<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): January 19, 1999
GMAC Commercial Mortgage Securities, Inc.
- -------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 333-64963 23-2811925
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(STATE OR OTHER JURISDICTION (COMMISSION) (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
650 Dresher Road, Horsham, Pennsylvania 19044
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) ZIP CODE)
Registrant's telephone number, including area code (215) 328-3164
Not Applicable
- -------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Located on Page 2
<PAGE>
ITEM 5. OTHER EVENTS.
On or about February 9, 1999, the Registrant will cause the issuance
and sale of approximately $1,362,371,197 initial principal amount of Mortgage
Pass-Through Certificates, Series 1999-C1, 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 R-I, Class R-II and Class R-III (the "Certificates") pursuant to a
Pooling and Servicing Agreement to be dated as of February 1, 1999, among the
Registrant, GMAC Commercial Mortgage Corporation, as Servicer, and Norwest Bank
Minnesota, National Association, as Trustee. 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 Goldman, Sachs & Co., Deutsche Bank Securities Inc. and Donaldson,
Lufkin & Jenrette Securities Corp. (together, the "Underwriters"), that the
Underwriters have furnished to prospective investors certain written
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.
333-64963 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 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 "Collateral Term Sheets")
following the effective date of Registration Statement No. 333-64963 but prior
to the availability of a final Prospectus relating to the Publicly Offered
Certificates. The Structural Term Sheets and Collateral Term Sheets are being
filed as exhibits to this report.
The Structural Term Sheets and Collateral 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.
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 Businesses Acquired.
Not applicable
(b) Pro Forma Financial Information.
Not applicable
(c) Exhibits.
99.1 Structural Term Sheets and Collateral Term Sheets prepared
by the Underwriters in connection with the sale of the
Publicly Offered Certificates of the Registrant.
99.2 Structural Term Sheets and Collateral Term Sheets prepared
by the Underwriters in connection with the sale of the
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 thereunto duly authorized.
GMAC COMMERCIAL MORTGAGE SECURITIES,
INC., Registrant
By: /s/David Lazarus
----------------------------
Name: David Lazarus
Title: Vice President
Dated: January 20, 1999
4
<PAGE>
INDEX OF EXHIBITS
Exhibit Description
------ -----------
99.1 Structural Term Sheets and Collateral Term Sheets prepared
by the Underwriters in connection with the sale of the
Publicly Offered Certificates of the Registrant.
99.2 Structural Term Sheets and Collateral Term Sheets prepared
by the Underwriters in connection with the sale of the
Publicly Offered Certificates of the Registrant.
5
<PAGE>
Exhibit 99.1
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
$1,185,262,000 (APPROXIMATE) JANUARY 19, 1999
GMAC COMMERCIAL MORTGAGE SECURITIES, INC.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-C1
APPROXIMATE SECURITIES STRUCTURE:
EXPECTED
APPROXIMATE EXCEPTED WEIGHTED
EXPECTED FACE/NOTIONAL CREDIT AVERAGE EXPECTED
CLASS RATING AMOUNT SUPPORT LIFE PAYMENT
(A) (S&P/FITCH) (MM) (% OF UPB) (YEARS)(B) WINDOW
- ----------------------------------------------------------------------
PUBLICLY OFFERED CLASSES
X AAAr/AAA $1,362.4 (c) 9.59 03/99-01/19
A1 AAA /AAA 222.0 31.00% 5.01 03/99-11/07
A2 AAA /AAA 718.0 31.00 9.72 11/07-01/09
B AA/AA 68.1 26.00 9.93 01/09-01/09
C A /A 68.1 21.00 9.93 01/09-01/09
D BBB/BBB 88.6 14.50 10.01 01/09-04/09
E BBB-/BBB- 20.4 13.00 10.35 04/09-09/09
PRIVATELY OFFERED CLASSES (D)
- ----------------------------------------------------------------------
F - - - - -
G - - - - -
H - - - - -
J - - - - -
K - - - - -
TOTAL SECURITIES: $1,362.4
- ----------------------------------------------------------------------
(a) Class A1 has a fixed rate. Classes A2, B and C have a fixed rate subject to
a cap equal to the weighted average Net Mortgage Rate. Classes D and E have
a coupon equal to the weighted average Net Mortgage Rate.
(b) Calculated at 0% CPR, no balloon extension and Hyperamortization Loans pay
in full on Anticipated Repayment Dates.
(c) Notional amount on interest only class.
(d) Not offered hereby.
KEY FEATURES:
Lead Manager: Goldman, Sachs & Co.
Co-Managers: Deutsche Bank Securities
Donaldson, Lufkin & Jenrette
Mortgage Loan Seller: GMAC Commercial Mortgage Corporation
Master Servicer: GMAC Commercial Mortgage Corporation
Special Servicer: GMAC Commercial Mortgage Corporation
Trustee: Norwest Bank Minnesota, N.A.
Launch: Late January/Early February
Pricing: Early February
Closing: Early/Mid February
Cut-Off Date: February 1, 5 and 10, 1999
Distribution Date: 15th of each month, or following
business day (commencing March 1999)
Payment Delay: 14 days
ERISA Eligible: Classes A1, A2, and X are expected to be
ERISA eligible subject to certain conditions for
eligibility.
SMMEA Eligible: Classes A1, A2, X and B are expected to be
SMMEA eligible subject to certain conditions for
eligibility.
Structure: Sequential pay
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution
Date: May 15, 2033
Clean up Call: 1.0%
Minimum Denominations: Publicly Offered Classes except
Class X: $25,000 & $1
Class X: $1,000,000 Notional Amount
& $1
Delivery: DTC
COLLATERAL FACTS:
Initial Pool Balance: $1,362,371,197
Number of Mortgage Loans: 229
Number of Mortgaged Properties: 269
Average Cut-Off Date Balance: $5,949,219
Weighted Average Current Mortgage Rate: 7.01%
Weighted Average U/W DSCR: 1.46x
Weighted Average Cut-Off Date LTV Ratio: 70.02%
Weighted Average Remaining Term to Maturity
(months): 127.8
Weighted Average Remaining Amortization Term
(months): 336.0
Weighted Average Seasoning (months): 3.1
Balloon Loans as % of Total (a): 96.1%
Ten Largest Loans or Related Loans as % of Total: 34.7%
(a) Includes 18 hyperamortizing loans totaling $109.6mm and 8.0%
of the pool cut-off date balance.
