UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM ABS-15G
ASSET-BACKED SECURITIZER
Report Pursuant to Section 15G of
the Securities Exchange Act of 1934
Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:
[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________________ to _________________
Date of Report (Date of earliest event reported)______________________
Commission File Number of securitizer: ____________________
Central Index Key Number of securitizer: ___________________
______________________________________________________________________
Name and telephone number, including area code, of the person to
contact in connection with this filing
Indicate by check mark whether the securitizer has no
activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [_]
Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i)
[_]
Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii)
[_]
[✔] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)
Central Index Key Number of depositor: 0001712870
Hunt CRE 2018-FL2 Issuer, Ltd.
(Exact name of issuing entity as specified in its charter)
Central Index Key Number of issuing entity (if applicable): 0001747062
Central Index Key Number of underwriter (if applicable): Not applicable
Mustafa N. Haque, (212) 317-5731
Name and telephone number, including area code, of the person to
contact in connection with this filing
INFORMATION TO BE INCLUDED IN THE REPORT
FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS
Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer
See Report of Independent Accountants on Applying Agreed-Upon Procedures, dated July 24, 2018, of KPMG LLP, which was obtained by the sponsor, attached as Exhibit 99.1 to this Form ABS-15G, which report sets forth the findings and conclusions, as applicable, of KPMG LLP with respect to certain agreed-upon procedures performed by KPMG LLP.
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 24, 2018 | Hunt Commercial Mortgage Trust | |
By: | /s/ Michael P. Larsen | |
Name: Michael P. Larsen | ||
Title: President |
Exhibit 99.1 | Report of Independent Accountants on Applying Agreed-Upon Procedures, dated July 24, 2018, of KPMG LLP. |
Exhibit 99.1
KPMG LLP 1676
International Drive |
Independent Accountants’ Report on Applying Agreed-Upon Procedures
Hunt Commercial Mortgage Trust (the “Company”)
Hunt Companies Finance Trust, Inc.
Wells Fargo Securities, LLC
J.P. Morgan Securities LLC
(together, the “Specified Parties”)
Re: Hunt CRE 2018-FL2, Ltd. – Data File Procedures
We have performed the procedures described below, which were agreed to by the Specified Parties, on specific attributes identified by the Company contained in an electronic data file entitled “Hunt CRE 2018-FL2 – Accounting Tape.xlsx” provided to us on July 24, 2018 (the “Data File”) containing information on 20 mortgage assets (the “Mortgage Assets”) and the related 20 mortgaged properties (the “Mortgaged Properties”) which we were informed are intended to be included as collateral in the offering of the Notes by Hunt CRE 2018-FL2, Ltd. The Company is responsible for the specified attributes identified by the Company in the Data File. The sufficiency of these procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.
Unless otherwise noted, the following definitions have been adopted in presenting our procedures and findings:
· | The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were attributable to rounding. |
· | The term “recomputed” means recalculated and compared the results to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were attributable to rounding. |
· | The term “rounding” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively. |
· | The term “Cut-off Date” means the payment date in July 2018, as provided by the Company. |
· | The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform procedures and listed in Attachment A. |
· | The term “Loan File” means the copies of source documents made available by the Company and listed in Attachment A. |
· | The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures and listed in Attachment B. |
· | The term “Calculation Methodology” means the field listed in Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company. |
· | The term “Assumed LIBOR” means the LIBOR rate 1.930% which we were instructed to use by the Company where applicable in the Calculation Methodology. |
· | The term “Instructions” means the instructions provided by the Company pertaining to a specific attribute, methodology or value and described in Attachment C. |
KPMG LLP is a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. |
We were instructed by the Company to perform the following agreed-upon procedures on all Mortgage Assets and all related Mortgaged Properties in the Data File.
A. | We compared the Compared Attributes in the Data File to the corresponding information set forth in the Loan File (subject to the Instructions). Where more than one document is indicated, we used the highest priority document that we could locate in the Loan File. The document priority is the order provided by the Company, which is summarized in Attachment A, with the highest priority document listed first. |
We found such information in the Data File to be in agreement.
B. | Using (i) certain information in the Data File, (ii) the Calculation Methodology and (iii) the Instructions, we recomputed the Recomputed Attributes and compared the results of our recomputations to the corresponding information contained in the Data File. |
We found such information in the Data File to be in agreement.
