UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM ABS-15G
ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G
OF THE SECURITIES EXCHANGE ACT OF 1934
Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:
☐ | Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________. |
Date of Report (Date of earliest event reported): ___________ | |
Commission File Number of securitizer: ___________ | |
Central Index Key Number of securitizer: ___________ | |
(Name and telephone number, including area code, of the person to contact in connection with this filing) | |
Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): ☐ | |
Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): ☐ | |
Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii): ☐ | |
☒ | Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2). |
Central Index Key Number of depositor: 0001515166 | |
GSCCRE Commercial Mortgage Trust 2015-HULA | |
(Exact name of issuer as specified in its charter) | |
Central Index Key Number of issuing entity (if applicable): ___________ | |
Central Index Key Number of underwriter (if applicable): ___________ | |
Anthony Orso (212) 938-5000 | |
(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
The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached hereto as Exhibit 99.1.
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: September 30, 2015 |
CCRE Commercial Mortgage Securities, L.P. (Depositor) | |
By: | /s/ Anthony Orso | |
Name: Anthony Orso Title: Principal Executive Officer and Director |
Exhibit 99.1 Agreed-upon procedures report, dated September 30, 2015, of KPMG LLP.
Exhibit 99.1
KPMG LLP 1676 International Drive McLean, VA 22102 |
Independent Accountants’ Report on Applying Agreed-Upon Procedures
Cantor Commercial Real Estate Lending, L.P.
CCRE Commercial Mortgage Securities, L.P. (together, the “Company”)
Goldman, Sachs & Co.
Cantor Fitzgerald & Co.
(collectively, the “Specified Parties”)
Re: | GSCCRE Commercial Mortgage Trust 2015-HULA – Loan File Procedures |
We have performed the procedures described below, which were agreed to by the Specified Parties, solely to assist the Specified Parties with certain information pertaining to the mortgage loan and the related mortgaged property which we were informed is intended to be included as collateral in the offering of the GSCCRE Commercial Mortgage Trust 2015-HULA, Commercial Mortgage Pass-Through Certificates, Series 2015-HULA. This agreed-upon procedures engagement was conducted in acco
rdance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.
Unless otherwise noted, the following definitions have been adopted in presenting our procedures and findings:
· | The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were attributable to rounding. |
· | The term “recomputed” means recalculated and compared the results to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were attributable to rounding. |
· | The term “rounding” means that amounts and percentages were within $1.00 and 0.1%, respectively. |
· | The phrase “Data File” means the electronic data file provided to us by the Company on September 30, 2015 containing information with respect to 1 mortgage loan (“Mortgage Loan”) and the related 1 mortgaged property (“Mortgaged Property”). |
· | The phrase “Cut-off Date” means the closing date in October 2015, as provided by the Company. |
· | The phrase “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 phrase “Loan File” means the copies of source documents made available by the Company and listed in Attachment A. |
· | The phrase “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, |
GSCCRE Commercial Mortgage Trust 2015-HULA
September 30, 2015
Page 2
· | The phrase “Calculation Methodology” means the field listed in Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company. |
· | The term “Instructions” means the instructions provided by the Company pertaining to a procedure, specific attribute, methodology or value and described in Attachment C. |
The Company is responsible for the information contained in the Data File.
We were instructed by the Company to perform the following agreed-upon procedures on the Mortgage Loan and related Mortgaged Property in the Data File.
A. | For the Mortgage Loan and related Mortgaged Property in the Data File, we compared the Compared Attributes in the Data File to the corresponding information set forth the Loan File (subject to the Instructions). Where more than one document is indicated, we used the highest priority document that we could locate in the Loan File. The document priority is the order provided by the Company, which is summarized on Attachment A, with the highest priority document listed first. | |
We found such information in the Data File to be in agreement. |
B. | Using (i) certain information in the Data File, (ii) the Calculation Methodology, and (iii) the Instructions, we recomputed the Recomputed Attributes for the Mortgage Loan and related Mortgaged Property listed in the Data File 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.
We were not engaged to, and did not conduct an audit, examination or review, the objectives of which would be the expression of an opinion or conclusion on 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 and information provided to us by the Company, without verification or evaluation of such methodologies, instructions, documents and information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the methodologies, instructions or information provided to us by the Company, (ii) the physical existence of the Mortgage Loan and Mortgaged Property, (iii) the reliability or accuracy of the documents furnished to us by the Company which were used in our procedures, (iv) the adequacy of the disclosures in the Data File, or as to whether any of the statements expressed therein omit any material facts, or (v) 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 Loan to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Mortgage Loan being securitized, (iii) the compliance of the originator of the Mortgage Loan with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the asset-backed security will pay interest and principal in accordance with applicable terms and
GSCCRE Commercial Mortgage Trust 2015-HULA
September 30, 2015
Page 3
conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by a nationally recognized statistical rating organization (“NRSRO”).
