FWP 1 jp11266034-fwp.txt SUPPLEMENT TO FREE WRITING PROSPECTUS Filed Pursuant to Rule 433 File No.: 333-140804-06 THIS FREE WRITING PROSPECTUS, DATED DECEMBER 13, 2007, MAY BE AMENDED OR COMPLETED PRIOR TO TIME OF SALE STATEMENT REGARDING THIS FREE WRITING PROSPECTUS The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-140804) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor or any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (866) 400-7834 or by emailing Avinash Bappanad at bappanad_avinash@jpmorgan.com. SUPPLEMENT TO FREE WRITING PROSPECTUS DATED DECEMBER 13, 2007 $995,664,000 (Approximate) J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-C1 Issuing Entity J.P. Morgan Chase Commercial Mortgage Securities Corp. Depositor Commercial Mortgage Pass-Through Certificates, Series 2007-C1 JPMorgan Sole Lead Manager and Bookrunner Natixis Securities North America Inc. Co-Manager The information in this Supplement to Free Writing Prospectus (this "Supplement") clarifies, updates and/or modifies the information contained in the free writing prospectus, dated November 30, 2007 (the "Free Writing Prospectus"), and the structural and collateral term sheet, dated November 30, 2007 (the "Term Sheet" and, together with the Free Writing Prospectus, the "Transaction Free Writing Prospectus"). All references to Loan Nos. in this Supplement are to the corresponding Loan Nos. on Annex A-1 to the Free Writing Prospectus. Capitalized terms used in this Supplement but not defined herein will have the meanings ascribed to them in the Free Writing Prospectus. A. The following are certain modifications to the characteristics of certain Classes of Certificates: 1. Characteristics of certain Classes of Certificates have been modified as set forth under the heading "Approximate Securities Structure" in Annex A to this Supplement. B. The following is additional information modifying the information contained in the Transaction Free Writing Prospectus: 1. The following information is hereby added as the last paragraph to "Risk Factors--Condominium Ownership May Limit Use and Improvements" in the Free Writing Propsectus: Additionally, with respect to the mortgaged property securing the mortgage loans identified as Loan Nos. 7 and 8 on Annex A-1 to this free writing prospectus, the improvements are subject to a "division of air rights" regime, under which separate floors of the structure are treated as separate and distinct units. Use and upkeep of common elements of the structure are governed under a master declaration and by an owners' association. This "division of air rights" regime shares many of the same characteristics and risks of a condominium regime, as described above. 2. Characteristics of the Mortgage Loans have been modified as set forth under the headings "Collateral Characteristics," "Top Ten Mortgage Loans," "Additional Secured Debt and Mezzanine Debt Loan Summary" and "Certain Pool Characteristics of the Mortgage Loans and Mortgaged Properties" in Annex B to this Supplement. 3. Characteristics of the Mortgage Loans have been modified as set forth under the heading "Certain Mortgage Loan Characteristic Changes" in Annex C to this Supplement. 4. Schedule II to the Free Writing Prospectus titled "Class X-2 Component Notional Amounts" is deleted in its entirety and is replaced with Annex D to this Supplement. 5. Schedule III to the Free Writing Prospectus titled "Class A-SB Planned Principal Balance" is deleted in its entirety and is replaced with Annex E to this Supplement. 1 of 10 THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. JPMCC 2007-C1 Annex A Approximate Securities Structure Publicly Offered Classes Approximate Expected Expected Approximate Initial Weighted Expected Ratings Face Credit Avg. Life Payment Class (Moody's/S&P) Amount(1) Support(2) (years)(3) Window(3) ----- ------------- -------------- ----------- ---------- ----------- A-1 Aaa/AAA $ 31,999,000 30.000% 2.99 01/08-09/12 A-2 Aaa/AAA $ 49,212,000 30.000% 4.88 10/12-11/12 A-3 Aaa/AAA $ 105,514,000 30.000% 6.82 10/14-10/14 A-4 Aaa/AAA $ 578,679,000 30.000% 9.74 02/17-11/17 A-SB Aaa/AAA $ 59,406,000 30.000% 7.02 09/12-02/17 X-2 Aaa/AAA $1,171,766,000 N/A N/A N/A A-M Aaa/AAA $ 117,830,000 20.000% 9.90 11/17-11/17 A-J Aaa/AAA $ 53,024,000 15.500% 