<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) August 13 , 1998
--------------------------
GMAC Commercial Mortgage Securities, Inc.
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware
- --------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF INCORPORATION)
333-37717 23-2811925
- ----------------------------------- ------------------------------------------
(COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
650 Dresher Road, Horsham, Pennsylvania 19044
- --------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(215) 328-3164
- --------------------------------------------------------------------------------
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
Not Applicable
- --------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
================================================================================
<PAGE>
ITEM 5. OTHER EVENTS.
On or about August 26, 1998, the Registrant will cause the issuance and
sale of approximately $2,563,948,705 initial principal amount of Mortgage
Pass-Through Certificates, Series 1998-C2, Class X, Class A-1, Class A-2,
Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class
K, Class L, Class M, Class N, Class R-I, Class R-II and Class R-III (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be dated as
of August 1, 1998, among the Registrant, GMAC Commercial Mortgage
Corporation, as Servicer, LaSalle National Bank, as Trustee and ABN AMRO Bank
N.V., as Fiscal Agent. In connection with the sale of the Class X, Class A-1,
Class A-2, Class B, Class C, Class D and Class E Certificates (the "Publicly
Offered Certificates"), the Registrant has been advised by Lehman Brothers
Inc. and Deutsche Bank Securities, Inc. (together, the "Underwriters"), that
the Underwriters have furnished to prospective investors certain written
descriptions of the securities to be offered that set forth the descriptions
of the securities to be offered that set forth the name of the issuer, the
size of the potential offering, the structure of the offering (e.g. the
number of classes, seniority, interest rate) and miscellaneous similar items
(the "Structural Term Sheets") with respect to the Publicly Offered
Certificates following the effective date of Registration Statement No.
333-37717 but prior to the availability of a final Prospectus relating to the
Publicly Offered Certificates. In connection with the sale of the Publicly
Offered Certificates, the Registrant also has been informed by the
Underwriters that the Underwriters have included in certain of the Structural
Term Sheets furnished to prospective investors certain descriptive
information regarding the mortgage loans (the "Mortgage Loans") underlying
the Certificates that set forth the number of Mortgage Loans, the principal
balance of the Mortgage Loans, information regarding the mortgage rates
thereon and miscellaneous similar items (the Structural Term Sheets including
such information, the "ABS Term Sheets") following the effective date of
Registration Statement No. 333-37717 but prior to the availability of a final
Prospectus relating to the Publicly Offered Certificates. The Structural
Term Sheets and ABS Term Sheets are being filed as an exhibit to this report.
The Structural Term Sheets and ABS Term Sheets attached hereto have
been provided by the Underwriters. The information in the Structural Term
Sheets and Collateral Term Sheets is preliminary and may be superseded by the
Prospectus Supplement relating to the Publicly Offered Certificates and by any
other information subsequently filed with the Securities and Exchange
Commission. The Registrant is filing the form of the exhibits listed in Item
7(c) below.
-2-
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
List below the financial statements, pro forma financial information and
exhibits, if any, filed as part of this report.
(a) Financial Statements of Business Acquired
NOT APPLICABLE
(b) Pro Forma Financial Information
NOT APPLICABLE
(c) Exhibits.
99.1 ABS Term Sheets and Structural Term Sheets prepared by
the Underwriters in connection with the sale of Publicly
Offered Certificates of the Registrant.
-3-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
(Registrant)
Dated: August 17, 1998 By: /s/ David Lazarus
------------------------------------------
Name: David Lazarus
Title: Vice President
-4-
<PAGE>
INDEX TO EXHIBITS
Exhibit
No. Document Description
- ------- --------------------
99.1 ABS Term Sheets and Structural Term Sheets
prepared by the Underwriters in connection with
the sale of Publicly Offered Certificates of the Registrant.
-5-
<PAGE>
Structural and Collateral Term Sheet
GMAC Commercial Mortgage Securities Inc.
Mortgage Pass-Through Certificates
Series 1998-C2
$2,307,553,000
Offered Certificates
[Graphic]
% of Mortgage Pool by Cut-off Date Balance
LEHMAN BROTHERS DEUTSCHE BANK SECURITIES
Page 1/15
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN.
OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY
BY, AND THIS INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER
THE SECURITIES LAW, THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT").
INFORMATION CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT
TO THE SAME QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY
INVESTORS ONLY IN THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND
REPRESENTATIONS AND OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING
DOCUMENT. INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY
THE ISSUER OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES.
THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY
THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS
(INCLUDING, IN CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF)
REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED
AVERAGE LOAN AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE
ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF
THEIR AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
Structural and Collateral Term Sheet (continued):
-------------------------------------------------
GMAC Commercial Mortgage Securities Inc.
Mortgage Pass-Through Certificates
Series 1998-C2
<TABLE>
<CAPTION>
% C/E % of Deal
---------------------------------- ------------
<S> <C> <C> <C> <C>
Class A-1 27.50% 18.50%
------------------------------------
Class A-2 Class X 27.50% 54.0%
-------------------------------------
Class B 22.50% 5.00%
-------------------------------------
Class C 18.00% 4.50%
-------------------------------------
Class D 11.50% 6.50%
-------------------------------------
Class E 10.00% 1.50%
-------------------------------------
Class F 6.50% 3.50%
-------------------------------------
Class G 4.75% 1.75%
----------------------------------
Class H 4.00% 0.75%
----------------------------------
Class J 3.25% 0.75%
----------------------------------
Class K 2.50% 0.75%
----------------------------------
Class L 1.50% 1.0%
----------------------------------
Class M 0.75% 0.75%
----------------------------------
Class N 0.75%
----------------------------------
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
Original Avg Principal Legal
Class Face Rating(1) Description Coupon Life (2) Window (2) Status
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
A-1 475,000,000 AAA/Aaa/AAA Fixed 6.157% 5.62 9/98 - 10/07 Public
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
A-2 1,383,862,000 AAA/Aaa/AAA Fixed 6.420% 9.79 10/07 - 8/08 Public
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
X 2,563,948,705 (3) AAAr/Aaa/AAA WAC IO 0.786% 9.84 (4) N/A Public
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
B 128,198,000 AA/Aa2/AA Fixed 6.586% 9.97 8/08 - 8/08 Public
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
C 115,377,000 A/A2/A Fixed 6.650% 9.97 8/08 - 8/08 Public
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
D 166,657,000 BBB/Baa2/BBB Fixed 6.650% 10.56 8/08 - 6/10 Public
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
E 38,459,000 BBB-/Baa3/BBB- Fixed 6.650% 12.44 6/10 - 12/11 Public
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
F 89,738,000 BB+/--/BB+ Fixed 6.650% 14.54 12/11 - 7/13 Private, 144A
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
G 44,870,000 BB Fixed 6.150% 15.03 7/13 - 5/14 Private, 144A
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
H 19,229,000 BB- Fixed 6.150% 16.40 5/14 - 9/15 Private, 144A
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
J 19,230,000 B+ Fixed 6.150% 17.60 9/15 - 11/16 Private, 144A
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
K 19,229,000 B Fixed 6.150% 18.71 11/16 - 11/17 Private, 144A
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
L 25,640,000 B- Fixed 6.150% 19.61 11/17 - 7/18 Private, 144A
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
M 19,229,000 CCC Fixed 6.150% 20.95 7/18 - 12/20 Private, 144A
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
N 19,230,705 NR Fixed 6.150% 23.67 12/20 - 8/23 Private, 144A
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
Total 2,563,948,705
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
- --------- ---------------------- --------------------- -------------- ------------ ------------ ---------------- ----------------
</TABLE>
(1) Anticipated rating Standard & Poor's, Moody's and Fitch.
(2) Assuming among other things, 0% CPR, no losses and that ARD loans pay
off on their Anticipated Repayment Date. Expressed in years.
(3) Represents notional amount on Class X.
(4) Represents average life of notional amount on Class X.
Page 2/15
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN.
OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY
BY, AND THIS INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER
THE SECURITIES LAW, THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT").
INFORMATION CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT
TO THE SAME QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY
INVESTORS ONLY IN THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND
REPRESENTATIONS AND OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING
DOCUMENT. INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY
THE ISSUER OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES.
THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY
THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS
(INCLUDING, IN CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF)
REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED
AVERAGE LOAN AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE
ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF
THEIR AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998-C2 Structural and Collateral Term Sheet (continued):
- ---------------------------------------------------------------------
Certain Offering Points
- - Newly Originated Collateral. The collateral consists of Mortgage Loans
with a principal balance (as of the Due Date for each Mortgage Loan
occurring in August 1998) of approximately $2.56 billion. The Mortgage
Loans were originated by an affiliate of Lehman Brothers, or its
approved conduit originators (51.5%, by balance) and GMAC Commercial
Mortgage (45.7%, by balance). 15 loans (2.8%) were purchased by either
Lehman Brothers or GMAC Commercial Mortgage.