The terms of our engagement are such that we have no obligation to update this report because of events and transactions that may subsequently occur.
This report is intended solely for the information and use of Cantor Commercial Real Estate Lending, L.P., CCRE Commercial Mortgage Securities, L.P., Goldman, Sachs & Co. and Cantor Fitzgerald & Co. 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.
September 30, 2015
ATTACHMENT A
COMPARED ATTRIBUTES
Attribute | Source Document |
Control Number | Provided by the Company |
Loan Number | Provided by the Company |
Loan / Property Flag | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Number of Properties | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Originator | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Originator Entity Type | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Mortgage Loan Seller | Provided by the Company |
Property Name | Provided by the Company |
Address | Appraisal/Engineering Report |
City | Appraisal/Engineering Report |
State | Appraisal/Engineering Report |
County | Appraisal/Engineering Report |
Zip Code | Appraisal/Engineering Report |
General Property Type | Appraisal |
Detailed Property Type | Appraisal |
Year Built | Appraisal/Engineering Report/Capital Expenditure File |
Year Renovated | Appraisal/Engineering Report/Capital Expenditure File |
Units, Pads, Rooms, Sq Ft | Company Underwritten Cash Flow Statement |
Unit Description | Company Underwritten Cash Flow Statement |
Original Balance ($) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Pari Passu Split (Y/N) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Administrative Fee Rate (%) | Provided by the Company |
Margin | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Mortgage Loan Index | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Assumed LIBOR | Provided by the Company |
Float Rate Change Frequency (Mos) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
LIBOR Floor | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
LIBOR Strike Cap | Interest Rate Cape Agreement |
Libor Cap After Extension | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
A-1 |
Attribute | Source Document |
Libor Cap Expiration | Interest Rate Cap Agreement |
Libor Cap Counterparty | Interest Rate Cap Agreement |
Libor cap Counterparty rating (S&P / MIS / FITCH) | Bloomberg Rating Support |
LIBOR Rounding Methodology | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
LIBOR Lookback Days | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Extension Options (Yes/No) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Extension Options (num/mos) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Extension Spread Increase Description | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Year 1 Extension Fee | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Year 2 Extension Fee | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Year 3 Extension Fee | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Year 4 Extension Fee | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Year 5 Extension Fee | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Fully Extended Maturity Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Fully Extended Amortization Term | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Interest Accrual Method | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Interest Accrual Period | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Origination Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
First Due Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Last IO Due Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
First P&I Due Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Due Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Grace Period- Late Fee | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Grace Period- Default | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Amortization Type | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
A-2 |
Attribute | Source Document |
Original Interest-Only Period (Mos.) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Original Term To Maturity (Mos.) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Original Amortization Term (Mos.) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Maturity Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Lockbox | Loan Agreement/Cash Management Agreement |
Cash Management | Loan Agreement/Cash Management Agreement |
Cash Management Triggers | Loan Agreement/Cash Management Agreement |
DSCR at Trigger Level | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Cross-Collateralized (Y/N) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Crossed Group | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Lockout Period | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Lockout Expiration Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Prepayment Begin Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Prepayment End Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Open Period Begin Date | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Open Period (Payments) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Prepayment Type | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Prepayment Provision | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Partially Prepayable without Penalty | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Partially Prepayable without Penalty Description | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Partial Collateral Release Description | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Yield Maintenance Index | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Yield Maintenance Discount | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Yield Maintenance Margin | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Yield Maintenance Calculation Method | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