TEN LARGEST LOANS OR RELATED LOANS
LOAN BALANCE % BY UPB LTV DSCR PROPERTY TYPE
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AMD Corporate $68,211,566 5.01% 74.96% 1.31x Office
Headquarters
The Zalkind Loans (a) 65,350,220 4.80 75.91 1.27 Multifamily
The Meringoff Loan 62,804,289 4.61 72.23 1.24 Office
Hudson Valley Mall 58,566,075 4.30 67.54 1.39 Retail
Uniprop Portfolio (b) 52,398,996 3.85 52.95 1.99 Mobile Home Park
Randall Portfolio (c) 39,970,831 2.93 77.73 1.23 Multifamily
The Mills Building & 36,000,000 2.64 46.75 1.89 Office
333 Pine Street
211 W. Fort Street 31,874,231 2.34 66.40 1.43 Office
Bowers Portfolio (d) 30,056,317 2.21 70.28 2.68 Healthcare
Wilmac Health Care, Inc. 28,042,606 2.06 78.55 1.28 Skilled Nursing
----------- -----
TOTAL $473,275,130 34.74%
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(a) 7 loans with affiliated borrowers make up this group of loans.
(b) 2 cross-collateralized loans with the same borrower and 5 loans with
affiliated borrowers make up this group of loans.
(c) 3 loans with affiliated borrowers make up this group of loans.
(d) 2 cross-collateralized loans with the same borrower and 1 loan with
an affiliated borrower make up this group of loans.
SELECTED LOAN DATA:
NUMBER OF
MORTGAGED CUT-OFF DATE BALANCE
GEOGRAPHIC -------------------------------------
DISTRIBUTION PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
- -----------------------------------------------------------------
California 39 $294.7 21.63% 1.44x
New York 27 166.7 12.24 1.36
Florida 26 101.0 7.41 1.44
Texas 21 79.5 5.83 2.09
Michigan 10 76.5 5.62 1.49
Other (a) 146 644.0 47.27 1.42
--- -------- -------
TOTAL/WTD. AVG. 269 $1,362.4 100.00% 1.46X
- -----------------------------------------------------------------
(a) Includes 30 states and District of Columbia.
NUMBER OF
MORTGAGED CUT-OFF DATE BALANCE
-------------------------------------
PROPERTY TYPE PROPERTIES (MM) % BY UPB WTD. AVG. DSCR
- -----------------------------------------------------------------
Multifamily 95 $426.1 31.28% 1.35x
Office 45 378.7 27.80 1.38
Retail 46 214.8 15.76 1.35
Industrial 21 71.5 5.25 1.42
Skilled Nursing 12 63.8 4.68 1.86
Hospitality 12 57.2 4.20 1.68
Mobile Home Park 14 56.4 4.14 1.96
Congregate Care 8 32.9 2.41 2.45
Assisted Living
Facility 5 19.5 1.43 1.24
Mixed Use 2 16.5 1.21 1.50
Other 9 25.0 1.84 1.95
----- --------- --------
TOTAL/WTD. AVG. 269 $1,362.4 100.00% 1.46X
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PREPAYMENT RESTRICTIONS (MM) % BY UPB WTD. AVG. DSCR
- -----------------------------------------------------------------
Lockout/Defeasance $1279.2 93.90% 1.46x
Lockout/Greater of YM
or 1% (a) 74.9 5.50 1.33
Lockout/Open 8.2 0.60 3.17
---------- --------
TOTAL/WTD. AVG. $1,362.4 100.00% 1.46X
- -----------------------------------------------------------------
(a) Includes 7 loans with the provision "(Greater of YM or 1%) + (25% on the
loan balance)".
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
1
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
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STRUCTURAL OVERVIEW
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o For purposes of calculating principal distributions of the Certificates:
- Available principal will be allocated sequentially to the Class A1, A2,
B, C, D, E, F, G, H, J, K certificates.
- In case the principal balance of the Class K, J, H, G, F, E, D, C, B,
in that order, have been reduced to zero due to the allocation of
principal losses, then A1 and A2 will be allocated principal pro rata.
o Class X will be entitled to receive payments of interest only and will not
receive any payments of principal. Class X will be entitled to payments of
interest pro rata (based on interest entitlements) with the Class A1 and A2
Certificates each month.
o Each class will be subordinate to the Class A1, A2, and X and to each class
with an earlier alphabetic designation than such class. Each of the Class
A1, A2, and X Certificates will be of equal priority.
o All classes will pay interest on a 30/360 basis.
o Principal Losses will be allocated in reverse alphabetical order to Class
K, J, H, G, F, E, D, C, B, and then pro rata to Class A1 and A2.
o The Master Servicer will cover net prepayment interest shortfalls, provided
that with respect to any loans with due dates on or preceding the related
determination date the Master Servicer will only cover net prepayment
interest shortfalls up to the Master Servicing fee equal to 2 basis points
per annum on the principal balance of such loans. Net prepayment interest
shortfalls (after application of prepayment interest excesses and other
Servicer coverage from the Master Servicing Fee) will be allocated pro-rata
(based on interest entitlements) to all regular Certificates.
o Shortfalls resulting from Master Servicer and Special Servicer
modifications, Special Servicer compensation or other extraordinary trust
fund expenses will be allocated in reverse alphabetical order to classes of
outstanding regular Certificates other than to the Class X.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
2
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
ALLOCATION OF PREPAYMENT PREMIUMS (A)
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ALLOCATION OF PREPAYMENT PREMIUMS:
Prepayment premiums and yield maintenance amounts with respect to all loans will
be allocated between the related Certificates then entitled to principal
distributions and the Class X Certificates as follows:
o A percentage of all prepayment premiums (yield maintenance amounts) with
respect to all loans will be allocated to each class of the Certificates
then entitled to principal distributions, which percentage will be equal to
the product of (a) the percentage of the total principal distribution that
such Class receives, and (b) a percentage (which can be no greater than
100%), the numerator of which is the excess, if any, of the Pass-Through
Rate of the Class of the Certificates currently receiving principal over
the relevant Discount Rate, and the denominator of which is the excess, if
any, of the Mortgage Rate of the related Mortgage Loan over the Discount
Rate.