- - Call Protection. 100% of the Mortgage Loans contain call protection
provisions. As of the Cut Off Date, 92.4% of the Mortgage Loans
provide for initial lockout period followed by i) defeasance; or ii)
yield maintenance; iii) percentage penalty and/or iv) an open period
generally 3 to 6 months. The weighted average lockout and defeasance
period for all loans is 9.8 years. The Mortgage Loans are generally
prepayable without penalty between zero to six months from Mortgage
Loan maturity or Anticipated Repayment Date ("ARD").
- - Weighted average lock-out and treasury defeasance of 9.8 years.
- - No loan delinquent 30 days or more as of the Cut-off Date.
- - $6,248,188 average loan balance as of the Cut-off Date.
- - 1.65x Weighted Average Debt Service Coverage Ratio ("DSCR") as of the
Cut-off Date.
- - 66.0% Weighted Average Loan to Value ("LTV") as of the Cut-off Date.
- - Public Company Sponsorship. 16.2% of the Mortgage Loans have borrowers
the principal of which is a public company.
- - Property Type Diversification. 29.9% Multifamily*, 25.4% Retail (79.6%
Anchored and 20.4% Unanchored),11.2% Office, 9.3% Hotel, 6.2% Health
Care, 5.3% Office/Industrial, 4.6% Credit Tenant Lease ("CTL"), 4.0%
Industrial, 1.9% Self Storage, 1.8% Mixed Use, and 0.3% Other.
*Includes Manufactured Housing.
- - Geographic Distribution. California (16.8%), New Jersey (6.6%),
Florida (5.3%), Texas (5.1%), Connecticut (4.3%),Pennsylvania (4.3%),
New York (4.2%); all other states less than 4% each.
- - Monthly Investor Reporting. Updated collateral summary information
will be part of the monthly remittance report in addition to detailed
P&I payment and delinquency information. Quarterly NOI and Occupancy
information to the extent delivered by borrowers, will be available to
Certificateholders.
- - Cash Flows will be Modeled on BLOOMBERG.
- - (Except as otherwise indicated, percentages (%) represent the
principal amount of loan or loans compared to aggregate pool balance,
as of the Cut-off Date (the "Initial Pool Balance"); weighted averages
are weighted using cut-off date principal balance; loans with
properties in multiple states have been allocated to certain states
based upon allocated loan amounts" or appraisal amount if the loan did
not have allocated loan amounts)
Page 3/15
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN.
OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY
BY, AND THIS INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER
THE SECURITIES LAW, THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT").
INFORMATION CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT
TO THE SAME QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY
INVESTORS ONLY IN THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND
REPRESENTATIONS AND OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING
DOCUMENT. INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY
THE ISSUER OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES.
THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY
THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS
(INCLUDING, IN CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF)
REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED
AVERAGE LOAN AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE
ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF
THEIR AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998-C2 Structural and Collateral Term Sheet (continued):
- ---------------------------------------------------------------------
Priority and Timing of Cash Flows *
[Graphic]
Assuming 0% CPR, no losses. Otherwise based on Table Assumptions.
Rating Agencies: Standard & Poor's, Moody's and Fitch.
Trustee: LaSalle National Bank.
Master Servicer: GMAC Commercial Mortgage Corporation.
Special Servicer: GMAC Commercial Mortgage Corporation.
Closing Date: On or about August 27, 1998.
Cut-off Date: August 1, 1998 (or for loans with due dates other than the
first the applicable due date in August 1998)
ERISA: Classes A-1, A-2 and X are expected to be eligible
for Lehman's individual prohibited transaction exemption
with respect to ERISA subject to certain conditions for
eligibility.
SMMEA: Classes A-1, A-2, B and X are "mortgage related securities"
for purposes of SMMEA.
Payment: Pays on 15th of each month or, if such date is not a
business day, then the following business day, commencing
September 15, 1998.
The Class X: The Class X is comprised of multiple components, one
relating to each class of Sequential Pay Certificates.
Optional Call: 1% Clean-up Call.
Page 4/15
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN.
OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY
BY, AND THIS INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER
THE SECURITIES LAW, THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT").
INFORMATION CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT
TO THE SAME QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY
INVESTORS ONLY IN THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND
REPRESENTATIONS AND OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING
DOCUMENT. INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY
THE ISSUER OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES.
THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY
THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS
(INCLUDING, IN CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF)
REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED
AVERAGE LOAN AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE
ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF
THEIR AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998-C2 Structural and Collateral Term Sheet (continued):
- ---------------------------------------------------------------------
MORTGAGE LOANS: The collateral consists of an approximately $2.56 billion
pool of 408 fixed rate mortgage loans secured by first liens
on commercial and multifamily properties in 44 different
states and the District of Columbia. The mortgage loans were
originated by an affiliate of Lehman Brothers, or its
approved conduit originators, and GMAC Commercial Mortgage
Corporation. 15 loans or 2.8% were purchased by either GMAC
Commercial Mortgage Corporation or by Lehman Brothers. As of
the Cut-off Date, the Mortgage Loans have a weighted average
coupon ("WAC") of 7.089% and a weighted average maturity
("WAM") of 135 months (assuming that the ARD loans mature on
their ARD date). See the Collateral Overview tables at the
end of this memo for more Mortgage Loan details.
CREDIT ENHANCEMENT: Credit enhancement for each class of Certificates will be
provided by the classes of Certificates which are
subordinate in priority with respect to payments of interest
and principal.
DISTRIBUTIONS: Principal and interest payments will generally be made to
Certificateholders in the following order:
1) Interest to the Senior Classes: Class A-1, Class
A-2 and Class X, pro rata,
2) Principal to Class A-1 until such Class is retired,*
3) Principal to Class A-2 until such Class is retired,*
5) Interest to Class B, then Principal to Class B until
such Class is retired,
6) Interest to Class C, then Principal to Class C until
such Class is retired,
7) Interest to Class D, then Principal to Class D until
such Class is retired,
7) Interest to Class E, then Principal to Class E until
such Class is retired,
8) Interest and Principal to the Private Classes,
sequentially.
* Pro rata if Classes B through N are retired.
REALIZED LOSSES: Realized Losses from any Mortgage Loan will be allocated in
reverse sequential order (i.e. Classes N, M, L, K, J, H, G,
F, E, D, C and B, in that order, and then pro-rata to
Classes A-1 and A-2).
APPRAISAL REDUCTIONS:With respect to certain specially serviced Mortgage Loans
as to which an appraisal is required (including any Mortgage
Loan that becomes 90 days delinquent), an Appraisal
Reduction Amount may be created, in the amount, if any, by
which the Stated Principal Balance of such Mortgage Loan,
together with unadvanced interest, unreimbursed P&I advances
and certain other items, exceeds 90% of the appraised value
of the related Mortgaged Property. The Appraisal Reduction
Amount will reduce proportionately the amount of any P&I
Advance for such loan, which reduction may result in a
shortfall of interest to the most subordinate class of
Principal Balance Certificates outstanding. The Appraisal
Reduction Amount will be reduced to zero as of the date the
related Mortgage Loan has been brought current for twelve
months, paid in full, repurchased or otherwise liquidated,
and any shortfalls borne by the subordinate classes may be
paid from amounts recovered from the related borrower.
MINIMUM DENOMINATIONS:
<TABLE>
<CAPTION>
Minimum Increments
Classes Denomination Thereafter Delivery
- ---------------------------------------- ------------------------- ------------------------- --------------------------
<S> <C> <C> <C>
A-1, A-2, B, C, D, and E $25,000 $1 DTC
- ---------------------------------------- ------------------------- ------------------------- --------------------------
X $1,000,000 $1 DTC
</TABLE>
Page 5/15
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN.
OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY
BY, AND THIS INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER
THE SECURITIES LAW, THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT").
INFORMATION CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT
TO THE SAME QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY
INVESTORS ONLY IN THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND
REPRESENTATIONS AND OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING
DOCUMENT. INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY
THE ISSUER OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES.
THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY
THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS
(INCLUDING, IN CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF)
REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED
AVERAGE LOAN AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE
ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF
THEIR AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998-C2 Structural and Collateral Term Sheet (continued):
- ---------------------------------------------------------------------
PREPAYMENT PREMIUMS*
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Prepayment 8/98 8/99 8/00 8/01 8/02 8/03 8/04 8/05 8/06 8/07 8/08 8/09
Premium
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Lock-out / Def. 92.4% 92.2% 92.2% 91.7% 89.9% 88.6% 88.3% 88.3% 88.4% 87.6% 62.3% 82.1%
- -----------------------------------------------------------------------------------------------------------------------------------
YM 6.2% 6.4% 6.3% 6.7% 8.3% 9.4% 9.5% 9.6% 9.4% 8.5% 14.0% 17.8%
- -----------------------------------------------------------------------------------------------------------------------------------
Sub Total 98.6% 98.6% 98.5% 98.4% 98.3% 97.9% 97.7% 97.9% 97.8% 96.1% 76.4% 99.8%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
5% 0.1% 0.1% 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
4% 0.1% 0.1% 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
3% 0.1% 0.3% 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
2% 0.1% 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
1% 1.4% 1.4% 1.5% 1.5% 1.5% 1.6% 1.6% 1.7% 1.9% 2.0%
- -----------------------------------------------------------------------------------------------------------------------------------
Open 0.2% 0.1% 1.9% 23.6% 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* % represents % of then outstanding balance as of the date shown utilizing
cut-off date balances.
OPEN PREPAYMENT PERIOD AT END OF LOAN (i.e. Prior to Maturity Date or ARD, as
applicable):
<TABLE>
<CAPTION>
- ------------------------------------------------------------
Open Period at End* Number of Loans % of Balance
- ------------------------------------------------------------
<S> <C> <C>
None 33 28.53
- ------------------------------------------------------------
3 Months 189 28.00
- ------------------------------------------------------------
4 Months 6 0.96
- ------------------------------------------------------------
- ------------------------------------------------------------
6 Months 157 34.31
- ------------------------------------------------------------
- ------------------------------------------------------------
7 Months 3 0.84
- ------------------------------------------------------------
- ------------------------------------------------------------
9 Months 16 6.12
- ------------------------------------------------------------
- ------------------------------------------------------------
> or equal to 12 Months 4 1.25
- ------------------------------------------------------------
</TABLE>
* Weighted average open period at end of loan is 4 months.
ALLOCATION OF PREPAYMENT PREMIUMS:
All Prepayment Premiums are distributed to Certificateholders on the
Distribution Date following the one-month collection period in which
the prepayment occurred. All Prepayment Premiums will be allocated to
the Classes A through G, in each case, up to the product of (i) the
Prepayment Premium, (ii) the "Discount Rate Fraction" and (iii) the
percentage of the total principal distribution to Certificateholders
to which such Class is entitled. Any excess amounts will be
distributed to Class X. The Discount Rate Fraction for Classes A
through G is defined as:
(Coupon on Class - Reinvestment Yield) / (Coupon on Mortgage Loan -
Reinvestment Yield)
Page 6/15
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS
INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES LAW,
THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND
OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT.
INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER
OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY
VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES
CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS AND
THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY THE ISSUER. THIS
INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN
CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING
PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN
AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS
DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF THEIR
AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998-C2 Structural and Collateral Term Sheet (continued):
- ---------------------------------------------------------------------
PREPAYMENT PREMIUM ALLOCATION EXAMPLE:
The Yield Maintenance prepayment premium will generally be equal to
the present value of the reduction in interest payments as a result of
the prepayment through the maturity of the prepaid Mortgage Loan,
discounted at the yield of a Treasury security of similar maturity in
most cases (converted from semi-annual to monthly pay). The following
example reflects that method.
General Yield Maintenance Example:
----------------------------------
Assuming the structure presented on pages 3 and 4 of this memo, that
Class A-1 is the only class entitled to principal and the following
assumptions:
Mortgage Loan Characteristics of loan being prepaid*:
Balance $10,000,000
Coupon 7.25%
Maturity 10 yrs (August 1, 2008)
Treasury Rate (monthly) 5.50%
Certificate Characteristics
Class A-1 Coupon 6.50%
Discount Rate Fraction Example:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Class A-1 Certificates Class IO Certificates
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Discount Rate Fraction Calculation (6.50% - 5.50%) /
(Class A-1 Coupon - Reinvestment Yield) / (7.25% - 5.50%) = (100% - 57.14%) =
(Gross Mortgage Rate - Reinvestment Yield) = 1.00% / 1.75% =
% of Premium allocated to Classes (Discount Rate Fraction) 57.14% 42.86%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
CREDIT TENANT LEASE LOANS:
Credit Tenant Lease Loans are secured by mortgages on properties which
are leased (each a "Credit Tenant Lease"), to a tenant which possesses
(or whose parent or other affiliate which guarantees the lease
obligation possesses) the rating indicated in the following table.
Scheduled monthly rent payments under the Credit Tenant Leases are
generally sufficient to pay in full and on a timely basis all interest
and principal scheduled to be paid with respect to the related Credit
Tenant Lease Loans.
The Credit Tenant Lease Loans generally provide that the Tenant is
responsible for all costs and expenses incurred in connection with the
maintenance and operation of the related Credit Tenant Lease property
and that, in the event of a casualty or condemnation of a material
portion of the related Mortgaged Property:
(i) the Tenant is obligated to continue making payments;
(ii) the Tenant must make an offer to purchase the applicable
property subject to the Credit Tenant Lease for an amount
not less than the unpaid principal balance plus accrued
interest on the related Credit Tenant Lease Loan; or
(iii) the Trustee on behalf of the Certificateholders will have
the benefit of certain non-cancelable credit lease
enhancement policies obtained to cover certain casualty
and/or condemnation risks.
Approximately 4.6% of the Mortgage Loans are Credit Tenant Lease Loans.
Page 7/15
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS
INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES LAW,
THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND
OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT.
INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER
OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY
VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES
CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS AND
THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY THE ISSUER. THIS
INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN
CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING
PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN
AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS
DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF THEIR
AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998-C2 Structural and Collateral Term Sheet (continued):
- ---------------------------------------------------------------------
CREDIT TENANT LEASE LOANS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
# Cut-off Date Property Credit
Tenant / Guarantor Loans Balance ($) Type Rating
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Circuit City 10 53,152,874 Retail/Off. Warehouse Private Rating
--------------------------------------------------------------------------------------------------------------------
Walgreen Company 7 22,925,827 Retail Aa3/A+
--------------------------------------------------------------------------------------------------------------------
Eckerd Corporation1 5 12,353,217 Retail A2/A
--------------------------------------------------------------------------------------------------------------------
Wal-Mart 1 10,445,688 Retail Aa2/AA
--------------------------------------------------------------------------------------------------------------------
K-Mart 1 9,220,000 Retail Ba2/BB
--------------------------------------------------------------------------------------------------------------------
Hannaford 1 5,700,000 Retail Private Rating
--------------------------------------------------------------------------------------------------------------------
Rite Aid Corporation 1 1,477,894 Retail Baa1/BBB+
--------------------------------------------------------------------------------------------------------------------
Bridgestone Corporation 1 1,382,541 Retail A2/Private Rating
--------------------------------------------------------------------------------------------------------------------
IHOP Corporation 1 1,297,187 Retail Private Rating
--------------------------------------------------------------------------------------------------------------------
Southland Corporation 1 1,232,901 Retail Ba3/BB+
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
</TABLE>
Unless otherwise indicated, such ratings were the highest rating assigned to the
applicable tenant or guarantor, as applicable, by Moody's and Standard & Poor's,
respectively. See "Description of the Mortgage Pool--Credit Lease Loans" in the
Prospectus Supplement.
(1) Based upon the rating of Eckerd's parent, J.C. Penney Corporation, although
it has made no explicit guaranty of Eckerd's obligations.
- --------------------------------------------------------------------------------
AFFILIATED BORROWER CONCENTRATIONS:
<TABLE>
<CAPTION>
------------------------------------------------------------ ------------------------ ----------------------------
Sponsor Name Number of Loans % by Cut-off Balance
------------------------------------------------------------ ------------------------ ----------------------------
<S> <C> <C>
Public Employees Retirement System of Ohio 1 7.79
------------------------------------------------------------ ------------------------ ----------------------------
Arden Realty, Inc. 1 5.31
------------------------------------------------------------ ------------------------ ----------------------------
Boykin Lodging Company 1 5.07
------------------------------------------------------------ ------------------------ ----------------------------
UNIPROP Inc. 14 4.14
------------------------------------------------------------ ------------------------ ----------------------------
The Macerich Company 1 2.50
------------------------------------------------------------ ------------------------ ----------------------------
Grove Property Trust 1 2.46
------------------------------------------------------------ ------------------------ ----------------------------
</TABLE>
*No other borrower concentration equals or exceeds 2.25%.
