<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: November 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
November 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: 11/18/98
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>
<TABLE>
<CAPTION>
<S> <C> <C>
MORTGAGE CAPITAL FUNDING, INC.
[LOGO] MULTIFAMILY/COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES
B273 PAYMENT DATE: NOVEMBER 18, 1998
RECORD DATE: OCTOBER 31, 1998
</TABLE>
<TABLE>
<CAPTION>
TRUSTEE REPORT TO CERTIFICATEHOLDERS
PAYMENT SUMMARY
Pass Through Interest Original Fitch Original
Class Cusip Rate Type Rating Balance
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 61910DEP3 6.325% Fixed AAA 205,079,000.00
A-2 61910DEQ1 6.423% Fixed AAA 514,190,000.00
B 61910DES7 6.549% Fixed AA 47,951,000.00
C 61910DET5 6.726% Fixed A 58,046,000.00
D 61910DEU2 7.091% Variable BBB 60,570,000.00
E 61910DEV0 7.3463060% Variable BBB- 37,856,000.00
F 61910DEW8 7.3463060% Variable N/A 12,619,000.00
G 61910DEY4 7.3463060% Variable N/A 25,238,000.00
H 61910DFA5 7.3463060% Variable N/A 7,571,000.00
J 61910DFC1 6.00% Fixed N/A 15,143,000.00
K 61910DFE7 6.00% Fixed N/A 7,571,000.00
L 61910DFG2 6.00% Fixed N/A 17,666,069.00
X 61910DER9 0.81967515% Variable AAA 1,009,500,069.00
R-III N/A N/A N/A
- -----------------------------------------------------------------------------------------
TOTAL: 1,009,500,069.00
------------------------------
<CAPTION>
Beginning Principal Interest Total Ending
Class Balance Paid Paid Paid Balance
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 201,078,093.00 942,185.25 1,059,849.12 2,002,034.37 200,135,907.75
A-2 514,190,000.00 0.00 2,752,201.98 2,752,201.98 514,190,000.00
B 47,951,000.00 0.00 261,692.58 261,692.58 47,951,000.00
C 58,046,000.00 0.00 325,347.83 325,347.83 58,046,000.00
D 60,570,000.00 0.00 357,918.23 357,918.23 60,570,000.00
E 37,856,000.00 0.00 231,751.47 231,751.47 37,856,000.00
F 12,619,000.00 0.00 77,252.53 77,252.53 12,619,000.00
G 25,238,000.00 0.00 154,505.06 154,505.06 25,238,000.00
H 7,571,000.00 0.00 46,349.07 46,349.07 7,571,000.00
J 15,143,000.00 0.00 75,715.00 75,715.00 15,143,000.00
K 7,571,000.00 0.00 37,855.00 37,855.00 7,571,000.00
L 17,666,069.00 0.00 88,330.35 88,330.35 17,666,069.00
X 1,005,499,162.00 0.00 686,818.90 686,818.90 1,004,556,976.75
R-III 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------
TOTAL: 1,005,499,162.00 942,185.25 6,155,587.12 7,097,772.37 1,004,556,976.75
--------------------------------------------------------------------------------------------
<CAPTION>
Beginning Principal Interest Prepayment Ending
Class Certif. Factor Distribution(1) Distribution(1) Premiums Certif. Factor
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.9804908986 4.5942551407 5.1680041350 0.0000000000 0.9758966435
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 6.1219217561 0.0000000000 1.0000000000
F 1.0000000000 0.0000000000 6.1219217054 0.0000000000 1.0000000000
G 1.0000000000 0.0000000000 6.1219217054 0.0000000000 1.0000000000
H 1.0000000000 0.0000000000 6.1219218069 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 0.9960367442 0.0000000000 0.6803554760 0.0000000000 0.9951034255
R-III 0.0000000000 0.0000000000 0.0000000000 0.0000000000 0.0000000000
- --------------------------------------------------------------------------------------------------------------
STATE STREET This report has been prepared by, or is based on information furnished to
Serving Institutional State Street Bank and Trust Company ("State Street") by, one or more third
Investors the Worldwide 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 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 soley as a convience for the
user, and should not be reiled upon withour further investigation by any user
contemplating an investment decision with repsect to the related securities.
</TABLE>
Page 1 of 3
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
MORTGAGE CAPITAL FUNDING, INC.
