FWP 1 jp12679309-fwp.txt FREE WRITING PROSPECTUS FREE WRITING PROSPECTUS FILED PURSUANT TO RULE 433 REGISTRATION STATEMENT NO.: 333-140804 THIS FREE WRITING PROSPECTUS, DATED APRIL 29, 2008, 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 APRIL 18, 2008 $993,923,000 (Approximate) J.P. Morgan Chase Commercial Mortgage Securities Trust 2008-C2 Issuing Entity J.P. Morgan Chase Commercial Mortgage Securities Corp. Depositor Commercial Mortgage Pass-Through Certificates, Series 2008-C2 JPMorgan Co-Lead Manager and Sole Bookrunner CIBC World Markets Co-Lead Manager PNC Capital Markets LLC 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 April 18, 2008 (the "Free Writing Prospectus"), and the structural and collateral term sheet, dated April 18, 2008 (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. 2. The Issuer will no longer issue the Class A-2FL Certificates. The principal balance previously allocated to the Class A-2FL Certificates will be combined with the principal balance of the Class A-2 Certificates. Distributions on the Class A-2 Certificates, including with respect to the principal balance previously allocated to the Class A-2FL Certificates, will be made as described in the Free Writing Prospectus with respect to the Class A-2 Certificates. 3. The Issuer will no longer issue separately the Class X-1 and Class X-2 Certificates and is instead offering a single class of Class X Certificates as described in this Supplement. The Class X Certificates do not have a certificate balance, but represent the right to receive the distributions of interest in an amount equal to the aggregate interest accrued on its notional amount (the "Notional Amount"). The Notional Amount will be equal to the aggregate of the class balances of the certificates (other than the Class A-4FL, Class X, Class R and Class LR Certificates) and the Class A-4FL Regular Interest. The Pass-Through Rate for the Class X Certificates for any Distribution Date will equal the excess, if any, of (a) the WAC Rate for the related Distribution Date, over (b) the weighted average of the Pass-Through Rates on all of the other Certificates (other than the Class A-4FL, Class R and Class LR Certificates) and the Class A-4FL Regular Interest, weighted on the basis of their respective Certificate Balances immediately prior to that Distribution Date. The yield to maturity of the Class X Certificates will be highly sensitive to the rate and timing of principal payments including by reason of prepayments, principal losses and other factors described above. Investors in the Class X Certificates should fully consider the associated risks, including the risk that an extremely rapid rate of amortization, prepayment or other liquidation of the mortgage loans could result in the failure of such investors to recoup fully their initial investments. See "RISK FACTORS--Risks Relating to Prepayments and Repurchases" in the Free Writing Prospectus. 1 of 13 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. 4. Distributions on the Certificates will be on the 12th day of each month or, if the 12th day is not a business day, then on the next succeeding business day, commencing in June 2008. 5. With respect to the Class A-4FL Certificates, if the Swap Counterparty's long term rating is not at least "A3" by Moody's Investors Service, Inc. or at least "A-" by Fitch, Inc., (a "Rating Agency Trigger Event"), the Swap Counterparty will be required to post collateral or find a replacement swap counterparty that would not cause another Rating Agency Trigger Event. B. The following is additional information modifying the information contained in the Transaction Free Writing Prospectus: 1. The Mortgage Loan identified as Garrett Creek Shopping Center (loan number 27), representing approximately 0.9% of the Initial Pool Balance (approximately 0.9% of the Initial Loan Group 1 Balance) included in the Free Writing Prospectus has been removed as an asset of the Trust Fund. 2. Characteristics of the Mortgage Loans have been modified as set forth under the heading "Collateral Characteristics" in Annex B to this Supplement. 3. Schedule III to the Free Writing Prospectus titled "Class A-SB Planned Principal Balance Schedule" is deleted in its entirety and is replaced with Annex C to this Supplement. 4. The Servicing Fee Rate has changed with respect to certain of the Mortgage Loans and for the pool of Mortgage Loans will be a per annum rate ranging from 0.02% to 0.09%. As of the Cut-off Date, the weighted average Servicing Fee Rate will be approximately 0.043653%. 2 of 13 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 2008-C2 Annex A Approximate Securities Structure
Publicly Offered Classes Approximate Expected Pass Expected Initial Weighted Through Expected Ratings Approximate Credit- Avg. Life Rate Payment Class (Moody's/Fitch) Face Amount(1) Support(2) (years) (3) Description Window(3) ----- --------------- -------------- ----------- ----------- ----------- ----------- A-1 Aaa/AAA $ 23,396,000 30.000% 2.72 (4) 06/08-09/12 A-2 Aaa/AAA $ 68,126,000 30.000% 4.53 (4) 10/12-03/13 A-3 Aaa/AAA $ 105,514,000 30.000% 6.43 (4) 10/14-10/14 A-4 Aaa/AAA $ 354,554,000 30.000% 9.42 (4) 04/17-01/18 A-4FL Aaa/AAA $ 145,000,000 30.000% 9.42 Floating(4)(5) 04/17-01/18 A-SB Aaa/AAA $ 54,460,000 30.000% 6.73 (4) 09/12-04/17 A-1A Aaa/AAA $ 65,075,000 30.000% 8.42 (4) 06/08-01/18 X Aaa/AAA $1,165,893,035(6) N/A N/A Variable(7) N/A A-M Aaa/AAA $ 116,589,000 20.000% 9.68 (4) 01/18-01/18 A-J Aaa/AAA $ 61,209,000 14.750% 9.68 (4) 01/18-01/18 Privately Offered Classes Approximate Expected Pass Expected Initial Weighted Through Expected Ratings Approximate Credit- Avg. Life Rate Payment Class (Moody's/Fitch) Face Amount(1) Support(2) (years) (3) Description