<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
and Exchange Act of 1934
Date of Report: October 18, 1998
(Date of earliest event reported)
Mortgage Capital Funding, Inc. (Sponsor)
(Issuer in Respect of Multifamily/Commercial Mortgage
Pass-Through Certificates, Series 1998-MC2)
(Exact name of registrant as specified in charter)
Delaware
(State or other Jurisdiction of Incorporation)
c/o State Street Bank and Trust Company
Corporate Trust Department
Two International Place, 5th Floor
Boston, MA 02110
(Address of Principal Executive Offices) (Zip Code)
212-559-6899
(Registrant's telephone number, including area code)
Commission File Number 333-24489
13-3408716 (I.R.S. Employer Identification No.)
Not Applicable
(Former name, or former address if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
This Current Report on Form 8-K relates to the Trust Fund
formed, and Multifamily/Commercial Mortgage Pass-Through Certificates, Series
1998-MC2 issued pursuant to, a Pooling and Servicing Agreement, dated as of
June 1, 1998 (the "Pooling and Servicing Agreement") by and among Mortgage
Capital Funding, Inc., as sponsor, Citicorp Real Estate, Inc. as mortgage
loan seller, Morgan Guaranty Trust Company of New York, as additional
warranting party, CRIIMI MAE Services Limited Partnership, as master servicer
and special servicer, and State Street Bank and Trust Company, as trustee and
REMIC administrator.
The Class X, Class A-1, Class A-2, Class B, Class C, Class D
and Class E Certificates have been registered pursuant to the Securities Act
of 1933 under a Registration Statement on Form S-3 (File No. 333-24489) (the
"Registration Statement").
Capitalized terms used herein and not defined herein have
the same meanings ascribed to such terms in the Pooling and Servicing
Agreement.
Pursuant to Section 8.13 of the Pooling and Servicing
Agreement, the Trustee is filing this Current Report containing the October 18,
1998 monthly distribution report prepared by the Trustee
pursuant to Section 4.02 thereof.
This Current Report is being filed by the Trustee, in its
capacity as such under the Pooling and Servicing Agreement, on behalf of the
Registrant. The information reported and contained herein has been supplied
to the Trustee by one or more of the Master Servicer, the Special Servicer or
other third parties without independent review or investigation by the
Trustee. Pursuant to the Pooling and Servicing Agreement, the Trustee is not
responsible for the accuracy or completeness of such information.
<PAGE>
Mortgage Capital Funding, Inc., Multifamily Commercial Mortgage
Pass-Through Certificates, Series 1998-MC2
Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached
hereto.
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 hereunto duly authorized.
Date: 10/18/98
By: State Street Bank and Trust Company
as Trustee
--------------------------------------------
By: David Shepherd
Authorized Signatory
IN ITS CAPACITY AS TRUSTEE UNDER THE
POOLING AND SERVICING AGREEMENT
ON BEHALF OF MORTGAGE CAPITAL FUNDING, INC.,
REGISTRANT
<PAGE>
[LOGO]
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES
B273
PAYMENT DATE: OCTOBER 18, 1998
RECORD DATE: SEPTEMBER 30, 1998
TRUSTEE REPORT TO CERTIFICATEHOLDERS
PAYMENT SUMMARY
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Pass Through Interest Original Fitch Original Beginning Principal
Class Cusip Rate Type Rating Balance Balance Paid
- ------ --------- -------------- --------- -------------- ---------------- ---------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 61910DEP3 6.325% Fixed AAA 205,079,000.00 202,160,517.37 1,082,424.37
A-2 61910DEQ1 6.423% Fixed AAA 514,190,000.00 514,190,000.00 0.00
B 61910DES7 6.549% Fixed AA 47,951,000.00 47,951,000.00 0.00
C 61910DET5 6.726% Fixed A 58,046,000.00 58,046,000.00 0.00
D 61910DEU2 7.091% Variable BBB 60,570,000.00 60,570,000.00 0.00
E 61910DEV0 7.1732755% Variable BBB- 37,856,000.00 37,856,000.00 0.00
F 61910DEW8 7.1732755% Variable N/A 12,619,000.00 12,619,000.00 0.00
G 61910DEY4 7.1732755% Variable N/A 25,238,000.00 25,238,000.00 0.00
H 61910DFA5 7.1732755% Variable N/A 7,571,000.00 7,571,000.00 0.00
J 61910DFC1 6.00% Fixed N/A 15,143,000.00 15,143,000.00 0.00
K 61910DFE7 6.00% Fixed N/A 7,571,000.00 7,571,000.00 0.00
L 61910DFG2 6.00% Fixed N/A 17,666,069.00 17,666,069.00 0.00
X 61910DER9 0.66117791% Variable AAA 1,009,500,069.00 1,006,581,586.37 0.00
R-III N/A N/A N/A 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL: 1,009,500,069.00 1,006,581,586.37 1,082,424.37
----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Pass Through Interest Original Fitch Interest Total Ending
Class Cusip Rate Type Rating Paid Paid Balance
- ------ --------- -------------- --------- -------------- ------------ ------------ ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 61910DEP3 6.325% Fixed AAA 1,065,554.39 2,147,978.76 201,078,093.00
A-2 61910DEQ1 6.423% Fixed AAA 2,752,201.98 2,752,201.98 514,190,000.00
B 61910DES7 6.549% Fixed AA 261,692.58 261,692.58 47,951,000.00
