Forelle Phone: (212) 291-4108
Vice President Fax: (212) 793-0474 Vice President Fax: (212) 291-3687
Mark Horinbein Phone: (212) 559-0216 Jeff Sturdevant Phone: (212) 291-3320
Vice President Fax: (212) 793-0474 Vice President Fax: (212) 291-3687
Gary Rapp Phone: (212) 559-0940
Analyst Fax: (212) 793-5602 STRUCTURED FINANCE
Richard Cohen Phone: (212) 291-3320
Vice President
Nancy Witt Phone: (212) 291-3320
Vice President Fax: (212) 291-3687
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
be based on assumptions regarding market conditions and other matters as
reflected therein. We make no representations regarding the reasonableness of
such assumptions or the likelihood that any of such assumptions will coincide
with actual market conditions or events, and this material should not be
relied upon for such purposes. We and our affiliates, officers, directors,
partners and employees, including persons involved in the preparation or
issuance of this material may, from time to time, have long or short positions
in, and buy and sell, the securities mentioned therein or derivatives thereof
(including options). This material may be filed with the Securities and
Exchange Commission (the "SEC") and incorporated by reference into an
effective registration statement previously filed with the SEC under Rule 415
of the Securities Act of 1933, including in cases where the material does not
pertain to securities that are ultimately offered for sale pursuant to such
registration statement. Information contained in this material is current as
of the date appearing on this material only. Information in this material
regarding any assets backing any securities discussed herein supersedes all
prior information regarding such assets. All information in this Term Sheet,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you.
This material is furnished to you by Goldman, Sachs & Co. and Citibank, N.A.
and not by the issuer of the securities. Goldman, Sachs & Co. and Citibank,
N.A. are acting as co-lead underwriters and not acting as agents 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.
</TABLE>