Window(3) ----- --------------- -------------- ----------- ----------- ----------- ----------- B Aa1/AA+ $ 14,574,000 13.500% N/A (4) N/A C Aa2/AA $ 14,574,000 12.250% N/A (4) N/A D Aa3/AA- $ 10,201,000 11.375% N/A (4) N/A E A1/A+ $ 10,202,000 10.500% N/A (4) N/A F A2/A $ 13,116,000 9.375% N/A (4) N/A G A3/A- $ 11,659,000 8.375% N/A (4) N/A H Baa1/BBB+ $ 16,031,000 7.000% N/A (4) N/A J Baa2/BBB $ 14,574,000 5.750% N/A (4) N/A K Baa3/BBB- $ 14,573,000 4.500% N/A (4) N/A L Ba1/BB+ $ 8,745,000 3.750% N/A (4) N/A M Ba2/BB $ 4,372,000 3.375% N/A (4) N/A N Ba3/BB- $ 5,829,000 2.875% N/A (4) N/A P B1/B+ $ 4,372,000 2.500% N/A (4) N/A Q B2/B $ 2,915,000 2.250% N/A (4) N/A T B3/B- $ 4,372,000 1.875% N/A (4) N/A NR NR/NR $ 21,861,035 N/A N/A (4) 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, Class A-4FL, Class A-SB and Class A-1A Certificates are represented in the aggregate. (3) The weighted average life and period during which distributions of principal would be received as set forth in the foregoing table with respect to each class of certificates are based on the assumptions set forth under "Yield and Maturity Considerations--Weighted Average Life" in the Free Writing Prospectus and on the assumptions that there are no prepayments or losses on the mortgage loans and that there are no extensions of maturity dates of the mortgage loans. (4) The pass-through rates on the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class T and Class NR Certificates and the Class A-4FL Regular Interest on each distribution date will be a per annum rate equal to one of (i) a fixed rate, (ii) the weighted average of the net mortgage rates on the mortgage loans (in each case adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), (iii) a rate equal to the lesser of a specified fixed pass-through rate and the rate described in clause (ii) above or (iv) the rate described in clause (ii) above less a specified percentage. (5) The pass-through rate applicable to the Class A-4FL Certificates on each distribution date will be a per annum rate equal to LIBOR plus %. In addition, under certain circumstances described in the Free Writing Prospectus, the pass-through rate applicable to the Class A-4FL Certificates may convert to a fixed rate equal to % per annum. The initial LIBOR rate will be determined on May 6, 2008 and subsequent LIBOR rates will be determined 2 LIBOR business days before the start of the related interest accrual period. 3 of 13 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. (6) The Notional Amount of the Class X Certificates will be equal to the aggregate of the class balances of the certificates (other than the Class A-4FL, Class X, Class R and Class LR Certificates) and the Class A-4FL Regular Interest. (7) The pass-through rate on the Class X Certificates will be based on the weighted average of the interest strip rates of the components of the Class X Certificates. See paragraph A.3. to this Supplement. 4 of 13 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 2008-C2 Annex B Collateral Characteristics
Collateral Characteristics All Mortgage Loans Loan Group 1 Loan Group 2 ----------------------------------------------------- -------------------- -------------------- ----------------- Initial Pool Balance (IPB): $1,165,893,035 $1,100,817,391 $65,075,645 Number of Mortgage Loans: 79 69 10 Number of Mortgaged Properties: 118 108 10 Average Cut-off Date Balance per Mortgage Loan: $14,758,140 $15,953,875 $6,507,564 Average Cut-off Date Balance per Property: $9,880,449 $10,192,754 $6,507,564 Weighted Average (WA) Current Mortgage Rate: 6.62472% 6.63101% 6.51831% Weighted Average Underwritten (UW) DSCR(1): 1.29x 1.28x 1.42x Weighted Average Cut-off Date Loan-to-Value (LTV)(1): 69.6% 69.7% 69.0% Weighted Average Maturity Date LTV(1): 64.1% 64.1% 62.9% Weighted Average Remaining Term to Maturity (months): 107 months 107 months 109 months Weighted Average Original Amortization Term (months)(2): 359 months 358 months 360 months Weighted Average Seasoning (months): 5 months 5 months 4 months 10 Largest Mortgage Loans as % of IPB: 52.1% 55.2% 100.0% % of Mortgage Loans with Additional Debt: 37.9% 38.0% 35.1% % of Mortgaged Properties with Single Tenants: 19.9% 21.1% 0.0%
---------- 1 With respect to certain mortgage loans, the loan-to-value ratios were based upon the "as-stabilized" values rather than the "as-is" values or with certain other adjustments as defined in the related appraisal. 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-values ratios, is calculated including the principal balance of, and debt service payments on, the related pari passu companion loans. 2 Excludes mortgage loans that are Interest-Only for the entire term. 5 of 13 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 2008-C2 Collateral Characteristics - All Mortgage Loans Cut-off Date Principal Balance
Range of Principal Balances Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------ ---------------- ----------------- ----------------- ----------- ------------- $1,441,259 - $2,999,999 11 $24,169,656 2.1% 72.7% 1.30x $3,000,000 - $3,999,999 7 24,144,401 2.1 62.6% 1.33x $4,000,000 - $4,999,999 13 58,278,280 5.0 68.8% 1.43x $5,000,000 - $6,999,999 15 86,057,723 7.4 66.5% 1.45x $7,000,000 - $9,999,999 5 41,159,356 3.5 70.7% 1.27x $10,000,000 - $14,999,999 8 96,783,856 8.3 68.7% 1.22x $15,000,000 - $24,999,999 5 94,680,000 8.1 67.9% 1.19x $25,000,000 - $99,999,999 12 401,419,764 34.4 70.4% 1.40x $100,000,000 - $125,200,000 3 339,200,000 29.1 70.5% 1.13x ----------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 79 $1,165,893,035 100.0% 69.6% 1.29x ----------------------------------------------------------------------------------------------------------------------- Average Balance per Loan: $14,758,140 Average Balance per Property: $9,880,449