C 61910DET5 6.726% Fixed A 325,347.83 325,347.83 58,046,000.00
D 61910DEU2 7.091% Variable BBB 357,918.23 357,918.23 60,570,000.00
E 61910DEV0 7.1732755% Variable BBB- 226,292.93 226,292.93 37,856,000.00
F 61910DEW8 7.1732755% Variable N/A 75,432.97 75,432.97 12,619,000.00
G 61910DEY4 7.1732755% Variable N/A 150,865.94 150,865.94 25,238,000.00
H 61910DFA5 7.1732755% Variable N/A 45,257.39 45,257.39 7,571,000.00
J 61910DFC1 6.00% Fixed N/A 75,715.00 75,715.00 15,143,000.00
K 61910DFE7 6.00% Fixed N/A 37,855.00 37,855.00 7,571,000.00
L 61910DFG2 6.00% Fixed N/A 88,330.35 88,330.35 17,666,069.00
X 61910DER9 0.66117791% Variable AAA 554,607.92 554,607.92 1,005,499,162.00
R-III N/A N/A 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------
TOTAL: 6,017,072.51 7,099,496.88 1,005,499,162.00
------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Beginning Principal Interest Prepayment Ending
Class Certif. Factor Distribution(1) Distribution(1) Premiums Certif. Factor
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.9857689835 5.2780848844 5.1958239995 0.0000000000 0.9804908986
A-2 1.0000000000 0.0000000000 5.3525000097 0.0000000000 1.0000000000
B 1.0000000000 0.0000000000 5.4574999479 0.0000000000 1.0000000000
C 1.0000000000 0.0000000000 5.6050000000 0.0000000000 1.0000000000
D 1.0000000000 0.0000000000 5.9091667492 0.0000000000 1.0000000000
E 1.0000000000 0.0000000000 5.9777295541 0.0000000000 1.0000000000
F 1.0000000000 0.0000000000 5.9777296141 0.0000000000 1.0000000000
G 1.0000000000 0.0000000000 5.9777296141 0.0000000000 1.0000000000
H 1.0000000000 0.0000000000 5.9777294941 0.0000000000 1.0000000000
J 1.0000000000 0.0000000000 5.0000000000 0.0000000000 1.0000000000
K 1.0000000000 0.0000000000 5.0000000000 0.0000000000 1.0000000000
L 1.0000000000 0.0000000000 5.0000002830 0.0000000000 1.0000000000
X 0.9971089822 0.0000000000 0.5493886895 0.0000000000 0.9960367442
R-III 0.0000000000 0.0000000000 0.0000000000 0.0000000000 0.0000000000
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
STATE STREET This report has been prepared by, or is based on
SERVING INSTITUTIONAL information furnished to State Street Bank and Trust
INVESTORS WORLDWIDE Company ("State Street") by, one or more third parties
(e.g. Servicers, Master Servicer, etc.), and State
Street has not independently verified information
received from or prepared by any such third party.
State Street shall not and does not undertake
responsibility for the accuracy, completeness, or
sufficiency of this report or the information contained
herein for any purpose, and State Street makes no
representations or warranties with respect thereto. The
information in this report is presented here with the
approval of the Issuer solely as a convenience for the
user, and should not be relied upon without further
investigation by any user contemplating an investment
decision with respect to the related securities.
<PAGE>
[LOGO]
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
B273
PAYMENT DATE: OCTOBER 18, 1998
RECORD DATE: SEPTEMBER 30, 1998
TRUSTEE REPORT TO CERTIFICATEHOLDERS
PRINCIPAL DETAIL
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Scheduled Unscheduled Principal Realized Additional Trust Total Principal Ending
Class Balance Principal Principal Adjustments Losses Fund Expenses Distrib. Amount Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 202,160,517.37 1,082,424.37 0.00 0.00 0.00 0.00 1,082,424.37 201,078,093.00
A-2 514,190,000.00 0.00 0.00 0.00 0.00 0.00 0.00 514,190,000.00
B 47,951,000.00 0.00 0.00 0.00 0.00 0.00 0.00 47,951,000.00
C 58,046,000.00 0.00 0.00 0.00 0.00 0.00 0.00 58,046,000.00
D 60,570,000.00 0.00 0.00 0.00 0.00 0.00 0.00 60,570,000.00
E 37,856,000.00 0.00 0.00 0.00 0.00 0.00 0.00 37,856,000.00
F 12,619,000.00 0.00 0.00 0.00 0.00 0.00 0.00 12,619,000.00
G 25,238,000.00 0.00 0.00 0.00 0.00 0.00 0.00 25,238,000.00
H 7,571,000.00 0.00 0.00 0.00 0.00 0.00 0.00 7,571,000.00
J 15,143,000.00 0.00 0.00 0.00 0.00 0.00 0.00 15,143,000.00
K 7,571,000.00 0.00 0.00 0.00 0.00 0.00 0.00 7,571,000.00
L 17,666,069.00 0.00 0.00 0.00 0.00 0.00 0.00 17,666,069.00
X* 1,006,581,586.37 0.00 0.00 0.00 0.00 0.00 0.00 1,006,581,586.37
R-III N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL: $1,006,581,586.37 1,082,424.37 0.00 0.00 0.00 0.00 1,082,424.37 1,005,499,162.00
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Based on a Notional Balance
INTEREST DETAIL
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Accrued Underpaid Overpaid Excess Prepayment Prepayment Interest Distributable Cumulative Interest
Class Certificate Interest Int. Due Int. Due PPIS Premiums Shortfall Shortfall Certif. Interest Shortfall
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
A-1 1,065,554.39 0.00 0.00 0.00 0.00 0.00 0.00 1,065,554.39 0.00
A-2 2,752,201.98 0.00 0.00 0.00 0.00 0.00 0.00 2,752,201.98 0.00
B 261,692.58 0.00 0.00 0.00 0.00 0.00 0.00 261,692.58 0.00
C 325,347.83 0.00 0.00 0.00 0.00 0.00 0.00 325,347.83 0.00
D 357,918.23 0.00 0.00 0.00 0.00 0.00 0.00 357,918.23 0.00
E 226,292.93 0.00 0.00 0.00 0.00 0.00 0.00 226,292.93 0.00
