<PAGE> 1
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934, as amended
Date of Report (Date of earliest event reported): October 24, 1996
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
(as depositor under the Pooling and Servicing Agreement,
to be dated as of November 1, 1996, providing for the issuance of
Mortgage Pass-Through Certificates, Series 1996-C1)
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-94448 23-2811925
- ------------------------ ----------- ----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
650 Dresher Road
Horsham, Pennsylvania 19044
- --------------------------- ------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (215) 682-3480
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<PAGE> 2
-2-
Item 5. Other Events.
On or about November 6, 1996, the Registrant will cause the issuance
and sale of GMAC Commercial Mortgage Securities, Inc., Series 1996-C1
Commercial Mortgage Pass-Through Certificates, Class X-1, Class X-2, Class A-1,
Class A-2A, Class A-2B, Class B, Class C, Class D and Class E Certificates
(collectively, the "Registered Certificates") and Class F, Class G, Class H,
Class R-I, Class, R-II and Class R-III Certificates pursuant to a Pooling and
Servicing Agreement, to be dated as of November 1, 1996, among the Registrant,
GMAC Commercial Mortgage Corporation as servicer and State Bank and Trust
Company as trustee.
Structural Term Sheets and Collateral Term Sheets
In connection with the expected sale of the Registered Certificates,
Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated (together, the
"Underwriters") have advised the Registrant that they have furnished to
prospective investors certain collateral information with respect to the
mortgage loans underlying the proposed offering of the Registered Certificates
(collectively, the "Collateral Term Sheets"), which Collateral Term Sheets are
being filed as exhibits to this report.
In addition, the Underwriters have advised the Registrant that they
have furnished to certain prospective investors certain information, which
includes, a description of the securities to be offered, the name of the
issuer, the size of the offering, the number of classes, seniority and order
of payment (the "Structural Term Sheets; the Collateral Term Sheets and the
Structural Term Sheets, collectively, the "Term Sheets").
The actual characteristics and performance of the mortgage loans
underlying the Registered Certificates may differ from the information provided
in the Collateral Term Sheets, which were provided to certain investors only to
give a sense of the underlying collateral which will effect the maturity,
interest rate sensitivity and cash flow characteristics of the Registered
Certificates. Any difference between the collateral information in the
Collateral Term Sheets and the actual characteristics of the mortgage loans
will affect the actual yield, average life, duration, expected maturity,
interest rate sensitivity and cash flow characteristics of the Registered
Certificates.
The Term Sheets have been provided by the Underwriters. The information
in the Term Sheets is preliminary and will be superseded by the Prospectus
Supplement relating to the Registered Certificates and by any other information
subsequently filed with the Securities and Exchange Commission. The Term Sheets
may be based on information that differs from the information set forth in the
Prospectus Supplement.
<PAGE> 3
-3-
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
<TABLE>
<CAPTION>
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
----------- -------------- -----------
<S> <C> <C>
1 99 Structural Term
Sheets and Collateral
Term Sheets
</TABLE>
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
GMAC COMMERCIAL MORTGAGE
SECURITIES, INC.
By: /s/ Elisa George
----------------------------------
Elisa George
Vice President
Dated: October 28, 1996
<PAGE> 5
EXHIBIT INDEX
<TABLE>
<CAPTION>
Item 601(a) of Sequentially
Regulation S-K Numbered
Exhibit Number Exhibit No. Description Page
- -------------- -------------- ----------- -------------
<S> <C> <C> <C>
1 99.1 Structural Term Sheets and
Collateral Term Sheets 1
</TABLE>
<PAGE> 1
EXHIBIT 99.1
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
TRANSACTION INFORMATION
$456,822,350 (Approximate) October 21, 1996
GMAC Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates
Series 1996-C1
OVERVIEW OF THE SECURITIES:
<TABLE>
<CAPTION>
EXPECTED
EXPECTED RATING APPROX. CREDIT BOND
CLASS (S&P/MOODY'S) SIZE ($MM) SUPPORT TYPE
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PUBLICLY OFFERED CLASSES
X-1 NR/Aaa $ 33.5 (a) Interest Only
X-2 NR/Aaa 456.4 (b) Interest Only
A-1 AAA/Aaa $ 33.5 35.25% 6-mo. LIBOR
A-2A AAA/Aaa 190.4 35.25 Fixed
A-2B AAA/Aaa 72.0 35.25 Fixed
B AA/Aa1 32.0 28.25 Fixed
C A/Aa3 26.3 22.50 Fixed
D BBB/Baa1 27.4 16.50 Fixed
E BB+/Baa3 13.7 13.50 Fixed
PRIVATELY OFFERED CLASSES
F BB/Ba3 22.8 8.50 Fixed
G B/B3 19.4 4.25 Fixed
H Unrated 19.4 - Fixed
TOTAL SECURITIES: $456.8
======
</TABLE>
- --------------------------------------------------------------------------
(a) Based on a Notional Amount of $33,475,147
(b) Based on a Notional Amount of 99.9% of $456,822,350
KEY FEATURES:
Lead Manager: Goldman, Sachs & Co.