There were no conclusions that resulted from the procedures.
This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not, conduct an examination or review, the objectives of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
The procedures performed were applied based on the methodologies, instructions, assumptions, and information provided to us by the Company, without verification or evaluation of such methodologies, assumptions, and information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the methodologies, instructions, assumptions, or information provided to us by the Company, (ii) the physical existence of the Mortgage Assets and Mortgaged Properties, (iii) the reliability or accuracy of the Loan Files, (iv) the adequacy of the disclosures in the Data File, (v) as to whether any of the statements expressed therein omit any material facts, or (vi) matters of legal interpretation.
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Mortgage Assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Mortgage Assets being securitized, (iii) the compliance of the originator of the Mortgage Assets with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Mortgage Assets that would be material to the likelihood that the issuer of the Notes will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by a nationally recognized statistical rating organization (“NRSRO”).
The terms of our engagement are such that we have no obligation to update this report because of events and transactions that may subsequently occur.
This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors and NRSROs, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.
McLean, Virginia
July 24, 2018
2 |
ATTACHMENT A
COMPARED ATTRIBUTES
Attribute | Source Document |
Loan Number | Provided by the Company |
Property Name | Provided by the Company |
Property Address | Appraisal Report |
Property City | Appraisal Report |
Property State | Appraisal Report |
Property Zip Code | Appraisal Report or USPS.com |
Property County | Appraisal Report |
Year Built | Appraisal Report/Engineering Report |
Year Renovated | Appraisal Report/Engineering Report |
Property Type | Appraisal Report |
Specific Property Type | Appraisal Report |
No of Units | Unit Mix Summary/Underwritten Rent Roll/Certified Rent Roll/Appraisal Report |
Unit of Measure | Unit Mix Summary/Underwritten Rent Roll/Certified Rent Roll/Appraisal Report |
Occupancy % | Unit Mix Summary/Underwritten Rent Roll/Certified Rent Roll |
Occupancy Source Date | Underwritten Rent Roll/Certified Rent Roll/Unit Mix Summary |
Loan Purpose (Acquisition, Refinance, DPO) | Settlement Statement |
Assumed Loan (Y/N) | Promissory Note/Loan Agreement |
Borrower Name | Promissory Note/Loan Agreement |
Principals (Individuals) | Recourse Guaranty |
Related Borrower (Y/N) | Recourse Guaranty |
Note Date | Promissory Note/Loan Agreement |
First Payment Date | Promissory Note/Loan Agreement |
Cut-Off Date | Provided by the Company |
Commitment Original Balance ($) | Promissory Note/Loan Agreement |
A-1 |
Attribute | Source Document |
Initial Funded Amount ($) | Promissory Note/Loan Agreement |
Future Funding Trigger / Requirements | Promissory Note/Loan Agreement |
Mortgage Loan Cut-off Date Balance ($) | Provided by the Company |
Mortgage Asset Cut-off Date Balance ($) | Provided by the Company |
Initial Maturity Date or Anticipated Repayment Date | Promissory Note/Loan Agreement |
Extension Options | Promissory Note/Loan Agreement |
Extension Options Description | Promissory Note/Loan Agreement |
First Extension Fee % | Promissory Note/Loan Agreement |
First Extension Period (Months) | Promissory Note/Loan Agreement |
First Extension Cap | Promissory Note/Loan Agreement |
Second Extension Fee % | Promissory Note/Loan Agreement |
Second Extension Period (Months) | Promissory Note/Loan Agreement |
Second Extension Cap | Promissory Note/Loan Agreement |
Third Extension Fee % | Promissory Note/Loan Agreement |
Third Extension Period (Months) | Promissory Note/Loan Agreement |
Third Extension Cap | Promissory Note/Loan Agreement |
Exit Fee % | Promissory Note/Loan Agreement |