--------------------------------------------------------------
Prepayment (Pass-Through Rate - Discount Rate)
Premium Allocation = ------------------------------------
Percentage (Mortgage Rate - Discount Rate)
--------------------------------------------------------------
o The remaining percentage of such prepayment premiums and yield maintenance
amounts will be allocated to the Class X Certificates.
o In general, this formula provides for an increase in the allocation of
prepayment premiums and yield maintenance premiums to the Certificates then
entitled to principal distributions relative to the Class X Certificates as
Discount Rates decrease and a decrease in the allocation to such Classes as
Discount Rates rise.
Allocation of Prepayment Premiums Example
- -----------------------------------------
Discount Rate Fraction Methodology:
Mortgage Rate = 8%
Bond Class Rate = 6%
Treasury Rate = 5%
% of Principal Distributed to Class = 100%
BOND CLASS ALLOCATION CLASS X ALLOCATION
------------------------------------------------------------------------
6% - 5% x 100% = 33 1/3% Receives excess premiums = 66 2/3%
------- thereof
8% - 5%
(a) For further information regarding the allocation of prepayment premiums,
refer to the Prospectus Supplement.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
3
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
PREPAYMENT PROVISIONS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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PREPAYMENT LOCK-OUT/ PREPAYMENT PREMIUM ANALYSIS / DEFEASANCE
PERCENTAGE OF MORTGAGE POOL BY PREPAYMENT RESTRICTION ASSUMING NO PREPAYMENT OF PRINCIPAL (A)(B)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY
RESTRICTIONS 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
- -----------------------------------------------------------------------------------------------------------------------------------
Locked out 94.50% 94.50% 21.36% 4.01% 0.28% 0.00% 0.00% 0.00% 0.00% 0.00%
Defeasance 0.00 0.00 73.14 90.30 94.02 94.05 93.04 93.98 93.98 90.31
Yield Maintenance 5.50 5.50 5.50 5.53 5.54 5.54 5.54 5.62 5.62 4.69
- -----------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL 100.00% 100.00% 100.00% 99.83% 99.83% 99.59% 98.58% 99.59% 99.60% 95.00%
Open 0.00% 0.00% 0.00% 0.17% 0.17% 0.41% 1.42% 0.41% 0.40% 5.00%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 1,362.37 1,346.00 1,328.40 1,303.09 1,282.09 1,259.49 1,235.11 1,193.59 1,165.99 1,132.15
% OF INITIAL UPB 100.00% 98.80% 97.51% 95.65% 94.11% 92.45% 90.66% 87.61% 85.59% 83.10%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
PREPAYMENT FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY FEBRUARY
RESTRICTIONS 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
- -----------------------------------------------------------------------------------------------------------------------------------
Locked Out 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Defeasance 61.45 85.02 81.73 81.61 80.03 55.67 47.47 46.53 45.31 30.24
Yield Maintenance 18.54 13.57 16.61 16.78 16.93 40.91 48.85 50.24 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
SUBTOTAL 79.99% 98.59% 98.33% 98.39% 96.95% 96.58% 96.32% 96.77% 45.31% 30.24%
Open 20.01% 1.41% 1.67% 1.61% 3.05% 3.42% 3.68% 3.23% 54.69% 69.76%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
UPB ($MM) 231.91 156.69 122.07 114.42 106.60 41.02 31.53 27.69 23.59 17.27
% OF INITIAL UPB 17.02% 11.50% 8.96% 8.40% 7.82% 3.01% 2.31% 2.03% 1.73% 1.27%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Table calculated using modeling assumptions.
(b) Differences in totals may exist due to rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
4
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- ------------------------------------------------------------------------------
AVERAGE LIFE TABLE (IN YEARS)
(PREPAYMENTS LOCKED OUT THROUGH LOCK OUT PERIOD, DEFEASANCE AND YIELD
MAINTENANCE, THEN RUN AT THE INDICATED CPRS)
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
PREPAYMENT ASSUMPTIONS (CPR)
0% CPR 25% CPR 50% CPR 75% CPR 100% PP*
- -------- ------------ ------------- ------------- ------------- --------------
X 9.59 9.55 9.51 9.47 9.28
A1 5.01 4.96 4.93 4.91 4.85
A2 9.72 9.68 9.64 9.59 9.35
B 9.93 9.93 9.93 9.93 9.68
C 9.93 9.93 9.93 9.93 9.74
D 10.01 9.98 9.96 9.94 9.89
E 10.35 10.27 10.21 10.16 10.00
- -------- ------------ ------------- ------------- ------------- --------------
*"PP" means 100% of each loan prepays when it becomes freely prepayable.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
5
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE BALANCES
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
BALANCES LOANS BALANCE DATE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$298,646 - 999,999 8 $6,010,786 0.44% $751,348 1.69x 6.949% 115.2 57.94%
1,000,000 - 1,999,999 57 87,502,528 6.42 1,535,132 1.59 6.725 135.9 67.12
2,000,000 - 2,999,999 41 103,792,439 7.62 2,531,523 1.42 6.727 132.1 70.48
3,000,000 - 3,999,999 29 101,711,593 7.47 3,507,296 1.45 6.955 141.4 67.25
4,000,000 - 4,999,999 23 102,203,557 7.50 4,443,633 1.46 6.835 131.9 73.14
5,000,000 - 5,999,999 16 89,945,191 6.60 5,621,574 1.59 6.739 115.6 69.13
6,000,000 - 6,999,999 9 58,650,629 4.31 6,516,737 1.58 7.017 118.0 71.69