9.99 11/17-12/17 Privately Offered Classes Approximate Expected Expected Approximate Initial Weighted Expected Ratings Face Credit Avg. Life Payment Class (Moody's/S&P) Amount(1) Support (years)(3) Window(3) ----- ------------- -------------- ----------- ---------- ----------- X-1 Aaa/AAA $1,178,301,244 N/A N/A N/A B Aa1/AA+ $ 16,202,000 14.125% N/A N/A C Aa2/AA $ 14,728,000 12.875% N/A N/A D Aa3/AA- $ 11,783,000 11.875% N/A N/A E A1/A+ $ 13,256,000 10.750% N/A N/A F A2/A $ 10,310,000 9.875% N/A N/A G A3/A- $ 13,256,000 8.750% N/A N/A H Baa1/BBB+ $ 14,729,000 7.500% N/A N/A J Baa2/BBB $ 16,202,000 6.125% N/A N/A K Baa3/BBB- $ 13,256,000 5.000% N/A N/A L Ba1/BB+ $ 7,364,000 4.375% N/A N/A M Ba2/BB $ 8,837,000 3.625% N/A N/A N Ba3/BB- $ 4,419,000 3.250% N/A N/A P B1/B+ $ 5,891,000 2.750% N/A N/A Q B2/B $ 4,419,000 2.375% N/A N/A T B3/B- $ 2,946,000 2.125% N/A N/A NR NR/NR $ 25,039,244 N/A N/A N/A ---------- 1 Approximate, subject to a permitted variance of plus or minus 5%. 2 The credit support percentages set forth for Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB certificates are represented in the aggregate. 3 The weighted average life and period during which distributions of principal would be received with respect to each class of certificates is based on the assumptions set forth under "Yield and Maturity Considerations--Weighted Average Life" in the free writing prospectus, and the assumptions that (a) there are no prepayments or losses on the mortgage loans, (b) each mortgage loan pays off on its scheduled maturity date or anticipated repayment date and (c) no excess interest is generated on the mortgage loans. 2 of 10 THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. JPMCC 2007-C1 Annex B Collateral Characteristics Initial Pool Balance (IPB): $1,178,301,244 Number of Mortgage Loans: 60 Number of Mortgaged Properties: 73 Average Cut-off Date Balance per Mortgage Loan: $19,638,354 Average Cut-off Date Balance per Property: $16,141,113 Weighted Average (WA) Current Mortgage Rate: 6.47687% Weighted Average Underwritten (UW) DSCR: 1.25x Weighted Average Cut-off Date Loan-to-Value (LTV): 70.1% Weighted Average Maturity Date LTV: 64.2% Weighted Average Remaining Term to Maturity (months): 112 months Weighted Average Original Amortization Term (months)(1): 355 months Weighted Average Seasoning (months): 2 months 10 Largest Mortgage Loans as % of IPB: 63.1% % of Mortgage Loans with Additional Debt: 39.9% % of Mortgaged Properties with Single Tenants: 15.2% ---------- 1 Excludes mortgage loans that are Interest-Only for the entire term. 3 of 10 THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. JPMCC 2007-C1 Top Ten Mortgage Loans(1)
Number of Loan Seller(2) Loan Name City, State Properties -------------- ----------------------------- ---------------- ------------ JPMCB American Cancer Society Plaza Atlanta, GA 1 JPMCB Block at Orange Orange, CA 1 JPMCB Westin Portfolio Various, Various 2 JPMCB Gurnee Mills Gurnee, IL 1 NATIXIS The Shoppes at El Paso El Paso, TX 1 JPMCB Stamford Marriott Stamford, CT 1 JPMCB Molasky Corporate Center Las Vegas, NV 2 JPMCB Brandywine Regency Warehouse Brandywine, MD 1 JPMCB Inland - Bradley Portfolio Various, Various 4 JPMCB Centennial I & II Tacoma, WA 1 Top 5 Total/Weighted Average Top 10 Total/Weighted Average Cut-off Date SF/Units/ UW Cut-off Property Loan Seller(2) Balance % of IPB Rooms/Beds DSCR LTV Ratio Type -------------- ------------ -------- ------------ ----- --------- ---------- JPMCB $136,000,000 11.5% 998,770 1.15x 72.3% Office JPMCB $110,000,000 9.3% 698,660 1.10x 68.3% Retail JPMCB $105,000,000 8.9% 899 1.21x 68.8% Hotel JPMCB $75,000,000 6.4% 1,558,930 1.21x 79.0% Retail NATIXIS $70,000,000 5.9% 378,838 1.24x 63.8% Retail JPMCB $67,500,000 5.7% 506 1.20x 77.1% Hotel JPMCB $67,300,000 5.7% 155,290 1.42x 72.6% Office JPMCB $39,900,533 3.4% 624,502 1.20x 71.1% Industrial JPMCB $38,315,000 3.3% 1,118,096 1.75x 56.5% Industrial JPMCB $34,967,426 3.0% 239,475 1.22x 66.9% Office Top 5 Total/Weighted Average $496,000,000 42.1% 1.17x 70.5% Top 10 Total/Weighted Average $743,982,958 63.1% 1.23x 70.4%