RESERVES:
The below table relates only to "conduit" loans and excludes all CTL
loans as well as the Large Loans.
<TABLE>
<CAPTION>
------------------------------------ ------------------------------------------ -----------------------------------
% of Conduit Loans w/Annual Escrows Annual Deposit ($)
------------------------------------ ------------------------------------------ -----------------------------------
<S> <C> <C>
Replacement Reserves 71.9 7.3 MM
------------------------------------ ------------------------------------------ -----------------------------------
TI & LC (Retail) 64.2 2.4 MM
------------------------------------ ------------------------------------------ -----------------------------------
TI & LC (Office) 75.3 2.8 MM
------------------------------------ ------------------------------------------ -----------------------------------
TI & LC (Industrial/W'hse) 64.9 0.5 MM
------------------------------------ ------------------------------------------ -----------------------------------
</TABLE>
*In addition, ten loans reserve periodically for lease specific events.
Lockboxes:
The below table relates to all Mortgage Loans.
<TABLE>
<CAPTION>
<S> <C>
---------------------------- ---------------------------------------------------------------------------------------
Hard 18.0% of all loans, by balance , have hard lockboxes
--------------------------- ---------------------------------------------------------------------------------------
Springing 40.1% of all loans, by balance, have springing lockboxes
--------------------------- ---------------------------------------------------------------------------------------
</TABLE>
Page 8/15
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS
INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES LAW,
THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND
OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT.
INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER
OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY
VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES
CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS AND
THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY THE ISSUER. THIS
INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN
CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING
PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN
AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS
DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF THEIR
AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998-C2 Structural and Collateral Term Sheet (continued):
- ---------------------------------------------------------------------
Large Loans: There are 5 loans with a cut-off date principal balance in excess
of $60mm. The following table provides a summary of such 5
largest loans (the "Large Loans").
Large Loan Mortgage Loan Summary:
<TABLE>
<CAPTION>
- ----------------- ---------------------- ---------- ------------- ------- ----------- ------------------------------- ------ -----
Mortgage Property # of Cut-off Date Original Amort
Loan Type Properties Balance ($) Coupon Term Term DSCR LTV
- ----------------- ---------------------- ---------- ------------- ------- ----------- ------------------------------- ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERS Retail 12 199,846,047 6.590% 120 Months 30 yr. Sched. 2.31x 48.6%
- ----------------- ---------------------- ---------- ------------- ------- ----------- -------------------------------- ----- -----
Arden1 Office/R&D Industrial 22 136,100,000 6.740% 120 Months 4.750 yrs. IO then 25 yr. Sched. 2.19x 51.4%
- ----------------- ---------------------- ---------- ------------- ------- ----------- -------------------------------- ----- -----
Boykin2 Hotel 10 130,000,000 6.900% 120 Months 1.917 yrs. IO then 25 yr. Sched. 2.30x 47.0%
- ----------------- ---------------------- ---------- ------------- ------- ----------- -------------------------------- ----- -----
South Towne Regional Mall 1 64,000,000 6.610% 120 Months Interest Only 2.05x 61.1%
- ----------------- ---------------------- ---------- ------------- ------- ----------- -------------------------------- ----- -----
Grove Multifamily 17 63,000,000 6.590% 120 Months Interest Only 2.11x 62.4%
- ----------------- ---------------------- ---------- ------------- ------- ----------- -------------------------------- ------ -----
- ----------------- ---------------------- ---------- ------------- ------- ----------- -------------------------------- ------ -----
Total / N/A 62 592,946,047 6.695% N/A N/A 2.23x 51.7%
Weighted Average
- ----------------- ---------------------- ---------- ------------- ------- ----------- -------------------------------- ------ -----
- ----------------- ---------------------- ---------- ------------- ------- ----------- -------------------------------- ------ -----
</TABLE>
(1) DSCR shown is based upon the required debt service payments during the
loan's IO period.
(2) DSCR shown is based upon the required debt service payments during the
loan's amortization period.
OPERS:
<TABLE>
<CAPTION>
- ------------------------------- ----------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $199,846,047
- ------------------------------- ----------------------------------------------------------------------------------
Coupon/Term: 6.59%/10 years
- ------------------------------- ----------------------------------------------------------------------------------
Sponsor: Public Employees Retirement System of Ohio
- ------------------------------- ----------------------------------------------------------------------------------
Properties: 12 factory outlet centers totaling 2.9 million square feet ($276 psf average
sales)
- ------------------------------- ----------------------------------------------------------------------------------
Locations: AL, CT, DE, IL, NH, OR, SC and UT
- ------------------------------- ----------------------------------------------------------------------------------
Appraised Value: $411,390,000
- ------------------------------- ----------------------------------------------------------------------------------
LTV: 48.6%
- ------------------------------- ----------------------------------------------------------------------------------
DSCR: 2.31x
- ------------------------------- ----------------------------------------------------------------------------------
Lockbox: Hard
- ------------------------------- ----------------------------------------------------------------------------------
Reserves: Springing DSCR reserve in the event DSCR drops below 2.00x. Monthly tax and
insurance escrow.
- ------------------------------- ----------------------------------------------------------------------------------
</TABLE>
Arden Realty, Inc.:
<TABLE>
<CAPTION>
----------------------- ------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $136,100,000
----------------------- ------------------------------------------------------------------------------
Coupon/Term: 6.74%/9.83 years
----------------------- ------------------------------------------------------------------------------
Sponsor: Arden Realty Company
----------------------- ------------------------------------------------------------------------------
Property: 22 suburban office (71.1% by SF) and R&D/Industrial (28.9% by SF) bldgs.
----------------------- ------------------------------------------------------------------------------
Size: 2,252,678 total square feet
----------------------- ------------------------------------------------------------------------------
Location: Los Angeles and San Diego metropolitan areas
----------------------- ------------------------------------------------------------------------------
Value: $264.6 million based upon a 8.94% cap rate on Lehman underwritten NOI
----------------------- ------------------------------------------------------------------------------
LTV: 51.4%
----------------------- ------------------------------------------------------------------------------
DSCR: 2.19x
----------------------- ------------------------------------------------------------------------------
Lockbox: Springing if DSCR falls below 1.50x.
----------------------- ------------------------------------------------------------------------------
Reserves: Ongoing Tax and Insurance/Tenant Improvement and Leasing Commission
----------------------- ------------------------------------------------------------------------------
</TABLE>
Page 9/15
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS
INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES LAW,
THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND
OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT.
INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER
OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY
VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES
CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS AND
THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY THE ISSUER. THIS
INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN
CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING
PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN
AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS
DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF THEIR
AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998-C2 Structural and Collateral Term Sheet (continued):
- ---------------------------------------------------------------------
Boykin Lodging Company:
<TABLE>
<CAPTION>
------------------------------- -------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $130,000,000
------------------------------- -------------------------------------------------------------------------------
Coupon/Term: 6.90%/10 years
------------------------------- -------------------------------------------------------------------------------
Sponsor: Boykin Lodging Company
------------------------------- -------------------------------------------------------------------------------
Properties: Ten Doubletree hotels
------------------------------- -------------------------------------------------------------------------------
Size: 3,062 rooms
------------------------------- -------------------------------------------------------------------------------
Location: OR, WA, CA, NE, CO and ID
------------------------------- -------------------------------------------------------------------------------
Appraised Value: $276,600,000
------------------------------- -------------------------------------------------------------------------------
LTV: 47.0%
------------------------------- -------------------------------------------------------------------------------
DSCR: 2.30x
------------------------------- -------------------------------------------------------------------------------
Lockbox: Hard
------------------------------- -------------------------------------------------------------------------------
FF&E Reserve FF&E equal to 4% of each property's total gross revenues, funded monthly
------------------------------- -------------------------------------------------------------------------------
Reserves: Tax and Insurance reserve funded monthly. $2,800,000 funded at closing to
cover 125% of the estimated costs of certain capital expenditures. Borrower
has covenanted that it will expend a
minimum of $10,000,000 on capital
improvements prior to June 30, 2000.