Fully Extended Maturity Date | Promissory Note/Loan Agreement |
Rate Type | Promissory Note/Loan Agreement |
Index for Floating Rate | Promissory Note/Loan Agreement |
Fully Funded Mortgage Loan Margin % | Promissory Note/Loan Agreement |
Rounding Factor (4) | Promissory Note/Loan Agreement |
Time of Rounding (Before Spread, After Spread) | Promissory Note/Loan Agreement |
Rounding Direction | Promissory Note/Loan Agreement |
Lookback Period | Promissory Note/Loan Agreement |
LIBOR Cap Provider | LIBOR Cap Confirmation |
LIBOR Cap Provider Rating | Bloomberg Rating |
A-2 |
Attribute | Source Document |
LIBOR Floor % | Promissory Note/Loan Agreement |
LIBOR Cap Strike Price % | LIBOR Cap Confirmation |
B Note / Mezz Loan % | Promissory Note/Loan Agreement |
Interest Accrual Basis | Promissory Note/Loan Agreement |
Interest Rate Change | Promissory Note/Loan Agreement |
Interest Rate Change Amount | Promissory Note/Loan Agreement |
Interest Rate Change Trigger | Promissory Note/Loan Agreement |
Grace Period Default (Days) | Promissory Note/Loan Agreement |
Grace Period Late (Days) | Promissory Note/Loan Agreement |
Grace Period Balloon (Days) | Promissory Note/Loan Agreement |
Original Prepayment Provision | Promissory Note/Loan Agreement |
Remaining Prepayment Provision | Promissory Note/Loan Agreement |
Partial Release and/or Partial Prepayment (Y/N) | Promissory Note/Loan Agreement |
Partial Release and/or Prepayment Description | Promissory Note/Loan Agreement |
Amortization Type During Initial Term | Promissory Note/Loan Agreement |
Amortization Type During Extensions | Promissory Note/Loan Agreement |
Amortization Type | Promissory Note/Loan Agreement |
Amort Number of Months | Promissory Note/Loan Agreement |
Appraisal Valuation Date | Appraisal Report |
As-Is Appraised Value | Appraisal Report |
Stabilized Appraised Value | Appraisal Report |
Appraisal Anticipated Stabilization Date | Appraisal Report |
USPAP Appraisal (Y/N) | Appraisal Report |
FIRREA Appraisal (Y/N) | Appraisal Report |
Third Most Recent As Of Date | Company Underwritten Cash Flow Statement |
Third Most Recent Actual Revenues | Company Underwritten Cash Flow Statement |
Third Most Recent Actual Expenses | Company Underwritten Cash Flow Statement |
A-3 |
Attribute | Source Document |
Third Most Recent Actual NOI | Company Underwritten Cash Flow Statement |
Third Most Recent Actual NCF | Company Underwritten Cash Flow Statement |
Second Most Recent As Of Date | Company Underwritten Cash Flow Statement |
Second Most Recent Actual Revenues | Company Underwritten Cash Flow Statement |
Second Most Recent Actual Expenses | Company Underwritten Cash Flow Statement |
Second Most Recent Actual NOI | Company Underwritten Cash Flow Statement |
Second Most Recent Actual NCF | Company Underwritten Cash Flow Statement |
Most Recent As Of Date | Company Underwritten Cash Flow Statement |
Most Recent Actual Revenues | Company Underwritten Cash Flow Statement |
Most Recent Actual Expenses | Company Underwritten Cash Flow Statement |
Most Recent Actual NOI | Company Underwritten Cash Flow Statement |
Most Recent Actual NCF | Company Underwritten Cash Flow Statement |
Underwritten Occupancy % | Company Underwritten Cash Flow Statement |
Underwritten Revenues | Company Underwritten Cash Flow Statement |
Underwritten Expenses | Company Underwritten Cash Flow Statement |
Underwritten NOI | Company Underwritten Cash Flow Statement |
Underwritten Reserves | Company Underwritten Cash Flow Statement |
Underwritten NCF | Company Underwritten Cash Flow Statement |
Underwritten Stabilized Occupancy % | Company Underwritten Cash Flow Statement |
Underwritten Stabilized Revenues | Company Underwritten Cash Flow Statement |
Underwritten Stabilized Expenses | Company Underwritten Cash Flow Statement |
Underwritten Stabilized NOI | Company Underwritten Cash Flow Statement |
Underwritten Stabilized Reserves | Company Underwritten Cash Flow Statement |
Underwritten Stabilized NCF | Company Underwritten Cash Flow Statement |
Appraisal Stabilized Occupancy % | Company Underwritten Cash Flow Statement |