---------- 1 Information with respect to the mortgage loans with one or more subordinate companion loans is calculated without regard to the related subordinate companion loan and in the case of mortgage loans with one or more pari passu companion loans, the information in certain circumstances, particularly as it relates to the debt service coverage ratios and loan-to-value ratios, is calculated including the principal balance of, and debt service payments on, the related pari passu companion loans. 2 "JPMCB" = JPMorgan Chase Bank, N.A.; "NATIXIS" = Natixis Real Estate Capital Inc. 4 of 10 THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. JPMCC 2007-C1 Additional Secured Debt and Mezzanine Debt Loan Summary
% of Cut-off Trust Cut-off Date Trust Date Trust Pari Passu Cut-off Date Trust Loan Name Balance(1) Balance Debt LTV(2) DSCR(2) ------------------------ ------------------ ------------ ------------ ------------ ------- Block at Orange $110,000,000 9.3% $110,000,000 68.3% 1.10x Westin Portfolio $105,000,000 8.9% $104,000,000 68.8% 1.21x Gurnee Mills $75,000,000 6.4% $246,000,000 79.0% 1.21x The Shoppes at El Paso $70,000,000 5.9% $0 63.8% 1.24x Molasky Corporate Center $67,300,000 5.7% $22,500,000 72.6% 1.42x Tres Puentes IV, V, VI $13,900,000 1.2% $0 79.2% 1.15x PCTC Medical Building $5,010,000 0.4% $0 68.6% 1.20x ------------------------ ------------------ ------------ ------------ ------------ ------- Total/Weighted Average $446,210,000 37.9% $482,500,000 70.5% 1.22x Total Junior/B- Mortgage Total Notes/ Cut-off Date Debt Mortgage Cut-off Date Subordinate Total Mortgage Cut-off Debt Mezzanine Loan Name Secured Debt(2) Date LTV(2) DSCR(2) Balance ------------------------ ------------ -------------- ----------- -------- ------------ Block at Orange $0 $220,000,000 68.3% 1.10x $0 Westin Portfolio $0 $209,000,000 68.8% 1.21x $31,500,000 Gurnee Mills $0 $321,000,000 79.0% 1.21x $0 (3) The Shoppes at El Paso $0 $70,000,000 63.8% 1.24x Molasky Corporate Center $0 $89,800,000 72.6% 1.42x $13,900,000 Tres Puentes IV, V, VI $600,000 $14,500,000 82.6% 1.07x $0 PCTC Medical Building $345,000 $5,355,000 73.4% 1.07x $0 ------------------------ ------------ -------------- ----------- -------- ------------ Total/Weighted Average $945,000 $929,655,000 72.4% 1.20x $45,400,000
---------- 1 Includes only those assets that are included in the trust fund. 2 Information with regard to any mortgage loan with one or more subordinate companion loans is calculated without regard to the related subordinate companion loan(s), and in the case of the Block at Orange, Westin Portfolio, Gurnee Mills and Molasky Corporate Center loans, in certain circumstances, such information, particularly as it relates to debt service coverage ratios and loan-to-value ratios, includes the principal balance and debt service payments of the respective pari passu companion loans. 3 With respect to loan number 5, Dominion Capital Management made a $9,500,000 preferred equity investment in the borrower at origination and is scheduled to make a single subsequent $3,000,000 preferred equity investment no later than January 2008. The preferred equity investment must be repurchased anytime during the period commencing on the 6th month after origination through the 35th month after origination. 5 of 10 THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. JPMCC 2007-C1 Certain Pool Characteristics of the Mortgage Loans and Mortgaged Properties Cut-off Date Principal Balance
Number of WA WA UW Range of Principal Balances Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- $2,075,000 - $2,999,999 2 $4,735,000 0.4% 70.2% 1.17x $3,000,000 - $3,999,999 3 9,996,253 0.8 43.5% 2.14x $4,000,000 - $4,999,999 5 21,421,405 1.8 67.8% 1.33x $5,000,000 - $6,999,999 15 86,726,602 7.4 71.0% 1.26x $7,000,000 - $9,999,999 8 64,705,113 5.5 70.3% 1.20x $10,000,000 - $14,999,999 9 114,930,472 9.8 70.2% 1.23x $15,000,000 - $24,999,999 7 131,803,441 11.2 70.2% 1.28x $25,000,000 - $49,999,999 5 180,482,958 15.3 67.7% 1.40x $50,000,000 - $99,999,999 3 212,500,000 18.0 73.4% 1.22x $100,000,000 - $136,000,000 3 351,000,000 29.8 70.0% 1.15x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 60 $1,178,301,244 100.0% 70.1% 1.25x Average Balance per Loan: $19,638,354 Average Balance per Property: $16,141,113
Range of Mortgage Interest Rates
