0001539497-20-000414.txt : 20200221 0001539497-20-000414.hdr.sgml : 20200221 20200221155949 ACCESSION NUMBER: 0001539497-20-000414 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20200221 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20200221 DATE AS OF CHANGE: 20200221 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages Exantas Capital Corp. 2020-RSO8, Ltd. FILER: COMPANY DATA: COMPANY CONFORMED NAME: Exantas Capital Corp. CENTRAL INDEX KEY: 0001332551 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 202287134 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-04982 FILM NUMBER: 20639966 BUSINESS ADDRESS: STREET 1: C/O RESOURCE AMERICA, INC. STREET 2: 717 FIFTH AVENUE, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-621-3210 MAIL ADDRESS: STREET 1: C/O RESOURCE AMERICA, INC. STREET 2: 717 FIFTH AVENUE, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Resource Capital Corp. DATE OF NAME CHANGE: 20050708 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: Exantas Capital Corp. CENTRAL INDEX KEY: 0001332551 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 202287134 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: C/O RESOURCE AMERICA, INC. STREET 2: 717 FIFTH AVENUE, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-621-3210 MAIL ADDRESS: STREET 1: C/O RESOURCE AMERICA, INC. STREET 2: 717 FIFTH AVENUE, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Resource Capital Corp. DATE OF NAME CHANGE: 20050708 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: Exantas Capital Corp. CENTRAL INDEX KEY: 0001332551 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 202287134 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: C/O RESOURCE AMERICA, INC. STREET 2: 717 FIFTH AVENUE, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-621-3210 MAIL ADDRESS: STREET 1: C/O RESOURCE AMERICA, INC. STREET 2: 717 FIFTH AVENUE, 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Resource Capital Corp. DATE OF NAME CHANGE: 20050708 ABS-15G 1 n2018_x1-abs15g.htm FORM ABS-15G

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM ABS-15G

 

ASSET-BACKED SECURITIZER

REPORT PURSUANT TO SECTION 15G

OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

 

[_]Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________.

 

Date of Report (Date of earliest event reported): ___________

 

Commission File Number of securitizer: ___________

 

Central Index Key Number of securitizer: ___________

 

 
(Name and telephone number, including area code,
of the person to contact in connection with this filing)

 

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): [_]

 

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): [_]

 

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii): [_]

 

 

[X]Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2).

 

Central Index Key Number of sponsor: 0001332551

 

Exantas Capital Corp. 2020-RSO8, Ltd.
(Exact name of issuing entity as specified in its charter)

 

Central Index Key Number of issuing entity (if applicable): Not applicable

 

Central Index Key Number of underwriter (if applicable): Not applicable

 

David J. Bryant, (212) 621-3210
(Name and telephone number, including area code,
of the person to contact in connection with this filing)

 

   

 

 

 

INFORMATION TO BE INCLUDED IN THE REPORT

 

 

PART I: REPRESENTATION AND WARRANTY INFORMATION

 

N/A

 

PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

 

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

 

Attached as Exhibit 99.1 hereto is an agreed-upon procedures report, dated February 21, 2020, of KPMG LLP, obtained by the sponsor, which report sets forth the findings and conclusions, as applicable, of KPMG LLP with respect to certain agreed-upon procedures performed by KPMG LLP.

 

 

   

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:  February 21, 2020 EXANTAS CAPITAL CORP.
(Sponsor)
   
  By:  /s/ Michael Pierro
   

Name: Michael Pierro

Title: Vice President

 

 

 

 

   

 

EXHIBIT INDEX

 

Exhibit 99.1 Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated February 21, 2020, of KPMG LLP.

 

 

   

 

 EX-99.1 2 exh99-1.htm INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES, DATED FEBRUARY 21, 2020, OF KPMG LLP

Exhibit 99.1

 

 

   
 

KPMG LLP

Suite 900
8350 Broad Street
McLean, VA 22102

  

Independent Accountants’ Report on Applying Agreed-Upon Procedures

Exantas Capital Corp. (the “Company”)

RCC Real Estate, Inc.

Wells Fargo Securities, LLC

J.P. Morgan Securities LLC

Barclays Capital Inc.