F 75,432.97 0.00 0.00 0.00 0.00 0.00 0.00 75,432.97 0.00
G 150,865.94 0.00 0.00 0.00 0.00 0.00 0.00 150,865.94 0.00
H 45,257.39 0.00 0.00 0.00 0.00 0.00 0.00 45,257.39 0.00
J 75,715.00 0.00 0.00 0.00 0.00 0.00 0.00 75,715.00 0.00
K 37,855.00 0.00 0.00 0.00 0.00 0.00 0.00 37,855.00 0.00
L 88,330.35 0.00 0.00 0.00 0.00 0.00 0.00 88,330.35 0.03
X 554,607.92 0.00 0.00 0.00 0.00 0.00 0.00 554,607.92 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL: 6,017,072.51 0.00 0.00 0.00 0.00 0.00 0.00 6,017,072.51 0.03
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
[LOGO]
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
B273
PAYMENT DATE: OCTOBER 18, 1998
RECORD DATE: SEPTEMBER 30, 1998
TRUSTEE REPORT TO CERTIFICATEHOLDERS
AGGREGATE INFORMATION
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
Aggregate P&I Beg. Stated Ending Stated Mortgage Pool # of Outstanding
Advances Prin. Balance Prin. Balance Rate Loans*
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1,022,617.13 1,006,581,587.34 1,005,499,162.97 7.25595% 147
- -----------------------------------------------------------------------------------------------
</TABLE>
*The difference in loan count between July and August is due to the servicer
combining six loans into three
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
DELINQUENCIES 30-59 60-89 90+ Foreclosures REO
- --------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
# of Loans 0 0 0 0 0
- --------------------------------------------------------------------
Balance - 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------
</TABLE>
AGGREGATE OF EXPENSES, LOSSES AND FEES
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
Additional Trust Cumulative Realized Sub-Servicer Master Servicer
Fund Expenses Losses Fees Fees
- -----------------------------------------------------------------------
<S> <C> <C> <C>
0.00 0.00 50,137.98 16,776.36
- -----------------------------------------------------------------------
</TABLE>
REOS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Loan Name Final Recovery Date Amount of Proceeds Appraised Value Other Revenues*
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
</TABLE>
SUBORDINATE SUPPORT PERCENTAGE AND MATURITIES
<TABLE>
<CAPTION>
Original Current
Subordination Subordination
Class Credit Support Credit Support
- --------------------------------------------------
<S> <C> <C>
A-1 28.75% 28.86%
A-2 28.75% 28.86%
B 24.00% 24.10%
C 18.25% 18.32%
D 12.25% 12.30%
E 8.50% 8.53%
F 7.25% 7.28%
G 4.75% 4.77%
H 4.00% 4.02%
J 2.50% 2.51%
K 1.75% 1.76%
L 0.00% 0.00%
X N/A N/A
R-III N/A N/A
- --------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SPEED HISTORY
- -------------------------------------------
CPR*
%
- -------------------------------------------
<S> <C>
1 month 0.00%
3 month 0.00%
6 month 0.00%
12 month N/A
Life 0.00%
- -------------------------------------------
</TABLE>
* Principal received within 1 month of maturity is not
considered prepayment in the calculation of CPR.
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT B273-01
DISTRIBUTION OF CURRENT SCHEDULED PRINCIPAL BALANCES
- --------------------------------------------------------------------------------------------------------
Current Weighted Averages
Scheduled # of % Tot --------------------------------------
Principal Mtg Sched Prin Sched Mnths Mort
Balance Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less
than 999,999.99 10 7,983,082 0.79% 1.57 135.39 7.265
1,000,000.00+ 35 49,131,725 4.89% 1.52 133.30 7.459
1,750,000.00+ 26 56,376,890 5.61% 1.41 138.81 7.459
2,500,000.00+ 34 122,444,058 12.18% 1.34 128.30 7.526
5,000,000.00+ 13 80,460,571 8.00% 1.38 139.01 7.369
7,500,000.00+ 10 89,488,662 8.90% 1.33 114.83 7.286
10,000,000.00+ 11 139,842,803 13.91% 1.38 127.38 7.172
15,000,000.00+ 6 170,873,501 16.99% 1.31 149.35 7.513
100,000,000.00+ 2 288,897,871 28.73% 1.40 113.12 6.914
- --------------------------------------------------------------------------------------------------------
Total 147 1,005,499,163 100.00% 1.38 127.94 7.256
- --------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF CURRENT MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Current Weighted Averages
Mortgage # of % Tot --------------------------------------
Interest Mtg Sched Prin Sched Mnths Mort
Rate Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 6.999% 10 174,891,509 17.39% 1.47 116.62 6.763
7.000%+ 43 388,511,260 38.64% 1.35 112.22 7.091
7.250%+ 35 136,845,392 13.61% 1.33 123.82 7.352
7.500%+ 52 280,872,036 27.93% 1.39 157.45 7.650
8.000%+ 4 16,974,592 1.69% 1.35 123.65 8.157
8.500%+ 2 5,842,361 0.58% 1.23 190.56 8.707
9.000%+ 1 1,562,013 0.16% 1.24 171.00 9.020
- --------------------------------------------------------------------------------------------------------
Total 147 1,005,499,163 100.00% 1.38 127.94 7.256
- --------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF REMAINING STATED TERM (BALLOON LOANS ONLY)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Remaining Weighted Averages
Stated # of % Tot --------------------------------------