Number of WA WA UW Range of Mortgage Interest Rates Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- 5.7670% - 5.9999% 5 $176,700,000 15.0% 76.7% 1.26x 6.0000% - 6.2499% 1 42,300,000 3.6 72.6% 1.42x 6.2500% - 6.4999% 12 368,914,155 31.3 68.4% 1.22x 6.5000% - 7.0600% 42 590,387,089 50.1 69.1% 1.24x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 60 $1,178,301,244 100.0% 70.1% 1.25x WA Interest Rate: 6.4769%
Original Term to Maturity in Months
Number of WA WA UW Range of Original Terms to Maturity Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- 60 - 72 4 $50,110,000 4.3% 70.0% 1.23x 73 - 84 1 110,000,000 9.3 68.3% 1.10x 85 - 120 55 1,018,191,244 86.4 70.3% 1.26x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 60 $1,178,301,244 100.0% 70.1% 1.25x WA Original Loan Term: 114 months
Geographic Distribution(1)
Number of WA WA UW Geographic Location Properties Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- California 7 $170,016,253 14.4% 66.6% 1.15x Southern California 5 150,416,253 12.8 66.4% 1.15x Northern California 2 19,600,000 1.7 67.8% 1.19x Georgia 4 153,767,752 13.0 72.7% 1.17x Illinois 8 147,083,595 12.5 72.1% 1.36x Texas 8 144,362,106 12.3 67.7% 1.22x Arizona 2 87,030,974 7.4 66.4% 1.21x Connecticut 1 67,500,000 5.7 77.1% 1.20x Nevada 2 67,300,000 5.7 72.6% 1.42x Maryland 4 67,017,501 5.7 69.6% 1.21x Other 37 274,223,063 23.3 70.2% 1.29x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 73 $1,178,301,244 100.0% 70.1% 1.25x
Underwritten Cash Flow Debt Service Coverage Ratios
Number of WA WA UW Range of UW DSCRs Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- 1.10x - 1.14x 1 $110,000,000 9.3% 68.3% 1.10x 1.15x - 1.19x 19 337,907,588 28.7 72.7% 1.15x 1.20x - 1.29x 22 501,203,701 42.5 70.7% 1.22x 1.30x - 1.49x 11 140,990,950 12.0 70.0% 1.39x 1.50x - 1.99x 5 81,202,752 6.9 61.9% 1.67x 2.00x - 2.66x 2 6,996,253 0.6 35.4% 2.49x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 60 $1,178,301,244 100.0% 70.1% 1.25x WA UW DSCR: 1.25x
Remaining Terms to Maturity Date in Months
Range of Remaining Number of WA WA UW Terms to Maturity Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- 58 - 60 4 $50,110,000 4.3% 70.0% 1.23x 61 - 84 1 110,000,000 9.3 68.3% 1.10x 85 - 120 55 1,018,191,244 86.4 70.3% 1.26x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 60 $1,178,301,244 100.0% 70.1% 1.25x WA Remaining Term: 112 months
Property Type Distribution(1)
Number of WA WA UW Property Type Sub Property Type Properties Principal Balance % of IPB LTV(2) DSCR(2) ----------------------- ---------------------- -------------- ----------------- -------- ------ ------- Retail Anchored 22 $387,659,363 32.9% 69.3% 1.21x Unanchored 11 44,925,595 3.8 68.1% 1.31x Subtotal: 33 $432,584,958 36.7% 69.2% 1.22x Office CBD 4 $227,678,441 19.3% 73.2% 1.23x Suburban 8 94,862,231 8.1 68.5% 1.25x Subtotal: 12 $322,540,672 27.4% 71.8% 1.24x Hotel Full Service 3 $172,500,000 14.6% 72.0% 1.21x Limited Service 5 47,404,606 4.0 69.4% 1.38x Subtotal: 8 $219,904,606 18.7% 71.5% 1.24x Industrial Warehouse/Distribution 9 $96,543,533 8.2% 69.3% 1.32x Flex 3 26,377,000 2.2 61.1% 1.60x Subtotal: 12 $122,920,533 10.4% 67.5% 1.38x Mixed Use Office/Retail 4 $57,625,000 4.9% 70.8% 1.19x Self Storage 2 $8,650,000 0.7% 68.0% 1.26x Land 1 $8,000,000 0.7% 63.1% 1.21x Multifamily Garden 1 $6,075,476 0.5% 58.4% 1.37x Total/Weighted Average: 73 $1,178,301,244 100.0% 70.1% 1.25x
---------- 1 Because this table is presented at the mortgaged property level, certain information is based on allocated loan amounts for mortgage loans secured by more than 1 mortgaged property. As a result, the weighted averages presented in this table may deviate slightly from weighted averages presented at the mortgage loan level in other tables in this free writing prospectus. 2 Information with respect to the mortgage loans with one or more subordinate companion loans is calculated without regard to the related subordinate companion loan and in the case of mortgage loans with one or more pari passu companion loans, the information in certain circumstances, particularly as it relates to the debt service coverage ratios and loan-to-value ratios, is calculated including the principal balance of, and debt service payment on, the related pari passu companion loans. 6 of 10 THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. JPMCC 2007-C1 Original Amortization Term in Months(1)