(together, the “Specified Parties”)

 

Re: XAN 2020-RSO8, Ltd. – Data File Procedures

We have performed the procedures described below, which were agreed to by the Specified Parties, on specific attributes identified by the Company contained in an electronic data file entitled “XAN 2020-RSO8 – Accounting Tape.xlsx” provided to us on February 21, 2020 (the “Data File”) containing information on 33 mortgage assets (the “Mortgage Assets”) and the related 36 mortgaged properties (the “Mortgaged Properties”) which we were informed are intended to be included as collateral related to the issuance of the Exantas Capital Corp. 2020-RSO8, Ltd., floating rate notes and preferred shares (the “Securities”). The Company is responsible for the specified attributes identified by the Company in the Data File. The sufficiency of these procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

Unless otherwise noted, the following definitions have been adopted in presenting our procedures and findings:

·The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the materiality threshold.
·The term “recomputed” means recalculated and compared the results to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the materiality threshold.
·The term “materiality threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.
·The term “Cut-off Date” means the payment date in February 2020, as provided by the Company.
·The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform procedures and listed in Attachment A.
·The term “Loan Files” means the copies of source documents made available by the Company and listed in Attachment A.
·The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures and listed in Attachment B.

 

  KPMG LLP is a Delaware limited liability partnership and the U.S. member
firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss entity.		  

 

   
 

 

·The term “Calculation Methodology” means the field listed in Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company.
·The term “Assumed LIBOR” means the LIBOR rate 1.700% which we were instructed to use by the Company where applicable in the Calculation Methodology.
·The term “Instructions” means the instructions provided by the Company pertaining to a specific attribute, methodology or value and described in Attachment C.

We were instructed by the Company to perform the following agreed-upon procedures on all Mortgage Assets and all related Mortgaged Properties in the Data File.

A.We compared the Compared Attributes in the Data File to the corresponding information set forth in the Loan Files (subject to the Instructions). Where more than one document is indicated, we used the highest priority document that we could locate in the Loan Files. The document priority is the order provided by the Company, which is listed in the “Source Document(s) column” in Attachment A, with the highest priority document listed first.

We found such information in the Data File to be in agreement.

B.Using (i) certain information in the Data File, (ii) the Calculation Methodology, we recomputed the Recomputed Attributes and compared the results of our recomputations to the corresponding information contained in the Data File.

We found such information in the Data File to be in agreement.

There were no conclusions that resulted from the procedures.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not, conduct an examination or review, the objectives of which would be the expression of an opinion or conclusion, respectively, on the specified attributes identified by the Company in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

The procedures performed were applied based on the methodologies, instructions, assumptions, and information provided to us by the Company, without verification or evaluation of such methodologies, assumptions, and information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the methodologies, instructions, assumptions, or information provided to us by the Company, (ii) the physical existence of the Mortgage Assets and Mortgaged Properties, (iii) the reliability or accuracy of the Loan Files, (iv) the adequacy of the disclosures in the Data File, (v) as to whether any of the statements expressed therein omit any material facts, or (vi) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Mortgage Assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Mortgage Assets being securitized, (iii) the compliance of the originator of the Mortgage Assets with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Mortgage Assets that would be material to the likelihood that the issuer of the Securities will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by a nationally recognized statistical rating organization (“NRSRO”).

 

 2 

 

 

 

The terms of our engagement are such that we have no obligation to update this report because of events and transactions that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors and NRSROs, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.

/s/ KPMG LLP

McLean, Virginia
February 21, 2020

 

 3 
 

 