Co-Manager: Morgan Stanley & Co. Incorporated
Selling Group: Conti Financial Services Corporation, ING Baring (U.S.)
Securities, Inc
Sponsor: GMAC Commercial Mortgage Securities, Inc.
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: State Street Bank and Trust Company
Pricing: On or about October 29-30
Closing: On or about November 6
Settlement: All classes will settle plus accrued from Nov. 1 except for
Class A-1, which will settle flat
Cut-off Date November 1, 1996
Distribution Date: 15th of each month (begins Dec. 15)
ERISA Eligible: Classes A and X are ERISA eligible subject to certain
conditions for eligibility
Representations &
Warranties: Provided by Mortgage Loan Sellers (GMACCM, ContiTrade
Services, L.L.C. and International Nederlanden (U.S.)
Capital Corporation
Structure: Sequential pay within each loan group
Allocation of
Prepayment
Penalties: Prepayment penalties will be shared between the X and
Publicly Offered Fixed Rate Bond Classes (Other than
Class E)
Interest Accrual
Period: Class A-1: 15th to the 14th. All other classes:
calendar month immediately preceding the month in which
such Distribution Date occurs
Day Count: 30/360
Tax
Treatment: REMIC
Rated Final October 15, 2026
Distribution
Date:
Clean up Call: 5%
- -------------------------------------------------------------------------------
COLLATERAL FACTS: (See body of memo for footnotes)
Cut-off Date Balance: (as of November 1, 1996) $456,822,350
Number of Mortgage Loans: 137
Average Cut-off Date Balance: $3,334,470
Weighted Average Current 9.21%
Mortgage Interest Rate:
Weighted Average Original Term to Maturity 106mos
Weighted Average DSCR: 1.51x
Weighted Average Cut-off Date LTV Ratio: 67%
Weighted Average Remaining Term to Maturity: 98mos
Weighted Average Remaining Amortization Period: 306mos
/ / The Mortgage Pool is geographically diversified with 29 states represented
/ / All of the Mortgage Loans are secured by first liens on multifamily, and
commercial properties
/ / Approximately 93% of the Mortgage Pool has a Debt Service Coverage Ratio
greater than 1.20x
/ / Approximately 100% of the fixed rate loans have prepayment protection as
of the Cut-off Date.
SELECTED LOAN DATA:
CUT-OFF DATE PRINCIPAL BALANCE
(AS OF NOV. 1,1996)(A)
------------------------------
GEOGRAPHIC NUMBER OF % BY
DISTRIBUTION MORTGAGE LOANS ($000'S) BALANCE
- --------------------------------------------------------------------------
California 22 $ 78,452 17.2%
Florida 10 50,179 11.0
Illinois 3 39,150 8.6
Texas 20 37,280 8.2
New York 18 36,774 8.1
Connecticut 3 25,161 5.5
Other 61 189,827 41.6
--- -------- -----
Total 137 $456,822 100.0%
- --------------------------------------------------------------------------
(a) Column totals may not add due to rounding.
CUT-OFF DATE PRINCIPAL BALANCE
(AS OF NOV. 1, 1996)(A)
------------------------------
NUMBER OF % BY
PROPERTY TYPE MORTGAGE LOANS ($000'S) BALANCE
- --------------------------------------------------------------------------
Multi-Family 41 $113,396 24.8%
Office 18 111,393 24.4
Mini- Storage 47 74,954 16.4
Retail 12 63,288 13.9
Mobile Home Parks 5 57,600 12.6
Lodging 3 16,832 3.7
Nursing Home 7 14,060 3.1
Industrial 3 3,701 0.8
Restaurant 1 1,598 0.4
--- -------- -----
Total 137 $456,822 100.0%
- --------------------------------------------------------------------------
(a)Column totals may not add due to rounding.
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY GOLDMAN, SACHS & CO.
NEITHER THE ISSUER OF THE CERTIFICATES NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION
HEREIN. THE INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY
THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION
SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES AND, EXCEPT WITH RESPECT TO THE INITIAL COLLATERAL TERM SHEET
PREPARED BY THE UNDERWRITERS, SUPERSEDES ALL INFORMATION CONTAINED IN ANY
COLLATERAL TERM SHEETS RELATING TO THE MORTGAGE POOL PREVIOUSLY PROVIDED BY
GOLDMAN, SACHS & CO.