Range of Original Number of WA WA UW Amortization Terms Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- 180 - 240 2 $17,998,794 1.8% 53.5% 1.26x 241 - 300 4 35,404,606 3.5 67.5% 1.35x 301 - 360 46 949,437,844 94.7 70.7% 1.21x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 52 $1,002,841,244 100.0% 70.3% 1.21x WA Original Amort Term: 355 months
LTV Ratios as of the Cut-off Date
Number of WA WA UW Range of Cut-off LTVs Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- 32.0% - 50.0% 2 $6,996,253 0.6% 35.4% 2.49x 50.1% - 60.0% 5 65,133,794 5.5 56.1% 1.58x 60.1% - 65.0% 10 143,341,742 12.2 63.7% 1.27x 65.1% - 70.0% 15 380,825,577 32.3 68.1% 1.20x 70.1% - 75.0% 12 319,078,539 27.1 72.1% 1.24x 75.1% - 80.0% 16 262,925,339 22.3 78.5% 1.20x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 60 $1,178,301,244 100.0% 70.1% 1.25x WA Cut-off Date LTV Ratio: 70.1%
Amortization Types
Number of WA WA UW Amortized Types Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- Balloon Loans Partial Interest-Only 28 $681,333,265 57.8% 71.5% 1.19x Balloon 24 321,507,979 27.3 67.7% 1.26x Interest Only 8 175,460,000 14.9 69.4% 1.45x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 60 $1,178,301,244 100.0% 70.1% 1.25x
Partial Interest-Only Periods
Range of Partial Number of WA WA UW Interest-Only Periods Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- 24 - 35 9 $110,560,000 16.2% 71.9% 1.27x 36 - 47 14 374,565,000 55.0 70.6% 1.16x 48 - 60 5 196,208,265 28.8 72.9% 1.19x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 28 $681,333,265 100.0% 71.5% 1.19x
Loan Purpose
Number of WA WA UW Loan Purpose Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- Refinance 40 $773,475,575 65.6% 70.0% 1.22x Acquisition 20 404,825,670 34.4 70.3% 1.31x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 60 $1,178,301,244 100.0% 70.1% 1.25x
Remaining Amortization Term in Months(1)
Range of Remaining Number of WA WA UW Amortization Terms Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- 178 - 240 2 $17,998,794 1.8% 53.5% 1.26x 241 - 300 4 35,404,606 3.5 67.5% 1.35x 301 - 360 46 949,437,844 94.7 70.7% 1.21x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 52 $1,002,841,244 100.0% 70.3% 1.21x WA Remaining Amort Term: 355 months
LTV Ratios as of the Maturity
Number of WA WA UW Range of Maturity LTVs Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- 23.4% - 50.0% 4 $24,995,047 2.1% 48.4% 1.60x 50.1% - 60.0% 17 251,699,053 21.4 63.4% 1.32x 60.1% - 65.0% 15 258,105,151 21.9 69.5% 1.23x 65.1% - 70.0% 14 490,501,993 41.6 72.5% 1.21x 70.1% - 75.0% 7 55,600,000 4.7 76.9% 1.22x 75.1% - 79.0% 3 97,400,000 8.3 79.2% 1.20x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 60 $1,178,301,244 100.0% 70.1% 1.25x WA LTV Ratio at Maturity: 64.2%
Year Built/Renovated (3), (4)
Number of WA WA UW Range of Years Built/Renovated Properties Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- 1967 - 1979 1 $4,226,405 0.4% 64.0% 1.21x 1980 - 1989 7 200,827,000 17.0 70.9% 1.22x 1990 - 1999 16 304,216,024 25.8 70.0% 1.21x 2000 - 2004 17 265,939,776 22.6 70.8% 1.25x 2005 - 2007 32 403,092,040 34.2 69.5% 1.28x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 73 $1,178,301,244 100.0% 70.1% 1.25x
Prepayment Protection
Number of WA WA UW Prepayment Protection Loans Principal Balance % of IPB LTV(2) DSCR(2) -------------------------------- -------------- ----------------- -------- ------- ------- Defeasance(5) 50 $890,809,752 75.6% 70.2% 1.22x Yield Maintenance 7 211,368,227 17.9 72.3% 1.24x Def/YM 2 51,123,265 4.3 59.1% 1.62x Fixed Penalty 1 25,000,000 2.1 72.6% 1.42x -------------------------------- -------------- ----------------- -------- ------- ------- Total/Weighted Average: 60 $1,178,301,244 100.0% 70.1% 1.25x