7,000,000 - 7,999,999 9 67,264,133 4.94 7,473,793 1.36 6.787 117.6 69.87
8,000,000 - 8,999,999 6 52,037,839 3.82 8,672,973 1.57 7.145 131.5 67.01
9,000,000 - 9,999,999 4 39,307,192 2.89 9,826,798 1.47 7.003 116.7 76.32
10,000,000 - 13,999,999 5 60,346,815 4.43 12,069,363 1.34 6.818 112.2 78.83
14,000,000 - 16,999,999 5 78,961,055 5.80 15,792,211 1.42 7.143 134.0 71.80
17,000,000 - 19,999,999 5 89,609,574 6.58 17,921,915 1.54 6.970 117.4 72.56
20,000,000 - 24,999,999 4 88,433,697 6.49 22,108,424 1.30 7.255 120.0 75.05
25,000,000 - 29,999,999 3 79,138,007 5.81 26,379,336 1.55 6.798 157.7 62.64
30,000,000 - 39,999,999 2 67,874,231 4.98 33,937,115 1.67 7.357 145.3 55.98
40,000,000 - 59,999,999 1 58,566,075 4.30 58,566,075 1.39 7.680 119.0 67.54
60,000,000 - 68,211,566 2 131,015,855 9.62 65,507,927 1.28 7.382 118.0 73.65
----- -------------- -------
TOTAL/WTD. AVG. 229 $1,362,371,197 100.00% $5,949,219 1.46X 7.011% 127.8 70.02%
=== ============== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
6
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
STATE PROPERTIES BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- --------------------- ----------- -------------- -------------- ----------------- ------------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
California 39 $294,724,360 21.63% $7,557,035 1.44x 7.014% 125.5 67.56%
New York 27 166,708,740 12.24 6,174,398 1.36 7.250 121.3 69.28
Florida 26 100,975,716 7.41 3,883,681 1.44 7.076 124.0 70.67
Texas 21 79,469,832 5.83 3,784,278 2.09 7.162 118.0 70.49
Michigan 10 76,512,898 5.62 7,651,290 1.49 6.940 144.2 68.70
Pennsylvania 9 57,029,888 4.19 6,336,654 1.31 7.661 189.5 76.77
Nevada 6 56,588,974 4.15 9,431,496 1.44 6.927 119.3 64.78
Georgia 11 51,515,170 3.78 4,683,197 1.50 6.799 121.1 74.00
Washington 10 46,156,438 3.39 4,615,644 1.28 6.513 115.3 72.62
Connecticut 10 40,497,082 2.97 4,049,708 1.37 7.606 124.9 70.92
Missouri 5 39,847,166 2.92 7,969,433 1.28 6.920 112.3 68.14
Illinois 9 35,961,570 2.64 3,995,730 1.71 6.606 103.6 72.30
Colorado 11 32,157,060 2.36 2,923,369 1.69 6.385 131.5 67.56
Iowa 8 30,532,846 2.24 3,816,606 1.35 6.708 140.1 73.43
Oregon 4 28,649,490 2.10 7,162,372 1.30 7.263 127.0 74.24
Arizona 8 24,657,070 1.81 3,082,134 1.43 6.791 114.5 68.85
District of Columbia 4 20,433,397 1.50 5,108,349 1.40 7.161 141.1 67.72
New Jersey 7 20,122,031 1.48 2,874,576 1.50 6.588 116.1 68.33
Utah 2 19,040,266 1.40 9,520,133 1.34 6.606 146.9 76.63
Louisiana 5 16,524,191 1.21 3,304,838 1.30 6.985 123.9 71.90
Ohio 5 15,327,641 1.13 3,065,528 1.47 7.044 158.5 71.73
North Carolina 4 15,133,957 1.11 3,783,489 1.45 6.937 119.3 75.27
Virginia 6 11,916,448 0.87 1,986,075 1.47 6.892 137.3 66.21
South Carolina 3 11,552,995 0.85 3,850,998 1.33 7.321 116.1 75.43
Nebraska 2 10,529,860 0.77 5,264,930 1.41 6.647 116.5 77.20
Tennessee 3 10,456,661 0.77 3,485,554 1.17 7.582 161.8 76.38
New Mexico 2 10,365,495 0.76 5,182,748 1.47 6.211 120.6 62.98
Maryland 2 9,138,985 0.67 4,569,493 1.38 6.375 117.0 74.31
Vermont 1 8,972,241 0.66 8,972,241 1.79 6.875 116.0 59.81
Kentucky 1 4,961,608 0.36 4,961,608 1.00 6.970 223.0 96.34
Minnesota 2 4,602,931 0.34 2,301,465 1.89 6.543 119.4 54.64
South Dakota 2 3,543,520 0.26 1,771,760 1.50 6.481 116.4 71.24
Mississippi 1 2,877,645 0.21 2,877,645 1.26 6.970 115.0 71.94
Kansas 1 2,391,268 0.18 2,391,268 1.57 6.125 116.0 79.71
Arkansas 1 1,397,368 0.10 1,397,368 1.61 7.840 118.0 63.52
Idaho 1 1,098,390 0.08 1,098,390 2.27 6.800 178.0 41.45
----- -------------- ------
TOTAL/WTD. AVG. 269 $1,362,371,197 100.00% $5,064,577 1.46X 7.011% 127.8 70.02%
=== ============== ======
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
7
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
WA 3.39% CO 2.36% MN 0.34% MI 5.62% NC 1.11% MD 0.67%
OR 2.10% NM 0.76% IA 2.24% OH 1.13% SC 0.85% D.C. 1.50%
CA 21.63% SD 0.26% MO 2.92% KY 0.36% GA 3.78%
ID 0.08% NE 0.77% AR 0.10% TN 0.77% FL 7.41%
NV 4.15% KS 0.18% LA 1.21% NY 12.24% VT 0.66%
UT 1.40% OK IL 2.64% PA 4.19% CT 2.97%
AZ 1.81% TX 5.83% MS 0.21% VA 0.87% NJ 1.48%
</TABLE>
[PIE CHART]
Other (a) 38.93%
California 21.63%
New York 12.24%
Florida 7.41%
Texas 5.83%
Michigan 5.62%
Pennsylvania 4.19%
Nevada 4.15%
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
8
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
DISTRIBUTION OF PROPERTY TYPES
[PIE CHART]
Congregate Care 2.41%
Assisted Living Facility 1.43%
Mixed Use 1.21%
Other 1.84%
Multifamily 31.28%
Office 27.80%
Retail 15.76%
Industrial 5.25%
Skilled Nursing 4.68%
Hospitality 4.20%
Mobile Home Park 4.14%
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
MORTGAGED CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
PROPERTY TYPE PROPERTIES BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Multifamily 95 $426,139,670 31.28% $4,485,681 1.35x 6.758% 120.8 73.64%
Office 45 378,719,662 27.80 8,415,992 1.38 7.238 126.3 69.22
Retail 46 214,764,532 15.76 4,668,794 1.35 7.054 137.4 70.54
Industrial 21 71,462,831 5.25 3,402,992 1.42 6.828 126.9 71.30
Skilled Nursing 12 63,773,133 4.68 5,314,428 1.86 7.683 157.9 72.65
Hospitality 12 57,215,638 4.20 4,767,970 1.68 7.233 129.7 64.40
Mobile Home Park 14 56,432,789 4.14 4,030,914 1.96 6.272 121.0 54.16
Congregate Care 8 32,861,130 2.41 4,107,641 2.45 7.332 121.0 69.32
Assisted Living 5 19,491,609 1.43 3,898,322 1.24 7.056 119.0 78.52