Range of Mortgage Interest Rates
Range of Mortgage Interest Rates Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------ ---------------- ----------------- ----------------- ----------- ------------- 5.7800% - 5.9999% 3 $14,555,116 1.2% 52.2% 2.12x 6.0000% - 6.2499% 8 149,056,728 12.8 65.2% 1.69x 6.2500% - 6.4999% 13 358,595,522 30.8 72.0% 1.16x 6.5000% - 8.7070% 55 643,685,669 55.2 69.7% 1.25x ----------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 79 $1,165,893,035 100.0% 69.6% 1.29x ----------------------------------------------------------------------------------------------------------------------- WA Interest Rate: 6.6247%
Original Term to Maturity in Months
Range of Original Terms to Maturity Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------ ---------------- ----------------- ----------------- ----------- ------------- 56 - 72 5 $80,673,865 6.9% 76.5% 1.33x 73 - 84 1 110,000,000 9.4 68.3% 1.10x 85 - 168 73 975,219,170 83.6 69.2% 1.31x ----------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 79 $1,165,893,035 100.0% 69.6% 1.29x ----------------------------------------------------------------------------------------------------------------------- WA Original Loan Term: 112 months
Geographic Distribution(3)
Geographic Location Number of Properties Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ----------------------- -------------------- ----------------- -------- ----------- ------------- California 4 $247,233,826 21.2% 70.7% 1.10x Pennsylvania 6 96,144,169 8.2 71.8% 1.25x Wisconsin 16 92,224,995 7.9 73.5% 1.31x Arizona 2 79,072,344 6.8 69.3% 1.21x Maryland 4 62,259,508 5.3 48.5% 2.07x Other 86 588,958,193 50.5 70.5% 1.30x -------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 118 $1,165,893,035 100.0% 69.6% 1.29x
Underwritten Cash Flow Debt Service Coverage Ratios
Range of UW DSCRs Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ----------------------- -------------------- ----------------- -------- ----------- ------------- 1.10x - 1.14x 4 $275,700,000 23.6% 72.1% 1.10x 1.15x - 1.19x 13 137,624,462 11.8 74.8% 1.17x 1.20x - 1.29x 39 446,367,870 38.3 69.3% 1.22x 1.30x - 1.49x 13 228,921,753 19.6 70.8% 1.38x 1.50x - 1.99x 8 41,288,550 3.5 64.9% 1.71x 2.00x - 3.76x 2 35,990,400 3.1 32.3% 2.95x -------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 79 $1,165,893,035 100.0% 69.6% 1.29x -------------------------------------------------------------------------------------------------------------- WA UW DSCR: 1.29x
Remaining Terms to Maturity in Months
Range of Remaining Terms to Maturity Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ----------------------- -------------------- ----------------- -------- ----------- ------------- 53 - 60 5 $80,673,865 6.9% 76.5% 1.33x 61 - 84 1 110,000,000 9.4 68.3% 1.10x 85 - 166 73 975,219,170 83.6 69.2% 1.31x -------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 79 $1,165,893,035 100.0% 69.6% 1.29x -------------------------------------------------------------------------------------------------------------- WA Remaining Term: 107 months
Property Type Distribution(3)
Property Type Sub Property Type Number of Properties Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ----------------------- ---------------------- -------------------- ----------------- -------- ----------- ------------- Retail Anchored 20 $355,164,564 30.5% 71.0% 1.14x Unanchored 16 61,861,964 5.3 69.3% 1.22x Shadow Anchored 2 6,541,259 0.6 68.2% 1.25x Subtotal: 38 $423,567,787 36.3% 70.7% 1.15x Office Suburban 9 $141,009,441 12.1% 61.9% 1.54x CBD 3 91,120,000 7.8 74.6% 1.32x Medical 8 77,845,000 6.7 78.3% 1.31x Subtotal: 20 $309,974,441 26.6% 69.8% 1.42x Hotel Full Service 5 $158,518,557 13.6% 70.1% 1.25x Limited Service 14 81,225,952 7.0 69.0% 1.49x Extended Stay 1 5,500,000 0.5 74.3% 1.75x Subtotal: 20 $245,244,510 21.0% 69.8% 1.34x Multifamily Garden 8 $55,898,465 4.8% 73.2% 1.23x Mid/High Rise 2 9,177,180 0.8 43.7% 2.57x Low Rise 1 405,000 0.03 79.1% 1.20x Subtotal: 11 $65,480,645 5.6% 69.1% 1.42x Industrial Warehouse/Distribution 11 $38,955,549 3.3% 63.4% 1.30x Flex 4 4,185,000 0.4 79.1% 1.20x Subtotal: 15 $43,140,549 3.7% 64.9% 1.29x Mixed Use Industrial/Office 2 $22,585,645 1.9% 62.4% 1.25x Office/Warehouse 2 13,336,645 1.1 69.3% 1.27x Multifamily/Retail 1 5,035,000 0.4 79.1% 1.20x Subtotal: 5 $40,957,289 3.5% 66.7% 1.25x ------------------------------------------------------------------------------------------------------------------------------ Self Storage 5 $23,527,814 2.0% 71.7% 1.22x ------------------------------------------------------------------------------------------------------------------------------ Parking Garage 4 $14,000,000 1.2% 50.7% 1.30x ------------------------------------------------------------------------------------------------------------------------------ Total/Weighted Average: 118 $1,165,893,035 100.0% 69.6% 1.29x
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 With respect to certain mortgage loans, the loan-to-value ratios were based upon the "as-stabilized" values rather than the "as-is" values or with certain other adjustments as defined in the related appraisal. 3 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 the Free Writing Prospectus. 6 of 13 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 2008-C2 Collateral Characteristics - All Mortgage Loans Original Amortization Term in Months(1)