[LOGO] MULTIFAMILY/COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
B273 PAYMENT DATE: NOVEMBER 18, 1998
RECORD DATE: OCTOBER 31, 1998
</TABLE>
<TABLE>
<CAPTION>
TRUSTEE REPORT TO CERTIFICATEHOLDERS
PRINCIPAL DETAIL
- ----------------------------------------------------------------------------------------------------------------------------------
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-1 201,078,093.00 942,185.25 0.00 0.00 0.00 0.00 942,185.25 200,135,907.75
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* 1,005,499,162.00 0.00 0.00 0.00 0.00 0.00 0.00 1,004,556,976.75
R-III N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL: $ 1,005,499,162.00 42,185.25 0.00 0.00 0.00 0.00 942,185.25 1,004,556,976.75
-------------------------------------------------------------------------------------------------------------------------
* Based on a Notional Balance
<CAPTION>
INTEREST DETAIL
- -----------------------------------------------------------------------------------------------------------------------------------
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 1,059,849.12 0.00 0.00 0.00 0.00 0.00 0.00 1,059,849.12 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 231,751.47 0.00 0.00 0.00 0.00 0.00 0.00 231,751.47 0.00
F 77,252.53 0.00 0.00 0.00 0.00 0.00 0.00 77,252.53 0.00
G 154,505.06 0.00 0.00 0.00 0.00 0.00 0.00 154,505.06 0.00
H 46,349.07 0.00 0.00 0.00 0.00 0.00 0.00 46,349.07 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 0.05
X 686,818.90 0.00 0.00 0.00 0.00 0.00 0.00 686,818.90 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL: 6,155,587.12 0.00 0.00 0.00 0.00 0.00 0.00 6,155,587.12 0.05
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 3
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
MORTGAGE CAPITAL FUNDING, INC.
[LOGO] MULTIFAMILY/COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
B273 PAYMENT DATE: NOVEMBER 18, 1998
RECORD DATE: OCTOBER 31, 1998
</TABLE>
<TABLE>
<CAPTION>
TRUSTEE REPORT TO CERTIFICATEHOLDERS
AGGREGATE INFORMATION
- ------------------------------------------------------------------------------------------------------------------------
Aggregate P&I Beg. Stated Ending Stated Mortgage Pool # of Outstanding
Advances Prin. Balance Prin. Balance Rate Loans*
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
273,856.55 1,005,499,162.97 1,004,556,977.72 7.43110% 147
- ------------------------------------------------------------------------------------------------------------------------
*The difference in loan count between July and August is due to the servicer combining six loans into three
<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
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE OF EXPENSES, LOSES AND FEES
- ---------------------------------------------------------------------------------------------------------------------------
Additional Trust Cumulative Realized Sub-Servicer Master Servicer
Fund Expenses Losses Fees Fees
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.00 0.00 51,414.92 17,167.27
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
REOS
- ----------------------------------------------------------------------------------------------------------------------------
Loan Name Final Recovery Date Amount of Proceeds Appraised Value Other Revenues*
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SUBORDINATE SUPPORT PERCENTAGE AND MATURITIES SPEED HISTORY
- ----------------------------------------------------------------- -----------------------------------------------------------
Original Subordination Current Subordination CPR *
Class Credit Support Credit Support %
- ----------------------------------------------------------------- -----------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 28.75% 28.89% 1 month 0.00%
3 month 0.00%
A-2 28.75% 28.89% 6 month 0.00%
B 24.00% 24.12% 12 month N/A
C 18.25% 18.34% Life 0.00%
D 12.25% 12.31% -----------------------------------------------------------
E 8.50% 8.54% * Principal received within 1 month of maturity is not
F 7.25% 7.29% considered prepayment in the calculation of CPR.
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>
Page 3 of 3