Appraisal Stabilized Revenues | Company Underwritten Cash Flow Statement |
Appraisal Stabilized Expenses | Company Underwritten Cash Flow Statement |
A-4 |
Attribute | Source Document |
Appraisal Stabilized NOI | Company Underwritten Cash Flow Statement |
Appraisal Stabilized Reserves | Company Underwritten Cash Flow Statement |
Appraisal Stabilized NCF | Company Underwritten Cash Flow Statement |
Loan Cross Portfolio Name | Provided by the Company |
Lien Position | Title Policy/Promissory Note |
Full Recourse (Y/N/Partial) | Guaranties |
Recourse Provisions | Guaranties |
Recourse Carveout Guarantor | Guaranties |
Title Vesting (Fee/Leasehold/Both) | Title Policy |
Ground Lease Payment (Annual) | Ground Lease |
Ground Lease Initial Expiration Date | Ground Lease |
Ground Lease Extension (Y/N) | Ground Lease |
# of Ground Lease Extension Options | Ground Lease |
Ground Lease Expiration Date with Extension | Ground Lease |
Type of Lockbox | Loan Agreement/Cash Management Agreement |
Cash Management (Springing/In-place) | Loan Agreement/Cash Management Agreement |
Cash Management Trigger Events | Loan Agreement/Cash Management Agreement |
Engineering/Deferred Maintenance Escrow (Cut-off Date) | Servicer Report/Settlement Statement/Reserve Agreement/Loan Agreement |
Environmental Escrow (Cut-off Date) | Servicer Report/Settlement Statement/Loan Agreement |
Tax Escrow (Cut-off Date) | Servicer Report/Settlement Statement/Loan Agreement |
Tax Escrow (Monthly) | Servicer Report/Settlement Statement/Loan Agreement |
Springing Tax Escrow Description | Loan Agreement/Settlement Statement |
Insurance Escrow (Cut-off Date) | Servicer Report/Settlement Statement/Reserve Agreement/Loan Agreement |
Insurance Escrow (Monthly) | Servicer Report/Settlement Statement/Loan Agreement |
A-5 |
Attribute | Source Document |
Springing Insurance Escrow Description | Loan Agreement/Settlement Statement |
Replacement Reserve (Cut-off Date) | Servicer Report/Settlement Statement/Loan Agreement |
Replacement Reserve (Monthly) | Servicer Report/Settlement Statement/Loan Agreement |
Springing Replacement Reserve Description | Loan Agreement/Settlement Statement |
TI/LC Reserve (Cut-off Date) | Servicer Report/Settlement Statement/Loan Agreement |
Monthly TI/LC Reserve ($) | Servicer Report/Settlement Statement/Loan Agreement |
Springing TI/LC Reserve Description | Loan Agreement/Settlement Statement |
Initial Capital Improvement Reserve | Settlement Statement/Loan Agreement |
Cut-off Capital Improvement Reserve | Servicer Report/Settlement Statement/Loan Agreement |
Capital Improvement Reserve (Monthly) | Servicer Report/Settlement Statement/Loan Agreement |
Cut-off Other Reserve 1 ($) | Servicer Report/Settlement Statement/Loan Agreement |
Other Escrow 1 (Monthly) | Servicer Report/Settlement Statement/Loan Agreement |
Other (Springing) Escrow Reserve 1 Description | Loan Agreement/Settlement Statement |
Cut-off Other Reserve 2 ($) | Servicer Report/Settlement Statement/Loan Agreement |
Other Escrow 2 (Monthly) | Servicer Report/Settlement Statement/Loan Agreement |
Other (Springing) Escrow Reserve 2 Description | Loan Agreement/Settlement Statement |
Cut-off Other Reserve 3 ($) | Servicer Report/Settlement Statement/Loan Agreement |
Other Escrow 3 (Monthly) | Servicer Report/Settlement Statement/Loan Agreement |
Other (Springing) Escrow Reserve 3 Description | Loan Agreement/Settlement Statement |
Engineering Report Date | Engineering Report |
Environmental Report Date (Phase I) | Phase I Environmental Report |
A-6 |
Attribute | Source Document |
Environmental Report Date (Phase II) | Phase II Environmental Report |
Environmental Insurance (Y/N) | Insurance Certificate |
Seismic Report Date | Seismic Report |
Seismic PML % | Seismic Report/Engineering Report |
Seismic Insurance Obtained if PML >= 20% (Y/N) | Seismic Report/Engineering Report/Insurance Certificate |
Single-Tenant (Y/N) | Underwritten Rent Roll/Certified Rent Roll |
Property Manager | Management Agreement |
TIC (Y/N) | Promissory Note/Loan Agreement/TIC Agreement |
Max Number of TICs | Promissory Note/Loan Agreement/TIC Agreement |