<PAGE> 2
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
OVERVIEW OF SECURITIES
<TABLE>
<CAPTION>
Expected Expected Weighted
Rating Approx. Credit Bond Average Payment
Class (S&P/Moody's) Size (Smm) Support Type Delivery Life (yrs.)(b) Window(b)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PUBLICLY OFFERED CLASSES:
X-1 NR/Aaa $ 33.5 (c) Interest-only DTC (book-entry) NA 12/96 - 7/06
X-2 NR/Aaa 456.4 (d) Interest-only DTC (book-entry) NA 12/96 - 3/21
A-1 AAA/Aaa $35.25 6-mo. LIBOR DTC (book-entry) 7.51 12/96 - 02/06
A-2A AAA/Aaa 190.4 35.25% Fixed DTC (book-entry) 5.21 12/96 - 10/03
A-2B AAA/Aaa 72.0 35.25 Fixed DTC (book-entry) 8.77 10/03 - 02/06
B AA/Aa1 32.0 28.25 Fixed DTC (book-entry) 9.38 02/06 - 04/06
C A/Aa3 26.3 22.50 Fixed DTC (book-entry) 9.52 04/06 - 05/06
D BBB/Baa1 27.4 16.50 Fixed DTC (book-entry) 9.71 05/06 - 08/06
E BB+/Baa3 13.7 13.50 Fixed DTC (book-entry) 9.80 08/06 - 09/06
PRIVATELY OFFERED CLASSES:
F BB/Ba3 22.8 8.50 Fixed Physical 9.87 09/06 - 11/06
G B/B3 19.4 4.25 Fixed Physical 10.78 11/06 - 07/10
H Unrated 19.4 - Fixed Physical 14.87 07/10 - 03/21
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) The rate will reset based upon 6-mo. LIBOR commencing 4/15/97, subject to
an available funds cap
(b) Calculated at 0% CPR
(c) Based on a Notional Amount of $33,475,147
(d) Based on a Notional Amount of 99.9% of $456,822,350
STRUCTURAL OVERVIEW
<TABLE>
<CAPTION>
APPROXIMATE PERCENT APPROXIMATE CREDIT
OF TOTAL MORTGAGE LOAN GROUP 1 SUPPORT
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS
X-1
AAA (A) Class A-1 (AAA/Aaa)
MORTGAGE LOAN GROUP 2
64.75% Class Class A-2A (AAA/Aaa) 35.25%
64.75 X-2 Class A-2B (AAA/Aaa) 35.25
7.00 Aaa (a) Class B (AA/Aa1) 28.25
5.75 Class C (A/Aa3) 22.50
6.00 (WAC IO) Class D (BBB/Baa1) 16.50
3.00 Stripped Class E (BB+/Baa3) 13.50
5.00 off each Class F (BB/Ba3) 8.50
4.25 Mortgage Loan(b) Class G (B/B3) 4.25
Loan(b)
4.25 Class H (NR) -
</TABLE>
(a) Class X certificates are rated only by Moody's.
(b) Including Loan Group 1 to the extent of crossover payments.
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY GOLDMAN, SACHS & CO. NEITHER
THE ISSUER OF THE CERTIFICATES NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION HEREIN.
THE INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY THE APPLICABLE
PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION SUBSEQUENTLY FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION. THE INFORMATION CONTAINED HEREIN WILL BE
SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE POOL CONTAINED IN THE PROSPECTUS
SUPPLEMENT RELATING TO THE CERTIFICATES AND, EXCEPT WITH RESPECT TO THE INITIAL
COLLATERAL TERM SHEET PREPARED BY THE UNDERWRITERS, SUPERSEDES ALL INFORMATION
CONTAINED IN ANY COLLATERAL TERM SHEETS RELATING TO THE MORTGAGE POOL PREVIOUSLY
PROVIDED BY GOLDMAN, SACHS & CO.
<PAGE> 3
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
STRUCTURAL OVERVIEW - CONT.
- - The Mortgage Pool will be comprised of two Loan Groups (Loan Group 1 =
6-month LIBOR-based ARM Loans; Loan Group 2 = Fixed Rate Loans)
- Loan Group 1 will be allocated: A-1, A-2A, A-2B, B, C, D, E, F, G and H
- Loan Group 2 will be allocated: A-2A, A-2B, A-1, B, C, D, E, F, G and H
- The Certificates will pay down sequentially and payment priorities will be
based alphabetically according to the previously described loan group
allocation
- - Classes X-1 and X-2 will receive interest payments pro-rata with the
Class A Certificates each month
- - Each of the Classes will be subordinate to earlier alphabetically lettered
classes (except Class X)
- - The servicer will advance prepayment interest shortfalls, up to 5-1/2 basis
points. Net shortfalls will be allocated in reverse alphabetical order
- - All classes will pay interest on a 30/360 basis
ALLOCATION OF PREPAYMENT PENALTIES
PREPAYMENT PENALTY ALLOCATIONS
Any prepayment penalty received on a Loan Group 1 Mortgage Loan will be
allocated to the Class X-1 Certificates
If a Prepayment Premium is received from a Group 2 Mortgage Loan it will be
allocated between the X-2, A-2A, A-2B, B, C, and D Classes according to a
formula that allocates based upon a given Classes relative change in
present value assuming the Mortgage Loan(s) that prepaid had remained
outstanding (see the Prospectus Supplement)
MORTGAGE POOL OVERVIEW
- - The Mortgage Pool is comprised of 137 performing multifamily and
commercial loans with an aggregate Cut-off Date Balance of approximately
$456.8 million
LOAN GROUP 1
- 7 loans are LIBOR based ARMS with a Cut-off Date Balance of approximately
$33.5 million
LOAN GROUP 2
- 130 loans are fixed rate, including 9 loans with step down provisions,
with a Cut-off Date Balance of approximately $423.3 million
- - All of the Mortgage Loans are secured by first liens on multifamily, and
commercial properties
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY GOLDMAN, SACHS & CO.