Term Mtg Sched Prin Sched Mnths Mort
(Months) Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 36 - - 0.00% 0.00 0.00 0.000
37-96 4 16,064,042 1.83% 1.33 76.04 7.188
97-120 109 798,221,398 91.18% 1.39 113.27 7.159
121-180 7 46,590,444 5.32% 1.36 169.29 7.682
180+ 2 14,562,706 1.66% 1.43 206.88 7.682
- --------------------------------------------------------------------------------------------------------
Total 122 875,438,590 100.00% 1.39 117.13 7.196
- --------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF REMAINING STATED TERM (FULLY AMORTIZING LOANS ONLY)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Remaining Weighted Averages
Stated # of % Tot --------------------------------------
Term Mtg Sched Prin Sched Mnths Mort
(Months) Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 36 - - 0.00% 0.00 0.00 -
37-96 - - 0.00% 0.00 0.00 -
97-120 3 13,449,956 10.34% 1.21 113.79 7.252
121-180 5 19,361,073 14.89% 1.31 170.79 7.603
180+ 17 97,249,544 74.77% 1.30 218.67 7.727
- --------------------------------------------------------------------------------------------------------
Total 25 130,060,573 100.00% 1.29 200.70 7.660
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT B273-02
DISTRIBUTION BY STATE
- --------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot -------------------------------------
Mtg Sched Prin Sched Mnths Mort
States Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
New York 4 192,409,555 19.14% 1.35 112.10 7.054
California 18 116,739,689 11.61% 1.26 157.92 7.697
Minnesota 3 111,814,355 11.12% 1.48 117.17 6.766
Georgia 8 64,475,582 6.41% 1.38 111.31 7.284
Illinois 7 63,351,631 6.30% 1.23 105.91 7.187
Texas 11 53,631,961 5.33% 1.28 143.03 7.498
Florida 8 32,917,037 3.27% 1.34 113.76 7.347
Ohio 13 30,709,260 3.05% 1.54 225.16 7.558
Massachusetts 5 29,000,448 2.88% 1.35 115.00 7.216
Michigan 7 24,711,928 2.46% 1.36 111.67 7.266
Other 63 285,737,717 28.42% 1.44 130.27 7.327
- --------------------------------------------------------------------------------------------------------
Total 147 1,005,499,163 100.00% 1.38 127.94 7.256
- --------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF PROPERTY TYPE
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot ----------------------------------
Property Mtg Sched Prin Sched Mnths Mort
Types Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Office 29 347,559,310 34.57% 1.30 128.87 7.297
Multifamily 35 224,818,222 22.36% 1.35 116.81 7.117
Retail 44 191,958,152 19.09% 1.45 147.63 7.449
Mixed-Use 5 115,527,717 11.49% 1.48 114.93 6.747
Hotel 17 74,784,484 7.44% 1.39 133.54 7.632
Industrial 10 24,396,243 2.43% 1.43 116.31 7.534
Health Care 4 21,265,506 2.11% 1.42 114.16 7.345
Mobile Home Park 2 3,655,297 0.36% 1.42 102.15 7.539
Nursing Home 1 1534231.26 0.15% 2.73 228.00 7.850
- --------------------------------------------------------------------------------------------------------
Total 147 1,005,499,163 100.00% 1.38 127.94 7.256
- --------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF SEASONING
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot --------------------------------------
Seasoning Mtg Sched Prin Sched Mnths Mort
(months) Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-12 145 950,140,089 94.49% 1.39 123.57 7.218
13-36 2 55,359,074 5.51% 1.08 202.92 7.901
37-60 0 - 0.00% 0.00 0.00 0.000
61-84 0 - 0.00% 0.00 0.00 0.000
85-120 0 - 0.00% 0.00 0.00 0.000
121-180 0 - 0.00% 0.00 0.00 0.000
181+ 0 - 0.00% 0.00 0.00 0.000
- --------------------------------------------------------------------------------------------------------
Total 147 1,005,499,163 100.00% 1.38 127.94 7.256
- --------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF AMORTIZATION TYPE
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot --------------------------------------
Amortization Mtg Sched Prin Sched Mnths Mort
Type Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balloon 122 875,438,590 87.07% 1.39 117.13 7.196
ARD 0 - 0.00% 0.00 0.00 0.000
Fully Amortizing 24 78,860,573 7.84% 1.45 197.26 7.530
IO/Amortizing 1 51,200,000 5.09% 1.05 206.00 7.860
- --------------------------------------------------------------------------------------------------------
Total 147 1,005,499,163 100.00% 1.38 127.94 7.256
- --------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT B273-03
DISTRIBUTION OF ORIGINAL TERM TO STATED MATURITY
- --------------------------------------------------------------------------------------------------------
Weighted Averages
Original # of % Tot -------------------------------------
Term to Mtg Sched Prin Sched Mnths Mort
Maturity Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-84 0 - 0.00% 0.00 0.00 0.000
85-120 0 - 0.00% 0.00 0.00 0.000
121-180 7 26,465,018 2.63% 1.41 170.35 7.446
181+240 24 118,820,739 11.82% 1.32 200.58 7.690
241+ 116 860,213,406 85.55% 1.38 116.60 7.190
- --------------------------------------------------------------------------------------------------------
Total 147 1,005,499,163 100.00% 1.38 127.94 7.256