Single Purpose Borrower (Y/N) | Promissory Note/Loan Agreement |
Independent Director (Y/N) | Promissory Note/Loan Agreement |
Borrower Non Consolidation Opinion (Y/N) | Opinion of Counsel |
DST (Y/N) | Promissory Note/Loan Agreement |
IDOT (Y/N) | Promissory Note/Loan Agreement |
Largest Tenant Name | Underwritten Rent Roll/Certified Rent Roll/Lease |
Largest Tenant SqFt | Underwritten Rent Roll/Certified Rent Roll |
Largest Tenant Exp Date | Underwritten Rent Roll/Certified Rent Roll |
2nd Largest Tenant Name | Underwritten Rent Roll/Certified Rent Roll/Lease |
2nd Largest Tenant SqFt | Underwritten Rent Roll/Certified Rent Roll |
2nd Largest Tenant Exp Date | Underwritten Rent Roll/Certified Rent Roll |
3rd Largest Tenant Name | Underwritten Rent Roll/Certified Rent Roll/Lease |
3rd Largest Tenant SqFt | Underwritten Rent Roll/Certified Rent Roll |
3rd Largest Tenant Exp Date | Underwritten Rent Roll/Certified Rent Roll |
4th Largest Tenant Name | Underwritten Rent Roll/Certified Rent Roll/Lease |
4th Largest Tenant Sqft | Underwritten Rent Roll/Certified Rent Roll |
4th Largest Tenant Exp Date | Underwritten Rent Roll/Certified Rent Roll |
5th Largest Tenant Name | Underwritten Rent Roll/Certified Rent Roll/Lease |
A-7 |
Attribute | Source Document |
5th Largest Tenant Sqft | Underwritten Rent Roll/Certified Rent Roll |
5th Largest Tenant Exp Date | Underwritten Rent Roll/Certified Rent Roll |
Senior Debt Amount | Promissory Note/Loan Agreement |
Senior Debt Holder | Promissory Note/Loan Agreement |
Rate | Promissory Note/Loan Agreement |
Floor | Promissory Note/Loan Agreement |
Maturity | Promissory Note/Loan Agreement |
Amort | Promissory Note/Loan Agreement |
In-place Senior Debt Service | Promissory Note/Loan Agreement |
As Stabilized Senior Debt Service | Promissory Note/Loan Agreement |
Cut-off Date Subordinate Debt/Mezz Loan Bal ($) | Promissory Note/Loan Agreement |
Permitted Future Debt (Y/N) | Promissory Note/Loan Agreement |
Type | Promissory Note/Loan Agreement |
A-8 |
ATTACHMENT B
RECOMPUTED ATTRIBUTES
Attribute | Calculation Methodology |
Loan Type | If Cut-off Date Future Funding Remaining Balance ($) is zero, then the loan is classified as a “Transitional Whole Loan.” If Cut-off Date Future Funding Remaining Balance ($) is greater than zero, then the loan is classified as a “Pari Passu Participation.” |
Annual Debt Service Payment (IO) | For all loans For all loans for which Amortization Type During Initial Term is Interest Only, Fully Funded Mortgage Loan Rate % multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Balance ($). |
Annual Debt Service Payment (P&I) | For all loans For all loans for which Amortization Type During Initial Term is Amortizing, Fully Funded Mortgage Loan Rate % multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Balance ($), plus the applicable amortization as specified in the Loan Agreement. |
Annual Debt Service Payment (Cap) | Mortgage Rate Cap multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Balance ($). |
Cut-off Date Future Funding Remaining Balance ($) | Commitment Original Balance ($) minus Mortgage Loan Cut-off Date Balance ($). |
Funded Companion Participation Cut-Off Date Balance | Mortgage Loan Cut-off Date Balance ($) minus Mortgage Asset Cut-off Date Balance ($). |
Mortgage Asset % of Total Cut-off Date Balance | Mortgage Asset Cut-off Date Balance ($) divided by the aggregate Mortgage Asset Cut-off Date Balance ($) of all Mortgage Loans. |
Mortgage Loan Balloon Payment ($) | For all loans for which Amortization Type During Initial Term is Interest Only, the amount equal to the Commitment Original Balance ($). For all loans for which Amortization Type During Initial Term is Amortizing, the amount equal to the Commitment Original Balance ($) less the scheduled amortization as specified in the Loan Agreement. |
Mortgage Loan Cut-off Date Balance / Unit ($) | Mortgage Loan Cut-off Date Balance ($) divided by No of Units. |
Committed Mortgage Loan Cut-off Date Balance / Unit ($) | Commitment Original Balance ($) divided by No of Units. |
B-1 |
Attribute | Calculation Methodology |
