FREE WRITING PROSPECTUS

FILED PURSUANT TO RULE 433

REGISTRATION FILE NO.: 333-207361-02

From: Smith, Garrett (VSCA 5)
Sent: Friday, May 13, 2016 1:31 PM
To:
Subject: CSAIL #8 loan

Please see below…

loan #8

low DSCR, what amount of cash flow is coming on line (like Qdoba Mex Grill) that is not in the underwriting?

RESPONSE: 

-Qdoba (executed lease) will add $123,000 of income ($108,000 of rent plus $15,000 of contractual year 1 recoveries)

-Rochester Martial Arts (executed lease) will add $43,743 of income ($34,240 of rent plus estimated $9,503 of recoveries)

Actual NCF DSCR after reflecting the 2 leases above (which, again, are fully signed/executed) becomes 1.32x

-Payless (lease in negotiation) would add $169,106 of income ($132,368 of rent plus estimated $36,738 of recoveries)

Actual NCF DSCR after reflecting all 3 leases becomes 1.38x

**as a point of reference, it’s worth considering that there is embedded upside in the two largest tenants (Value Furniture and Toys R Us) which are WAY below market (Value City is $3 PSF vs. $10 market and Toys R Us is $6.30 PSF vs. $10 PSF)

While these tenants have a lot of term left, if they were UW at market it would add a combined $522,945 in rental income.

Actual NCF DSCR if these tenants were UW at market becomes 1.57x

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