ATTACHMENT A

COMPARED ATTRIBUTES

Attribute Source Document
Loan Number Provided by the Company
Loan Type Provided by the Company
Property Name Provided by the Company
Property Address Appraisal Report/Engineering Report
Property City Appraisal Report/Engineering Report
Property State Appraisal Report/Engineering Report
Property Zip Code Appraisal Report/Engineering Report/USPS.com
Property County Appraisal Report
Year Built Appraisal Report/Engineering Report
Year Renovated Appraisal Report/Engineering Report
Property Type Appraisal Report
Specific Property Type Appraisal Report
No of Units Underwritten Rent Roll/Certified Rent Roll/STR Report
Unit of Measure Underwritten Rent Roll/Certified Rent Roll/STR Report
Occupancy % Underwritten Rent Roll/Certified Rent Roll/STR Report, Management Summary
Occupancy Source Date Underwritten Rent Roll/Certified Rent Roll/STR Report, Management Summary
Loan Purpose (Acquisition, Refinance, DPO) Settlement Statement/Trepp Report/Exercise Notice
Assumed Loan (Y/N) Promissory Note/Loan Agreement
Borrower Name Promissory Note/Loan Agreement
Principals (Individuals) Guaranties
Related Borrower (Y/N) Guaranties
Note Date Promissory Note/Loan Agreement/Deed of Trust
First Payment Date Promissory Note/Loan Agreement/Deed of Trust/Settlement Statement/Servicer Report
Commitment Original Balance ($) Promissory Note/Loan Agreement/Deed of Trust

 

 A-1 
 

 

Attribute Source Document
Initial Funded Amount ($) Promissory Note/Loan Agreement/Deed of Trust
Future Funding Trigger / Requirements Promissory Note/Loan Agreement/Deed of Trust
Mortgage Loan Cut-off Date Balance ($) Provided by the Company/Servicing Report
Initial Maturity Date Promissory Note/Loan Agreement/Deed of Trust
Extension Options Promissory Note/Loan Agreement/Deed of Trust
Extension Options Description Promissory Note/Loan Agreement/Deed of Trust
1st Extension Option Description Promissory Note/Loan Agreement/Deed of Trust
First Extension Fee % Promissory Note/Loan Agreement/Deed of Trust
First Extension Period (Months) Promissory Note/Loan Agreement/Deed of Trust
2nd Extension Option Description Promissory Note/Loan Agreement/Deed of Trust
Second Extension Fee % Promissory Note/Loan Agreement/Deed of Trust
Second Extension Period (Months) Promissory Note/Loan Agreement/Deed of Trust
3rd Extension Option Description Promissory Note/Loan Agreement/Deed of Trust
Third Extension Fee % Promissory Note/Loan Agreement/Deed of Trust
Third Extension Period (Months) Promissory Note/Loan Agreement/Deed of Trust
4th Extension Option Description Promissory Note/Loan Agreement/Deed of Trust
Fourth Extension Fee % Promissory Note/Loan Agreement/Deed of Trust
Fourth Extension Period (Months) Promissory Note/Loan Agreement/Deed of Trust
5th Extension Option Description Promissory Note/Loan Agreement/Deed of Trust
Fifth Extension Fee % Promissory Note/Loan Agreement/Deed of Trust
Fifth Extension Period (Months) Promissory Note/Loan Agreement/Deed of Trust
Exit Fee % Promissory Note/Loan Agreement/Deed of Trust
Exit Fee Balance Promissory Note/Loan Agreement/Deed of Trust
Fully Extended Maturity Date Promissory Note/Loan Agreement/Deed of Trust
Rate Type Promissory Note/Loan Agreement/Deed of Trust
Index for Floating Rate Promissory Note/Loan Agreement/Deed of Trust
Fully Funded Mortgage Loan Margin % Promissory Note/Loan Agreement/Deed of Trust

 

 A-2 
 

 