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT NOVEMBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT B273-01
</TABLE>
<TABLE>
<CAPTION>
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>
less than 999,999.99 10 7,972,700 0.79% 1.57 134.38 7.265
1,000,000.00+ 35 49,074,102 4.89% 1.52 132.28 7.459
1,750,000.00+ 26 56,321,802 5.61% 1.41 137.80 7.459
2,500,000.00+ 34 122,314,892 12.18% 1.34 127.30 7.526
5,000,000.00+ 13 80,373,719 8.00% 1.38 138.00 7.369
7,500,000.00+ 10 89,411,032 8.90% 1.33 113.83 7.285
10,000,000.00+ 11 139,686,861 13.91% 1.38 126.37 7.172
15,000,000.00+ 6 170,779,106 7.00% 1.31 148.36 7.514
100,000,000.00+ 2 288,622,762 28.73% 1.40 112.12 6.914
- ---------------------------------------------------------------------------------------------------------------------------
Total 147 1,004,556,978 100.00% 1.38 126.93 7.256
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF CURRENT MORTGAGE INTEREST RATES
- ---------------------------------------------------------------------------------------------------------------------------
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% 10 174,740,973 17.39% 1.47 115.62 6.763
7.000% + 43 388,130,215 38.64% 1.35 111.22 7.091
7.250% + 35 136,719,297 13.61% 1.33 122.81 7.352
7.500% + 52 280,613,254 27.93% 1.39 156.45 7.650
8.000% + 4 16,957,878 1.69% 1.35 122.65 8.157
8.500% + 2 5,834,846 0.58% 1.23 189.55 8.707
9.000% + 1 1,560,515 0.16% 1.24 170.00 9.020
- ---------------------------------------------------------------------------------------------------------------------------
Total 147 1,004,556,978 100.00% 1.38 126.93 7.256
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF REMAINING STATED TERM (BALLOON LOANS ONLY)
- ----------------------------------------------------------------------------------------------------------------------------
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 16,051,658 1.84% 1.33 75.04 7.188
97-120 109 797,507,831 91.18% 1.39 112.27 7.159
121-180 7 46,540,579 5.32% 1.36 168.29 7.682
180+ 2 14,546,979 1.66% 1.43 205.89 7.682
- ----------------------------------------------------------------------------------------------------------------------------
Total 122 874,647,047 100.00% 1.39 116.13 7.196
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF REMAINING STATED TERM (FULLY AMORTIZING LOANS ONLY)
- --------------------------------------------------------------------------------------------------------------------------------
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 13,437,625 10.34% 1.21 112.79 7.252
121-180 5 19,300,992 14.86% 1.31 169.79 7.603
180+ 17 97,171,314 74.80% 1.30 217.66 7.727
- --------------------------------------------------------------------------------------------------------------------------------
Total 25 129,909,931 100.00% 1.29 199.70 7.660
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT NOVEMBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT B273-02
</TABLE>
<TABLE>
<CAPTION>
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 4 192,198,676 19.13% 1.35 111.10 7.054
California 18 116,676,983 11.61% 1.26 156.94 7.697
Minnesota 3 111,734,072 11.12% 1.48 116.16 6.766
Georgia 8 64,412,447 6.41% 1.38 110.31 7.284
Illinois 7 63,303,705 6.30% 1.23 104.91 7.187
Texas 11 53,594,118 5.34% 1.28 142.03 7.498
Florida 8 32,889,702 3.27% 1.34 112.76 7.347
Ohio 13 30,661,455 3.05% 1.54 224.17 7.558
Massachusetts 5 28,982,285 2.89% 1.35 114.00 7.216
Michigan 7 24,691,656 2.46% 1.36 110.67 7.266
Other 63 285,411,879 28.41% 1.44 129.26 7.327
- --------------------------------------------------------------------------------------------------------------------------
Total 147 1,004,556,978 100.00% 1.38 126.93 7.256
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF PROPERTY TYPE
- -----------------------------------------------------------------------------------------------------------------------
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 29 347,241,507 34.57% 1.30 127.87 7.297
Multifamily 35 224,618,757 22.36% 1.35 115.80 7.117
Retail 44 191,757,764 19.09% 1.45 146.61 7.449
Mixed-Use 5 115,446,968 11.49% 1.48 113.93 6.747
Hotel 17 74,697,962 7.44% 1.39 132.54 7.632
Industrial 10 24,365,844 2.43% 1.43 115.29 7.534