NEITHER THE ISSUER OF THE CERTIFICATES NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION
HEREIN. THE INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY
THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION
SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES AND, EXCEPT WITH RESPECT TO THE INITIAL COLLATERAL TERM SHEET
PREPARED BY THE UNDERWRITERS, SUPERSEDES ALL INFORMATION CONTAINED IN ANY
COLLATERAL TERM SHEETS RELATING TO THE MORTGAGE POOL PREVIOUSLY PROVIDED BY
GOLDMAN, SACHS & CO.
<PAGE> 4
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
PREPAYMENT PROVISIONS
- - Approximately 99% of the Loan Group 2 Pool Balance has prepayment protection
as of the Cut-off Date.
- - Approximately 21% of the Loan Group 2 Balance is locked out as of the Cut-off
Date.
PREPAYMENT LOCK-OUT/PREPAYMENT PREMIUM ANALYSIS
OUTSTANDING PRINCIPAL BALANCE ANALYSIS
MORTGAGE POOL
<TABLE>
<CAPTION>
Dec. 1, Dec.1, Dec. 1, Dec. 1, Dec. 1, Dec. 1, Dec. 1, Dec. 1, Dec. 1, Dec. 1, Dec. 1,
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 19.94% 18.34% 13.33% 8.14% 6.39% 4.61% 5.08% 6.30% 7.33% 5.38% 0.00%
Yield Maintenance 72.86 74.46 79.45 77.09 75.49 77.11 72.28 73.85 84.10 47.36 29.28
5.00-5.99% 0.00 0.00 0.00 0.96 0.00 0.00 0.00 0.00 0.00 2.29 45.57
4.00-4.99% 0.00 0.00 0.00 0.00 0.99 0.00 0.00 0.00 0.00 0.00 17.94
3.00-3.99% 6.48 0.00 0.00 0.82 0.00 1.12 1.24 0.54 0.00 0.00 0.00
2.00-2.99% 0.72 7.21 0.00 0.43 0.84 0.00 1.23 1.54 0.62 0.00 0.00
1.00-1.99% 0.00 0.00 7.22 6.03 3.40 0.95 0.15 4.10 4.71 0.86 7.21
No Penalty 0.00 0.00 0.00 6.52 12.89 16.21 20.01 13.67 3.24 44.11 0.00
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Aggregate Principal $456.82 $452.26 $446.67 $440.54 $423.90 $365.85 $327.34 $259.99 $219.68 $205.93 $25.79
Balance of the Mortgage
Loans ($ millions)
Percentage of Cut-off Date 100.0% 99.0% 97.78% 96.44% 92.79% 80.09% 71.66% 56.91% 48.09% 45.08% 5.64%
Principal Balance
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
LOAN GROUP 2 (FIXED RATE LOANS)
<TABLE>
<CAPTION>
Dec. 1, Dec.1, Dec. 1, Dec. 1, Dec. 1, Dec. 1, Dec. 1, Dec. 1, Dec. 1, Dec. 1, Dec. 1,
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 20.61% 19.55% 14.14% 8.79% 6.91% 5.05% 5.61% 7.06% 7.36% 5.40% 0.00%
Yield Maintenance 78.62 79.68 85.08 82.31 80.73 83.31 78.68 82.37 84.04 47.17 29.28
5.00-5.99% 0.00 0.00 0.00 1.04 0.00 0.00 0.00 0.00 0.00 2.30 45.57
4.00-4.99% 0.00 0.00 0.00 0.00 1.07 0.00 0.00 0.00 0.00 0.00 17.94
3.00-3.99% 0.77 0.00 0.00 0.88 0.00 1.23 1.37 0.60 0.00 0.00 0.00
2.00-2.99% 0.00 0.78 0.00 0.47 0.91 0.00 1.36 1.73 0.62 0.00 0.00
1.00-1.99% 0.00 0.00 0.78 6.51 3.68 1.04 0.17 4.60 4.73 0.86 7.21
No Penalty 0.00 0.00 0.00 0.00 6.71 9.37 12.81 3.65 3.25 44.27 0.00
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Aggregate Principal $423.35 $419.11 $413.88 $408.15 $391.93 $334.36 $296.35 $232.07 $218.87 $205.17 $25.79
Balance of the Mortgage
Loans ($ millions)
Percentage of Cut-off Date 100.0% 99.0% 97.8% 96.4% 92.6% 79.0% 70.0% 54.9% 51.7% 48.5% 6.1%
Principal Balance
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY GOLDMAN, SACHS & CO.