Attribute Source Document
Rounding Factor (4) Promissory Note/Loan Agreement/Deed of Trust
Time of Rounding (Before Spread, After Spread) Promissory Note/Loan Agreement/Deed of Trust
Rounding Direction Promissory Note/Loan Agreement/Deed of Trust
Lookback Period Promissory Note/Loan Agreement/Deed of Trust
LIBOR Cap Provider LIBOR Cap Confirmation
LIBOR Cap Provider Rating Bloomberg Rating
LIBOR Cap Termination Date LIBOR Cap Confirmation
LIBOR Cap Notional Amount LIBOR Cap Confirmation
LIBOR Floor % Promissory Note/Loan Agreement/Deed of Trust
LIBOR Cap Strike Price % LIBOR Cap Confirmation
B Note / Mezz Loan % Promissory Note/Loan Agreement/Deed of Trust
Interest Accrual Basis Promissory Note/Loan Agreement/Deed of Trust
Interest Rate Change Promissory Note/Loan Agreement/Deed of Trust
Interest Rate Change Amount Promissory Note/Loan Agreement/Deed of Trust
Interest Rate Change Trigger Promissory Note/Loan Agreement/Deed of Trust
Grace Period Default (Days) Promissory Note/Loan Agreement/Deed of Trust
Grace Period Late (Days) Promissory Note/Loan Agreement/Deed of Trust
Grace Period Balloon (Days) Promissory Note/Loan Agreement/Deed of Trust
Original Prepayment Provision Promissory Note/Loan Agreement/Deed of Trust
Remaining Prepayment Provision Promissory Note/Loan Agreement/Deed of Trust
Original Yield Maintenance or Minimum Interest Term Promissory Note/Loan Agreement/Deed of Trust
Rate for Prepayment Protection Promissory Note/Loan Agreement/Deed of Trust
Partial Release and/or Partial Prepayment (Y/N) Promissory Note/Loan Agreement/Deed of Trust
Partial Release and/or Prepayment Description Promissory Note/Loan Agreement/Deed of Trust
Amortization Type During Initial Term Promissory Note/Loan Agreement/Deed of Trust
Amortization Type During Extensions Promissory Note/Loan Agreement/Deed of Trust
Amortization Type Promissory Note/Loan Agreement/Deed of Trust

 

 A-3 
 

 

Attribute Source Document
Amortization Style Promissory Note/Loan Agreement/Deed of Trust
Amort Number of Months Promissory Note/Loan Agreement/Deed of Trust
Amortization Rate Promissory Note/Loan Agreement/Deed of Trust
Amortization Rate Mechanics Provided by the Company
Amortization Basis Provided by the Company
Origination Date Appraisal Date Origination Date Appraisal
Origination Date Appraised Value Origination Date Appraisal
Appraisal Valuation Date Appraisal Report
As-Is Appraised Value Appraisal Report
Stabilized Appraised Value Appraisal Report
Appraisal Anticipated Stabilization Date Appraisal Report
USPAP Appraisal (Y/N) Appraisal Report
FIRREA Appraisal (Y/N) Appraisal Report
Third Most Recent As Of Date Company Underwritten Cash Flow Statement
Third Most Recent Actual Revenues Company Underwritten Cash Flow Statement
Third Most Recent Actual Expenses Company Underwritten Cash Flow Statement
Third Most Recent Actual NOI Company Underwritten Cash Flow Statement
Third Most Recent Actual NCF Company Underwritten Cash Flow Statement
Second Most Recent As Of Date Company Underwritten Cash Flow Statement
Second Most Recent Actual Revenues Company Underwritten Cash Flow Statement
Second Most Recent Actual Expenses Company Underwritten Cash Flow Statement
Second Most Recent Actual NOI Company Underwritten Cash Flow Statement
Second Most Recent Actual NCF Company Underwritten Cash Flow Statement
Most Recent As Of Date Company Underwritten Cash Flow Statement
Most Recent Actual Revenues Company Underwritten Cash Flow Statement
Most Recent Actual Expenses Company Underwritten Cash Flow Statement
Most Recent Actual NOI Company Underwritten Cash Flow Statement

 

 A-4 
 

 