Mortgage Loan Balloon Payment / Unit ($) | Mortgage Loan Balloon Payment ($) divided by No of Units. |
Initial Loan Term (Original) | Number of payments between and including the Initial Maturity Date or Anticipated Repayment Date and the First Payment Date. |
Cut-off Date Initial Loan Term (Remaining) | Initial Loan Term (Original) minus Cut-off Date Seasoning. |
Cut-off Date Seasoning | Number of payments between and including the First Payment Date and the Cut-off Date. |
First Extension Fee ($) | Commitment Original Balance ($) multiplied by First Extension Fee % (if applicable). |
First Extension Floor | Equals the Mortgage Rate Floor (if applicable). |
Second Extension Fee ($) | Commitment Original Balance ($) multiplied by Second Extension Fee % (if applicable). |
Second Extension Floor | Equals the Mortgage Rate Floor (if applicable). |
Third Extension Fee ($) | Commitment Original Balance ($) multiplied by Third Extension Fee %. (if applicable) |
Third Extension Floor | Equals the Mortgage Rate Floor (if applicable) |
Exit Fee ($) | Commitment Original Balance ($) multiplied by Exit Fee %. |
Fully Extended Loan Term (Original) | Number of payments between and including the Fully Extended Maturity Date and the First Payment Date. |
Fully Extended Loan Term (Remaining) | Fully Extended Loan Term (Original) minus Cut-off Date Seasoning. |
Mortgage Rate Floor | The sum of the Fully Funded Mortgage Loan Margin % and the LIBOR Floor %. |
Mortgage Rate Cap | The sum of the LIBOR Cap Strike Price % and the Fully Funded Mortgage Loan Margin %. |
B-2 |
Attribute | Calculation Methodology |
Fully Funded Mortgage Loan Rate % | The sum of the Fully Funded Mortgage Loan Margin % and Assumed LIBOR rounded by Rounding Factor (4) subject to (i) the Mortgage Rate Floor and (ii) Mortgage Rate Cap. |
IO Number of Months | For all loans for which Amortization Type During Initial Term is Interest Only, number of payments between and including the Initial Maturity Date and the First Payment Date. |
Mortgage Loan Cut-off Date (As-Is) LTV Ratio | Mortgage Loan Cut-off Date Balance ($) divided by As-Is Appraised Value. |
Mortgage Loan Cut-off Date (As-Is) Net of Initial CapEx LTV Ratio | Mortgage Loan Cut-off Date Balance ($) net of Initial Capital Improvement Reserve, divided by As-Is Appraised Value |
Committed Mortgage Loan (Stabilized) LTV Ratio | Commitment Original Balance ($) divided by Stabilized Appraised Value. |
Maturity Date Stabilized LTV Ratio | Mortgage Loan Balloon Payment ($) divided by Stabilized Appraised Value. |
Mortgage Loan Most Recent NOI DSCR | For all loans for which Amortization Type During Initial Term is Interest Only, Most Recent Actual NOI divided by Annual Debt Service Payment (IO). For all loans for which Amortization Type During Initial Term is Amortizing, Most Recent Actual NOI divided by Annual Debt Service Payment (P&I). |
Mortgage Loan Most Recent NCF DSCR | For all loans for which Amortization Type During Initial Term is Interest Only, Most Recent Actual NCF divided by Annual Debt Service Payment (IO). For all loans for which Amortization Type During Initial Term is Amortizing, Most Recent Actual NCF divided by Annual Debt Service Payment (P&I). |
Cut-off Date Mortgage Loan Most Recent NOI Debt Yield | Most Recent Actual NOI divided Mortgage Loan Cut-off Date Balance ($). |
Cut-off Date Mortgage Loan Most Recent NCF Debt Yield | Most Recent Actual NCF divided by Mortgage Loan Cut-off Date Balance ($). |
Mortgage Loan Underwritten NOI DSCR | For all loans for which Amortization Type During Initial Term is Interest Only, Underwritten NOI divided by Annual Debt Service Payment (IO). For all loans for which Amortization Type During Initial Term is Amortizing, Underwritten NOI divided by Annual Debt Service Payment (P&I). |
B-3 |
Attribute | Calculation Methodology |
Mortgage Loan Underwritten NCF DSCR | For all loans for which Amortization Type During Initial Term is Interest Only, Underwritten NCF divided by Annual Debt Service Payment (IO). For all loans for which Amortization Type During Initial Term is Amortizing, Underwritten NCF divided by Annual Debt Service Payment (P&I). |