---------- 1 Excludes mortgage loans that are Interest-Only for the entire term. 2 Information with respect to the mortgage loans with one or more subordinate companion loans is calculated without regard to the related subordinate companion loan and in the case of mortgage loans with one or more pari passu companion loans, the information in certain circumstances, particularly as it relates to the debt service coverage ratios and loan-to-value ratios, is calculated including the principal balance of, and debt service payment on, the related pari passu companion loans. 3 Range of Years Built/Renovated references the earlier of the year built or with respect to renovated properties the year of the most recent renovation date with respect to each mortgaged property. 4 Because this table is presented at the mortgaged property level, certain information is based on allocated loan amounts for mortgage loans secured by more than one mortgaged property. As a result, the weighted averages presented in this table may deviate slightly from weighted averages presented at the mortgage loan level in other tables in this free writing prospectus. 5 In the case of one mortgage loan, the related borrower may obtain the release of one or more improved parcels of the mortgaged property by paying an amount equal to 125% of the value of such released parcel(s), subject to yield maintenance. 7 of 10 THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. JPMCC 2007-C1 Annex C Certain Mortgage Loan Characteristic Changes
Loan # Property Name Characteristic FWP Dated 11/30/07 Revised Value ------ ------------------------ ----------------------------------------- ------------------ ------------------------- 3 Westin Portfolio Annual Debt Service ($) 8,400,589.44 8,263,836.84 3 Westin Portfolio Appraised Value ($) 304,200,000 303,800,000 3 Westin Portfolio Maturity/ARD Balance ($) 96,668,759.33 96,397,856.51 3 Westin Portfolio Maturity LTV % 62.0 63.2 3 Westin Portfolio Current LTV % 67.4 68.8 3 Westin Portfolio Interest Rate % 7.02100 6.85900 3 Westin Portfolio UW IO DSCR (x) 1.36 1.37 3 Westin Portfolio Net Mortgage Rate % 6.98950 6.82750 3 Westin Portfolio Monthly Debt Service ($) 700,049.12 688,653.07 3 Westin Portfolio UW NCF ($) 19,897,293 19,892,607 3 Westin Portfolio UW NOI ($) 23,689,139 23,684,453 3.01 The Westin - La Paloma Maturity/ARD Balance ($) 68,611,241.54 68,954,447.60 3.01 The Westin - La Paloma Current Balance ($) 74,524,390.24 75,107,655.50 3.01 The Westin - La Paloma Original Balance ($) 74,524,390 75,107,656 3.01 The Westin - La Paloma UW NCF ($) 14,100,302 14,302,260 3.01 The Westin - La Paloma UW NOI ($) 16,486,795 16,688,753 3.02 The Westin - Hilton Head Appraised Value ($) 114,000,000 113,600,000 3.02 The Westin - Hilton Head Maturity/ARD Balance ($) 28,057,517.80 27,443,408.91 3.02 The Westin - Hilton Head Current Balance ($) 30,475,609.76 29,892,344.50 3.02 The Westin - Hilton Head Original Balance ($) 30,475,610 29,892,345 3.02 The Westin - Hilton Head UW NCF ($) 5,796,991 5,590,347 3.02 The Westin - Hilton Head UW NOI ($) 7,202,344 6,995,700 26 Hampton Inn - Greensboro Remaining Prepayment Provision (Payments) L(24),Def(92),O(4) L(60),Grtr1%orYM(56),O(4)
o In the case of the mortgage loan known as "Westin Portfolio" (identified as Loan No. 3 on Annex A-1 to the Free Writing Prospectus), representing approximately 8.9% of the Initial Pool Balance, the original principal balance of the Westin Portfolio Whole Loan has been increased from $205,000,000 to $209,000,000, which will increase the original principal balance of the Westin Portfolio Pari Passu Companion Loan from $100,000,000 to $104,000,000. o The mortgage loan known as "West Village" (identified as Loan No. 12 on Annex A-1 to the Free Writing Prospectus), which represented approximately 2.2% of the Initial Pool Balance as of the date of the Free Writing Prospectus, will no longer be part of the pool of mortgage loans and, therefore, will not be included in the Trust. 8 of 10 THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. JPMCC 2007-C1 Annex D SCHEDULE II CLASS X-2 COMPONENT NOTIONAL AMOUNTS(1)
Period Ending Class A-1 Class A-2 Class A-3 Class A-4 Class A-SB Class A-M Class A-J ----------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------ June 15, 2008 $ 25,464,000 $ 49,212,000 $105,514,000 $578,679,000 $ 59,406,000 $117,830,000 $ 53,024,000 December 15, 2008 $ 23,660,000 $ 49,212,000 $105,514,000 $578,679,000 $ 59,406,000 $117,830,000 $ 53,024,000 June 15, 2009 $ 2,679,000 $ 49,212,000 $105,514,000 $578,679,000 $ 59,406,000 $117,830,000 $ 53,024,000 December 15, 2009 -- $ 27,508,000 $105,514,000 $578,679,000 $ 59,406,000 $117,830,000 $ 53,024,000 June 15, 2010 -- -- $ 63,743,000 $578,679,000 $ 59,406,000 $117,830,000 $ 53,024,000 December 15, 2010 -- -- $ 40,198,000 $578,679,000 $ 