------------------------------- -------------------------------------------------------------------------------
</TABLE>
South Towne Center and Marketplace:
<TABLE>
<CAPTION>
-------------------------------- -------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $64,000,000
-------------------------------- -------------------------------------------------------------------------------
Coupon/Term: 6.61%/10 years
-------------------------------- -------------------------------------------------------------------------------
Sponsor: The Macerich Company
-------------------------------- -------------------------------------------------------------------------------
Anchors: Dillard's, ZCMI, J.C. Penney and Mervyn's
-------------------------------- -------------------------------------------------------------------------------
Property: Two-level, 940,943 sf regional mall and adjacent power center
-------------------------------- -------------------------------------------------------------------------------
Location: Sandy, Utah (Salt Lake City suburb)
-------------------------------- -------------------------------------------------------------------------------
Value: 104.7 million based on a 8.75% cap rate on Lehman underwritten NOI
-------------------------------- -------------------------------------------------------------------------------
LTV: 61.1%
-------------------------------- -------------------------------------------------------------------------------
DSCR: 2.05x
-------------------------------- -------------------------------------------------------------------------------
Lockbox: Springing if DSCR falls below 1.50x.
-------------------------------- -------------------------------------------------------------------------------
</TABLE>
Grove Property Trust:
<TABLE>
<CAPTION>
--------------------------------- ------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $63,000,000
--------------------------------- ------------------------------------------------------------------------------
Coupon/Term: 6.59%/10 years
--------------------------------- ------------------------------------------------------------------------------
Sponsor: Grove Property Trust
--------------------------------- ------------------------------------------------------------------------------
Properties: 17 multifamily properties, containing 1,950 units
--------------------------------- ------------------------------------------------------------------------------
Location: Various, throughout southern New England
--------------------------------- ------------------------------------------------------------------------------
Appraised Value: $100.9 million
--------------------------------- ------------------------------------------------------------------------------
LTV: 62.4%
--------------------------------- ------------------------------------------------------------------------------
DSCR: 2.11x
--------------------------------- ------------------------------------------------------------------------------
Lockbox Springing if DSCR falls below 1.20x.
--------------------------------- ------------------------------------------------------------------------------
Reserves: Tax reserve funded monthly
--------------------------------- ------------------------------------------------------------------------------
</TABLE>
Page 10/15
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS
INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT
AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES LAW,
THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION
CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND
OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT.
INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER
OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY
VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES
CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS AND
THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY THE ISSUER. THIS
INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN
CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING
PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN
AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS
DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF THEIR
AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998--C2 Structural and Collateral Term Sheet (continued):
ANTICIPATED REPAYMENT DATE LOANS:
Mortgage Loans representing 32.9% of the Initial Pool Balance provided
that if the unamortized principal amount thereof is not repaid on a
date (the "Anticipated Repayment Date") set forth in the related
Mortgage Note, the Mortgage Loan will accrue additional interest at
the rate set forth therein and the borrower will be required to apply
excess monthly cash flow generated by the Mortgaged Property (as
determined in the related Mortgage) to the repayment of principal
outstanding on the Mortgage Loan. With respect to such Mortgage Loans,
no Prepayment Premiums or Yield Maintenance Charges will be due in
connection with any principal prepayment on or after the Anticipated
Repayment Date. For purposes of analysis and presentation, such loans
are assumed to pay off at the ARD and treated like balloon loans that
mature on the ARD.
DETAILED MONTHLY INVESTOR REPORTING:
Updated collateral summary information will be a part of the monthly
remittance report in addition to detailed P&I payment and delinquency
information. Quarterly NOI and Occupancy data, to the extent delivered
by the borrowers, will be available to Certificateholders through the
Trustee. The following is a list of all the reports that will be
available to Certificateholders:
<TABLE>
<CAPTION>
Name of Report Description (information provided)
------ ---------------------------------------- -----------------------------------------------------------------
<S> <C> <C>
1 Remittance Report principal and interest distributions, principal balances
------ ---------------------------------------- -----------------------------------------------------------------
2 Mortgage Loan Status Report portfolio stratifications
------ ---------------------------------------- -----------------------------------------------------------------
3 Comparative Financial Status Report revenue, NOI, DSCR to the extent available
------ ---------------------------------------- -----------------------------------------------------------------
4 Delinquent Loan Status Report listing of delinquent mortgage loans
------ ---------------------------------------- -----------------------------------------------------------------
5 Historical Loan Modification Report information on modified mortgage loans
------ ---------------------------------------- -----------------------------------------------------------------
6 Historical Loss Estimate Report liquidation proceeds, expenses, and realized losses
------ ---------------------------------------- -----------------------------------------------------------------
7 REO Status Report NOI and value of REO
------ ---------------------------------------- -----------------------------------------------------------------
8 Watch List listing of loans in jeopardy of becoming Specially Serviced
------ ---------------------------------------- -----------------------------------------------------------------
9 Loan Payoff Statement Request Report listing of loans where borrower has requested a pay-off statement
</TABLE>
ADVANCING: The Master Servicer will be obligated to make advances of
scheduled principal and interest payments (excluding balloon
payments and subject to reduction for Appraisal Reduction
Amounts) and certain servicing expenses ("Advances"), to the
extent that such Advances are deemed to be recoverable out
of collections on the related loan. If the Master Servicer
fails to make a required Advance, the Trustee will be
obligated to make such advances.
CONTROLLING CLASS:
A majority of Certificateholders of the Controlling Class,
which will generally be the most subordinate class with a
Certificate Balance outstanding that is at least 25% of the
initial Certificate Balance of such Class will, subject to
certain limitations, be entitled to replace the Special
Servicer.
Page 11/15
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN.
OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY
BY, AND THIS INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER
THE SECURITIES LAW, THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT").
INFORMATION CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT
TO THE SAME QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY
INVESTORS ONLY IN THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND
REPRESENTATIONS AND OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING
DOCUMENT. INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY
THE ISSUER OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES.
THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY
THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS
(INCLUDING, IN CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF)
REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED
AVERAGE LOAN AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE
ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF
THEIR AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998-C2 Structural and Collateral Term Sheet (continued):
SPECIAL SERVICER The Pooling and Servicing Agreement will generally permit the
FLEXIBILITY: Special Servicer to modify, waive or amend FLEXIBILITY: any
term of any Mortgage Loan if (a) it determines, in
accordance with the servicing standard, that it is
appropriate to do so and (b) among other things, such
modification, waiver or amendment will not, subject to
certain exceptions:
(i) affect the amount or timing of any scheduled payments
of principal, interest or other amount (including
Prepayment Premiums and Yield Maintenance Charges)
payable under the Mortgage Loan;
(ii) affect the obligation of the related borrower to pay a
Prepayment Premium or Yield Maintenance Charge or
permit a principal prepayment during the applicable
Lockout Period;
(iii) except as expressly provided by the related Mortgage
or in connection with a material adverse environmental
condition at the related Mortgaged Property, result in
a release of the lien of the related Mortgage on any
material portion of such Mortgaged Property without a
corresponding principal prepayment, or;
(iv) in the judgment of the Special Servicer, materially
impair the security for the Mortgage Loan or reduce the
likelihood of timely payment of amounts due thereon.
SPECIAL SERVICER/ GMAC Commercial Mortgage Corporation. As of June 30, 1998,
MASTER SERVICER: GMAC Commercial Mortgage Corporation had a total commercial
and multifamily mortgage loan servicing portfolio (including
loans serviced for its own account and for others) of
approximately $46.0 billion.
Page 12/15
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN.
OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY
BY, AND THIS INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER
THE SECURITIES LAW, THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT").
INFORMATION CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT
TO THE SAME QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY
INVESTORS ONLY IN THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND
REPRESENTATIONS AND OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING
DOCUMENT. INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY
THE ISSUER OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES.
THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY
THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS
(INCLUDING, IN CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF)
REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED
AVERAGE LOAN AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE
ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF
THEIR AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998--C2 Structural and Collateral Term Sheet (continued):
GENERAL CHARACTERISTICS PROPERTY TYPES
<TABLE>
<CAPTION>
- ------------------------------ ------------------- ------------------------- ---------------------
Property % of Initial Pool
Characteristics Types Balance
- ------------------------------ ------------------- ------------------------- ----------------------
<S> <C> <C> <C>
Initial Pool Balance $2,563,948,705 Multifamily* 29.89
- ------------------------------ ------------------- ------------------------- ---------------------
# of Loans 408 Retail 25.42
- ------------------------------ ------------------- ------------------------- ---------------------
Gross WAC 7.089% Office 11.22
- ------------------------------ ------------------- ------------------------- ---------------------
Original WAM 137 Months Hotel 9.30
- ------------------------------ ------------------- ------------------------- ----------------------
Remaining WAM 135 Months Health Care 6.17
- ------------------------------ ------------------- ------------------------- ---------------------
Avg. Loan Balance $6,284,188 Office/Industrial 5.31
- ------------------------------ ------------------- ------------------------- ---------------------
WA DSCR* 1.65x CTL 4.65
- ------------------------------ ------------------- ------------------------- ---------------------
WA Cut-off Date LTV Ratio* 66.0% Industrial/Warehouse 4.04
- ------------------------------ ------------------- ------------------------- ---------------------
Balloon or ARD Loans 357 Self Storage 1.95
- ------------------------------ ------------------- ------------------------- ---------------------
*Excluding CTL loans Mixed Use 1.81
------------------------- ---------------------
Other 0.25
------------------------- ---------------------
* Includes Manufactured Housing
</TABLE>
DEAL SUMMARY BY PROPERTY TYPE
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Average Gross Rem. WA WA
# of Cut-off Date % of Cut-off Dat WAC WAM LTV WA Occup. Balloon
Property Type Loans Balance ($) Pool Balance ($) (%) (mos) Ratio DSCR (x) Rate(%) %
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 132 766,245,890 29.89 5,804,893 6.90 136 69.93 1.55 95.66 92.42
- ----------------------------------------------------------------------------------------------------------------------------------
Conventional 105 629,912,704 24.57 5,999,169 6.98 139 70.72 1.51 95.28 90.78
- ----------------------------------------------------------------------------------------------------------------------------------
Mobile Home Park 27 136,333,185 5.32 5,049,377 6.56 124 66.31 1.72 97.33 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
Retail 98 651,740,342 25.42 6,650,412 7.01 124 63.97 1.74 96.78 96.17
- ----------------------------------------------------------------------------------------------------------------------------------
Anchored 48 518,939,214 20.24 10,811,234 6.93 125 62.09 1.82 97.06 95.87
- ----------------------------------------------------------------------------------------------------------------------------------
Unanchored 50 132,801,129 5.18 2,656,023 7.33 122 71.32 1.43 95.67 97.33
- ----------------------------------------------------------------------------------------------------------------------------------
Office 67 287,606,735 11.22 4,292,638 7.28 121 69.07 1.44 95.43 98.20
- ----------------------------------------------------------------------------------------------------------------------------------
Hotel 17 238,428,476 9.30 14,025,204 7.15 126 54.49 1.99 N/A 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
Full Service 5 185,967,458 7.25 37,193,492 6.99 123 49.92 2.12 N/A 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
Limited Service 12 52,461,018 2.05 4,371,751 7.71 138 70.69 1.52 N/A 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
Health Care 17 158,193,508 6.17 9,305,500 7.51 127 75.12 1.58 92.16 96.44
- ----------------------------------------------------------------------------------------------------------------------------------
Nurs. Home, Skilled 11 116,028,176 4.53 10,548,016 7.63 131 77.00 1.57 90.95 95.15
---------------------------------------------------------------------------------------------------------------------------------
Assisted Living 5 37,870,233 1.48 7,574,047 7.13 119 70.85 1.61 94.98 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
Congregate Care 1 4,295,098 0.17 4,295,098 7.50 119 62.25 1.43 100.00 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
Office/Industrial 1 136,100,000 5.31 36,100,000 6.74 117 51.44 2.19 97.30 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
CTL 29 119,188,129 4.65 4,109,935 7.43 228 N/A N/A 100.00 35.26
- ----------------------------------------------------------------------------------------------------------------------------------
Industrial/W'hse 21 103,599,883 4.04 4,933,328 7.44 174 69.30 1.31 97.74 64.27
- ----------------------------------------------------------------------------------------------------------------------------------
Self Storage 23 49,941,304 1.95 2,171,361 7.40 144 69.38 1.46 88.60 77.88
- ----------------------------------------------------------------------------------------------------------------------------------
Mixed Use 1 46,463,602 1.81 46,463,602 7.33 119 71.37 1.35 86.00 100.00
- ----------------------------------------------------------------------------------------------------------------------------------
Other 2 6,440,836 0.25 3,220,418 7.70 147 48.13 1.40 100.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Total/Avg/Min/Max 408 2,563,948,705 100.00 6,284,188 7.09 135 65.97(1) 1.65(1) 95.79(2) 91.20
Wtd.Avg:
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Excludes credit tenant lease properties but includes Section 42 multifamily
properties.
(2) Excluding Hotels.
Page 13/15
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN.
OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY
BY, AND THIS INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER
THE SECURITIES LAW, THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT").
INFORMATION CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT
TO THE SAME QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY
INVESTORS ONLY IN THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND
REPRESENTATIONS AND OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING
DOCUMENT. INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY
THE ISSUER OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES.
THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY
THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS
(INCLUDING, IN CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF)
REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED
AVERAGE LOAN AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE
ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF
THEIR AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998--C2 Structural and Collateral Term Sheet (continued):
<TABLE>
<CAPTION>
LOAN SIZE DISTRIBUTION GROSS RATE DISTRIBUTION
- ------------------------------ ---------- ---------------- ----------------- ----------------
# of % of Initial Gross Rate % of Initial
Balance Ranges ($) Loans Pool Balance (%) Pool Balance
- ------------------------------ ---------- ---------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
440,000 - 2,000,000 107 5.93 6.251 - 6.500 5.56
- ------------------------------ ---------- ---------------- ----------------- ----------------
2,000,000.01 - 4,000,000 155 17.27 6.501 - 6.750 22.04
- ------------------------------ ---------- ---------------- ----------------- ----------------
4,000,000.01 - 6,000,000 69 13.19 6.751 - 7.000 16.71
- ------------------------------ ---------- ---------------- ----------------- ----------------
6,000,000.01 - 8,000,000 24 6.55 7.001 - 7.250 18.59
- ------------------------------ ---------- ---------------- ----------------- ----------------
8,000,000.01 - 10,000,000 8 2.72 7.251 - 7.500 25.37
- ------------------------------ ---------- ---------------- ----------------- ----------------
10,000,000.01 - 12,000,000 7 2.93 7.501 - 8.000 10.08
- ------------------------------ ---------- ---------------- ----------------- ----------------
12,000,000.01 - 14,000,000 7 3.58 8.001 - 8.500 0.88
- ------------------------------ ---------- ---------------- ----------------- ----------------
14,000,000.01 - 16,000,000 6 3.47 8.501 - 8.750 0.30
- ------------------------------ ---------- ---------------- ----------------- ---------------
16,000,000.01 - 20,000,000 5 3.56 8.751 - 9.000 0.23
- ------------------------------ ---------- ---------------- ----------------- ----------------
20,000,000.01 - 24,000,000 5 4.17 9.001 - 9.250 0.12
- ------------------------------ ---------- ---------------- ----------------- ----------------
24,000,000.01 - 28,000,000 3 2.99 9.501 - 9.750 0.11
- ------------------------------ ---------- ----------------
28,000,000.01 - 38,000,000 3 3.70
- ------------------------------ ---------- ----------------
38,000,000.01 - 46,000,000 3 5.02 Minimum Rate: 6.280%
- ------------------------------ ---------- ----------------
46,000,000.01 - 64,000,000 3 6.77 Maximum Rate: 9.750%
- ------------------------------ ---------- ----------------
128,000,000.01 - 130,000,000 1 5.07 WAC: 7.089%
- ------------------------------ ---------- ----------------
136,000,000.01 - 138,000,000 1 5.31
- ------------------------------ ---------- ----------------
198,000,000.01 - 200,000,000 1 7.79
</TABLE>
Minimum Cut-off Date Balance: $440,000
Maximum Cut-off Date Balance: $199,846,047
Average Cut-off Date Balance: $6,284,188
<TABLE>
<CAPTION>
REMAINING TERMS TO MATURITY(1) REMAINING AMORTIZATION TERM(1)
- ------------------------------------ ----------------- -------------------------- ---------------------
% of Initial % of Initial
Months Pool Balance Months Pool Balance
- ------------------------------------ ----------------- -------------------------- ---------------------
<S> <C> <C> <C> <C>
32 - 48 0.22 0 - 108 6.38
- ------------------------------------ ----------------- -------------------------- ---------------------
49 - 60 0.34 109 - 168 0.38
- ------------------------------------ ----------------- -------------------------- ---------------------
73 - 84 3.30 169 - 192 1.18
- ------------------------------------ ----------------- -------------------------- ---------------------
97 - 108 1.05 193 - 228 0.15
- ------------------------------------ ----------------- -------------------------- ---------------------
109 - 120 72.88 229 - 240 3.58
- ------------------------------------ ----------------- -------------------------- ---------------------
121 - 144 5.97 241 - 252 2.22
- ------------------------------------ ----------------- -------------------------- ---------------------
145 - 168 0.24 253 - 288 1.25
- ------------------------------------ ----------------- -------------------------- ---------------------
169 - 192 6.35 289 - 324 32.97
- ------------------------------------ ----------------- -------------------------- ---------------------
205 - 228 0.39 337 - 361 51.90
- ------------------------------------ ----------------- -------------------------- ---------------------
229 - 240 3.69
- ------------------------------------ -----------------
241 - 276 2.05
- ------------------------------------ -----------------
289 - 300 3.53
- ------------------------------------ -----------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
Minimum Remaining 32 mos. Minimum Remaining 119 mos.