Health Care 4 21,243,584 2.11% 1.42 113.16 7.345
Mobile Home Park 2 3,653,267 0.36% 1.42 101.15 7.539
Nursing Home 1 1531323.12 0.15% 2.73 227.00 7.850
- -----------------------------------------------------------------------------------------------------------------------
Total 147 1,004,556,978 100.00% 1.38 126.93 7.256
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF SEASONING
- ---------------------------------------------------------------------------------------------------------------
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>
0-12 142 916,232,268 91.21% 1.40 120.86 7.201
13-36 5 88,324,709 8.79% 1.17 189.93 7.829
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 1,004,556,978 100.00% 1.38 126.93 7.256
- ----------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF AMORTIZATION TYPE
- -------------------------------------------------------------------------------------------------------------------
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 122 874,647,047 87.07% 1.39 116.13 7.196
ARD 0 - 0.00% 0.00 0.00 0.000
Fully Amortizing 24 78,709,931 7.84% 1.45 196.25 7.530
IO/Amortizing 1 51,200,000 5.10% 1.05 205.00 7.860
- --------------------------------------------------------------------------------------------------------------------
Total 147 1,004,556,978 100.00% 1.38 126.93 7.256
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
MORTGAGE CAPITAL FUNDING, INC. STATE STREET CORPORATE TRUST
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-MC2 PAYMENT NOVEMBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT B273-03
</TABLE>
<TABLE>
<CAPTION>
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 26,381,852 2.63% 1.41 169.35 7.446
181+240 24 118,706,101 11.82% 1.32 199.58 7.691
241+ 116 859,469,025 85.56% 1.38 115.60 7.190
- -------------------------------------------------------------------------------------------------------------------
Total 147 1,004,556,978 100.00% 1.38 126.93 7.256
- -------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF DEBT SERVICE COVERAGE RATIO AT CLOSING
- -------------------------------------------------------------------------------------------------------------------
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 59,990,954 5.97% 1.05 191.66 7.792
1.110-1.199 7 69,306,695 6.90% 1.17 119.50 7.167
1.200-1.299 38 207,240,770 20.63% 1.25 120.57 7.410
1.300-1.399 37 328,657,260 32.72% 1.34 121.57 7.202
1.400-1.499 22 201,783,449 20.09% 1.47 120.46 6.976
1.500-1.599 18 64,759,282 6.45% 1.52 123.37 7.425
1.600-1.799 9 23,082,853 2.30% 1.68 139.56 7.280
1.800-1.999 8 26,646,891 2.65% 1.86 152.05 7.159
2.000+ 5 23,088,824 2.30% 2.31 139.55 7.580
- -------------------------------------------------------------------------------------------------------------------
Total 147 1,004,556,978 100.00% 1.38 126.93 7.256
- -------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF LTV AT CLOSING
- --------------------------------------------------------------------------------------------------------------
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 4,823,489 0.48% 1.29 131.70 7.863
50.000+ 15 151,986,957 15.13% 1.44 118.00 6.911
60.000+ 10 46,140,578 4.59% 1.39 120.61 7.454
65.000+ 20 75,537,965 7.52% 1.36 119.04 7.475
70.000+ 45 199,949,793 19.90% 1.39 143.10 7.472
75.000+ 35 431,807,384 42.98% 1.37 123.60 7.206
80.000+ 18 94,310,812 9.39% 1.28 131.50 7.278
- --------------------------------------------------------------------------------------------------------------
Total 147 1,004,556,978 100.00% 1.38 126.93 7.256
- --------------------------------------------------------------------------------------------------------------
* 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
</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: NOVEMBER 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>
C001 Office NY 20080201 N 181,034,763 7.030 1,296,910.27 0.00 0 11011998 0.00 0
C002 Office CA 20151201 N 51,200,000 7.860 335,360.00 0.00 0 11011998 0.00 0
C003 Office PR 20080401 N 23,375,604 7.500 164,315.41 0.00 0 11011998 0.00 0
C004 Office MA 20080501 N 13,943,723 7.170 94,746.20 0.00 0 11011998 0.00 0