59,406,000 $117,830,000 $ 53,024,000 June 15, 2011 -- -- $ 16,722,000 $578,679,000 $ 59,406,000 $117,830,000 $ 53,024,000 December 15, 2011 -- -- -- $465,389,000 $ 59,406,000 $117,830,000 $ 53,024,000 June 15, 2012 -- -- -- $443,083,000 $ 59,406,000 $117,830,000 $ 53,024,000 December 15, 2012 -- -- -- $332,222,000 $ 57,374,000 $117,830,000 $ 53,024,000 June 15, 2013 -- -- -- $305,790,000 $ 50,775,000 $117,830,000 $ 53,024,000 December 15, 2013 -- -- -- $295,556,000 $ 44,468,000 $117,830,000 $ 53,024,000 June 15, 2014 -- -- -- $213,050,000 $ 37,440,000 $117,830,000 $ 53,024,000 December 15, 2014 -- -- -- $205,605,000 $ 30,792,000 $117,830,000 $ 53,024,000 Period Ending Class B Class C Class D Class E Class F ----------------- ------------ ------------ ------------ ------------ ------------ June 15, 2008 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 December 15, 2008 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 June 15, 2009 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 December 15, 2009 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 June 15, 2010 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 December 15, 2010 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 June 15, 2011 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 December 15, 2011 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 June 15, 2012 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 December 15, 2012 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 June 15, 2013 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 December 15, 2013 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 June 15, 2014 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 10,310,000 December 15, 2014 $ 16,202,000 $ 14,728,000 $ 11,783,000 $ 13,256,000 $ 3,789,000
Period Ending Class G Class H Class J Class K Class L Class M ----------------- -------------- -------------- -------------- -------------- -------------- -------------- June 15, 2008 $ 13,256,000 $ 14,729,000 $ 16,202,000 $ 13,256,000 $ 7,364,000 $ 8,837,000 December 15, 2008 $ 13,256,000 $ 14,729,000 $ 16,202,000 $ 13,256,000 $ 7,364,000 $ 8,837,000 June 15, 2009 $ 13,256,000 $ 14,729,000 $ 16,202,000 $ 13,256,000 $ 7,364,000 $ 8,837,000 December 15, 2009 $ 13,256,000 $ 14,729,000 $ 16,202,000 $ 13,256,000 $ 7,364,000 $ 8,837,000 June 15, 2010 $ 13,256,000 $ 14,729,000 $ 16,202,000 $ 13,256,000 $ 7,364,000 $ 8,837,000 December 15, 2010 $ 13,256,000 $ 14,729,000 $ 16,202,000 $ 13,256,000 $ 7,364,000 $ 5,732,000 June 15, 2011 $ 13,256,000 $ 14,729,000 $ 16,202,000 $ 13,256,000 $ 2,014,000 -- December 15, 2011 $ 13,256,000 $ 14,729,000 $ 16,202,000 $ 4,551,000 -- -- June 15, 2012 $ 13,256,000 $ 14,729,000 $ 10,390,000 -- -- -- December 15, 2012 $ 13,256,000 $ 14,729,000 $ 400,000 -- -- -- June 15, 2013 $ 13,256,000 $ 5,885,000 -- -- -- -- December 15, 2013 $ 10,226,000 -- -- -- -- -- June 15, 2014 $ 1,629,000 -- -- -- -- -- December 15, 2014 -- -- -- -- -- -- Period Ending Class N Class P Class Q Class T Class NR Total ----------------- -------------- -------------- -------------- -------------- -------------- -------------- June 15, 2008 $ 4,419,000 $ 5,891,000 $ 4,419,000 $ 2,946,000 $ 25,039,000 $1,171,766,000 December 15, 2008 $ 4,419,000 $ 5,891,000 $ 4,419,000 $ 2,946,000 $ 25,039,000 $1,169,962,000 June 15, 2009 $ 4,419,000 $ 5,891,000 $ 4,419,000 $ 2,946,000 $ 14,733,000 $1,138,675,000 December 15, 2009 $ 4,419,000 $ 5,891,000 $ 4,419,000 $ 2,946,000 $ 2,507,000 $1,102,066,000 June 15, 2010 $ 4,419,000 $ 3,929,000 -- -- -- $1,020,953,000 December 15, 2010 -- -- -- -- -- $ 985,955,000 June 15, 2011 -- -- -- -- -- $ 951,397,000 December 15, 2011 -- -- -- -- -- $ 810,666,000 June 15, 2012 -- -- -- -- -- $ 777,997,000 December 15, 2012 -- -- -- -- -- $ 655,114,000 June 15, 2013 -- -- -- -- -- $ 612,839,000 December 15, 2013 -- -- -- -- -- $ 587,383,000 June 15, 2014 -- -- -- -- -- $ 489,252,000 December 15, 2014 -- -- -- -- -- $ 467,009,000