NEITHER THE ISSUER OF THE CERTIFICATES NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION
HEREIN. THE INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY
THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION
SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES AND, EXCEPT WITH RESPECT TO THE INITIAL COLLATERAL TERM SHEET
PREPARED BY THE UNDERWRITERS, SUPERSEDES ALL INFORMATION CONTAINED IN ANY
COLLATERAL TERM SHEETS RELATING TO THE MORTGAGE POOL PREVIOUSLY PROVIDED BY
GOLDMAN, SACHS & CO.
<PAGE> 5
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
GEOGRAPHIC DISTRIBUTION
[PIE CHART]
<TABLE>
<S> <C>
California 17.2%
Florida 11.0%
Illinois 3.6%
Texas 8.2%
New York 8.1%
Connecticut 5.5%
Arizona 5.0%
Other States 36.6%
</TABLE>
<TABLE>
<CAPTION>
CUT-OFF DATE PRINCIPAL BALANCE
NUMBER OF (AS OF NOVEMBER 1, 1996) (A) WEIGHTED AVERAGE WEIGHTED AVERAGE WEIGHTED AVERAGE
GEOGRAPHIC MORTGAGE ------------------------------ DEBT SERVICE CURRENT MORTGAGE CUT-OFF
DISTRIBUTION LOANS ($000'S) % BY BALANCE COVERAGE RATIO INTEREST RATE DATE LTV RATIO
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
California 22 $ 78,452 17.2% 1.49x 9.49% 67%
Florida 10 50,179 11.0 1.53 9.01 69
Illinois 3 39,150 8.6 1.22 8.59 68
Texas 20 37,280 8.2 1.56 9.02 66
New York 18 36,774 8.1 1.48 9.04 71
Connecticut 3 25,161 5.5 1.55 8.75 72
Arizona 6 22,599 5.0 1.65 9.03 63
Other States 55 167,228 36.6 1.56 9.45 65
--- -------- ----- ---- ---- --
TOTAL/WEIGHTED AVG. 137 $456,822 100.0% 1.51x 9.21% 67%
</TABLE>
(a) Column totals may not add due to rounding.
GEOGRAPHIC DISTRIBUTION
[MAP OF U.S.]
<TABLE>
<S> <C>
WA 2.71%
ID 0.42%
CA 17.17%
AZ 4.95%
WY 1.09%
CO 4.47%
NM 1.33%
NE 1.14%
KE ?.50%
TX 8.16%
MN ?.45%
WI 1.65%
IL ?.??%
LA 2.01%
MI 0.71%
TN 4.52%
NY 8.05%
MA 1.??%
CT 5.51%
PA 1.14%
NJ 1.?1%
DE 0.55%
MD 0.27%
D.C. 3.18%
VA 3.63%
NC 1.?2%
SC 0.08%
GA 2.53%
FL 10.?8%
</TABLE>
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY GOLDMAN, SACHS & CO.
NEITHER THE ISSUER OF THE CERTIFICATES NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION
HEREIN. THE INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY
THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION
SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES AND, EXCEPT WITH RESPECT TO THE INITIAL COLLATERAL TERM SHEET
PREPARED BY THE UNDERWRITERS, SUPERSEDES ALL INFORMATION CONTAINED IN ANY
COLLATERAL TERM SHEETS RELATING TO THE MORTGAGE POOL PREVIOUSLY PROVIDED BY
GOLDMAN, SACHS & CO.
<PAGE> 6
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
PROPERTY TYPE DISTRIBUTION
[PIE CHART]
<TABLE>
<S> <C>
Multi-Family 24.8%
Office 24.4%
Mini-Storage 16.4%
Retail 13.9%
Mobil Home Park 12.6%
Lodging 3.7%
Nursing Home 3.1%
Industrial/Warehouse 0.8%
Restaurant 0.4%
</TABLE>
<TABLE>
<CAPTION>
Number of Cut-off Date Principal Balance Weighted Average Debt Weighted Average Weighted
Mortgage (as of November 1, 1996) (a) Service Current Mortgage Average Cut-off
-------------------------------------
Property Type Loans % by Balance ($000's) Coverage Ratio Interest Rate Date LTV Ratio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Multi-Family 41 24.8% $113,396 1.45x 8.56% 70%
Office 18 24.4 111,393 1.56 9.45 67
Mini-Storage 47 16.4 74,954 1.53 9.43 65
Retail 12 13.9 63,288 1.58 9.79 63
Mobile Home Park 5 12.6 57,600 1.27 8.60 70
Lodging 3 3.7 16,832 1.76 9.74 64
Nursing Home 7 3.1 14,060 1.99 10.12 63
Industrial/Warehouse 3 0.8 3,701 1.42 9.67 68
Restaurant 1 0.4 1,598 1.25 11.95 52
--- ----- -------- ---- ----- --
Total/Weighted Avg. 137 100.0% $456,822 1.51x 9.21% 67%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY GOLDMAN, SACHS & CO.