Range of Original Amortization Terms Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------ ---------------- ----------------- ----------------- ----------- ------------- 180 - 240 1 $4,441,215 0.4% 62.1% 1.16x 241 - 300 3 10,732,784 1.0 56.1% 1.58x 301 - 360 71 1,030,624,036 98.5 70.4% 1.23x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 75 $1,045,798,035 100.0% 70.2% 1.23x ------------------------------------------------------------------------------------------------------------------------------- WA Original Amort Term: 359 months
LTV Ratios as of the Cut-off Date
Range of Cut-off LTVs Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------ ---------------- ----------------- ----------------- ----------- ------------- 17.7% - 50.0% 4 $45,429,505 3.9% 34.9% 2.67x 50.1% - 60.0% 8 84,053,777 7.2 57.6% 1.30x 60.1% - 65.0% 8 75,448,887 6.5 61.4% 1.27x 65.1% - 70.0% 13 285,492,764 24.5 68.2% 1.17x 70.1% - 75.0% 25 382,134,989 32.8 72.7% 1.26x 75.1% - 80.0% 20 281,885,605 24.2 77.7% 1.22x 80.1% - 83.3% 1 11,447,509 1.0 83.3% 1.29x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 79 $1,165,893,035 100.0% 69.6% 1.29x ------------------------------------------------------------------------------------------------------------------------------- WA Cut-off Date LTV Ratio: 69.6%
Amortization Types
Amortized Types Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------ ---------------- ----------------- ----------------- ----------- ------------- Balloon Loans Partial Interest-Only 32 $766,015,000 65.7% 71.1% 1.18x Balloon 43 279,783,035 24.0 67.9% 1.37x Interest-Only 4 120,095,000 10.3 64.5% 1.79x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 79 $1,165,893,035 100.0% 69.6% 1.29x
Partial Interest-Only Periods
Range of Partial Interest-Only Periods Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------ ---------------- ----------------- ----------------- ----------- ------------- 6 - 35 15 $188,728,000 24.6% 73.4% 1.24x 36 - 47 10 314,482,000 41.1 70.3% 1.16x 48 - 60 7 262,805,000 34.3 70.3% 1.16x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 32 $766,015,000 100.0% 71.1% 1.18x
Remaining Amortization Term in Months(1)
Range of Remaining Amortization Terms Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 176 - 240 1 $4,441,215 0.4% 62.1% 1.16x 241 - 300 3 10,732,784 1.0 56.1% 1.58x 301 - 360 71 1,030,624,036 98.5 70.4% 1.23x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 75 $1,045,798,035 100.0% 70.2% 1.23x ------------------------------------------------------------------------------------------------------------------------------- WA Remaining Amort Term: 357 months
LTV Ratios as of the Maturity Date
Range of Maturity LTVs Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 13.3% - 50.0% 8 $69,160,713 5.9% 42.0% 2.21x 50.1% - 60.0% 19 182,112,679 15.6 61.6% 1.27x 60.1% - 65.0% 18 234,322,575 20.1 70.3% 1.28x 65.1% - 70.0% 23 471,697,559 40.5 73.1% 1.16x 70.1% - 75.0% 8 145,782,000 12.5 75.9% 1.27x 75.1% - 79.0% 1 7,450,000 0.6 79.3% 1.19x 79.1% - 79.3% 2 55,367,509 4.7 80.1% 1.36x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 79 $1,165,893,035 100.0% 69.6% 1.29x ------------------------------------------------------------------------------------------------------------------------------- WA LTV Ratio at Maturity/ARD Date: 64.1%
Year Built/Renovated(4,5)
Range of Years Built/Renovated Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 1940 - 1979 5 $26,891,314 2.3% 59.0% 1.27x 1980 - 1989 9 102,650,957 8.8 64.4% 1.79x 1990 - 1999 22 255,563,403 21.9 70.5% 1.18x 2000 - 2004 24 130,906,370 11.2 70.5% 1.29x 2005 - 2008 58 649,880,992 55.7 70.3% 1.25x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 118 $1,165,893,035 100.0% 69.6% 1.29x
Prepayment Protection
Prepayment Protection Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- Defeasance 66 $1,081,903,150 92.8% 69.5% 1.28x Yield Maintenance 10 54,326,683 4.7 71.4% 1.35x Fixed Penalty 1 11,447,509 1.0 83.3% 1.29x Def/Fixed Penalty 1 11,000,000 0.9 58.8% 1.20x Def, Def/YM 1 7,215,693 0.6 70.7% 1.41x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 79 $1,165,893,035 100.0% 69.6% 1.29x
Loan Purpose
Loan Purpose Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- Refinance 58 $777,973,248 66.7% 68.8% 1.31x Acquisition 21 387,919,788 33.3 71.3% 1.24x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 79 $1,165,893,035 100.0% 69.6% 1.29x
1 Excludes mortgage loans that are Interest-Only for their 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 payments on, the related pari passu companion loans. 3 With respect to certain mortgage loans, the loan-to-value ratios were based upon the "as-stabilized" values rather than the "as-is" values or with certain other adjustments as defined in the related appraisals. 4 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. 5 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 the Free Writing Prospectus. 7 of 13 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 2008-C2 Collateral Characteristics - Loan Group 1 Cut-off Date Principal Balance
Range of Principal Balances Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- $1,441,259 - $2,999,999 8 $16,900,837 1.5% 72.8% 1.30x $3,000,000 - $3,999,999 7 24,144,401 2.2 62.6% 1.33x $4,000,000 - $4,999,999 10 44,951,100 4.1 73.1% 1.22x $5,000,000 - $6,999,999 14 80,400,586 7.3 65.7% 1.47x $7,000,000 - $9,999,999 5 41,159,356 3.7 70.7% 1.27x $10,000,000 - $14,999,999 6 73,961,347 6.7 66.0% 1.20x $15,000,000 - $24,999,999 4 78,680,000 7.1 68.5% 1.19x $25,000,000 - $99,999,999 12 401,419,764 36.5 70.4% 1.40x $100,000,000 - $125,200,000 3 339,200,000 30.8 70.5% 1.13x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x ------------------------------------------------------------------------------------------------------------------------------- Average Balance per Loan: $15,953,875 Average Balance per Property: $10,192,754
Range of Mortgage Interest Rates