C005 & C150 Office CT 20130101 N 11,640,435 7.600 111,924.49 0.00 0 11011998 0.00 0
C006 Office MA 20080501 N 8,963,438 7.130 60,665.04 0.00 0 11011998 0.00 0
C008 Office AL 20080501 N 6,476,486 7.560 45,716.29 0.00 0 11011998 0.00 0
C009 Office CA 20080501 N 6,077,872 7.550 42,861.13 0.00 0 11011998 0.00 0
C010 Office VA 20080401 N 4,052,724 7.810 33,810.82 0.00 0 11011998 0.00 0
C011 Office FL 20080401 N 3,982,065 7.470 27,886.46 0.00 0 10011998 0.00 B
C012 Office AL 20080401 N 2,935,967 7.240 20,104.20 0.00 0 11011998 0.00 0
C013 Office MA 20080501 N 2,490,109 7.230 17,020.51 0.00 0 11011998 0.00 0
C014 Office TX 20080501 N 2,476,060 7.580 17,511.81 0.00 0 10011998 0.00 B
C015 Office TN 20080501 N 2,147,001 7.570 16,060.69 0.00 0 11011998 0.00 0
C016 Office MN 20080301 N 1,989,330 7.260 13,657.09 0.00 0 11011998 0.00 0
C017 Office FL 20080401 N 1,941,415 7.540 13,688.13 0.00 0 11011998 0.00 0
C018 Office WI 20080501 N 1,590,409 7.590 11,917.68 0.00 0 11011998 0.00 0
C019 Office VA 20080501 N 1,569,644 7.780 11,316.16 0.00 0 11011998 0.00 0
C020 Office VA 20130201 N 1,458,302 7.280 13,718.32 0.00 0 11011998 0.00 0
C021 Office CO 20080501 N 1,435,351 7.040 10,249.86 0.00 0 11011998 0.00 0
C022 Office CA 20080401 N 1,344,150 7.600 9,532.01 0.00 0 11011998 0.00 0
C023 Office CO 20080501 N 1,325,093 7.040 9,462.50 0.00 0 11011998 0.00 0
C025 Office MA 20080501 N 1,244,988 7.180 8,467.94 0.00 0 11011998 0.00 0
C028 Office CO 20080501 N 977,430 7.040 6,979.84 0.00 0 11011998 0.00 0
C029 Office CO 20080501 N 893,991 7.040 6,384.00 0.00 0 11011998 0.00 0
C030 Office CO 20080501 N 647,646 7.040 4,624.85 0.00 0 11011998 0.00 0
C031 Office CO 20080501 N 625,793 7.040 4,468.80 0.00 0 11011998 0.00 0
C032 Office OH 20180301 N 517,873 7.570 4,251.86 0.00 0 11011998 0.00 0
C033 Mixed-Use MN 20080531 N 107,588,000 6.720 698,333.60 0.00 0 11011998 0.00 0
C034 Mixed-Use VA 20080301 N 2,883,625 7.040 19,371.88 0.00 0 11011998 0.00 0
C035 Mixed-Use CA 20080401 N 2,239,351 7.260 15,364.23 0.00 0 11011998 0.00 0
C036 Mixed-Use CT 20080501 N 1,642,921 6.920 10,888.98 0.00 0 11011998 0.00 0
C037 Mixed-Use NC 20080501 N 1,093,071 7.340 8,014.77 0.00 0 11011998 0.00 0
C038 Multifamily IL 20071201 N 32,456,357 7.180 221,859.91 0.00 0 11011998 0.00 0
C039 Multifamily GA 20071201 N 18,726,215 7.050 126,377.47 0.00 0 11011998 0.00 0
C041 Multifamily CO 20080401 N 12,113,962 6.720 81,699.27 0.00 0 11011998 0.00 0
C042 Multifamily WA 20080201 N 11,910,835 6.710 77,512.97 0.00 0 11011998 0.00 0
C043 Multifamily AK 20080401 N 9,917,069 6.810 69,470.50 0.00 0 11011998 0.00 0
C044 Multifamily IL 20050101 N 9,925,598 7.110 67,270.64 0.00 0 11011998 0.00 0
C045 Multifamily OR 20080401 N 9,751,708 7.100 65,859.13 0.00 0 10011998 0.00 B
C046 Multifamily CA 20080501 N 8,665,762 7.250 59,349.34 0.00 0 11011998 0.00 0
C048 Multifamily KS 20071201 N 7,641,794 7.390 53,260.73 0.00 0 10011998 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: NOVEMBER 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>
C049 Multifamily IL 20080401 N 6,767,817 7.260 46,434.12 0.00 0 11011998 0.00 0
C053 & C075 Multifamily OH 20180301 N 6,794,182 7.570 50,933.20 0.00 0 11011998 0.00 0
C054 Multifamily AL 20080301 N 5,072,649 7.240 34,756.41 0.00 0 11011998 0.00 0
C056 Multifamily NY 20080301 N 4,263,286 7.330 31,302.66 0.00 0 11011998 0.00 0
C058 Multifamily TN 20080401 N 3,851,004 7.190 30,683.04 0.00 0 11011998 0.00 0
C059 Multifamily IL 20080331 N 3,482,925 7.140 23,615.59 0.00 0 11011998 0.00 0
C060 Multifamily NY 20080301 N 3,172,836 7.360 23,357.08 0.00 0 11011998 0.00 0
C062 Multifamily NV 20080301 N 2,735,443 7.290 18,834.52 0.00 0 11011998 0.00 0
C063 Multifamily FL 20080401 N 2,437,957 7.110 16,481.31 0.00 0 11011998 0.00 0
C064 Multifamily IL 20080501 N 2,389,888 6.990 15,951.14 0.00 0 11011998 0.00 0
C065 Multifamily MI 20080301 N 2,347,377 7.250 16,099.36 0.00 0 11011998 0.00 0
C066 Multifamily IL 20080401 N 2,309,297 7.360 15,999.95 0.00 0 11011998 0.00 0
C068 Multifamily AL 20080401 N 1,736,951 7.380 12,796.06 0.00 0 11011998 0.00 0
C069 Multifamily WA 20080401 N 1,691,872 7.220 11,562.42 0.00 0 11011998 0.00 0
C070 Multifamily AK 20080401 N 1,586,731 6.810 11,115.28 0.00 0 11011998 0.00 0