NEITHER THE ISSUER OF THE CERTIFICATES NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION
HEREIN. THE INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY
THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION
SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES AND, EXCEPT WITH RESPECT TO THE INITIAL COLLATERAL TERM SHEET
PREPARED BY THE UNDERWRITERS, SUPERSEDES ALL INFORMATION CONTAINED IN ANY
COLLATERAL TERM SHEETS RELATING TO THE MORTGAGE POOL PREVIOUSLY PROVIDED BY
GOLDMAN, SACHS & CO.
<PAGE> 7
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
DEBT SERVICE COVERAGE RATIO
/ / Weighted Average Combined Debt Service Coverage: 1.51x
/ / 93% of the Portfolio has Debt Service Coverage Ratio greater than 1.20x
<TABLE>
<CAPTION>
Range of Debt Service Number of Cut-off Date Principal Balance Weighted Average Debt Weighted Average Weighted
Coverage Mortgage (as of November 1, 1996)(b) Service Current Mortgage Average Cut-off
----------------------------
Ratios (a) Loans % by Balance ($000's) Coverage Ratio Interest Rate Date LTV Ratio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1.05 - 1.10% 4 1.7% $7,953 1.07x 8.18% 82%
1.11 - 1.20 3 5.6 25,459 1.19 8.47 68
1.21 - 1.30 21 16.1 73,419 1.26 9.35 70
1.31 - 1.40 23 13.8 63,004 1.38 9.11 71
1.41 - 1.50 24 13.9 63,410 1.44 9.21 69
1.51 - 1.60 17 15.2 69,415 1.56 9.27 65
1.61 - 1.70 17 17.6 80,383 1.66 9.21 65
1.71 - 1.80 12 9.4 42,886 1.76 9.39 65
1.81 - 1.90 5 1.8 8,334 1.85 9.49 60
1.91 - 2.00 4 1.7 7,635 1.95 8.80 59
2.01 - 2.25 3 1.4 6,274 2.13 9.74 53
2.26 - 2.50 1 0.6 2,841 2.27 8.88 75
2.51 - 3.00 3 1.3 5,809 2.64 10.75 36
--- ----- ------ ---- ----- ---
Total/Weighted Avg. 137 100.0% $456,822 1.51x 9.21% 67%
</TABLE>
(a) Debt Service is the ratio of Underwriting NOI over the annualized debt
service payments.
(b) Column totals may not add due to rounding.
CUT-OFF DATE LOAN TO VALUE
/ / Weighted Average Current Loan to Value Ratio: 67%
<TABLE>
<CAPTION>
Range of Cut-off-Date Number of Cut-off Date Principal Balance Weighted Average Debt Weighted Average Weighted
Mortgage (as of November 1, 1996)(b) Service Current Mortgage Average Cut-off
----------------------------
Loan-to-Value Ratios Loans % by Balance ($000's) Coverage Ratio Interest Rate Date LTV Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
35 - 50 6 1.8% $ 8,385 2.44x 10.08% 38%
51 - 60 23 17.3 79,144 1.68 9.63 57
61 - 65 20 12.6 57,321 1.60 9.34 64
66 - 70 35 37.2 169,919 1.43 9.27 68
71 - 75 44 25.5 166,334 1.45 8.89 73
76 - 80 5 3.0 13,672 1.45 8.51 78
81 - 85 3 2.5 11,340 1.16 8.18 83
86 - 90 1 0.2 707 1.21 9.00 89
--- ----- ------- ---- ---- --
Total/Weighted Avg. 137 100.0% $456,822 1.51x 9.21 67%
</TABLE>
(a) Ratio of Cut-off Date Loan Balance over Appraisal Value of Origination.
(b) Column totals may not add due to rounding.
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY GOLDMAN, SACHS & CO.
NEITHER THE ISSUER OF THE CERTIFICATES NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION
HEREIN. THE INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY
THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION
SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES AND, EXCEPT WITH RESPECT TO THE INITIAL COLLATERAL TERM SHEET
PREPARED BY THE UNDERWRITERS, SUPERSEDES ALL INFORMATION CONTAINED IN ANY
COLLATERAL TERM SHEETS RELATING TO THE MORTGAGE POOL PREVIOUSLY PROVIDED BY
GOLDMAN, SACHS & CO.
<PAGE> 8
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
BALLOON LOAN-TO-VALUE RATIO
<TABLE>
<CAPTION>
Cut-off Date Principal Balance
Range of Balloon Number of (as of November 1, 1996) (a) Weighted Average Weighted Average Weighted Average
Loan-to-Value Mortgage ------------------------------ Debt Service Current Mortgage Current
Ratios Loans % by Balance ($000's) Coverage Ratio Interest Rate LTV Ratio
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Not Applicable(b) 6 2.5% $ 11,380 1.91x 10.19% 51%
27-50% 27 11.9 54,232 1.75 9.59 57
51-60 51 38.9 177,784 1.55 9.36 65
61-65 33 32.8 149,877 1.38 8.94 71
66-70 16 9.2 42,211 1.43 9.04 73
71-75 3 4.5 20,631 1.48 8.61 76
76-80 1 0.2 707 1.21 9.00 89
--- ----- -------- ---- ----- --
TOTAL/WEIGHTED AVG. 137 100.0% $456,822 1.51x 9.21% 67%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
(b) Fully amortizing loans.