Range of Mortgage Interest Rates Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 5.8400% - 5.9999% 2 $9,564,716 0.9% 70.2% 1.26x 6.0000% - 6.4999% 19 489,200,250 44.4 70.1% 1.32x 6.5000% - 8.7070% 48 602,052,424 54.7 69.3% 1.25x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x ------------------------------------------------------------------------------------------------------------------------------- WA Interest Rate: 6.6310%
Original Term to Maturity in Months
Range of Original Terms to Maturity Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 56 - 71 4 $69,226,357 6.3% 75.3% 1.34x 72 - 84 1 110,000,000 10.0 68.3% 1.10x 85 - 120 63 915,043,034 83.1 69.5% 1.30x 121 - 121 1 6,548,000 0.6 59.3% 1.20x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x ------------------------------------------------------------------------------------------------------------------------------- WA Original Loan Term: 112 months
Geographic Distribution(3)
Geographic Location Number of Properties Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ----------------------- -------------------- ----------------- -------- ----------- ------------- California 4 $247,233,826 22.5% 70.7% 1.10x Pennsylvania 6 96,144,169 8.7 71.8% 1.25x Wisconsin 16 92,224,995 8.4 73.5% 1.31x Arizona 2 79,072,344 7.2 69.3% 1.21x Maryland 4 62,259,508 5.7 48.5% 2.07x Other 76 523,882,549 47.6 70.6% 1.28x ------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 108 $1,100,817,391 100.0% 69.7% 1.28x
Underwritten Cash Flow Debt Service Coverage Ratios
Range of UW DSCRs Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ----------------------- -------------------- ----------------- -------- ----------- ------------- 1.10x - 1.14x 4 $275,700,000 25.0% 72.1% 1.10x 1.15x - 1.19x 10 125,328,546 11.4 74.6% 1.17x 1.20x - 1.29x 34 401,190,361 36.4 69.0% 1.22x 1.30x - 1.49x 12 226,309,934 20.6 70.8% 1.38x 1.50x - 1.99x 8 41,288,550 3.8 64.9% 1.71x 2.00x - 2.82x 1 31,000,000 2.8 34.6% 2.82x ------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x ------------------------------------------------------------------------------------------------------------- WA UW DSCR: 1.28x
Remaining Terms to Maturity Date in Months
Range of Remaining Terms to Maturity Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------ -------------------- ----------------- -------- ----------- ------------- 53 - 60 4 $69,226,357 6.3% 75.3% 1.34x 61 - 84 1 110,000,000 10.0 68.3% 1.10x 85 - 120 63 915,043,034 83.1 69.5% 1.30x 121 - 121 1 6,548,000 0.6 59.3% 1.20x -------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x -------------------------------------------------------------------------------------------------------------------------- WA Remaining Term: 107 months
Geographic Distribution(3)
Geographic Location Number of Properties Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ----------------------- -------------------- ----------------- -------- ----------- ------------- California 4 $247,233,826 22.5% 70.7% 1.10x Pennsylvania 6 96,144,169 8.7 71.8% 1.25x Wisconsin 16 92,224,995 8.4 73.5% 1.31x Arizona 2 79,072,344 7.2 69.3% 1.21x Maryland 4 62,259,508 5.7 48.5% 2.07x Other 76 523,882,549 47.6 70.6% 1.28x ------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 108 $1,100,817,391 100.0% 69.7% 1.28x
Underwritten Cash Flow Debt Service Coverage Ratios
Range of UW DSCRs Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ----------------------- -------------------- ----------------- -------- ----------- ------------- 1.10x - 1.14x 4 $275,700,000 25.0% 72.1% 1.10x 1.15x - 1.19x 10 125,328,546 11.4 74.6% 1.17x 1.20x - 1.29x 34 401,190,361 36.4 69.0% 1.22x 1.30x - 1.49x 12 226,309,934 20.6 70.8% 1.38x 1.50x - 1.99x 8 41,288,550 3.8 64.9% 1.71x 2.00x - 2.82x 1 31,000,000 2.8 34.6% 2.82x ------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x ------------------------------------------------------------------------------------------------------------- WA UW DSCR: 1.28x
Remaining Terms to Maturity Date in Months
Range of Remaining Terms to Maturity Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------ -------------------- ----------------- -------- ----------- ------------- 53 - 60 4 $69,226,357 6.3% 75.3% 1.34x 61 - 84 1 110,000,000 10.0 68.3% 1.10x 85 - 120 63 915,043,034 83.1 69.5% 1.30x 121 - 121 1 6,548,000 0.6 59.3% 1.20x -------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x -------------------------------------------------------------------------------------------------------------------------- WA Remaining Term: 107 months
Property Type Distribution(3)
Property Type Sub Property Type Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ----------------------- ---------------------- -------------------- ----------------- --------- ------------ ------------- Retail Anchored 20 $355,164,564 32.3% 71.0% 1.14x Unanchored 16 61,861,964 5.6 69.3% 1.22x Shadow Anchored 2 6,541,259 0.6 68.2% 1.25x Subtotal: 38 $423,567,787 38.5% 70.7% 1.15x Office Suburban 9 $141,009,441 12.8% 61.9% 1.54x CBD 3 91,120,000 8.3 74.6% 1.32x Medical 8 77,845,000 7.1 78.3% 1.31x Subtotal: 20 $309,974,441 28.2% 69.8% 1.42x Hotel Full Service 5 $158,518,557 14.4% 70.1% 1.25x Limited Service 14 81,225,952 7.4 69.0% 1.49x Extended Stay 1 5,500,000 0.5 74.3% 1.75x Subtotal: 20 $245,244,510 22.3% 69.8% 1.34x Industrial Warehouse/Distribution 11 $38,955,549 3.5% 63.4% 1.30x Flex 4 4,185,000 0.4 79.1% 1.20x Subtotal: 15 $43,140,549 3.9% 64.9% 1.29x Mixed Use Industrial/Office 2 $22,585,645 2.1% 62.4% 1.25x Office/Warehouse 2 13,336,645 1.2 69.3% 1.27x Multifamily/Retail 1 5,035,000 0.5 79.1% 1.20x Subtotal: 5 $40,957,289 3.7% 66.7% 1.25x ------------------------------------------------------------------------------------------------------------------------------- Self Storage 5 $23,527,814 2.1% 71.7% 1.22x ------------------------------------------------------------------------------------------------------------------------------- Parking Garage 4 $14,000,000 1.3% 50.7% 1.30x ------------------------------------------------------------------------------------------------------------------------------- Multifamily Low Rise 1 $405,000 0.04% 79.1% 1.20x ------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 108 $1,100,817,391 100.0% 69.7% 1.28x