Facility
Mixed Use 2 16,489,414 1.21 8,244,707 1.50 7.309 119.0 61.64
Other 9 25,020,790 1.84 2,780,088 1.95 6.831 145.4 54.00
--- -------------- ------
TOTAL/WTD. AVG. 269 $1,362,371,197 100.00% $5,064,577 1.46X 7.011% 127.8 70.02%
=== ============== ======
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
9
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIOS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
RANGE OF DEBT NUMBER OF AGGREGATE WEIGHTED AVERAGE TERM TO CUT-OFF
SERVICE COVERAGE MORTGAGE CUT-OFF DATE CUT-OFF DATE AVERAGE CUT-OFF AVERAGE MORTGAGE MATURITY DATE LTV
RATIOS LOANS BALANCE BALANCE DATE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.00 - 1.09x (a) 12 $50,283,589 3.69% $4,190,299 1.05x 6.933% 155.8 72.56%
1.10 - 1.19 (a) 7 39,875,231 2.93 5,696,462 1.17 6.879 131.8 76.13
1.20 - 1.24 5 107,303,597 7.88 21,460,719 1.23 7.090 118.8 72.28
1.25 - 1.29 32 245,785,545 18.04 7,680,798 1.27 7.057 135.2 75.02
1.30 - 1.34 35 256,348,567 18.82 7,324,245 1.32 7.196 121.7 74.42
1.35 - 1.39 25 144,733,192 10.62 5,789,328 1.38 7.092 125.2 70.59
1.40 - 1.49 35 170,044,675 12.48 4,858,419 1.43 6.884 129.0 71.79
1.50 - 1.59 31 100,881,955 7.40 3,254,257 1.53 6.996 140.9 66.94
1.60 - 1.79 18 66,115,785 4.85 3,673,099 1.67 6.669 119.3 66.01
1.80 - 1.89 7 61,236,066 4.49 8,748,009 1.88 7.241 125.2 52.81
1.90 - 2.19 10 73,881,594 5.42 7,388,159 2.07 6.596 122.6 54.88
2.20 - 4.99 12 45,881,402 3.37 3,823,450 2.96 6.849 107.0 56.69
---- --------------- --------
TOTAL/WTD. AVG. 229 $1,362,371,197 100.00% $5,949,219 1.46X 7.011% 127.8 70.02%
=== ============== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) There are 10 credit-tenant loans in this pool of which some are included in
this range.
- -------------------------------------------------------------------------------
DISTRIBUTION OF CUT-OFF DATE LOAN TO VALUE AT ORIGINATION RATIOS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF CUT-OFF DATE MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
LOAN TO VALUE RATIOS LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
30.1 - 50.0% 18 $109,348,262 8.03% $6,074,903 2.13x 6.841% 119.6 45.59%
50.1 - 60.0 25 89,378,208 6.56 3,575,128 1.64 6.966 127.3 55.73
60.1 - 65.0 18 71,064,931 5.22 3,948,052 1.41 6.487 129.3 62.68
65.1 - 70.0 33 236,371,680 17.35 7,162,778 1.55 7.064 129.6 67.66
70.1 - 75.0 65 435,697,214 31.98 6,703,034 1.35 7.145 125.1 72.98
75.1 - 80.0 (a) 63 393,120,553 28.86 6,240,009 1.34 6.983 129.1 78.33
80.1 - 85.0 (a) 4 18,745,606 1.38 4,686,401 1.21 7.064 144.9 84.25
85.1 - 90.0 (a) 1 2,095,657 0.15 2,095,657 1.05 7.450 173.0 87.32
90.1 - 95.0 (a) 1 1,587,479 0.12 1,587,479 1.05 5.730 213.0 93.38
95.1 - 100.0 (a) 1 4,961,608 0.36 4,961,608 1.00 6.970 223.0 96.34
----- ---------------- --------
TOTAL/WTD. AVG. 229 $1,362,371,197 100.00% $5,949,219 1.46X 7.011% 127.8 70.02%
=== ============== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) There are 10 credit-tenant loans in this pool of which some are included
in this range.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
10
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF MORTGAGE INTEREST RATES
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
RANGE OF MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
MORTGAGE RATES LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
5.501 - 6.000% 16 $59,567,418 4.37% $3,722,964 1.58x 5.784% 124.3 62.76%
6.001 - 6.250 29 117,593,885 8.63 4,054,962 1.57 6.163 127.7 69.04
6.251 - 6.500 26 146,273,178 10.74 5,625,891 1.56 6.377 124.2 67.34
6.501 - 6.750 25 102,614,509 7.53 4,104,580 1.55 6.643 124.5 71.22
6.751 - 7.000 46 283,934,998 20.84 6,172,500 1.37 6.929 132.8 71.40
7.001 - 7.250 42 199,032,064 14.61 4,738,859 1.50 7.186 117.0 72.04
7.251 - 7.500 25 181,890,306 13.35 7,275,612 1.34 7.395 126.5 73.60
7.501 - 7.750 6 115,441,281 8.47 19,240,213 1.55 7.673 122.4 59.72
7.751 - 8.000 9 113,363,091 8.32 12,595,899 1.36 7.819 126.3 73.44
8.001 - 9.000 5 42,660,467 3.13 8,532,093 1.40 8.274 193.5 73.95
----- ---------------- --------
TOTAL/WTD. AVG. 229 $1,362,371,197 100.00% $5,949,219 1.46X 7.011% 127.8 70.02%
=== ============== ======
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING AMORTIZATION TERMS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE OF WEIGHTED REMAINING AVERAGE
RANGE OF NUMBER OF AGGREGATE AVERAGE WEIGHTED AVERAGE TERM TO CUT-OFF
AMORTIZATION TERMS MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE AVERAGE MORTGAGE MATURITY DATE LTV
(MONTHS) LOANS BALANCE BALANCE BALANCE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
85 - 120 1 $4,589,669 0.34% $4,589,669 1.01x 7.250% 117.0 75.24%
121 - 180 12 35,717,679 2.62 2,976,473 1.22 6.742 153.7 67.90
181 - 240 15 54,494,984 4.00 3,632,999 2.01 7.167 162.4 67.10
241 - 300 50 222,179,892 16.31 4,443,598 1.55 7.193 137.1 72.39
301 - 360 149 1,042,974,107 76.56 6,999,826 1.42 6.972 123.2 69.74
361 - 380 2 2,414,867 0.18 1,207,434 1.99 6.988 117.1 59.91
----- ------------- --------
TOTAL/WTD. AVG. 229 $1,362,371,197 100.00% $5,949,219 1.46X 7.011% 127.8 70.02%
=== ============== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
11
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF ORIGINAL TERMS TO MATURITY
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