- --------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF DEBT SERVICE COVERAGE RATIO AT CLOSING
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot --------------------------------------
Mtg Sched Prin Sched Mnths Mort
DSCR Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less
than 0.000 0 - 0.00% 0.00 0.00 0.000
0.000-1.109 3 59,999,776 5.97% 1.05 192.65 7.792
1.110-1.199 7 69,389,736 6.90% 1.17 120.52 7.167
1.200-1.299 38 207,403,998 20.63% 1.25 121.57 7.410
1.300-1.399 37 329,011,414 32.72% 1.34 122.57 7.202
1.400-1.499 22 201,952,720 20.08% 1.47 121.47 6.976
1.500-1.599 18 64,824,719 6.45% 1.52 124.37 7.425
1.600-1.799 9 23,121,744 2.30% 1.68 140.60 7.280
1.800-1.999 8 26,680,736 2.65% 1.86 153.07 7.159
2.000+ 5 23,114,320 2.30% 2.31 140.56 7.580
- --------------------------------------------------------------------------------------------------------
Total 147 1,005,499,163 100.00% 1.38 127.94 7.256
- --------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTION OF LTV AT CLOSING
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Weighted Averages
# of % Tot --------------------------------------
Mtg Sched Prin Sched Mnths Mort
LTV Props. Balance Bal DSCR* to Mat Rate
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Not populated 0 - 0.00% 0.00 0.00 0.000
less than 24.999 0 - 0.00% 0.00 0.00 0.000
25.000+ 4 4,830,234 0.48% 1.29 132.69 7.863
50.000+ 15 152,119,613 15.13% 1.44 119.01 6.911
60.000+ 10 46,184,291 4.59% 1.39 121.61 7.454
65.000+ 20 75,622,188 7.52% 1.36 120.05 7.475
70.000+ 45 200,167,536 19.91% 1.39 144.11 7.472
75.000+ 35 432,177,051 42.98% 1.37 124.59 7.206
80.000+ 18 94,398,250 9.39% 1.28 132.51 7.278
- --------------------------------------------------------------------------------------------------------
Total 147 1,005,499,163 100.00% 1.38 127.94 7.256
- --------------------------------------------------------------------------------------------------------
</TABLE>
* At Closing
NOTE: Reduction in loan count is due to the combining of the
following loans from 7/1998 to 8/1998 Loan #904005 and Loan #904150
combine to loan #904005 Loan #904053 and Loan #904075 combine to
loan #904053 Loan #904146 and Loan #904155 combine to loan #904146
Increase in weighted average months to maturity is due to corrected maturity
dates from 7/1998 to 8/1998
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT DATE: OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-04
LOAN LEVEL DETAIL
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Ending Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
904001 Office NY 20080201 N 181,234,550 7.030 1,296,910.27 0.00 0 10011998 0.00 0
904002 Office CA 20151201 N 51,200,000 7.860 335,360.00 0.00 0 10011998 0.00 0
904003 Office PR 20080401 N 23,393,709 7.500 164,315.41 0.00 0 9011998 0.00 B
904004 Office MA 20080501 N 13,952,325 7.170 94,746.20 0.00 0 10011998 0.00 0
904005 Office CT 20130101 N 11,675,947 7.600 111,924.49 0.00 0 10011998 0.00 0
904006 Office MA 20080501 N 8,969,036 7.130 60,665.04 0.00 0 10011998 0.00 0
904007 Office CA 20071101 N 8,893,886 8.090 70,000.90 0.00 0 10011998 0.00 0
904008 Office AL 20080501 N 6,480,018 7.560 45,716.29 0.00 0 10011998 0.00 0
904009 Office CA 20080501 N 6,081,197 7.550 42,861.13 0.00 0 10011998 0.00 0
904010 Office VA 20080401 N 4,059,235 7.810 33,810.82 0.00 0 10011998 0.00 0
904011 Office FL 20080401 N 3,984,322 7.470 27,886.46 0.00 0 9011998 0.00 B
904012 Office AL 20080401 N 2,937,756 7.240 20,104.20 0.00 0 10011998 0.00 0
904013 Office MA 20080501 N 2,491,617 7.230 17,020.51 0.00 0 10011998 0.00 0
904014 Office TX 20080501 N 2,477,402 7.580 17,511.81 0.00 0 9011998 0.00 B
904015 Office TN 20080501 N 2,149,052 7.570 16,060.69 0.00 0 10011998 0.00 0
904016 Office MN 20080301 N 1,990,543 7.260 13,657.09 0.00 0 10011998 0.00 0
904017 Office FL 20080401 N 1,942,491 7.540 13,688.13 0.00 0 10011998 0.00 0
904018 Office WI 20080501 N 1,591,922 7.590 11,917.68 0.00 0 10011998 0.00 0
904019 Office VA 20080501 N 1,570,439 7.780 11,316.16 0.00 0 10011998 0.00 0
904020 Office VA 20130201 N 1,462,849 7.280 13,718.32 0.00 0 10011998 0.00 0
904021 Office CO 20080501 N 1,436,891 7.040 10,249.86 0.00 0 10011998 0.00 0
904022 Office CA 20080401 N 1,344,880 7.600 9,532.01 0.00 0 10011998 0.00 0
904023 Office CO 20080501 N 1,326,514 7.040 9,462.50 0.00 0 10011998 0.00 0
904025 Office MA 20080501 N 1,245,754 7.180 8,467.94 0.00 0 10011998 0.00 0
904028 Office CO 20080501 N 978,478 7.040 6,979.84 0.00 0 10011998 0.00 0
904029 Office CO 20080501 N 894,949 7.040 6,384.00 0.00 0 10011998 0.00 0
904030 Office CO 20080501 N 648,341 7.040 4,624.85 0.00 0 10011998 0.00 0
904031 Office CO 20080501 N 626,464 7.040 4,468.80 0.00 0 10011998 0.00 0
904032 Office OH 20180301 N 518,743 7.570 4,251.86 0.00 0 10011998 0.00 0
904033 Mixed-Use MN 20080531 N 107,663,321 6.720 698,333.60 0.00 0 9011998 0.00 B
904034 Mixed-Use VA 20080301 N 2,885,504 7.040 19,371.88 0.00 0 10011998 0.00 0
904035 Mixed-Use CA 20080401 N 2,240,707 7.260 15,364.23 0.00 0 10011998 0.00 0