ORIGINAL AMORTIZATION TERM (in months)
<TABLE>
<CAPTION>
Cut-off Date Principal Balance
Range of Original Number of (as of November 1, 1996) (a) Weighted Average Weighted Average Weighted Average Weighted Average
Amortization Mortgage ------------------------------ Debt Service Current Mortgage Cut-off Original
Terms (in months) Loans % by Balance ($000's) Coverage Ratio Interest Rate Date LTV Ratio Amortization Term
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
91 - 120 1 0.2% $ 938 2.07x 8.13% 36% 120 mos.
151 - 180 4 1.7 7,924 2.01 10.45 49 180
211 - 240 10 6.0 27,286 1.73 10.09 63 240
241 - 270 1 1.4 6,555 1.61 9.02 69 241
271 - 300 83 53.7 245,468 1.54 9.37 67 300
301 - 330 3 2.6 12,028 1.38 8.96 73 324
331 - 360 35 34.3 156,623 1.41 8.78 69 358
--- ----- -------- ---- ----- -- ---
TOTAL/WEIGHTED AVG. 137 100.0% $456,822 1.51x 9.21% 67% 314 mos.
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
REMAINING AMORTIZATION TERM (in months)
<TABLE>
<CAPTION>
Cut-off Date Principal Balance
Range of Remaining Number of (as of November 1, 1996) (a) Weighted Average Weighted Average Weighted Average Weighted Average
Amortization Mortgage ------------------------------ Debt Service Current Mortgage Cut-off Original
Terms (in months) Loans % by Balance ($000's) Coverage Ratio Interest Rate Date LTV Ratio Amortization Term
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
91 - 120 1 0.2% $ 938 2.07x 8.13% 36% 109 mos.
151 - 180 5 1.8 8,322 2.01 10.38 49 176
181 - 210 1 0.4 1,606 1.71 9.00 55 204
211 - 240 16 7.2 32,943 1.73 9.94 62 236
241 - 270 3 1.8 8,079 1.56 9.02 71 244
271 - 300 74 51.8 256,833 1.53 9.38 67 296
301 - 330 3 2.6 12,028 1.38 8.96 73 322
331 - 360 34 34.2 156,073 1.41 8.77 69 349
TOTAL/WEIGHTED AVG. 137 100.0% $456,822 1.51x 9.21% 67% 306 mos.
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY GOLDMAN, SACHS & CO.
NEITHER THE ISSUER OF THE CERTIFICATES NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION
HEREIN. THE INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY
THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION
SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES AND, EXCEPT WITH RESPECT TO THE INITIAL COLLATERAL TERM SHEET
PREPARED BY THE UNDERWRITERS, SUPERSEDES ALL INFORMATION CONTAINED IN ANY
COLLATERAL TERM SHEETS RELATING TO THE MORTGAGE POOL PREVIOUSLY PROVIDED BY
GOLDMAN, SACHS & CO.
<PAGE> 9
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
CURRENT MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
Cut-off Date Principal Balance
Range of Original Number of (as of November 1, 1996) (a) Weighted Average Weighted Average Weighted
Amortization Mortgage ------------------------------ Debt Service Current Mortgage Average
Terms (in months) Loans % by Balance ($000's) Coverage Ratio Interest Rate Current LTV Ratio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
7.501 - 7.750% 1 1.0% $ 4,371 1.79x 7.75% 72%
7.751 - 8.000 17 5.5 25,136 1.41 8.00 73
8.001 - 8.250 7 6.0 27,567 1.32 8.18 77
8.251 - 8.500 3 6.5 29,623 1.32 8.49 67
8.501 - 8.750 14 16.7 76,389 1.53 8.64 67
8.751 - 9.000 27 12.9 58,705 1.51 8.94 68
9.001 - 9.250 6 3.6 16,481 1.53 9.12 70
9.251 - 9.500 11 6.6 30,330 1.47 9.41 67
9.501 - 9.750 14 15.4 70,366 1.52 9.68 65
9.751 - 10.000 16 15.0 68,709 1.57 9.91 64
10.001 - 10.250 13 6.4 29,337 1.60 10.10 67
10.251 - 10.500 1 0.7 3,271 1.26 10.50 66
10.501 - 10.750 5 2.5 11,172 1.68 10.72 58
10.751 - 11.950 2 1.2 5,365 2.24 11.46 40
--- ----- -------- ---- ----- --
Total/Weighted Avg. 137 100.0% $456,822 1.51x 9.21% 67%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
PAYMENT TYPES
<TABLE>
<CAPTION>
Cut-off Date Principal Balance
Number of (as of November 1, 1996) (a) Weighted Average Weighted Average Weighted
Mortgage ------------------------------ Debt Service Current Mortgage Average
Payment Type Loans % by Balance ($000's) Coverage Ratio Interest Rate Current LTV Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Amortizing Balloon 112 76.9% $351,250 1.48x 9.07% 68%
IO then Amort. Balloon (b) 10 18.7 85,557 1.56 9.66 67
Cash Flow Balloon 9 1.9 8,635 1.63 9.00 62
Fully Amortizing 6 2.5 11,380 1.91 10.19 51
--- ----- ------- ---- ------ ---
Total/Weigh ted Avg. 137 100.0% $456,822 1.51x 9.21% 67%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Column totals may not add due to rounding.