RANGE OF ORIGINAL TERMS MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
TO MATURITY (MONTHS) LOANS BALANCE DATE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
36 - 84 3 $25,267,656 1.85% $8,422,552 1.92x 6.810% 68.3 67.08%
101 - 120 170 1,029,976,912 75.60 6,058,688 1.45 7.004 117.1 70.64
121 - 140 12 89,719,557 6.59 7,476,630 1.76 6.847 122.6 59.61
141 - 180 28 143,357,802 10.52 5,119,922 1.40 7.010 167.3 69.97
181 - 240 16 74,049,270 5.44 4,628,079 1.29 7.372 226.8 75.04
--- -------------- ------
TOTAL/WTD. AVG. 229 $1,362,371,197 100.00% $5,949,219 1.46X 7.011% 127.8 70.02%
=== ============== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF REMAINING TERMS TO MATURITY
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
RANGE OF REMAINING TERMS MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
TO MATURITY (MONTHS) LOANS BALANCE DATE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
36 - 84 3 $25,267,656 1.85% $8,422,552 1.92x 6.810% 68.3 67.08%
101 - 120 173 1,039,401,446 76.29 6,008,101 1.45 7.008 117.0 70.53
121 - 140 10 88,867,675 6.52 8,886,767 1.71 6.822 125.1 61.03
141 - 180 27 134,785,150 9.89 4,992,043 1.40 6.998 169.1 69.76
181 - 240 16 74,049,270 5.44 4,628,079 1.29 7.372 226.8 75.04
---- --------------- --------
TOTAL/WTD. AVG. 229 $1,362,371,197 100.00% $5,949,219 1.46X 7.011% 127.8 70.02%
=== ============== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
12
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
STRUCTURAL AND COLLATERAL TERM SHEET
- -------------------------------------------------------------------------------
DISTRIBUTION OF AMORTIZATION TYPES
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
PERCENTAGE AVERAGE WEIGHTED
OF WEIGHTED REMAINING AVERAGE
NUMBER OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE CUT-OFF CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
AMORTIZATION TYPE LOANS BALANCE DATE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balloon 192 $1,200,163,684 88.09% $6,250,853 1.44x 7.035% 125.6 71.01%
Hyperamortizing 18 109,584,603 8.04 6,088,033 1.80 6.782 120.6 59.62
Fully Amortizing 19 52,622,910 3.86 2,769,627 1.23 6.948 191.3 69.06
---- --------------- --------
TOTAL/WTD. AVG. 229 $1,362,371,197 100.00% $5,949,219 1.46X 7.011% 127.8 70.02%
=== ============== ======
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF PREPAYMENT PROVISIONS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PERCENTAGE WEIGHTED REMAINING AVERAGE
NUMBER OF OF AGGREGATE AVERAGE AVERAGE TERM TO CUT-OFF
MORTGAGE CUT-OFF DATE CUT-OFF DATE CUT-OFF DATE WEIGHTED MORTGAGE MATURITY DATE LTV
PREPAYMENT PROVISION LOANS BALANCE BALANCE BALANCE AVERAGE DSCR RATE (MOS) RATIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Lockout/Defeasance 215 $1,279,221,968 93.90% $5,949,870 1.46x 6.962% 126.3 70.01
Lockout/Greater of YM or 12 74,941,658 5.50 6,245,138 1.33 7.840 160.9 72.21
1% (a)
Lockout/Open 2 0.60 4,103,786 3.17 7.041 54.3 51.85
----- -------------- --------
8,207,571
TOTAL/WTD. AVG. 229 $1,362,371,197 100.00% $5,949,219 1.46X 7.011% 127.8 70.02
=== ============== ======
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Includes 7 loans with the provision "(Greater of YM or 1%) + (25% on the
loan balance)".
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
13
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
COLLATERAL TERM SHEET
AMD CORPORATE HEADQUARTERS
Loan Information
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $68,250,000 $68,211,566
ORIGINATION DATE: December 22, 1998
INTEREST RATE: 7.78%
AMORTIZATION: 30 years
MATURITY DATE: January 10, 2009
BORROWER/SPONSOR: Delaware CHIP, LLC, a special purpose
entity.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of REMIC securitization.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: None
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Office
LOCATION: California
YEARS BUILT/RENOVATED: 1980 / 1995
THE COLLATERAL: Two office buildings located in
Silicon Valley containing a
total of 362,000 square feet
that serve as the corporate
headquarters for Advanced Micro
Devices ("AMD").
Both buildings are 100% occupied by AMD subject
to a NNN lease expiring November 30, 2018. A
security deposit in the amount of $10 million
security is additional collateral for the loan.
OCCUPANCY (12/1/98): 100%
UNDERWRITTEN NET CASH FLOW: $7,817,635
APPRAISED VALUE: $91,000,000
APPRAISAL DATE: October 20, 1998
CUT-OFF DATE LOAN/SQ. FT.: $188
CUT-OFF DATE LTV: 74.96%
BALLOON LTV: 65.66%
UWNCF DSCR: 1.31x
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
14
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
COLLATERAL TERM SHEET
THE ZALKIND LOANS
LOAN INFORMATION
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE (1): $65,450,000 $65,350,220
ORIGINATION DATE: Varies from August 13, 1998 to
December 18, 1998.
INTEREST RATE: Varies from 6.77% to 7.35%
AMORTIZATION: 30 years
MATURITY DATE: September 1, 2008 to January 5, 2009
BORROWER/SPONSOR: 7 separate special purpose entities
affiliated with Steven Zalkind and
Donald Love.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of REMIC securitization.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: 3 of the loans are subject to
subordinate mortgages (GMAC4300,
GMAC4570 and GMAC4310) which are
subject to subordination and
standstill agreements.