A-3 |
Attribute | Source Document |
Day of Month Prepayment Permitted | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Due on Sale | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Due on Encumbrance | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
B Note Original Amount | Loan Agreement/Promissory Note/Deed of Trust/Mortgage/Co-Lender Agreement |
B Note Margin | Loan Agreement/Promissory Note/Deed of Trust/Mortgage/Co-Lender Agreement |
C Note Original Amount | Loan Agreement/Promissory Note/Deed of Trust/Mortgage/Co-Lender Agreement |
C Note Margin | Loan Agreement/Promissory Note/Deed of Trust/Mortgage/Co-Lender Agreement |
Whole Loan Original Balance | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Whole Loan Margin | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Future Debt Allowed? | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Mortgage Assumable? | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Assumption Fee | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Appraiser Designation | Appraisal |
Appraisal FIRREA (Y/N) | Appraisal |
Appraisal Date | Appraisal |
Appraised Value ($) | Appraisal |
As Stabilized Appraisal Date | Appraisal |
As Stabilized Appraised Value ($) | Appraisal |
Occupancy (%) | Company Underwritten Cash Flow Statement |
Occupancy Date | Company Underwritten Cash Flow Statement |
2008 Occupancy | Company Underwritten Cash Flow Statement |
2009 Occupancy | Company Underwritten Cash Flow Statement |
2010 Occupancy | Company Underwritten Cash Flow Statement |
2011 Occupancy | Company Underwritten Cash Flow Statement |
2012 Occupancy | Company Underwritten Cash Flow Statement |
2013 Occupancy | Company Underwritten Cash Flow Statement |
2014 Occupancy | Company Underwritten Cash Flow Statement |
2015 TTM Occupancy Occupancy | Company Underwritten Cash Flow Statement |
2015 Sponsor Projected Occupancy | Company Underwritten Cash Flow Statement |
2016 Sponsor Projected Occupancy | Company Underwritten Cash Flow Statement |
2008 Average Daily Room Rate | Company Underwritten Cash Flow Statement |
2009 Average Daily Room Rate | Company Underwritten Cash Flow Statement |
A-4 |
Attribute | Source Document |
2010 Average Daily Room Rate | Company Underwritten Cash Flow Statement |
2011 Average Daily Room Rate | Company Underwritten Cash Flow Statement |
2012 Average Daily Room Rate | Company Underwritten Cash Flow Statement |
2013 Average Daily Room Rate | Company Underwritten Cash Flow Statement |
2014 Average Daily Room Rate | Company Underwritten Cash Flow Statement |
2015 TTM Average Daily Room Rate | Company Underwritten Cash Flow Statement |
2015 Sponsor Projected Average Daily Room Rate | Company Underwritten Cash Flow Statement |
2016 Sponsor Projected Average Daily Room Rate | Company Underwritten Cash Flow Statement |
2008 RevPAR | Company Underwritten Cash Flow Statement |
2009 RevPAR | Company Underwritten Cash Flow Statement |
2010 RevPAR | Company Underwritten Cash Flow Statement |
2011 RevPAR | Company Underwritten Cash Flow Statement |
2012 RevPAR | Company Underwritten Cash Flow Statement |
2013 RevPAR | Company Underwritten Cash Flow Statement |
2014 RevPAR | Company Underwritten Cash Flow Statement |
TTM 2015 RevPAR | Company Underwritten Cash Flow Statement |
2015 Sponsor Projected RevPAR | Company Underwritten Cash Flow Statement |
2016 Sponsor Projected RevPAR | Company Underwritten Cash Flow Statement |
Engineering Report Date | Engineering Report |
Environmental Phase I Report Date | Environmental Report |
Environmental Phase II | Environmental Report |
Environmental Phase II Report Date | Environmental Report |
PML or SEL (%) | Engineering Report |
Seismic Report Date | Engineering Report/Seismic Report |
Earthquake Insurance Required | Insurance Certificate/Insurance Review |
Terrorism Insurance Required | Insurance Certificate/Insurance Review |
Environmental Insurance Required (Y/N) | Insurance Certificate/Insurance Review |
Blanket Insurance Policy (Yes/No) | Insurance Certificate/Insurance Review |
Lien Position | Proforma Title Policy/Title Policy |
Ownership Interest | Proforma Title Policy/Title Policy |
Condominium Present? | Proforma Title Policy/Title Policy |
Ground Lease Y/N | Proforma Title Policy/Title Policy |
Annual Ground Lease Payment ($) TTM as of 6/30/2015 | Proforma Title Policy/Title Policy/Ground Lease |
Ground Lease Expiration Date | Proforma Title Policy/Title Policy/Ground Lease |
Ground Lease Extension (Y/N) | Proforma Title Policy/Title Policy/Ground Lease |