Cut-off Date Mortgage Loan Underwritten NOI Debt Yield | Underwritten NOI divided Mortgage Loan Cut-off Date Balance ($). |
Cut-off Date Mortgage Loan Underwritten NCF Debt Yield | Underwritten NCF divided by Mortgage Loan Cut-off Date Balance ($). |
Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR | For all loans for which Amortization Type During Initial Term is Interest Only, Underwritten Stabilized NOI divided by the product of the Annual Debt Service Payment (IO) and the Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance. For all loans for which Amortization Type During Initial Term is Amortizing, Underwritten Stabilized NOI divided by the product of the Annual Debt Service Payment (P&I) and the Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance. |
Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR | For all loans for which Amortization Type During Initial Term is Interest Only, Underwritten Stabilized NCF divided by the product of the Annual Debt Service Payment (IO) and the Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance. For all loans for which Amortization Type During Initial Term is Amortizing, Underwritten Stabilized NCF divided by the product of the Annual Debt Service Payment (P&I) and the Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance. |
Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield | Underwritten Stabilized NOI divided by the Commitment Original Balance ($). |
Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield | Underwritten Stabilized NCF divided by the Commitment Original Balance ($). |
B-4 |
Attribute | Calculation Methodology |
Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR | For all loans for which Amortization Type During Initial Term is Interest Only, Appraisal Stabilized NOI divided by the product of the Annual Debt Service Payment (IO) and the Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance. For all loans for which Amortization Type During Initial Term is Amortizing, Appraisal Stabilized NOI divided by the product of the Annual Debt Service Payment (P&I) and the Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance. |
Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR | For all loans for which Amortization Type During Initial Term is Interest Only, Appraisal Stabilized NCF divided by the product of the Annual Debt Service Payment (IO) and the Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance. For all loans for which Amortization Type During Initial Term is Amortizing, Appraisal Stabilized NCF divided by the product of the Annual Debt Service Payment (P&I) and the Commitment Original Balance ($) divided by the Mortgage Loan Cut-off Date Balance. |
Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield | Appraisal Stabilized NOI divided by the Commitment Original Balance ($). |
Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield | Appraisal Stabilized NCF divided by the Commitment Original Balance ($). |
Cut-off Date Total Debt Balance | The sum of the Mortgage Loan Cut-off Date Balance ($) and the Cut-off Date Subordinate Debt/Mezz Loan Bal ($). |
Cut-off Date Total Debt As-Is LTV | Cut-off Date Total Debt Balance divided by As-Is Appraised Value. |
Cut-off Date Total Debt Ann Debt Service ($) | Fully Funded Mortgage Loan Rate % multiplied by Cut-off Date Total Debt Balance multiplied by Interest Accrual Basis. |
Cut-off Date Total Debt UW NCF DSCR | Underwritten NCF divided by Cut-off Date Total Debt Ann Debt Service ($). |
B-5 |
ATTACHMENT C
INSTRUCTIONS
1. | For those Compared Attributes or with the Source Document indicated as “Provided by the Company” we were instructed by the Company to assume the attribute is accurate and not perform any procedure. |
2. | We were instructed by the Company to follow the instructions listed below pertaining to the applicable Mortgage Asset and Compared Attributes: |
Property Name | Compared Attributes | Company Instruction | |
1033 West Van Buren | LIBOR Cap Provider; LIBOR Cap Provider Rating; LIBOR Cap Strike Price | Provided by the Company |
C-1 |