(1) 7 loans with affiliated borrowers make up this group of loans.
Property Information
SINGLE ASSET/PORTFOLIO: Portfolio of 7 assets
PROPERTY TYPE: Multifamily
LOCATION: Florida, Tennessee, North
Carolina, South Carolina, Georgia
and Virginia.
YEARS BUILT/RENOVATED: Varies from 1968 to 1990 / 1987 to
1998
THE COLLATERAL: 7 multifamily complexes located in
various states.
PROPERTY MANAGEMENT: An affiliate of the borrower
OCCUPANCY: Varies from 90% to 96%
UNDERWRITTEN NET CASH FLOW: $6,944,123
APPRAISED VALUE: $86,005,000
APPRAISAL DATE: Varies from June 17, 1998 to
November 16, 1998
CUT-OFF DATE LOAN/UNIT: $41,972
CUT-OFF DATE LTV: 75.91%
BALLOON LTV: 65.99%
UWNCF DSCR: 1.27x
<TABLE>
<CAPTION>
LOAN DETAILS
CUT-OFF DATE UWNCF
LOAN # PROPERTY NAME LOCATION PRINCIPAL BALANCE CUT-OFF DATE LTV DSCR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
GMAC4300 Camden at Palmer Ranch Sarasota, FL $22,452,247 75.54% 1.26x
GMAC4570 Balmoral Village Apartments Fayette, GA 18,488,292 75.46 1.25
GMAC4310 Park Palace Apartments Shelby, TN 6,541,673 72.97 1.25
GMAC4340 Greenbryre Apartments Mecklenberg, NC 5,493,008 79.84 1.40
GMAC4350 Seasons Chase Apartments Guilord, NC 4,793,898 79.90 1.30
GMAC4330 Pelham Ridge Apartments Greenville, SC 4,294,533 73.60 1.29
GMAC1420 Copper Croft Apartments Roanoke, VA 3,286,469 77.33 1.26
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
15
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
COLLATERAL TERM SHEET
THE MERINGOFF LOAN
LOAN INFORMATION
ORIGINAL CUT-OFF DATE
PRINCIPAL BALANCE: $62,950,000 $62,804,289
ORIGINATION DATE: October 23, 1998
INTEREST RATE: 6.95%
AMORTIZATION: 30 years
MATURITY DATE: November 10, 2008
BORROWER: Special purpose entities affiliated
with Stephen Meringoff and Jay Shidler.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of REMIC securitization.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: The borrower's interest in 8 of the
mortgage properties consists of
leasehold interests encumbered by fee
mortgages. SNDAs were entered into by
the various Meringoff borrowers and
the respective fee mortgagees which
grant non-disturbance protection to
the Meringoff borrowers.
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Portfolio of 9 assets
PROPERTY TYPE: Office
LOCATION: New York
YEARS BUILT/RENOVATED: Varies from 1891 to 1922
THE COLLATERAL: 9 office-with-retail buildings
located in Manhattan.
PROPERTY MANAGEMENT: Meringoff Properties, Inc.
OCCUPANCY (10/23/1998): Varies from 92% to 100%
UNDERWRITTEN NET CASH FLOW: $6,260,015
APPRAISAL VALUE: $86,950,000
APPRAISAL DATE: July 1, 1998
CUT-OFF DATE LOAN/SF: $82
CUT-OFF DATE LTV: 72.23%
BALLOON LTV: 62.21%
UWNCF DSCR: 1.24x
<TABLE>
<CAPTION>
PROPERTY DETAIL
---------------
ORIGINAL
ALLOCATED APPRAISED
PROPERTY ADDRESS LOAN AMOUNT VALUE ORIGINAL LTV (%) U/W DSCR
------------------------- ------------------ ------------------- ------------------ ------------------
<S> <C> <C> <C> <C>
401 Park Avenue South $30,650,000 $36,600,000 83.74% 1.27x
462 Broadway 7,150,000 11,100,000 64.41 1.24
400 Eighth Avenue 6,835,000 9,800,000 69.74 1.21
88 University Place 5,400,000 7,400,000 72.97 1.14
12 West 27th Street 4,000,000 6,500,000 61.54 1.23
30 West 26th Street 3,790,000 5,900,000 64.24 1.16
12 West 21st Street 2,980,000 4,950,000 60.20 1.30
686 Lexington Avenue 1,485,000 2,100,000 70.71 1.18
681 Lexington Avenue 660,000 2,600,000 25.38 1.27
$62,950,000 $86,950,000 72.40% 1.24X
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
16
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
COLLATERAL TERM SHEET
HUDSON VALLEY MALL
LOAN INFORMATION
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE: $58,600,000 $58,566,075
ORIGINATION DATE: December 31, 1998
INTEREST RATE: 7.68%
AMORTIZATION: 30 years
MATURITY DATE: January 10, 2009
BORROWER/SPONSOR: PCK Development Company, LLC, a special purpose entity
affiliated with the Pyramid Companies.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of REMIC securitization.
CROSS-COLLATERALIZATION/ No/No
DEFAULT:
ADDITIONAL FINANCING: None
LOAN INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
PROPERTY TYPE: Retail
LOCATION: New York
YEARS BUILT/RENOVATED: 1981/1989, 1995, 1997
THE COLLATERAL: A 644,265 sf regional mall located
in Hudson Valley, NY, anchored by
Filene's, Sears and JC Penney.
PROPERTY MANAGEMENT: Pyramid Management Group, Inc.
OCCUPANCY (11/24/98): 85%
UNDERWRITTEN NET CASH FLOW: $7,046,731
APPRAISAL VALUE: $79,900,000
APPRAISAL DATE: November 27, 1998
CUT-OFF DATE LOAN/SF: $91
CUT-OFF DATE LTV: 67.58%
BALLOON LTV: 64.07%
UWNCF DSCR: 1.39x
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
17
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
COLLATERAL TERM SHEET
UNIPROP PORTFOLIO
LOAN INFORMATION
ORIGINAL CUT-OFF DATE
-------- ------------
PRINCIPAL BALANCE (1): $ 52,615,000 $52,398,996
ORIGINATION DATE: August 20, 1998 and September 23, 1998
INTEREST RATE: Varies from 6.06% to 6.37%
AMORTIZATION: 30 years
MATURITY DATE: March 10, 2009 and April 10, 2009
BORROWERS: 6 separate special purpose entities
affiliated with Uniprop, Inc.