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 With respect to certain mortgage loans, the loan-to-value ratios were based upon the "as-stabilized" values rather than the "as-is" values or with certain other adjustments as defined in the related appraisal. 3 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 the Free Writing Prospectus. 8 of 13 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 2008-C2 Collateral Characteristics - Loan Group 1 Original Amortization Term in Months(1)
Range of Original Amortization Terms Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 180 - 240 1 $4,441,215 0.5% 62.1% 1.16x 241 - 300 3 10,732,784 1.1 56.1% 1.58x 301 - 360 61 965,548,392 98.5 70.5% 1.21x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 65 $980,722,391 100.0% 70.3% 1.22x -------------------------------------------------------------------------------------------------------------------------------- WA Original Amort Term: 358 months
LTV Ratios as of the Cut-off Date
Range of Cut-off LTVs Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 34.6% - 50.0% 3 $40,439,105 3.7% 37.1% 2.53x 50.1% - 60.0% 8 84,053,777 7.6 57.6% 1.30x 60.1% - 65.0% 8 75,448,887 6.9 61.4% 1.27x 65.1% - 70.0% 11 266,880,944 24.2 68.4% 1.17x 70.1% - 75.0% 22 364,368,209 33.1 72.7% 1.26x 75.1% - 79.8% 17 269,626,469 24.5 77.8% 1.22x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x -------------------------------------------------------------------------------------------------------------------------------- WA Cut-off Date LTV Ratio: 69.7%
Amortization Types
Amortized Types Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- Balloon Loans Partial Interest-Only 27 $729,833,000 66.3% 71.1% 1.18x Balloon 38 250,889,391 22.8 67.8% 1.34x Interest-Only 4 120,095,000 10.9 64.5% 1.79x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x
Partial Interest-Only Periods
Range of Partial Interest-Only Periods Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) -------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 6 - 24 13 $182,373,000 25.0% 73.3% 1.24x 25 - 36 6 160,130,000 21.9 71.3% 1.19x 37 - 48 3 157,200,000 21.5 70.3% 1.11x 49 - 60 5 230,130,000 31.5 69.9% 1.15x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 27 $729,833,000 100.0% 71.1% 1.18x
Remaining Amortization Term in Months(1)
Range of Remaining Amortization Term Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 176 - 240 1 $4,441,215 0.5% 62.1% 1.16x 241 - 300 3 10,732,784 1.1 56.1% 1.58x 301 - 360 61 965,548,392 98.5 70.5% 1.21x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 65 $980,722,391 100.0% 70.3% 1.22x -------------------------------------------------------------------------------------------------------------------------------- WA Remaining Amort Term: 357 months
LTV Ratios as of the Maturity Date
Range of Maturity LTVs Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 28.7% - 50.0% 7 $64,170,313 5.8% 43.9% 2.09x 50.1% - 60.0% 17 163,500,860 14.9 61.1% 1.27x 60.1% - 70.0% 36 678,446,218 61.6 72.1% 1.20x 70.1% - 75.0% 7 143,330,000 13.0 75.8% 1.27x 75.1% - 79.3% 2 51,370,000 4.7 79.3% 1.35x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x -------------------------------------------------------------------------------------------------------------------------------- WA LTV Ratio at Maturity/ARD Date: 64.1%
Year Built/Renovated(4,5)
Range of Years Built/Renovated Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 1940 - 1979 5 $26,891,314 2.4% 59.0% 1.27x 1980 - 1989 9 102,650,957 9.3 64.4% 1.79x 1990 - 1999 19 228,590,894 20.8 69.8% 1.17x 2000 - 2004 24 130,906,370 11.9 70.5% 1.29x 2005 - 2008 51 611,777,856 55.6 70.8% 1.24x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 108 $1,100,817,391 100.0% 69.7% 1.28x
Prepayment Protection
Prepayment Protection Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- Defeasance 58 $1,039,650,015 94.4% 69.7% 1.28x Yield Maintenance 9 42,951,683 3.9 71.5% 1.38x Def/Fixed Penalty 1 11,000,000 1.0 58.8% 1.20x Def, Def/YM 1 7,215,693 0.7 70.7% 1.41x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x
Loan Purpose
Loan Purpose Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- Refinance 53 $758,075,112 68.9% 69.0% 1.30x Acquisition 16 342,742,279 31.1 71.1% 1.25x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 69 $1,100,817,391 100.0% 69.7% 1.28x
1 Excludes mortgage loans that are Interest-Only for their 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 payments on, the related pari passu companion loans. 3 With respect to certain mortgage loans, the loan-to-value ratios were based upon the "as-stabilized" values rather than the "as-is" values or with certain other adjustments as defined in the related appraisals. 4 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. 5 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 the Free Writing Prospectus. 9 of 13 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 2008-C2 Collateral Characteristics - Loan Group 2 Cut-off Date Principal Balance
Range of Principal Balances Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- $2,205,000 - $3,999,999 3 $7,268,820 11.2% 72.5% 1.28x $4,000,000 - $4,999,999 3 13,327,180 20.5 54.0% 2.15x $5,000,000 - $6,999,999 1 5,657,137 8.7 77.5% 1.15x $7,000,000 - $14,999,999 2 22,822,509 35.1 77.2% 1.27x $15,000,000 - $16,000,000 1 16,000,000 24.6 65.3% 1.21x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x -------------------------------------------------------------------------------------------------------------------------------- Average Balance per Loan: $6,507,564 Average Balance per Property: $6,507,564