C072 Multifamily CO 20050201 N 1,390,709 7.220 9,522.00 0.00 0 11011998 0.00 0
C073 Multifamily ID 20080401 N 1,149,478 7.220 7,855.65 0.00 0 11011998 0.00 0
C074 Multifamily WI 20080601 N 917,161 7.550 6,464.30 0.00 0 11011998 0.00 0
C076 Retail TX 20121001 N 27,759,092 7.560 196,931.73 0.00 0 11011998 0.00 0
C077 Retail ME 20080601 N 17,261,838 7.560 128,892.86 0.00 0 11011998 0.00 0
C080 Retail NE 20180301 N 10,453,453 7.440 85,004.41 0.00 0 11011998 0.00 0
C082 Retail PA 20080401 N 4,776,583 7.140 32,387.10 0.00 0 11011998 0.00 0
C083 Retail OH 20180301 N 3,156,556 7.570 25,916.12 0.00 0 11011998 0.00 0
C084 Retail RI 20080401 N 2,687,448 7.330 18,565.49 0.00 0 11011998 0.00 0
C086 Retail NC 20180201 N 2,359,712 7.150 18,823.88 0.00 0 11011998 0.00 0
C087 Retail TX 20080301 N 1,788,277 7.140 12,145.16 0.00 0 11011998 0.00 0
C088 Retail OH 20080401 N 1,234,720 7.390 9,986.01 0.00 0 11011998 0.00 0
C089 Retail OH 20180301 N 872,985 7.570 7,167.43 0.00 0 11011998 0.00 0
C090 Retail OH 20080401 N 783,265 7.390 7,366.18 0.00 0 11011998 0.00 0
C092 Retail OH 20180301 N 7,003,609 7.570 57,501.40 0.00 0 11011998 0.00 0
C094 Retail CA 20080601 N 5,382,663 7.400 37,388.51 0.00 0 10011998 0.00 B
C095 Retail TX 20080301 N 4,650,254 7.290 32,018.68 0.00 0 11011998 0.00 0
C096 Retail TX 20080401 N 4,467,459 7.540 33,371.77 0.00 0 10011998 0.00 B
C098 Retail NY 20080501 N 3,727,791 7.650 28,079.08 0.00 0 11011998 0.00 0
C099 Retail PA 20080401 N 3,176,636 7.490 23,626.91 0.00 0 10011998 0.00 B
C101 Retail PA 20080201 N 2,880,798 7.230 19,743.79 0.00 0 10011998 0.00 B
C102 Retail NJ 20080301 N 2,678,171 7.610 20,146.34 0.00 0 11011998 0.00 0
C104 Retail OH 20180301 N 2,293,435 7.570 18,829.68 0.00 0 11011998 0.00 0
C105 Retail OH 20180301 N 2,293,435 7.570 18,829.68 0.00 0 11011998 0.00 0
C106 Retail TX 20080501 N 2,087,082 7.460 15,464.22 0.00 0 11011998 0.00 0
C107 Retail CA 20130401 N 2,048,611 7.100 16,212.24 0.00 0 11011998 0.00 0
C108 Retail FL 20080501 N 1,853,548 7.710 13,273.89 0.00 0 11011998 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: NOVEMBER 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>
C109 Retail OH 20180301 N 1,755,834 7.570 14,415.84 0.00 0 11011998 0.00 0
C110 Retail AZ 20080401 N 1,737,826 7.740 13,206.77 0.00 0 11011998 0.00 0
C111 Retail OH 20180301 N 1,701,581 7.570 13,970.41 0.00 0 11011998 0.00 0
C112 Retail CA 20080501 N 1,614,884 7.400 11,903.11 0.00 0 11011998 0.00 0
C113 Retail MD 20130201 N 1,423,875 7.170 13,307.47 0.00 0 11011998 0.00 0
C114 Retail PA 20130101 N 1,308,775 7.620 12,606.90 0.00 0 11011998 0.00 0
C115 Retail CA 20080401 N 1,194,647 7.490 8,382.36 0.00 0 11011998 0.00 0
C116 Retail OH 20180301 N 1,168,912 7.570 9,597.06 0.00 0 11011998 0.00 0
C117 Retail TX 20080501 N 1,142,273 7.710 8,656.10 0.00 0 11011998 0.00 0
C118 Retail OH 20180301 N 1,085,066 7.570 8,908.67 0.00 0 11011998 0.00 0
C119 Retail TX 20130301 N 1,040,472 7.670 7,875.88 0.00 0 11011998 0.00 0
C120 Retail AZ 20080401 N 892,992 7.150 6,447.39 0.00 0 11011998 0.00 0
C121 Retail AZ 20080401 N 843,565 7.300 6,171.27 0.00 0 11011998 0.00 0
C122 Lodging GA 20080501 N 13,414,627 7.320 98,188.58 0.00 0 11011998 0.00 0
C123 Lodging GA 20080501 N 11,924,113 7.320 87,278.74 0.00 0 11011998 0.00 0
C125 Lodging GA 20080301 N 6,496,206 7.530 48,531.81 0.00 0 11011998 0.00 0
C127 Lodging CO 20080101 N 5,062,771 7.850 42,597.14 0.00 0 11011998 0.00 0
C128 Lodging GA 20080501 N 4,323,663 7.540 32,259.38 0.00 0 11011998 0.00 0
C129 Lodging VA 20180401 N 4,026,546 7.590 33,052.54 0.00 0 11011998 0.00 0
C131 Lodging FL 20080401 N 3,907,035 7.630 29,412.86 0.00 0 11011998 0.00 0
C133 Lodging VA 20180401 N 3,594,248 7.590 29,503.96 0.00 0 11011998 0.00 0
C135 Lodging FL 20080501 N 3,528,976 7.650 26,581.53 0.00 0 11011998 0.00 0
C136 Lodging SC 20080401 N 3,458,326 7.580 28,367.22 0.00 0 11011998 0.00 0
C138 Lodging NC 20080501 N 2,608,948 7.490 19,381.45 0.00 0 11011998 0.00 0
C140 Lodging SC 20080301 N 1,686,658 7.760 12,851.75 0.00 0 11011998 0.00 0
C141 Lodging IN 20080301 N 1,635,721 7.260 11,936.95 0.00 0 11011998 0.00 0
C142 Lodging GA 20080301 N 1,634,763 8.010 13,102.65 0.00 0 11011998 0.00 0
C146 & C155 Industrial NH 20080401 N 4,082,419 7.640 29,061.86 0.00 0 11011998 0.00 0