Attribute Source Document
Most Recent Actual NCF Company Underwritten Cash Flow Statement
Underwritten Occupancy % Company Underwritten Cash Flow Statement
Underwritten Revenues Company Underwritten Cash Flow Statement
Underwritten Expenses Company Underwritten Cash Flow Statement
Underwritten NOI Company Underwritten Cash Flow Statement
Underwritten Reserves Company Underwritten Cash Flow Statement
Underwritten NCF Company Underwritten Cash Flow Statement
Underwritten Stabilized Occupancy % Company Underwritten Cash Flow Statement
Underwritten Stabilized Revenues Company Underwritten Cash Flow Statement
Underwritten Stabilized Expenses Company Underwritten Cash Flow Statement
Underwritten Stabilized NOI Company Underwritten Cash Flow Statement
Underwritten Stabilized Reserves Company Underwritten Cash Flow Statement
Underwritten Stabilized NCF Company Underwritten Cash Flow Statement
Appraisal Stabilized Occupancy % Company Underwritten Cash Flow Statement
Appraisal Stabilized Revenues Company Underwritten Cash Flow Statement
Appraisal Stabilized Expenses Company Underwritten Cash Flow Statement
Appraisal Stabilized NOI Company Underwritten Cash Flow Statement
Appraisal Stabilized Reserves Company Underwritten Cash Flow Statement
Appraisal Stabilized NCF Company Underwritten Cash Flow Statement
Loan Cross Portfolio Name Provided by the Company
Lien Position Title Policy/Promissory Note
Full Recourse (Y/N/Partial) Guaranties
Recourse Provisions Guaranties/Loan Agreement
Recourse Carveout Guarantor Guaranties/Loan Agreement
Title Vesting (Fee/Leasehold/Both) Title Policy
Ground Lease Payment (Annual) Ground Lease
Ground Lease Initial Expiration Date Ground Lease

 

 A-5 
 

 

 

Attribute Source Document
Ground Lease Extension (Y/N) Ground Lease
# of Ground Lease Extension Options Ground Lease
Ground Lease Expiration Date with Extension Ground Lease
Type of Lockbox Cash Management Agreement/Loan Agreement
Cash Management (Springing/In-place) Cash Management Agreement
Lockbox Trigger Event Cash Management Agreement
Engineering/Deferred Maintenance Escrow (Cut-off Date) Servicer Report/Settlement Statement/Reserve Agreement/Loan Agreement
Environmental Escrow (Cut-off Date) Servicer Report/Settlement Statement/Reserve Agreement/Loan Agreement
Tax Escrow (Cut-off Date) Servicer Report/Settlement Statement/Reserve Agreement/Loan Agreement
Tax Escrow (Monthly) Servicer Report/Reserve Agreement/Loan Agreement/Settlement Statement
Springing Tax Escrow Description Reserve Agreement/Loan Agreement/Settlement Statement
Insurance Escrow (Cut-off Date) Servicer Report/Settlement Statement/Reserve Agreement/Loan Agreement
Insurance Escrow (Monthly) Servicer Report/Reserve Agreement/Loan Agreement/Settlement Statement
Springing Insurance Escrow Description Reserve Agreement/Loan Agreement/Settlement Statement
Replacement Reserve (Cut-off Date) Servicer Report/Settlement Statement/Reserve Agreement/Loan Agreement
Replacement Reserve (Monthly) Servicer Report/Reserve Agreement/Loan Agreement/Settlement Statement
Springing Replacement Reserve Description Reserve Agreement/Loan Agreement/Settlement Statement
TI/LC Reserve (Cut-off Date) Servicer Report/Settlement Statement/Reserve Agreement/Loan Agreement
Monthly TI/LC Reserve ($) Servicer Report/Reserve Agreement/Loan Agreement/Settlement Statement
Springing TI/LC Reserve Description Reserve Agreement/Loan Agreement/Settlement Statement

 

 A-6 
 

 

Attribute Source Document
Cut-off Other Reserve 1 ($) Servicer Report/Settlement Statement/Reserve Agreement/Loan Agreement
Other Escrow 1 (Monthly) Servicer Report/Reserve Agreement/Loan Agreement/Settlement Statement
Other (Springing) Escrow Reserve 1 Description Reserve Agreement/Loan Agreement/Settlement Statement
Cut-off Other Reserve 2 ($) Servicer Report/Settlement Statement/Reserve Agreement/Loan Agreement
Other Escrow 2 (Monthly) Servicer Report/Reserve Agreement/Loan Agreement/Settlement Statement
Other (Springing) Escrow Reserve 2 Description Reserve Agreement/Loan Agreement/Settlement Statement
Engineering Report Date Engineering Report
Environmental Report Date (Phase I) Phase I Environmental Report
Environmental Report Date (Phase II) Phase II Environmental Report
Environmental Insurance (Y/N) Promissory Note/Loan Agreement/Insurance Certificate
Seismic Report Date Seismic Report
Seismic PML % Seismic Report/Engineering Report
Seismic Insurance Obtained if PML >= 20% (Y/N) Seismic Report/Engineering Report/Insurance Certificate
Single-Tenant (Y/N) Underwritten Rent Roll/Certified Rent Roll
Property Manager Management Agreement
TIC (Y/N) Promissory Note/Loan Agreement/TIC Agreement
Max Number of TICs Promissory Note/Loan Agreement/TIC Agreement
Single Purpose Borrower (Y/N) Promissory Note/Loan Agreement/Deed of Trust
Independent Director (Y/N) Promissory Note/Loan Agreement/Deed of Trust
Borrower Non Consolidation Opinion (Y/N) Opinion of Counsel
DST (Y/N) Promissory Note/Loan Agreement/Deed of Trust
IDOT (Y/N) Promissory Note/Loan Agreement/Deed of Trust
Largest Tenant Name Underwritten Rent Roll/Certified Rent Roll/Lease