CALL PROTECTION: Prepayment lockout; U.S. Treasury
defeasance permitted as of the 2 year
anniversary of REMIC securitization.
CROSS-COLLATERALIZATION/ Yes/Yes
DEFAULTED (2):
ADDITIONAL FINANCING: Permitted if secured solely by manufactured
homes located on the related property; also, unsecured
or "soft" secured financing permitted up to 5% of the
initial principal balance of the related loan.
(1) 2 cross-collateralized loans with the same borrower and 5 loans with
affiliated borrowers make up this group of loans.
(2) GMAC2990 and 2940 are cross-collateralized and cross-defaulted.
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Portfolio of 12 assets
PROPERTY TYPE: Manufactured Housing
LOCATION: Nevada, Michigan, Minnesota, New Mexico,
Colorado, Florida, North Carolina
YEARS BUILT/RENOVATED: Varies from 1968 to 1995
THE COLLATERAL: 12 mobile home park communities located in
various states.
PROPERTY MANAGEMENT: Uniprop, Inc.
OCCUPANCY (3): Varies from 91%-100%
UNDERWRITTEN NET CASH FLOW: Fund II Loans: $5,012,295
Other Loans: $255,389 - $1,005,654
APPRAISAL VALUE: Fund II Loans: $66,550,000
Other Loans: $3,200,000 - $12,250,000
APPRAISAL DATE: Varies from March 1, 1998 to June 11, 1998
CUT-OFF DATE LOAN/PAD: Fund II Loans: $10,825
Other Loans: $7,551 - $16,564
CUT-OFF DATE LTV: Fund II Loans: 45.04%
Other Loans: 54.90% - 69.56%
BALLOON LTV: Fund II Loans: 37.83%
Other Loans: 45.69% - 58.22%
UWNCF DSCR: Fund II Loans: 2.21x
Other Loans: 1.45x - 2.04x
- ---------
(3) As of date varies from March to June 1998.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
18
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING THE ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN ANY FINAL PROSPECTUS FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
LOAN DETAILS
<TABLE>
<CAPTION>
CUT-OFF DATE
LOAN # PROPERTY NAME LOCATION PRINCIPAL BALANCE CUT-OFF DATE LTV UNWCF DSCR
- ----------------- ------------------------------------- ---------------------- --------------------- ------------------ ----------
<S> <C> <C> <C> <C> <C>
GMAC2940 Uniprop Manufactured Housing Various (6) $25,595,401 46.08% 2.13x
Comm. Income Fund II (a)
GMAC2930 Vista Del Sol - Uniprop NCII Bernalillo, NM 7,373,851 69.56 1.45
GMAC2920 Valley View - Uniprop NCII Adams, CO 6,725,097 54.90 2.04
GMAC2990 Sunshine Village (a) Broward County, FL 4,270,878 38.83 2.70
GMAC2910 Swan Meadow Village - Uniprop NCII Summit, CO 3,586,718 64.05 1.61
GMAC2900 River Walk - Uniprop NCII Wake, NC 2,764,762 65.83 1.67
GMAC2890 Mill Run - Uniprop NCII Wake, NC 2,082,289 65.07 1.67
- ----------------- ------------------------------------- ---------------------- --------------------- ------------------ ----------
(a) The Uniprop Fund II loans.
</TABLE>
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including in cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. All information in this Term Sheet, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you.
This material is furnished to you by Goldman, Sachs & Co. and not by the
issuer of the securities. Goldman, Sachs & Co. is acting as the sole lead
underwriter and not acting as agent for the issuer or its affiliates in
connection with the proposed transaction. The issuer has not prepared or taken
part in the preparation of these materials.
19
<PAGE>
Exhibit 99.2
GMAC
AGENCY RATING 99 C1
AAA Sub 30.00%
BBB Sub 13.50%
BB Sub 7.50%
Deal Size $1,362.37
Date 2/9/99
Top 10 Loans 34.74%
Top 3 Loans 14.41%
DEAL STATISTICS
WA DSCR 1.46
Min. DSCR 1.00
% DSCR < 1.25% 14.49%
WA LTV 70.02%
Max. LTV 96.34%
% LTV > 75% 31.58%
% LTV > 80% 2.01%
1st Stressed DSCR
1st Stressed LTV
2nd Stressed DSCR
2nd Stressed LTV
PROPERTY TYPES
% Hotel/Hospitality/Lodging 4.20%
% Office 27.80%
% Retail 15.76%
% Multifamily 31.28%
% Industrial 5.25%
% Mobile Home Park 4.14%
% Mixed Use 1.21%
% Skilled Nursing 4.68%
% Assisted Living Facility 1.43%
% Congregate Care 2.41%
% Other 1.84%
--------
100.00%
--------
Disclaimer:
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purcha This material is based on information that we
consider reliable, but we do not represent that it is accurate or complete and
it should not be relied upon as such. By accepting this material the recipient
agrees that it will not distribute or provide the This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the
SEC under Rule 415 of the Securities Act of 1933, including in cases where
<PAGE>
Deal Size
--------------------------------------------------------
Top 3
Property Types States % Deal
--------------------------------------------------------
% Lodging
TX 1.413
DC 0.870
OH 0.447
---------------
2.73
===============
% Office
CA 10.355
NY 5.185
MI 2.975
---------------
18.515
===============
% Retail
NY 4.865
CA 2.529
FL 2.51
---------------
9.904
===============
% Multifamily
CA 4.839
MO 2.330
IA 2.241
---------------
9.41
===============
% Industrial
CA 2.482
MD 0.671
GA 0.554
---------------
3.707
===============
% Mobile Home park
NV 0.974
CO 0.757
MI 0.660
---------------
2.391
===============
% Self Storage
GA 0.417
CA 0.356
FL 0.085
---------------
0.858
===============
% Mixed Use
NY 0.660
CA 0.550
0
---------------
1.210
===============
% Convenience Store
% Skilled Nursing
PA 2.058
TX 1.470
IL 0.438
---------------
3.966
===============
% Other
VT 0.659
CA 0.382
---------------
1.041
===============