904036 Mixed-Use CT 20080501 N 1,644,014 6.920 10,888.98 0.00 0 10011998 0.00 0
904037 Mixed-Use NC 20080501 N 1,094,170 7.340 8,014.77 0.00 0 10011998 0.00 0
904038 Multifamily IL 20071201 N 32,483,855 7.180 221,859.91 0.00 0 10011998 0.00 0
904039 Multifamily GA 20071201 N 18,742,481 7.050 126,377.47 0.00 0 10011998 0.00 0
904040 Multifamily NH 20080301 N 14,773,684 6.910 97,980.58 0.00 0 10011998 0.00 0
904041 Multifamily CO 20080401 N 12,125,495 6.720 81,699.27 0.00 0 10011998 0.00 0
904042 Multifamily WA 20080201 N 11,919,476 6.710 77,512.97 0.00 0 10011998 0.00 0
904043 Multifamily AK 20080401 N 9,928,318 6.810 69,470.50 0.00 0 10011998 0.00 0
904044 Multifamily IL 20050101 N 9,932,059 7.110 67,270.64 0.00 0 10011998 0.00 0
904045 Multifamily OR 20080401 N 9,757,908 7.100 65,859.13 0.00 0 9011998 0.00 B
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT DATE: OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-04
LOAN LEVEL DETAIL
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Ending Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
904046 Multifamily CA 20080501 N 8,670,978 7.250 59,349.34 0.00 0 10011998 0.00 0
904047 Multifamily MI 20080101 N 8,000,767 7.140 54,383.34 0.00 0 10011998 0.00 0
904048 Multifamily KS 20071201 N 7,646,396 7.390 53,260.73 0.00 0 9011998 0.00 B
904049 Multifamily IL 20080401 N 6,771,916 7.260 46,434.12 0.00 0 10011998 0.00 0
904050 Multifamily NH 20080301 N 6,538,911 6.910 43,366.72 0.00 0 10011998 0.00 0
904051 Multifamily MI 20080101 N 6,442,305 7.140 43,790.06 0.00 0 10011998 0.00 0
904052 Multifamily WI 20130601 N 6,318,314 6.970 57,417.72 0.00 0 10011998 0.00 0
904053 Multifamily OH 20180301 N 6,800,783 7.570 50,933.20 0.00 0 10011998 0.00 0
904054 Multifamily AL 20080301 N 5,075,761 7.240 34,756.41 0.00 0 10011998 0.00 0
904056 Multifamily NY 20080301 N 4,267,651 7.330 31,302.66 0.00 0 10011998 0.00 0
904057 Multifamily IA 20120701 N 4,159,074 8.400 31,997.18 0.00 0 10011998 0.00 0
904058 Multifamily TN 20080401 N 3,857,802 7.190 30,683.04 0.00 0 10011998 0.00 0
904059 Multifamily IL 20080331 N 3,485,113 7.140 23,615.59 0.00 0 10011998 0.00 0
904060 Multifamily NY 20080301 N 3,176,064 7.360 23,357.08 0.00 0 10011998 0.00 0
904062 Multifamily NV 20080301 N 2,737,096 7.290 18,834.52 0.00 0 10011998 0.00 0
904063 Multifamily FL 20080401 N 2,439,503 7.110 16,481.31 0.00 0 9011998 0.00 B
904064 Multifamily IL 20080501 N 2,391,444 6.990 15,951.14 0.00 0 10011998 0.00 0
904065 Multifamily MI 20080301 N 2,348,812 7.250 16,099.36 0.00 0 10011998 0.00 0
904066 Mobile Home Park IL 20080401 N 2,310,653 7.360 15,999.95 0.00 0 10011998 0.00 0
904067 Multifamily MI 20080101 N 1,806,625 7.140 12,280.11 0.00 0 10011998 0.00 0
904068 Multifamily AL 20080401 N 1,738,698 7.380 12,796.06 0.00 0 10011998 0.00 0
904069 Multifamily WA 20080401 N 1,692,909 7.220 11,562.42 0.00 0 10011998 0.00 0
904070 Multifamily AK 20080401 N 1,588,531 6.810 11,115.28 0.00 0 9011998 0.00 B
904071 Multifamily MI 20080101 N 1,429,417 7.140 9,716.13 0.00 0 10011998 0.00 0
904072 Multifamily CO 20050201 N 1,391,579 7.220 9,522.00 0.00 0 10011998 0.00 0
904073 Multifamily ID 20080401 N 1,150,183 7.220 7,855.65 0.00 0 10011998 0.00 0
904074 Multifamily WI 20080601 N 917,660 7.550 6,464.30 0.00 0 10011998 0.00 0
904076 Retail TX 20121001 N 27,775,207 7.560 196,931.73 0.00 0 10011998 0.00 0
904077 Retail ME 20080601 N 17,278,249 7.560 128,892.86 0.00 0 10011998 0.00 0
904078 Retail FL 20080301 N 13,423,296 7.140 91,088.72 0.00 0 10011998 0.00 0
904079 Retail CA 20080101 N 13,407,905 7.520 94,578.91 0.00 0 10011998 0.00 0
904080 Retail NE 20180301 N 10,471,371 7.440 85,004.41 0.00 0 10011998 0.00 0
904081 Mobile Home Park HI 20140201 N 7,761,922 7.780 59,448.00 0.00 0 10011998 0.00 0
904082 Retail PA 20080401 N 4,779,583 7.140 32,387.10 0.00 0 9011998 0.00 B
904083 Retail OH 20180301 N 3,161,861 7.570 25,916.12 0.00 0 10011998 0.00 0
904084 Retail RI 20080401 N 2,689,040 7.330 18,565.49 0.00 0 10011998 0.00 0
904086 Retail NC 20180201 N 2,363,981 7.150 18,823.88 0.00 0 10011998 0.00 0
904087 Retail TX 20080301 N 1,789,773 7.140 12,145.16 0.00 0 10011998 0.00 0
904088 Retail OH 20080401 N 1,236,836 7.390 9,986.01 0.00 0 10011998 0.00 0
904089 Retail OH 20180301 N 874,452 7.570 7,167.43 0.00 0 10011998 0.00 0
904090 Retail OH 20080401 N 785,632 7.390 7,366.18 0.00 0 10011998 0.00 0
904091 Retail NJ 20080401 N 9,927,390 7.220 72,087.52 0.00 0 10011998 0.00 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT DATE: OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-04
LOAN LEVEL DETAIL
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Ending Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
904092 Retail OH 20180301 N 7,015,380 7.570 57,501.40 0.00 0 10011998 0.00 0
904093 Retail IL 20080501 N 5,976,591 7.310 41,175.04 0.00 0 10011998 0.00 0
904094 Retail CA 20080601 N 5,385,732 7.400 37,388.51 0.00 0 9011998 0.00 B
904095 Retail TX 20080301 N 4,653,063 7.290 32,018.68 0.00 0 10011998 0.00 0
904096 Retail TX 20080401 N 4,471,796 7.540 33,371.77 0.00 0 10011998 0.00 0