(b) Loans are interest only for a two to ten month period and there after
remain fixed at such new rate for remaining term of each mortgage loan
(see Prospectus Supplement for detailed description of loans).
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY GOLDMAN, SACHS & CO.
NEITHER THE ISSUER OF THE CERTIFICATES NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION
HEREIN. THE INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY
THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION
SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES AND, EXCEPT WITH RESPECT TO THE INITIAL COLLATERAL TERM SHEET
PREPARED BY THE UNDERWRITERS, SUPERSEDES ALL INFORMATION CONTAINED IN ANY
COLLATERAL TERM SHEETS RELATING TO THE MORTGAGE POOL PREVIOUSLY PROVIDED BY
GOLDMAN, SACHS & CO.
<PAGE> 10
PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
REMAINING TERM TO MATURITY (in months)
<TABLE>
<CAPTION>
Weighted
Number of Cut-off Date Principal Balance Weight Average Weighted Average Weighted Average
Range of Remaining Mortgage (as of November 1, 1996)(a) Debt Service Current Mortgage Average Remaining Term
---------------------------- Current
Terms ot Maturity Loans % by Balance ($000's) Coverage Ratio Interest Rate LTV Ratio to Maturity
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
31 - 60 14 19.5% $ 89,066 1.47x 9.41% 68% 53
61 - 90 23 21.1 96,294 1.50 9.13 67 76
91 - 120 86 52.1 238,160 1.54 9.17 66 111
151 - 180 11 6.2 28,215 1.50 9.06 68 172
181 - 210 1 0.3 1,187 1.28 8.13 79 182
211 - 240 1 0.4 1,598 1.25 11.95 52 239
271 - 300 1 0.5 2,302 1.59 8.63 72 292
--- ----- ------- ---- ---- -- ---
Total/Weighted Avg. 137 100.0% $456,822 1.51x 9.21% 67% 98
</TABLE>
(a) Column totals may not add due to rounding.
SEASONING (in months)
<TABLE>
<CAPTION>
Number of Cut-off Date Principal Balance Weight Average Weighted Average Weighted Weighted
Range of Mortgage (as of November 1, 1996)(a) Debt Service Current Mortgage Average Average
---------------------------- Current
Seasoning Loans % by Balance ($000's) Coverage Ratio Interest Rate LTV Ratio Seasoning
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
New Loan 1 1.9% $ 8,585 1.79x 9.85% 66% 0
1 - 5 49 45.3 206,965 1.48 9.50 66 3
6 -10 59 30.3 138,306 1.51 8.93 70 8
11 -20 10 12.4 56,640 1.48 8.90 69 15
21 -30 13 8.9 40,684 1.64 8.97 62 25
31 -40 5 1.2 5,643 1.70 9.00 55 35
--- ---- ------- ---- ---- -- --
Total/Weighted
Avg. 137 100.0% $456,822 1.51x 9.21% 67% 8
</TABLE>
(a) Column totals may not add due to rounding.
YEAR OF ORIGINATION
<TABLE>
<CAPTION>
Number of Cut-off Date Principal Balance Weight Average Weighted Average
Range of Mortgage (as of November 1, 1996)(a) Debt Service Current Mortgage Weighted Average
----------------------------
Year of Origination Loans % by Balance ($000's) Coverage Ratio Interest Rate Current LTV Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1993 5 1.2% $ 5,643 1.70x 9.00% 55%
1994 13 8.9 40,684 1.64 8.97 62
1995 29 18.0 82,181 1.47 8.76 70
1996 90 71.9 328,315 1.51 9.35 67
--- ----- ------- ---- ---- --
Total/Weighted Avg. 137 100.0% $456,822 1.51x 9.21% 67%
</TABLE>
(a) Column totals may not add due to rounding.
THE INFORMATION HEREIN HAS BEEN PROVIDED SOLELY BY GOLDMAN, SACHS & CO.
NEITHER THE ISSUER OF THE CERTIFICATES NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION
HEREIN. THE INFORMATION HEREIN IS PRELIMINARY AND WILL BE SUPERSEDED BY
THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION
SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES AND, EXCEPT WITH RESPECT TO THE INITIAL COLLATERAL TERM SHEET
PREPARED BY THE UNDERWRITERS, SUPERSEDES ALL INFORMATION CONTAINED IN ANY
COLLATERAL TERM SHEETS RELATING TO THE MORTGAGE POOL PREVIOUSLY PROVIDED BY
GOLDMAN, SACHS & CO.