 

 A-7 
 

 

Attribute Source Document
Largest Tenant SqFt Underwritten Rent Roll/Certified Rent Roll
Largest Tenant Exp Date Underwritten Rent Roll/Certified Rent Roll
2nd Largest Tenant Name Underwritten Rent Roll/Certified Rent Roll/Lease
2nd Largest Tenant SqFt Underwritten Rent Roll/Certified Rent Roll
2nd Largest Tenant Exp Date Underwritten Rent Roll/Certified Rent Roll
3rd Largest Tenant Name Underwritten Rent Roll/Certified Rent Roll/Lease
3rd Largest Tenant SqFt Underwritten Rent Roll/Certified Rent Roll
3rd Largest Tenant Exp Date Underwritten Rent Roll/Certified Rent Roll
4th Largest Tenant Name Underwritten Rent Roll/Certified Rent Roll/Lease
4th Largest Tenant Sqft Underwritten Rent Roll/Certified Rent Roll
4th Largest Tenant Exp Date Underwritten Rent Roll/Certified Rent Roll
5th Largest Tenant Name Underwritten Rent Roll/Certified Rent Roll/Lease
5th Largest Tenant Sqft Underwritten Rent Roll/Certified Rent Roll
5th Largest Tenant Exp Date Underwritten Rent Roll/Certified Rent Roll
Senior Debt Amount Promissory Note/Loan Agreement/Deed of Trust
Senior Debt Holder Promissory Note/Loan Agreement/Deed of Trust
Rate Promissory Note/Loan Agreement/Deed of Trust
Floor Promissory Note/Loan Agreement/Deed of Trust
Maturity Promissory Note/Loan Agreement/Deed of Trust
Amort Promissory Note/Loan Agreement/Deed of Trust
Administrative Fee Rate Provided by the Company
Net Mortgage Rate Provided by the Company
In-place Senior Debt Service Promissory Note/Loan Agreement/Deed of Trust
As Stabilized Senior Debt Service Promissory Note/Loan Agreement/Deed of Trust
Cut-off Date Subordinate Debt/Mezz Loan Bal ($) Promissory Note/Loan Agreement/Deed of Trust
Permitted Future Debt (Y/N) Promissory Note/Loan Agreement/Deed of Trust
Type Promissory Note/Loan Agreement/Deed of Trust

 

 A-8 
 

ATTACHMENT B

RECOMPUTED ATTRIBUTES

Attribute Calculation Methodology
Annual Debt Service Payment (IO) Fully Funded Mortgage Loan Rate % multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Balance ($).
Annual Debt Service Payment (P&I) Fully Funded Mortgage Loan Rate % multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Balance ($).
Annual Debt Service Payment (Cap) Mortgage Rate Cap multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Balance ($).
Cut-off Date Future Funding Remaining Balance ($) Commitment Original Balance ($) minus Mortgage Loan Cut-off Date Balance ($).
Mortgage Loan % of Total Cut-off Date Balance Mortgage Loan Cut-off Date Balance ($) divided by the aggregate Mortgage Loan Cut-off Date Balance ($) of all mortgage assets.
Mortgage Loan Balloon Payment ($) For all loans which are interest only loans, the amount equal to the Commitment Original Balance ($).
Mortgage Loan Cut-off Date Balance / Unit ($) Cut-off Date Total Debt Balance divided by No of Units.
Committed Mortgage Loan Cut-off Date Balance / Unit ($) Commitment Original Balance ($) divided by No of Units.
Mortgage Loan Balloon Payment / Unit ($) Mortgage Loan Balloon Payment ($) divided by No of Units.
Initial Loan Term (Original) Number of payments between and including the Initial Maturity Date and the First Payment Date.
Cut-off Date Initial Loan Term (Remaining) Initial Loan Term (Original) minus Cut-off Date Seasoning.
Cut-off Date Seasoning Number of payments between and including the First Payment Date and the Cut-off Date.
First Extension Fee ($) Commitment Original Balance ($) multiplied by First Extension Fee %.
First Extension Floor Equals the Mortgage Rate Floor.