904097 Retail GA 20080601 N 4,327,980 7.250 30,632.44 0.00 0 10011998 0.00 0
904098 Retail NY 20080501 N 3,731,291 7.650 28,079.08 0.00 0 10011998 0.00 0
904099 Retail PA 20080401 N 3,179,754 7.490 23,626.91 0.00 0 9011998 0.00 B
904101 Retail PA 20080201 N 2,882,595 7.230 19,743.79 0.00 0 9011998 0.00 B
904102 Retail NJ 20080301 N 2,680,750 7.610 20,146.34 0.00 0 9011998 0.00 B
904103 Retail MI 20080401 N 2,398,947 7.430 16,735.70 0.00 0 10011998 0.00 0
904104 Retail OH 20180301 N 2,297,290 7.570 18,829.68 0.00 0 10011998 0.00 0
904105 Retail OH 20180301 N 2,297,290 7.570 18,829.68 0.00 0 10011998 0.00 0
904106 Retail TX 20080501 N 2,089,126 7.460 15,464.22 0.00 0 10011998 0.00 0
904107 Retail CA 20130401 N 2,052,276 7.100 16,212.24 0.00 0 10011998 0.00 0
904108 Retail FL 20080501 N 1,854,509 7.710 13,273.89 0.00 0 10011998 0.00 0
904109 Retail OH 20180301 N 1,758,785 7.570 14,415.84 0.00 0 10011998 0.00 0
904110 Retail AZ 20080401 N 1,739,440 7.740 13,206.77 0.00 0 10011998 0.00 0
904111 Retail OH 20180301 N 1,704,441 7.570 13,970.41 0.00 0 10011998 0.00 0
904112 Retail CA 20080501 N 1,616,487 7.400 11,903.11 0.00 0 10011998 0.00 0
904113 Retail MD 20130201 N 1,428,364 7.170 13,307.47 0.00 0 10011998 0.00 0
904114 Retail PA 20130101 N 1,313,044 7.620 12,606.90 0.00 0 10011998 0.00 0
904115 Retail CA 20080401 N 1,195,320 7.490 8,382.36 0.00 0 10011998 0.00 0
904116 Retail OH 20180301 N 1,170,877 7.570 9,597.06 0.00 0 10011998 0.00 0
904117 Retail TX 20080501 N 1,143,581 7.710 8,656.10 0.00 0 9011998 0.00 B
904118 Retail OH 20180301 N 1,086,890 7.570 8,908.67 0.00 0 10011998 0.00 0
904119 Retail TX 20130301 N 1,041,690 7.670 7,875.88 0.00 0 10011998 0.00 0
904120 Retail AZ 20080401 N 893,935 7.150 6,447.39 0.00 0 10011998 0.00 0
904121 Retail AZ 20080401 N 844,428 7.300 6,171.27 0.00 0 10011998 0.00 0
904122 Lodging GA 20080501 N 13,428,173 7.320 98,188.58 0.00 0 10011998 0.00 0
904123 Lodging GA 20080501 N 11,936,154 7.320 87,278.74 0.00 0 10011998 0.00 0
904125 Lodging GA 20080301 N 6,502,574 7.530 48,531.81 0.00 0 10011998 0.00 0
904127 Lodging CO 20080101 N 5,071,089 7.850 42,597.14 0.00 0 10011998 0.00 0
904128 Lodging GA 20080501 N 4,327,823 7.540 32,259.38 0.00 0 10011998 0.00 0
904129 Lodging VA 20180401 N 4,033,238 7.590 33,052.54 0.00 0 9011998 0.00 B
904131 Lodging FL 20080401 N 3,910,753 7.630 29,412.86 0.00 0 10011998 0.00 0
904132 Lodging WI 20121001 N 3,681,870 8.770 30,675.48 0.00 0 10011998 0.00 0
904133 Lodging VA 20180401 N 3,600,222 7.590 29,503.96 0.00 0 10011998 0.00 0
904135 Lodging FL 20080501 N 3,532,288 7.650 26,581.53 0.00 0 10011998 0.00 0
904136 Mobile Home Park SC 20080401 N 3,464,082 7.580 28,367.22 0.00 0 10011998 0.00 0
904138 Lodging NC 20080501 N 2,611,486 7.490 19,381.45 0.00 0 10011998 0.00 0
904139 Lodging MN 20171101 N 2,160,490 8.600 19,231.58 0.00 0 10011998 0.00 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT DATE: OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-04
LOAN LEVEL DETAIL
- ----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Ending Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
904140 Lodging SC 20080301 N 1,688,229 7.760 12,851.75 0.00 0 10011998 0.00 0
904141 Lodging IN 20080301 N 1,637,421 7.260 11,936.95 0.00 0 10011998 0.00 0
904142 Lodging GA 20080301 N 1,636,578 8.010 13,102.65 0.00 0 10011998 0.00 0
904143 Lodging WI 20130101 N 1,562,013 9.020 13,238.92 0.00 0 10011998 0.00 0
904144 Industrial GA 20050401 N 3,573,819 7.210 25,928.35 0.00 0 10011998 0.00 0
904145 Industrial CA 20121101 N 3,480,869 7.920 34,237.42 0.00 0 10011998 0.00 0
904146 Industrial NH 20080401 N 4,084,609 7.640 29,061.86 0.00 0 10011998 0.00 0
904147 Industrial CA 20080401 N 2,981,020 7.490 22,150.23 0.00 0 10011998 0.00 0
904148 Industrial CA 20080101 N 2,583,385 7.850 18,806.71 0.00 0 10011998 0.00 0
904149 Industrial MA 20080501 N 2,341,716 7.820 16,949.50 0.00 0 10011998 0.00 0
904151 Industrial FL 20080401 N 1,829,875 7.150 14,510.07 0.00 0 10011998 0.00 0
904152 Industrial TX 20080301 N 1,230,349 7.150 8,883.07 0.00 0 10011998 0.00 0
904153 Industrial CA 20080501 N 1,195,976 7.230 8,169.84 0.00 0 10011998 0.00 0
904154 Industrial CA 20080301 N 1,094,625 7.130 7,414.62 0.00 0 10011998 0.00 0
904156 Health Care AZ 20080501 N 12,728,976 7.100 91,285.92 0.00 0 10011998 0.00 0
904157 Health Care TX 20080401 N 4,471,262 7.440 33,079.18 0.00 0 10011998 0.00 0
904158 Health Care MI 20080301 N 2,285,054 8.080 17,873.84 0.00 0 10011998 0.00 0
904159 Health Care CA 20071201 N 1,780,215 7.910 13,785.55 0.00 0 10011998 0.00 0
904160 Mobile Home Park TX 20080301 N 2,488,714 7.440 17,377.77 0.00 0 10011998 0.00 0
904161 Mobile Home Park MO 20050501 N 1,166,584 7.750 8,382.02 0.00 0 10011998 0.00 0
904162 Other CA 20171001 N 1,534,231 7.850 12,944.57 0.00 0 10011998 0.00 0
- ----------------------------------------------------------------------------------------------------------------------------------
totals S.S. Loan Count: 0 005,499,163 4,604,907 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
If state field is blank loan has properties in multiple states.
