Certification

I, Bryan Calder, certify that:

1. I have reviewed this report on Form N-CSR of College and University Facility
Loan Trust One (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;

4. Based on my knowledge, the distribution or servicing information required to
be provided to the bond trustee and owner trustee by the servicer under the
pooling and servicing, or similar, agreement, for inclusion in this report is
included in this report;

5. Based on my knowledge and upon the annual compliance statement included in
the report and required to be delivered to the bond trustee and owner trustee in
accordance with the terms of the pooling and servicing, or similar, agreement,
and except as disclosed in this report, the servicer has fulfilled its
obligations under the servicing agreement; and

6. The report discloses all significant deficiencies relating to the servicer's
compliance with the minimum servicing standards based upon the report provided
by an independent public accountant, after conducting a review in compliance
with the Uniform Single Attestation Program for Mortgage Bankers or similar
procedure, as set forth in the pooling and servicing, or similar, agreement,
that is included in this report.

In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: GMAC Commercial Mortgage
Corporation and J.P. Morgan Trust Company National Association.


Date: August 24, 2004

                           /s/ Bryan Calder
                           Bryan Calder
                           Executive Vice President