 

 B-1 
 

 

Attribute Calculation Methodology
First Extension Cap Equals the Mortgage Rate Cap (if applicable), or, if the LIBOR cap strike price increases during extension periods, the extension LIBOR cap strike price per the Promissory Note plus the Fully Funded Mortgage Loan Margin %.
Second Extension Fee ($) Commitment Original Balance ($) multiplied by Second Extension Fee %.
Second Extension Floor Equals the Mortgage Rate Floor (if applicable).
Second Extension Cap Equals the Mortgage Rate Cap (if applicable), or, if the LIBOR cap strike price increases during extension periods, the extension LIBOR cap strike price per the Promissory Note plus the Fully Funded Mortgage Loan Margin %.
Third Extension Fee ($) Commitment Original Balance ($) multiplied by Third Extension Fee %. (If applicable)
Third Extension Floor Equals the Mortgage Rate Floor (if applicable)
Third Extension Cap Equals the Mortgage Rate Cap (if applicable), or, if the LIBOR cap strike price increases during extension periods, the extension LIBOR cap strike price per the Promissory Note plus the Fully Funded Mortgage Loan Margin %.
Fourth Extension Fee ($) Commitment Original Balance ($) multiplied by Fourth Extension Fee %. (If applicable)
Fourth Extension Floor Equals the Mortgage Rate Floor (if applicable)
Fourth Extension Cap Equals the Mortgage Rate Cap (if applicable), or, if the LIBOR cap strike price increases during extension periods, the extension LIBOR cap strike price per the Promissory Note plus the Fully Funded Mortgage Loan Margin %.
Fifth Extension Fee ($) Commitment Original Balance ($) multiplied by Fifth Extension Fee %. (If applicable)
Fifth Extension Floor Equals the Mortgage Rate Floor (if applicable)
Fifth Extension Cap Equals the Mortgage Rate Cap (if applicable), or, if the LIBOR cap strike price increases during extension periods, the extension LIBOR cap strike price per the Promissory Note plus the Fully Funded Mortgage Loan Margin %.
Exit Fee ($) Commitment Original Balance ($) multiplied by Exit Fee %.
 B-2 
 

 

Attribute Calculation Methodology
Fully Extended Loan Term (Original) Number of payments between and including the Fully Extended Maturity Date and the First Payment Date.
Fully Extended Loan Term (Remaining) Fully Extended Loan Term (Original) minus Cut-off Date Seasoning.
Mortgage Rate Floor The sum of the Fully Funded Mortgage Loan Margin % and the LIBOR Floor %.
Mortgage Rate Cap The sum of the LIBOR Cap Strike Price % and the Fully Funded Mortgage Loan Margin %.
Fully Funded Mortgage Loan Rate % The sum of the Fully Funded Mortgage Loan Margin % and Assumed LIBOR rounded by the respective rounding factor subject to (i) the Mortgage Rate Floor and (ii) the Mortgage Rate Cap.
IO Number of Months For all loans for which Amortization Type During Initial Term is Interest Only, number of payments between and including the Initial Maturity Date and the First Payment Date.
IO Number of Months through Fully Extended Loan Term IO Number of Months plus the number of IO payments between and including the Initial Maturity Date and the Fully Extended Maturity Date.
Origination Date LTV Ratio Initial Funded Amount ($) divided by Origination Date Appraisal Value.
Mortgage Loan Cut-off Date (As-Is) LTV Ratio Cut-off Date Total Debt Balance divided by As-Is Appraised Value.
Committed Mortgage Loan (Stabilized) LTV Ratio Commitment Original Balance ($) divided by Stabilized Appraised Value.
Maturity Date Stabilized LTV Ratio Mortgage Loan Balloon Payment ($) divided by Stabilized Appraised Value.
Mortgage Loan Most Recent NOI DSCR Most Recent Actual NOI divided by Cut-off Date Total Debt Ann Debt Service ($).
Mortgage Loan Most Recent NCF DSCR Most Recent Actual NCF divided by Cut-off Date Total Debt Ann Debt Service ($).
Cut-off Date Mortgage Loan Most Recent NOI Debt Yield Most Recent Actual NOI divided Cut-off Date Total Debt Balance.
Cut-off Date Mortgage Loan Most Recent NCF Debt Yield Most Recent Actual NCF divided by Cut-off Date Total Debt Balance.