C147 Industrial CA 20080401 N 2,978,096 7.490 22,150.23 0.00 0 11011998 0.00 0
C151 Industrial FL 20080401 N 1,826,632 7.150 14,510.07 0.00 0 11011998 0.00 0
C152 Industrial TX 20080301 N 1,229,041 7.150 8,883.07 0.00 0 11011998 0.00 0
C153 Industrial CA 20080501 N 1,195,252 7.230 8,169.84 0.00 0 11011998 0.00 0
C154 Industrial CA 20080301 N 1,093,931 7.130 7,414.62 0.00 0 11011998 0.00 0
C156 Health Care AZ 20080501 N 12,715,514 7.100 91,285.92 0.00 0 11011998 0.00 0
C157 Health Care TX 20080401 N 4,466,828 7.440 33,079.18 0.00 0 11011998 0.00 0
C158 Health Care MI 20080301 N 2,283,079 8.080 17,873.84 0.00 0 11011998 0.00 0
C160 Mobile Home Park TX 20080301 N 2,487,280 7.440 17,377.77 0.00 0 11011998 0.00 0
C161 Mobile Home Park MO 20050501 N 1,165,987 7.750 8,382.02 0.00 0 11011998 0.00 0
J007 Office CA 20071101 N 8,883,845 8.090 70,000.90 0.00 0 11011998 0.00 0
J040 Multifamily NH 20080301 N 14,760,776 6.910 97,980.58 0.00 0 11011998 0.00 0
J047 Multifamily MI 20080101 N 7,993,988 7.140 54,383.34 0.00 0 11011998 0.00 0
J050 Multifamily NH 20080301 N 6,533,198 6.910 43,366.72 0.00 0 11011998 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: NOVEMBER 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>
J051 Multifamily MI 20080101 N 6,436,847 7.140 43,790.06 0.00 0 11011998 0.00 0
J052 Multifamily WI 20130601 N 6,297,595 6.970 57,417.72 0.00 0 11011998 0.00 0
J057 Multifamily IA 20120701 N 4,156,191 8.400 31,997.18 0.00 0 11011998 0.00 0
J067 Multifamily MI 20080101 N 1,805,094 7.140 12,280.11 0.00 0 11011998 0.00 0
J071 Multifamily MI 20080101 N 1,428,206 7.140 9,716.13 0.00 0 11011998 0.00 0
J078 Retail FL 20080301 N 13,412,076 7.140 91,088.72 0.00 0 11011998 0.00 0
J079 Retail CA 20080101 N 13,397,349 7.520 94,578.91 0.00 0 11011998 0.00 0
J081 Retail HI 20140201 N 7,752,798 7.780 59,448.00 0.00 0 11011998 0.00 0
J091 Retail NJ 20080401 N 9,915,033 7.220 72,087.52 0.00 0 11011998 0.00 0
J093 Retail IL 20080501 N 5,971,824 7.310 41,175.04 0.00 0 11011998 0.00 0
J097 Retail GA 20080601 N 4,323,495 7.250 30,632.44 0.00 0 11011998 0.00 0
J103 Retail MI 20080401 N 2,397,065 7.430 16,735.70 0.00 0 11011998 0.00 0
J132 Lodging WI 20121001 N 3,678,103 8.770 30,675.48 0.00 0 11011998 0.00 0
J139 Lodging MN 20171101 N 2,156,742 8.600 19,231.58 0.00 0 11011998 0.00 0
J143 Lodging WI 20130101 N 1,560,515 9.020 13,238.92 0.00 0 11011998 0.00 0
J144 Industrial GA 20050401 N 3,569,364 7.210 25,928.35 0.00 0 11011998 0.00 0
J145 Industrial CA 20121101 N 3,469,605 7.920 34,237.42 0.00 0 11011998 0.00 0
J148 Industrial CA 20080101 N 2,581,478 7.850 18,806.71 0.00 0 11011998 0.00 0
J149 Industrial MA 20080501 N 2,340,027 7.820 16,949.50 0.00 0 11011998 0.00 0
J159 Health Care CA 20071201 N 1,778,164 7.910 13,785.55 0.00 0 11011998 0.00 0
J162 Other CA 20171001 N 1,531,323 7.850 12,944.57 0.00 0 11011998 0.00 0
- ---------------------------------------------------------------------------------------------------------------------------------
totals S.S. Loan Count: 0 1,004,556,978 4,325,490 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>
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE: NOVEMBER 18, 1998
DELIQUENCY REPORT
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
SCHEDULED TOTAL P&I TOTAL
SHORT NAME SQ FT PAID THRU LOAN ADVANCES EXPENSES
PROSPECTUS ID (WHEN APPROPRIATE) PROPERTY TYPE CITY STATE OR UNITS DATE BALANCE TO DATE TO DATE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
90 + DAYS DELINQUENT
NONE
60 DAYS DELINQUENT
NONE
30 DAYS DELINQUENT
NONE
CURRENT & AT SPECIAL SERVICER
NONE
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
OTHER ADVANCES CURRENT VALUE USING
(TAXES & TOTAL CURRENT INTEREST LTM NOI ***CAP RATE NOI & CAP
ESCROW) EXPOSURE MONTHLY P&I RATE MATURITY DATE DATE LTM NOI LTM DSCR ASSIGNED RATE
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
90 + DAYS DELINQUENT
NONE
60 DAYS DELINQUENT
NONE
30 DAYS DELINQUENT
NONE
CURRENT & AT SPECIAL SERVICER
NONE
</TABLE>
<PAGE>
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE: NOVEMBER 18, 1998
DELIQUENCY REPORT
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
APPRAISAL
BPO OR LOSS USING
SHORT NAME SQ FT VALUATION INTERNAL 90% APPR.