Term to Maturity: Amortization Term:2
Maximum Remaining 300 mos. Maximum Remaining 361 mos.
Term to Maturity: Amortization Term:
Weighted Average 135 mos. Weighted Average Rem. 326 mos.
Amortization Term:
Remaining Term to Maturity:
</TABLE>
(1)Assumes ARD Loans payoff on their Anticipated Repayment Date.
(2)Excludes interest only loans.
Page 14/15
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN.
OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY
BY, AND THIS INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER
THE SECURITIES LAW, THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT").
INFORMATION CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT
TO THE SAME QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY
INVESTORS ONLY IN THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND
REPRESENTATIONS AND OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING
DOCUMENT. INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY
THE ISSUER OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES.
THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY
THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS
(INCLUDING, IN CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF)
REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED
AVERAGE LOAN AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE
ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF
THEIR AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC Series 1998--C2 Structural and Collateral Term Sheet (continued):
<TABLE>
<CAPTION>
DEBT SERVICE COVERAGE RATIOS* LOAN TO VALUE % (LTV)*
- ----------------------------- ------------------ ------------------------------- --------------------
Cut-off Date % of Initial Cut-Off Date % of Initial
DSCR Ranges (x) Pool Balance LTV Ranges Pool Balance
- ----------------------------- ------------------ ------------------------------- --------------------
<S> <C> <C> <C> <C>
LESS THAN
OR EQUAL TO 1.19 2.13 15.01 - 20.00 0.02
- ----------------------------- ------------------ ------------------------------- --------------------
1.20 - 1.24 4.23 25.01 - 30.00 0.14
- ----------------------------- ------------------ ------------------------------- --------------------
1.25 - 1.29 12.93 30.01 - 35.00 0.10
- ----------------------------- ------------------ ------------------------------- --------------------
1.30 - 1.34 10.89 35.01 - 40.00 0.49
- ----------------------------- ------------------ ------------------------------- --------------------
1.35 - 1.39 9.58 40.01 - 45.00 0.19
- ----------------------------- ------------------ ------------------------------- --------------------
1.40 - 1.44 6.89 45.01 - 50.00 15.87
- ----------------------------- ------------------ ------------------------------- --------------------
1.45 - 1.49 4.90 50.01 - 55.00 9.02
- ----------------------------- ------------------ ------------------------------- --------------------
1.50 - 1.54 5.06 55.01 - 60.00 4.76
- ----------------------------- ------------------ ------------------------------- --------------------
1.55 - 1.59 3.97 60.01 - 65.00 11.10
- ----------------------------- ------------------ ------------------------------- --------------------
1.60 - 1.64 1.97 65.01 - 70.00 10.28
- ----------------------------- ------------------ ------------------------------- --------------------
1.65 - 1.74 3.47 70.01 - 75.00 24.39
- ----------------------------- ------------------ ------------------------------- --------------------
1.75 - 1.84 3.60 75.01 - 80.00 20.30
- ----------------------------- ------------------ ------------------------------- --------------------
1.85 - 1.94 3.50 80.01 - 85.00 1.89
- ----------------------------- ------------------ ------------------------------- --------------------
1.95 - 2.04 0.21 85.01 - 90.00 1.42
- ----------------------------- ------------------ ------------------------------- --------------------
------------------------------- --------------------
GREATER THAN
2.05 OR EQUAL TO 26.60
- ----------------------------- ------------------
- ----------------------------- ------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Minimum LTV*: 15.29%
Maximum LTV*: 86.75%
Minimum DSCR*: 1.06x Weighted Average LTV*: 65.97%
Maximum DSCR*: 3.30x
Weighted Average DSCR*: 1.65x
</TABLE>
*EXCLUDES CTL LOANS.
STATE DISTRIBUTION
<TABLE>
<CAPTION>
- ---------------------- ----------------------- ------------------------ -----------------------
% of Initial % of Initial
State Pool Balance State Pool Balance
- ---------------------- ----------------------- ------------------------ -----------------------
<S> <C> <C> <C>
California 16.79 Illinois 2.45
- ---------------------- ----------------------- ------------------------ -----------------------
New Jersey 6.56 Washington 2.37
- ---------------------- ----------------------- ------------------------ -----------------------
Florida 5.28 Georgia 2.35
- ---------------------- ----------------------- ------------------------ -----------------------
Texas 5.08 Delaware 2.28
- ---------------------- ----------------------- ------------------------ -----------------------
Connecticut 4.33 Massachusetts 2.09
- ---------------------- ----------------------- ------------------------ -----------------------
Pennsylvania 4.27 Colorado 2.04
- ---------------------- ----------------------- ------------------------ -----------------------
New York 4.24 Alabama 2.02
- ---------------------- ----------------------- ------------------------ -----------------------
Utah 3.67 Ohio 1.93
- ---------------------- ----------------------- ------------------------ -----------------------
Oregon 3.66 Arizona 1.83
- ---------------------- ----------------------- ------------------------ -----------------------
Michigan 3.54 Maryland 1.56
- ---------------------- ----------------------- ------------------------ -----------------------
Nevada 3.42 Iowa 1.42
- ---------------------- ----------------------- ------------------------ -----------------------
Virginia 2.78 Tennessee 1.36
- ---------------------- ----------------------- ------------------------ -----------------------
South Carolina 2.53 Other* 10.15
- ---------------------- ----------------------- ------------------------ -----------------------
</TABLE>
No other state greater than 1.25%.
<TABLE>
<CAPTION>
--------------------- -----------------------
Loan Type % of Pool
--------------------- -----------------------
<S> <C>
Balloon 58.30
--------------------- -----------------------
Fully Amortizing 8.80
--------------------- -----------------------
ARD Loan 32.91
--------------------- -----------------------
</TABLE>
Page 15/15
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN.
OFFERS TO SELL AND SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY
BY, AND THIS INFORMATION MUST BE READ IN CONJUNCTION WITH, THE FINAL
PROSPECTUS SUPPLEMENT AND THE RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER
THE SECURITIES LAW, THE FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT").
INFORMATION CONTAINED HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT
TO THE SAME QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY
INVESTORS ONLY IN THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND
REPRESENTATIONS AND OTHER PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING
DOCUMENT. INFORMATION REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY
THE ISSUER OF THE SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN
INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES.
THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND DISSEMINATED BY THE
UNDERWRITERS AND THE CONTENTS AND ACCURACY THEREOF HAVE NOT BEEN REVIEWED BY
THE ISSUER. THIS INFORMATION WAS PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS
(INCLUDING, IN CERTAIN CASE ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF)
REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED
AVERAGE LOAN AGE. LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED TO, THE
ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. THE UNDERWRITERS, AND ANY OF
THEIR AFFILIATES, MAKE NO REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR
TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD
ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND
WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH
RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE
INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
GMAC 98-C2 CLASS X, IO SENSITIVITY ANALYSIS
<TABLE>
<CAPTION>
YIELD CHANGES UNDER VARIOUS PREPAYMENT SCENARIOS FOR DIFFERENT IO'S:
- --------------------------------------------------------------------------------------------------------------------------
SCENARIO GMAC98-C2 FULBBA98-C2 GMAC98-C1 LLL97-LL1 MSC98-HF1 LBCMT98-C1 FULB97-C2
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
End of lockout 1.92% 1.50% 104.27% (0.60%) 8.06% (0.28%) 1.35%
- --------------------------------------------------------------------------------------------------------------------------
End of lockout & YM (0.39%) (1.01%) (0.76%) (0.60%) (1.36%) (1.22%) (1.52%)
- --------------------------------------------------------------------------------------------------------------------------
End of call protection (0.30%) (0.31%) (0.62%) (0.60%) (0.51%) (0.63%) (0.70%)
- --------------------------------------------------------------------------------------------------------------------------
YM or penalties < =3% (0.27%) (0.73%) 0.53% (0.60%) (0.57%) (0.99%) (1.10%)
- --------------------------------------------------------------------------------------------------------------------------
YM or penalties < =2% (0.28%) (0.70%) 0.12% (0.60%) (0.41%) (0.84%) (0.99%)
- --------------------------------------------------------------------------------------------------------------------------
YM or penalties < =1% (0.31%) (0.65%) (0.40%) (0.60%) (0.45%) (0.75%) (0.97%)
- --------------------------------------------------------------------------------------------------------------------------
YM or penalties < =2%, rates+100 bps (0.18%) (0.53%) (0.86%) (0.60%) (0.17%) (0.80%) (0.91%)
- --------------------------------------------------------------------------------------------------------------------------
YM or penalties < =2%, rates+200 bps (1.62%) (3.20%) (15.05%) (0.60%) (8.47%) (2.20%) (2.65%)
- --------------------------------------------------------------------------------------------------------------------------
YM or penalties < =1%, rates+100 bps (0.21%) (0.54%) (1.00%) (0.60%) (0.16%) (0.65%) (0.89%)
- --------------------------------------------------------------------------------------------------------------------------
YM or penalties < =1%, rates+200 bps (1.39%) (3.03%) (14.14%) (0.60%) (5.36%) (1.76%) (1.86%)
- --------------------------------------------------------------------------------------------------------------------------
DEAL SIZE $2,564 M $3,408 M $1,438 M $1,426 M $1,283 M $1,728 M $2,203 M
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
LOSSES ASSUME 0% CPR,12 MONTH LAG TO RECOVERY. DEFAULTS APPLIED BEGINNING 36
MONTHS AFTER CLOSING DATE. GMAC 98-C2 CLASS X, IO SENSITIVITY ANALYSIS
<PAGE>
CPR SENSITIVITY OF IO CLASS:
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
TOTAL CASH FLOW OF IO RECEIVED OVER TIME AS % OF PV & PREPAYMENT PREMIUMS DUE IO AS % OF PV
0% CPR 25% CPR 50% CPR 75% CPR 100% CPR
------------------- --------------------- ---------------------- -------------------- --------------------
TOTAL PPAY AVG TOTAL PPAY AVG TOTAL PPAY AVG TOTAL PPAY AVG TOTAL PPAY AVG
CF PREM LIFE CF PREM LIFE CF PREM LIFE CF PREM LIFE CF PREM LIFE
- ------- ------ ------ ----- ------ ------ ------- --------- ------ ----- ------- ------ ----- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0% CDR 151% 0% 9.8 153% 17% 9.2 153% 21% 9.0 152% 23% 8.9 150% 24% 8.7
- ------- ------ ------ ----- ------ ------ ------- --------- ------ ----- ------- ------ ----- ------ ------ ------
1% CDR 146% 0% 9.6 149% 16% 9.0 149% 21% 8.8 148% 22% 8.7 146% 24% 8.5
- ------- ------ ------ ----- ------ ------ ------- --------- ------ ----- ------- ------ ----- ------ ------ ------
2% CDR 142% 0% 9.4 145% 16% 8.8 145% 20% 8.6 144% 22% 8.5 143% 24% 8.3
- ------- ------ ------ ----- ------ ------ ------- --------- ------ ----- ------- ------ ----- ------ ------ ------
3% CDR 137% 0% 9.2 141% 16% 8.6 141% 20% 8.4 141% 22% 8.3 139% 24% 8.2
- ------- ------ ------ ----- ------ ------ ------- --------- ------ ----- ------- ------ ----- ------ ------ ------
4% CDR 132% 0% 9.1 137% 16% 8.5 137% 20% 8.3 137% 22% 8.2 135% 24% 8.0
- ------- ------ ------ ----- ------ ------ ------- --------- ------ ----- ------- ------ ----- ------ ------ ------
5% CDR 129% 0% 8.9 133% 16% 8.3 133% 20% 8.1 133% 22% 8.0 132% 24% 7.9
- ------- ------ ------ ----- ------ ------ ------- --------- ------ ----- ------- ------ ----- ------ ------ ------
6% CDR 126% 0% 8.7 130% 16% 8.2 131% 20% 8.0 131% 22% 7.9 130% 24% 7.7
- ------- ------ ------ ----- ------ ------ ------- --------- ------ ----- ------- ------ ----- ------ ------ ------
7% CDR 124% 0% 8.6 128% 15% 8.0 129% 20% 7.9 129% 22% 7.8 128% 24% 7.6
- ------- ------ ------ ----- ------ ------ ------- --------- ------ ----- ------- ------ ----- ------ ------ ------
</TABLE>
NOTE: SPEEDS APPLIED AFTER LOCKOUT. LOSSES ASSUME 12 MONTH LAG TO RECOVERY.
DEFAULTS APPLIED BEGINNING 36 MONTHS AFTER CLOSING DATE.
For example, if $100 were invested today, and assuming 100% CPR & 7% CDR, the
investor would receive $128 over time, of which $24 is from prepayment
premiums.
<PAGE>
GMAC 98-C2 DEFAULT/LOSS SENSITIVITY ANALYSIS
<TABLE>
<CAPTION>
PRINCIPAL LOSS AT DIFFERENT DEFAULT RATES:
- --------------------------------------------------------------------------------------------------------------------
PRINCIPAL LOSS
CLASS TO EACH CLASS 1% CDR 2% CDR 3% CDR 4% CDR 5% CDR
RATINGS % OF ORIG. CLASS
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
70% RECOVERY
CLASS D 75% RECOVERY NONE NONE NONE NONE NONE
BBB 80% RECOVERY
- --------------------------------------------------------------------------------------------------------------------
70% RECOVERY
CLASS E 75% RECOVERY NONE NONE NONE NONE NONE
BBB- 80% RECOVERY
- --------------------------------------------------------------------------------------------------------------------
70% RECOVERY 34%
CLASS F 75% RECOVERY NONE NONE NONE NONE -
BB+ 80% RECOVERY -
- --------------------------------------------------------------------------------------------------------------------
70% RECOVERY 11% 92% 100%
CLASS G 75% RECOVERY NONE NONE -- 32% 95%
BB 80% RECOVERY -- -- 22%
- --------------------------------------------------------------------------------------------------------------------
TOTAL DEFAULTS
AS % OF ORIG DEAL 5.9% 11.4% 16.5% 21.2% 25.6%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
RECOVERY RATE NECESSARY FOR PRINCIPAL LOSS FOR EACH CLASS:
- -------------------------------------------------------------------------------------------------------------
CLASS/RATING 1% CDR 2% CDR 3% CDR 4% CDR 5% CDR
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS D N/A N/A 30.1% 45.8% 55.1%
BBB
- -------------------------------------------------------------------------------------------------------------
CLASS E N/A 11.9% 39.4% 52.8% 61.0%
BBB-
- -------------------------------------------------------------------------------------------------------------
CLASS F N/A 42.9% 60.6% 69.3% 74.6%
BB+
- -------------------------------------------------------------------------------------------------------------
CLASS G 19% 58.3% 71.2% 77.6% 81.4%
BB
- -------------------------------------------------------------------------------------------------------------
TOTAL DEFAULT AS %
OF ORIGINAL BALANCE 5.9% 11.4% 16.5% 21.2% 25.6%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
For example: To suffer principal loss on the BBB class under "3% CDR", the
recovery rate would have to be equal to or lower than 30.1%, (i.e. loss rate >
69.9%)
- --------------------------------------------------------------------------------
Losses assume 0% CPR, 12 month lag to recovery. Defaults applied beginning 36
months after closing date.
<PAGE>
PHONE 212-526-0001 FAX 212-528-9309
gmac-lb 98-c2 preliminary class sizes & avg lives:
<TABLE>
<CAPTION>
size rate agncy cpn avglf windowyr c/e% talk bench
<S> <C> <C> <C> <C> <C> <C> <C> <C>
al 475,000 aaa s/m/f 6.157 5.62 now-9.1 27.5 curv
a2 1,383,862 aaa s/m/f 6.420 9.79 9.1-9.9 27.5 10yr
b 128,198 aa s/m/f 6.586 9.97 9.9-9.9 22.5 10yr
c 115,377 a s/m/f 6.650 9.97 9.9-9.9 18.0 10yr
d 166,657 bbb s/m/f 6.650 10.56 9.9-11.8 11.5 curv
e 38,459 bbb- s/m/f 6.650 12.44 11.8-13.3 10.0 curv
f 89,738 bb+ s/f 6.650 14.54 13.3-14.9 6.5 curv
g 44,870 bb f 6.150 15.02 14.9-15.7 4.75 curv
x 2,563,948 aaa s/m/f 9.84 10yr
</TABLE>
* 8/27 settle, f & g are 144a, curve uses wi 10yr & wi 30yr
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Paulo: 11-3048-4500 G238-383-4 13-Aug-98 10:41:07