- ----------------------------------------------------------------------------------------------------------------------------------
Loan Status:
A= Payment not rec'd. but still in grace period, B= Late payment, but less than 1mo., 0= Current, 1= 1 mo. delinquent, 2= 2mo.
delinquent, 3= Three or more mo. delinquent 4= Assumed scheduled payment (performing matured balloon), 7= Foreclosure, 9=REO
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT DATE: OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-05
DELINQUENCY/PREPAYMENT REPORTING HISTORY: ROLLING 24 MONTHS*
- ---------------------------------------------------------------------------------------------------------------------------------
Dist Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure/Bank REO Modifications Prepayments
-------------------------------------------------------------------------------------------------------------------------
Date # Bal # Bal # Bal # Bal # Bal # Bal # Bal
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1098 0 - 0 - 0 - 0 - 0 - 0 - 0 0.00
998 1 4,271,990 0 - 0 - 0 - 0 - 0 - 0 0.00
898 0 - 0 - 0 - 0 - 0 - 0 - 0 0.00
798 0 - 0 - 0 - 0 - 0 - 0 - 0 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
*Historical data not currently available
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT DATE: OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-07
DELINQUENCY LOAN DETAIL
- ----------------------------------------------------------------------------------------------------------------
Offer Paid Thru Current Outstand Loan Spec Ser Foreclosure Bankruptcy REO
Control# Period Date P&I Adv Prin. Adv Status (2) Trans Date Date Date Date
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No delinquencies
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT DATE: OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-08
SPECIALLY SERVICED LOAN SUMMARY
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Number of Loans as of the Closing Date 147*
Principal Balance as of the Closing Date 1,009,500,069.00
Current Number of Loans 147
Current Outstanding Principal Balance 1,005,499,162.92
Current Number of Specially Serviced Loans 0
Current Outstanding Principal Balance of Specially Serviced Loans -
Percent of Specially Serviced Loans (per Current Number of Loans) 0.00000%
Percent of Specially Serviced Loans (per Current Outstanding Principal Balance) 0.00000%
- ------------------------------------------------------------------------------------------------------------------------------
Curr Bal Curr Bal
as % of as % of
Number of Current Spec Total Pool
Specially Serviced Loan Status Loans Prin Bal Serv Loans Balance
- ------------------------------------------------------------------------------------------------------------------------------
1 = Request for waiver of Prepayment Penalty
2 = Payment Default
3 = Request for Loan Modification or Workout
4 = Loans with Borrower Bankruptcy
5 = Loans in Process of Foreclosure
6 = Loans now REO Property
7 = Loan Paid Off
8 = Loans Returned to Master Servicer
Specially Serviced Status Code Not Available 0 - 0.00000% 0.00000%
- ------------------------------------------------------------------------------------------------------------------------------
* Original loan count amended reflecting six loans which have
combined into three between the 7/1998 and 8/1998 payments
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT DATE: OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-09
SPECIALLY SERVICED LOAN DETAIL
- --------------------------------------------------------------------------------------------------------------------------
Offer Transfer Act. Ending Maturity Prop Spec Serv
Control# Date Prin Bal Date Type State NOI NOI Date DSCR Status Code *
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No loans in special servicing
- --------------------------------------------------------------------------------------------------------------------------
* Legend
1 = Request for waiver of Prepayment Penalty 4 = Loans with Borrower Bankruptcy 7 = Loan Paid Off
2 = Payment Default 5 = Loans in Process of Foreclosure 8 = Loans Returned to Master Servicer
3 = Request for Loan Modification or Workout 6 = Loans now REO Property
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT DATE: OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-10
MODIFIED LOAN DETAIL
- ---------------------------------------------------------------------------------------------------
Distribution Control Modfication Modification
Date # Date Description
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
No modified loans.
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT DATE: OCTOBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-11
REALIZED LOSS DETAIL
- -------------------------------------------------------------------------------------------------------------------------
Distribution Control Appraisal App Val/ Sched Gross GP as Agg Liq Net Liq NP as Current
Date # Date Broker Est Prin Bal Proceeds % of bal Expenses Proceeds % of bal Realized Loss
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No realized losses
- -------------------------------------------------------------------------------------------------------------------------
Current Tot 0 0 0% 0 0 0
- --------
Cumulative 0 0 0% 0 0 0
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