PROSPECTUS ID (WHEN APPROPRIATE) PROPERTY TYPE CITY STATE OR UNITS DATE VALUE** OR BPO (f)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
90 + DAYS DELINQUENT
NONE
60 DAYS DELINQUENT
NONE
30 DAYS DELINQUENT
NONE
CURRENT & AT SPECIAL SERVICER
NONE
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL
APPRAISAL EXPECTED
ESTIMATED REDUCTION TRANSFER RESOLUTION FCL START FCL SALE WORKOUT
RECOVERY % REALIZED DATE DATE DATE DATE STRATEGY COMMENTS
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
90 + DAYS DELINQUENT
NONE
60 DAYS DELINQUENT
NONE
30 DAYS DELINQUENT
NONE
CURRENT & AT SPECIAL SERVICER
NONE
</TABLE>
<PAGE>
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE: NOVEMBER 18, 1998
REO REPORT
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
SCHEDULED
SHORT NAME SQ FT PAID THRU LOAN
PROSPECTUS ID (WHEN APPROPRIATE) PROPERTY TYPE CITY STATE OR UNITS DATE BALANCE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NOTHING TO REPORT AT THIS TIME
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
TOTAL P&I TOTAL EXPENSES OTHER ADVANCES CURRENT MONTHLY LTM NOI
ANVANCES TO DATE TO DATE (TAXES & ESCROW) TOTAL EXPOSURE P&I MATURITY DATE DATE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NOTHING TO REPORT AT THIS TIME
</TABLE>
<PAGE>
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE: NOVEMBER 18, 1998
REO REPORT
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
VALUE USING
SHORT NAME ***CAP RATE VALUATION NOI &
PROSPECTUS ID (WHEN APPROPRIATE) PROPERTY TYPE CITY STATE LTM NOI/DSC ASSIGNED DATE CAP RATE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NOTHING TO REPORT AT THIS TIME
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
REO
APPRAISAL BPO OR LOSS USING 90% ESTIMATED TOTAL APPRAISAL TRANSFER ACQUISITION RESOLUTION
INTERNAL VALUE** APPR. OR BPO (f) RECOVERY REDUCTION REALIZED DATE DATE DATE COMMENTS
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NOTHING TO REPORT AT THIS TIME
</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: NOVEMBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-08
WATCH LIST
- -------------------------------------------------------------------------------------------------------------------------
CURRENT PAID LTM*
LOAN SHORT PROPERTY SCHEDULE THRU MATURITY CURRENT COMMENT
NUMBER NAME TYPE CITY STATE BALANCE DATE DATE DSCR REASON ON WATCH LIST
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Nothing at this time.
</TABLE>
<PAGE>
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
HISTORICAL LOSSES
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
LATEST
SHORT NAME APPRAISAL EFFECTIVE NET AMOUNT
(WHEN % RECEIVED OR BROKERS DATE OF RECEIVED SCHEDULED TOTAL P&I
PROSPECTUS ID APPROPRIATE) PROPERTY CITY STATE FROM SALE OPINION SALE SALES PRICE FROM SALE BALANCE ADVANCED
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NOTHNG TO REPORT AT THIS TIME
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL ALL LOANS:
CURRENT MONTH ONLY:
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</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: NOVEMBER 18, 1998
CITIBANK / J.P. MORGAN & CO. REPORT ID B273-09
HISTORICAL LOSSES
- --------------------------------------------------------------------------------------------------------------------------
DATE
ACTUAL DATE MINOR TOTSL
SHORT NAME SERVICING LOSSES LOSS MINOR ADJUST LOSS LOSS % OF
(WHEN TOTAL FEES NET PASSED PASSED ADJUST TO PASSED WITH SCHEDULED
PROSPECTUS ID APPROPRIATE) PROPERTY CITY STATE EXPENSES EXPENSE PROCEEDS THRU THRU TRUST THRU ADJUST BALANCE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NOTHNG TO REPORT AT THIS TIME
- --------------------------------------------------------------------------------------------------------------------------
TOTAL ALL LOANS:
CURRENT MONTH ONLY:
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE: NOVEMBER 18, 1998
MODIFIED LOAN DETAIL
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
BALANCE WHEN BALANCE AS OF # MONTHS
MOD/EXTENSION SENT TO SPECIAL EFFECTIVE DATE FOR DATE
PROSPECTUS ID CITY STATE FLAG EFFECTIVE DATE SERVER OF REHABILITION OLD RATE CHANGE NEW RATE OLD P&I
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
THIS REPORT IS HISTORICAL
NOTHING TO REPORT AT THIS TIME
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL FOR ALL LOANS:
TOTAL FOR LOANS IN CURRENT MONTH:
# OF LOANS BALANCE
MODIFICATION
MATURITY DATE EXTENTIONS
TOTAL:
(1) Actual principal loss taken by bonds
(2) Expected future loss due to a rate reduction. This is just an estimate calculated at the time of the modification
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MORTGAGE CAPITAL FUNDING, INC.
MULTIFAMILY/COMMERCIAL PASS-THROUGH CERTIFICATES
SERIES 1998-MC2
CITIBANK / J.P. MORGAN & CO.
PAYMENT DATE: NOVEMBER 18, 1998
MODIFIED LOAN DETAIL
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
(2) ESTIMATED
TOTAL # FUTURE
MOD/ MONTHS FOR INTEREST LOSS
EXTENSION EFFECTIVE OLD NEW CHANGE OF (1) REALIZED TO TRUST $
PROSPECTUS ID CITY STATE FLAG DATE NEW P&I MATURITY MATURITY MOD LOSS TO TRUST (RATE REDUCT) COMMENTS
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
THIS REPORT IS HISTORICAL
NOTHING TO REPORT AT THIS TIME
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL FOR ALL LOANS:
TOTAL FOR LOANS IN CURRENT MONTH:
# OF LOANS
MODIFICATION
MATURITY DATE EXTENTIONS
TOTAL:
(1) Actual principal loss taken by bonds
(2) Expected future loss due to a rate reduction. This is just an estimate calculated at the time of the modification
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