 

 B-3 
 

 

Attribute Calculation Methodology
Mortgage Loan Underwritten NOI DSCR Underwritten NOI divided by Cut-off Date Total Debt Ann Debt Service ($).
Mortgage Loan Underwritten NCF DSCR Underwritten NCF divided by Cut-off Date Total Debt Ann Debt Service ($).
Cut-off Date Mortgage Loan Underwritten NOI Debt Yield Underwritten NOI divided by Cut-off Date Total Debt Balance.
Cut-off Date Mortgage Loan Underwritten NCF Debt Yield Underwritten NCF divided by Cut-off Date Total Debt Balance.
Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR Underwritten Stabilized NOI divided by the product of Fully Funded Mortgage Loan Rate % and Commitment Original Balance ($) multiplied by Interest Accrual Basis.
Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR Underwritten Stabilized NCF divided by the product of Fully Funded Mortgage Loan Rate % and Commitment Original Balance ($) multiplied by Interest Accrual Basis.
Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield Underwritten Stabilized NOI divided by the Commitment Original Balance ($).
Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield Underwritten Stabilized NCF divided by the Commitment Original Balance ($).
Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR Appraisal Stabilized NOI divided by the product of Fully Funded Mortgage Loan Rate % and Commitment Original Balance ($) multiplied by Interest Accrual Basis.
Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR Appraisal Stabilized NCF divided by the product of Fully Funded Mortgage Loan Rate % and Commitment Original Balance ($) multiplied by Interest Accrual Basis.
Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield Appraisal Stabilized NOI divided by the Commitment Original Balance ($).
Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield Appraisal Stabilized NCF divided by the Commitment Original Balance ($).
Cut-off Date Total Debt Balance Equals the Mortgage Loan Cut-off Date Balance ($) plus Cut-off Date Subordinate Debt/Mezz Loan Balance ($).
Cut-off Date Total Debt As-Is LTV Cut-off Date Total Debt Balance divided by As-Is Appraised Value

 

 B-4 
 

 

Attribute Calculation Methodology
Cut-off Date Total Debt Ann Debt Service ($) Fully Funded Mortgage Loan Rate % multiplied by Cut-off Date Total Debt Balance multiplied by Interest Accrual Basis.
Cut-off Date Total Debt UW NCF DSCR Underwritten NCF divided by Cut-off Date Total Debt Ann Debt Service ($).

 

 B-5 
 

 

ATTACHMENT C

INSTRUCTIONS

1.For those Compared Attributes or with the Source Document indicated as “Provided by the Company” we were instructed by the Company to assume the attribute is accurate and not perform any procedure.
2.We were instructed by the Company to follow the instructions listed below pertaining to the applicable Mortgage Asset and Compared Attribute(s):
  Property Name(s) Compared Attribute(s) Company Instruction
  Plaza 1640 Apartments, Valleywood Apartments, 960 Penn Ave, Waterside Greene Mortgage Loan Underwritten NOI DSCR, Mortgage Loan Underwritten NCF DSCR, Cut-off Date Total Debt UW NCF DSCR Provided by the Company
  Hawk Ridge Second Most Recent As Of Date Provided by the Company

 

 C-1 

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