Range of Mortgage Interest Rates
Range of Mortgage Interest Rates Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 5.7800% - 6.2499% 2 $20,990,400 32.3% 54.0% 1.82x 6.2500% - 6.7499% 4 20,588,820 31.6 72.8% 1.25x 6.7500% - 7.0300% 4 23,496,425 36.1 79.2% 1.23x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x -------------------------------------------------------------------------------------------------------------------------------- WA Interest Rate: 6.5183%
Original Term to Maturity Date in Months
Range of Original Terms to Maturity Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 60 - 84 1 $11,447,509 17.6% 83.3% 1.29x 85 - 120 8 48,637,736 74.7 70.9% 1.22x 121 - 168 1 4,990,400 7.7 17.7% 3.76x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x -------------------------------------------------------------------------------------------------------------------------------- WA Original Loan Term: 113 months
Geographic Distribution(3)
Geographic Location Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- Texas 2 $27,375,000 42.1% 67.7% 1.22x Florida 1 11,447,509 17.6 83.3% 1.29x Missouri 2 9,843,916 15.1 76.4% 1.15x New York 1 4,990,400 7.7 17.7% 3.76x Indiana 1 4,150,000 6.4 76.7% 1.20x Other 3 7,268,820 11.2 72.5% 1.28x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x
Underwritten Cash Flow Debt Service Coverage Ratios
Range of UW DSCRs Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 1.15x - 1.19x 3 $12,295,916 18.9% 76.7% 1.16x 1.20x - 1.29x 5 45,177,509 69.4 72.6% 1.24x 1.30x - 1.49x 1 2,611,820 4.0 68.7% 1.40x 1.50x - 3.76x 1 4,990,400 7.7 17.7% 3.76x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x -------------------------------------------------------------------------------------------------------------------------------- WA UW DSCR: 1.42x
Remaining Terms to Maturity Date in Months
Range of Remaining Terms to Maturity Number of Loans Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 54 - 84 1 $11,447,509 17.6% 83.3% 1.29x 85 - 114 2 6,761,820 10.4 73.6% 1.28x 115 - 144 6 41,875,916 64.3 70.5% 1.21x 145 - 166 1 4,990,400 7.7 17.7% 3.76x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x -------------------------------------------------------------------------------------------------------------------------------- WA Remaining Term: 109 months
Property Type Distribution(3)
Property Type Sub Property Type Number of Properties Principal Balance % of IPB WA LTV(1,2) WA UW DSCR(1) ----------------------- ---------------------- -------------------- ----------------- -------- ----------- ------------- Multifamily Garden 8 $55,898,465 85.9% 73.2% 1.23x Mid/High Rise 2 9,177,180 14.1 43.7% 2.57x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x
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 With respect to certain mortgage loans, the loan-to-value ratios were based upon the "as-stabilized" values rather than the "as-is" values or with certain other adjustments as defined in the related appraisal. 3 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 the Free Writing Prospectus. 10 of 13 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 2008-C2 Collateral Characteristics - Loan Group 2 Original Amortization Term in Months(1)
Range of Original Amortization Terms Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 360 - 360 10 $65,075,645 100.0% 69.0% 1.42x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x -------------------------------------------------------------------------------------------------------------------------------- WA Original Amort Term: 360 months
LTV Ratios as of the Cut-off Date
Range of Cut-off LTVs Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 17.7% - 69.9% 3 $23,602,220 36.3% 55.6% 1.77x 70.0% - 74.9% 3 17,766,779 27.3 71.9% 1.22x 75.0% - 80.0% 3 12,259,137 18.8 77.3% 1.17x 80.1% - 83.3% 1 11,447,509 17.6 83.3% 1.29x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x -------------------------------------------------------------------------------------------------------------------------------- WA Cut-off Date LTV Ratio: 69.0%
Amortization Types
Amortized Types Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- Balloon Loans Partial Interest-Only 5 $36,182,000 55.6% 69.6% 1.22x Balloon 5 28,893,645 44.4 68.3% 1.68x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x
Partial Interest-Only Periods
Range of Partial Interest-Only Periods Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- 12 - 48 4 $24,807,000 68.6% 69.0% 1.21x 49 - 60 1 11,375,000 31.4 71.1% 1.24x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 5 $36,182,000 100.0% 69.6% 1.22x
Remaining Amortization Term in Months(1)
Range of Remaining Amortization Terms Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- -------------------- ----------------- -------- ----------- ------------- 354 - 359 5 $28,893,645 44.4% 68.3% 1.68x 360 - 360 5 36,182,000 55.6 69.6% 1.22x ------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x ------------------------------------------------------------------------------------------------------------------------- WA Remaining Amort Term: 358 months
LTV Ratios as of the Maturity Date