---------- (1) The total Notional Amount of the Class X-2 Certificates from time to time will equal the sum of the notional amounts of the components set forth in the table above. Each of those components of the total Notional Amount of the Class X-2 Certificates will relate to a particular Class of Series 2007-C1 Principal Balance Certificates (i.e., Classes A-1, A-2, A-3, A-4, A-SB, A-M, A-J, B, C, D, E, F, G, H, J, K, L, M, N, P, Q, T and NR respectively). At any particular time during each indicated period through and including the related Distribution Date on which such period ends, the component of the Notional Amount of the Class X-2 Certificates relating to each indicated Class of Series 2007-C1 Principal Balance Certificates will equal the lesser of (a) the notional amount stated in the table above for that Class and period and (b) the then actual Certificate Balance of that Class. 9 of 10 THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. JPMCC 2007-C1 Annex E Schedule III Class A-SB Planned Principal Balance Schedule Date Balance -------------------- -------------- January 15, 2008 $59,406,000.00 February 15, 2008 $59,406,000.00 March 15, 2008 $59,406,000.00 April 15, 2008 $59,406,000.00 May 15, 2008 $59,406,000.00 June 15, 2008 $59,406,000.00 July 15, 2008 $59,406,000.00 August 15, 2008 $59,406,000.00 September 15, 2008 $59,406,000.00 October 15, 2008 $59,406,000.00 November 15, 2008 $59,406,000.00 December 15, 2008 $59,406,000.00 January 15, 2009 $59,406,000.00 February 15, 2009 $59,406,000.00 March 15, 2009 $59,406,000.00 April 15, 2009 $59,406,000.00 May 15, 2009 $59,406,000.00 June 15, 2009 $59,406,000.00 July 15, 2009 $59,406,000.00 August 15, 2009 $59,406,000.00 September 15, 2009 $59,406,000.00 October 15, 2009 $59,406,000.00 November 15, 2009 $59,406,000.00 December 15, 2009 $59,406,000.00 January 15, 2010 $59,406,000.00 February 15, 2010 $59,406,000.00 March 15, 2010 $59,406,000.00 April 15, 2010 $59,406,000.00 May 15, 2010 $59,406,000.00 June 15, 2010 $59,406,000.00 July 15, 2010 $59,406,000.00 August 15, 2010 $59,406,000.00 September 15, 2010 $59,406,000.00 October 15, 2010 $59,406,000.00 November 15, 2010 $59,406,000.00 December 15, 2010 $59,406,000.00 January 15, 2011 $59,406,000.00 February 15, 2011 $59,406,000.00 March 15, 2011 $59,406,000.00 April 15, 2011 $59,406,000.00 May 15, 2011 $59,406,000.00 June 15, 2011 $59,406,000.00 July 15, 2011 $59,406,000.00 August 15, 2011 $59,406,000.00 September 15, 2011 $59,406,000.00 October 15, 2011 $59,406,000.00 November 15, 2011 $59,406,000.00 December 15, 2011 $59,406,000.00 January 15, 2012 $59,406,000.00 February 15, 2012 $59,406,000.00 March 15, 2012 $59,406,000.00 April 15, 2012 $59,406,000.00 May 15, 2012 $59,406,000.00 June 15, 2012 $59,406,000.00 July 15, 2012 $59,406,000.00 August 15, 2012 $59,406,000.00 September 15, 2012 $59,405,402.09 October 15, 2012 $58,311,250.89 November 15, 2012 $57,374,133.84 December 15, 2012 $56,260,526.16 January 15, 2013 $55,311,212.89 February 15, 2013 $54,356,572.73 March 15, 2013 $52,886,576.19 April 15, 2013 $51,918,321.31 May 15, 2013 $50,775,074.74 June 15, 2013 $49,794,967.81 July 15, 2013 $48,640,186.98 August 15, 2013 $47,648,096.40 September 15, 2013 $46,650,438.18 October 15, 2013 $45,478,576.64 November 15, 2013 $44,468,739.88 December 15, 2013 $43,285,026.33 January 15, 2014 $42,262,875.79 February 15, 2014 $41,234,988.44 March 15, 2014 $39,698,460.82 April 15, 2014 $38,656,172.08 May 15, 2014 $37,440,876.62 June 15, 2014 $36,385,913.66 July 15, 2014 $35,158,283.79 August 15, 2014 $34,090,505.86 September 15, 2014 $33,016,734.28 October 15, 2014 $31,770,060.05 November 15, 2014 $30,792,650.09 December 15, 2014 $29,662,319.47 January 15, 2015 $28,673,020.40 February 15, 2015 $27,678,142.26 March 15, 2015 $26,237,127.02 April 15, 2015 $25,228,502.67 May 15, 2015 $24,067,793.71 June 15, 2015 $23,046,931.85 July 15, 2015 $21,874,313.16 August 15, 2015 $20,841,077.23 September 15, 2015 $19,802,013.71 October 15, 2015 $18,611,680.87 November 15, 2015 $17,560,040.14 December 15, 2015 $16,357,466.97 January 15, 2016 $15,293,108.66 February 15, 2016 $14,222,746.73 March 15, 2016 $12,857,560.37 April 15, 2016 $11,773,454.68 May 15, 2016 $10,539,286.09 June 15, 2016 $ 9,442,100.45 July 15, 2016 $ 8,195,202.24 August 15, 2016 $ 7,084,790.64 September 15, 2016 $ 5,968,114.90 October 15, 2016 $ 4,702,248.61 November 15, 2016 $ 3,572,129.37 December 15, 2016 $ 2,293,179.65 January 15, 2017 and thereafter $ 1,149,466.84 10 of 10 THE INFORMATION IN THIS FREE WRITING PROSPECTUS IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.