Range of Maturity LTVs Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- -------------------- ----------------- -------- ----------- ------------- 13.3% - 49.9% 1 $4,990,400 7.7% 17.7% 3.76x 50.0% - 64.9% 3 20,816,820 32.0 66.3% 1.24x 65.0% - 69.9% 4 25,368,916 39.0 74.1% 1.20x 70.0% - 74.9% 1 2,452,000 3.8 78.1% 1.19x 75.0% - 79.3% 1 11,447,509 17.6 83.3% 1.29x ------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x ------------------------------------------------------------------------------------------------------------------------- WA LTV Ratio at Maturity/ARD Date: 62.9%
Year Built/Renovated(4,5)
Range of Years Built/Renovated Number of Properties Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- -------------------- ----------------- -------- ----------- ------------- 1994 - 1997 2 $22,822,509 35.1% 77.2% 1.27x 1998 - 2001 1 4,150,000 6.4 76.7% 1.20x 2002 - 2006 7 38,103,136 58.6 63.3% 1.54x ------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x
Prepayment Protection
Prepayment Protection Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- -------------------- ----------------- -------- ----------- ------------- Defeasance 8 $42,253,136 64.9% 64.6% 1.51x Fixed Penalty 1 11,447,509 17.6 83.3% 1.29x Yield Maintenance 1 11,375,000 17.5 71.1% 1.24x ------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x
Loan Purpose
Loan Purpose Number of Loans Principal Balance % of IPB WA LTV(2,3) WA UW DSCR(2) ------------------------------------- ---------------- ----------------- ----------------- ----------- ------------- Acquisition 5 $45,177,509 69.4% 72.6% 1.24x Refinance 5 19,898,136 30.6 60.9% 1.84x -------------------------------------------------------------------------------------------------------------------------------- Total/Weighted Average: 10 $65,075,645 100.0% 69.0% 1.42x
1 Excludes mortgage loans that are Interest-Only for their 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 payments on, the related pari passu companion loans. 3 With respect to certain mortgage loans, the loan-to-value ratios were based upon the "as-stabilized" values rather than the "as-is" values or with certain other adjustments as defined in the related appraisals. 4 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. 5 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 the Free Writing Prospectus. 11 of 13 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 2008-C2 Annex C Schedule III Class A-SB Planned Principal Balance Schedule Date Balance Date Balance ---- ------- ---- ------- June 12, 2008 $54,460,000.00 July 12, 2012 $54,460,000.00 July 12, 2008 $54,460,000.00 August 12, 2012 $54,460,000.00 August 12, 2008 $54,460,000.00 September 12, 2012 $54,459,282.20 September 12, 2008 $54,460,000.00 October 12, 2012 $53,543,386.93 October 12, 2008 $54,460,000.00 November 12, 2012 $52,774,027.18 November 12, 2008 $54,460,000.00 December 12, 2012 $51,801,517.44 December 12, 2008 $54,460,000.00 January 12, 2013 $50,991,426.89 January 12, 2009 $54,460,000.00 February 12, 2013 $50,159,414.26 February 12, 2009 $54,460,000.00 March 12, 2013 $48,802,303.47 March 12, 2009 $54,460,000.00 April 12, 2013 $47,960,124.88 April 12, 2009 $54,460,000.00 May 12, 2013 $46,941,191.87 May 12, 2009 $54,460,000.00 June 12, 2013 $46,088,327.35 June 12, 2009 $54,460,000.00 July 12, 2013 $45,058,993.55 July 12, 2009 $54,460,000.00 August 12, 2013 $44,195,321.65 August 12, 2009 $54,460,000.00 September 12, 2013 $43,326,692.88 September 12, 2009 $54,460,000.00 October 12, 2013 $42,282,015.51 October 12, 2009 $54,460,000.00 November 12, 2013 $41,402,400.21 November 12, 2009 $54,460,000.00 December 12, 2013 $40,347,029.47 December 12, 2009 $54,460,000.00 January 12, 2014 $39,456,302.77 January 12, 2010 $54,460,000.00 February 12, 2014 $38,560,463.37 February 12, 2010 $54,460,000.00 March 12, 2014 $37,148,940.71 March 12, 2010 $54,460,000.00 April 12, 2014 $36,239,841.66 April 12, 2010 $54,460,000.00 May 12, 2014 $35,155,773.87 May 12, 2010 $54,460,000.00 June 12, 2014 $34,235,228.19 June 12, 2010 $54,460,000.00 July 12, 2014 $33,140,019.19 July 12, 2010 $54,460,000.00 August 12, 2014 $32,207,896.75 August 12, 2010 $54,460,000.00 September 12, 2014 $31,270,423.11 September 12, 2010 $54,460,000.00 October 12, 2014 $30,157,997.83 October 12, 2010 $54,460,000.00 November 12, 2014 $29,318,140.49 November 12, 2010 $54,460,000.00 December 12, 2014 $28,323,278.34 December 12, 2010 $54,460,000.00 January 12, 2015 $27,472,797.42 January 12, 2011 $54,460,000.00 February 12, 2015 $26,617,393.82 February 12, 2011 $54,460,000.00 March 12, 2015 $25,308,120.71 March 12, 2011 $54,460,000.00 April 12, 2015 $24,440,174.44 April 12, 2011 $54,460,000.00 May 12, 2015 $23,417,971.57 May 12, 2011 $54,460,000.00 June 12, 2015 $22,539,079.75 June 12, 2011 $54,460,000.00 July 12, 2015 $21,506,222.89 July 12, 2011 $54,460,000.00 August 12, 2015 $20,616,260.08 August 12, 2011 $54,460,000.00 September 12, 2015 $19,721,145.27 September 12, 2011 $54,460,000.00 October 12, 2015 $18,672,497.57 October 12, 2011 $54,460,000.00 November 12, 2015 $17,766,125.85 November 12, 2011 $54,460,000.00 December 12, 2015 $16,706,521.10 December 12, 2011 $54,460,000.00 January 12, 2016 $15,788,763.46 January 12, 2012 $54,460,000.00 February 12, 2016 $14,865,692.39 February 12, 2012 $54,460,000.00 March 12, 2016 $13,642,389.20 March 12, 2012 $54,460,000.00 April 12, 2016 $12,706,883.09 April 12, 2012 $54,460,000.00 May 12, 2016 $11,618,919.99 May 12, 2012 $54,460,000.00 June 12, 2016 $10,671,693.99 June 12, 2012 $54,460,000.00 July 12, 2016 $9,572,323.17 12 of 13 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 2008-C2 Date Balance Date Balance ---- ------- ---- ------- August 12, 2016 $8,613,242.93 January 12, 2017 $3,438,679.93 September 12, 2016 $7,648,609.22 February 12, 2017 $2,444,073.92 October 12, 2016 $6,532,294.39 March 12, 2017 $1,008,339.26 November 12, 2016 $5,555,606.91 April 12, 2017 and December 12, 2016 $4,427,559.37 thereafter $0 13 of 13 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.