# of Ground Lease Extension Options | Proforma Title Policy/Title Policy/Ground Lease |
Ground Lease Expiration Date after all Extensions | Proforma Title Policy/Title Policy/Ground Lease |
2011 NOI Date | Company Underwritten Cash Flow Statement |
2011 Hotel NOI | Company Underwritten Cash Flow Statement |
2011 Hotel NCF | Company Underwritten Cash Flow Statement |
A-5 |
Attribute | Source Document |
2011 Club / Resort NCF | Company Underwritten Cash Flow Statement |
2011 Total NOI | Company Underwritten Cash Flow Statement |
2011 Total NCF | Company Underwritten Cash Flow Statement |
2012 NOI Date | Company Underwritten Cash Flow Statement |
2012 Hotel NOI | Company Underwritten Cash Flow Statement |
2012 Hotel NCF | Company Underwritten Cash Flow Statement |
2012 Club / Resort NCF | Company Underwritten Cash Flow Statement |
2012 Total NOI | Company Underwritten Cash Flow Statement |
2012 Total NCF | Company Underwritten Cash Flow Statement |
2013 NOI Date | Company Underwritten Cash Flow Statement |
2013 Hotel NOI | Company Underwritten Cash Flow Statement |
2013 Hotel NCF | Company Underwritten Cash Flow Statement |
2013 Club / Resort NCF | Company Underwritten Cash Flow Statement |
2013 Total NOI | Company Underwritten Cash Flow Statement |
2013 Total NCF | Company Underwritten Cash Flow Statement |
2014 EGI Date | Company Underwritten Cash Flow Statement |
2014 Hotel EGI | Company Underwritten Cash Flow Statement |
2014 Hotel Expenses | Company Underwritten Cash Flow Statement |
2014 Hotel NOI | Company Underwritten Cash Flow Statement |
2014 Hotel NCF | Company Underwritten Cash Flow Statement |
2014 Club / Resort NCF | Company Underwritten Cash Flow Statement |
2014 Total NOI | Company Underwritten Cash Flow Statement |
2014 Total NCF | Company Underwritten Cash Flow Statement |
Most Recent Date (if past 2014) | Company Underwritten Cash Flow Statement |
Most Recent # of months | Company Underwritten Cash Flow Statement |
Most Recent Description | Company Underwritten Cash Flow Statement |
Most Recent Hotel EGI (if past 2014) ($) | Company Underwritten Cash Flow Statement |
Most Recent Hotel Expenses (if past 2014) ($) | Company Underwritten Cash Flow Statement |
Most Recent Hotel NOI (if past 2014) ($) | Company Underwritten Cash Flow Statement |
Most Recent Hotel NCF (if past 2014) ($) | Company Underwritten Cash Flow Statement |
Most Recent Club / Resort NCF (if past 2014) ($) | Company Underwritten Cash Flow Statement |
Most Recent Total NOI (if past 2014) ($) | Company Underwritten Cash Flow Statement |
Most Recent Total NCF (if past 2014) ($) | Company Underwritten Cash Flow Statement |
Underwritten Hotel EGI ($) | Company Underwritten Cash Flow Statement |
Underwritten Hotel Expenses ($) | Company Underwritten Cash Flow Statement |
Underwritten Hotel Net Operating Income ($) | Company Underwritten Cash Flow Statement |
Underwritten Hotel Replacement / FF&E Reserve ($) | Company Underwritten Cash Flow Statement |
Underwritten Hotel TI / LC ($) | Company Underwritten Cash Flow Statement |
Underwritten Hotel Other Reserve | Company Underwritten Cash Flow Statement |
Underwritten Hotel Net Cash Flow ($) | Company Underwritten Cash Flow Statement |
A-6 |
Attribute | Source Document |
Underwritten Club / Resort Net Cash Flow ($) | Company Underwritten Cash Flow Statement |
Underwritten Total Net Operating Income ($) | Company Underwritten Cash Flow Statement |
Underwritten Total Net Cash Flow ($) | Company Underwritten Cash Flow Statement |
Upfront RE Tax Reserve ($) | Closing Statement/Loan Agreement |
Ongoing RE Tax Reserve ($) | Closing Statement/Loan Agreement |
Upfront Insurance Reserve ($) | Closing Statement/Loan Agreement |
Ongoing Insurance Reserve ($) | Closing Statement/Loan Agreement |
Upfront Replacement Reserve ($) | Closing Statement/Loan Agreement |
Ongoing Replacement Reserve ($) | Closing Statement/Loan Agreement |
Replacement Reserve Caps ($) | Closing Statement/Loan Agreement |
Upfront TI/LC Reserve ($) | Closing Statement/Loan Agreement |
Ongoing TI/LC Reserve ($) | Closing Statement/Loan Agreement |
TI/LC Caps ($) | Closing Statement/Loan Agreement |
Upfront Debt Service Reserve ($) | Closing Statement/Loan Agreement |
Ongoing Debt Service Reserve ($) | Closing Statement/Loan Agreement |
Upfront Deferred Maintenance Reserve ($) | Closing Statement/Loan Agreement |
Ongoing Deferred Maintenance Reserve ($) | Closing Statement/Loan Agreement |
Upfront Environmental Reserve ($) | Closing Statement/Loan Agreement |
Ongoing Environmental Reserve ($) | Closing Statement/Loan Agreement |
Upfront Other Reserve ($) | Closing Statement/Loan Agreement |
Ongoing Other Reserve ($) | Closing Statement/Loan Agreement |
Other Reserve Description | Closing Statement/Loan Agreement |
Letter of Credit? | Loan Agreement/Letter of Credit |
Letter of Credit Balance | Loan Agreement/Letter of Credit |
Letter of Credit Description | Loan Agreement/Letter of Credit |
Release Provisions (Y/N) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Loan Purpose | Closing Statement/Loan Agreement |
Borrower Name | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Tenant In Common (Yes/No)? | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Sponsor | Loan Agreement/Guaranty |
Carve-out Guarantor | Loan Agreement/Guaranty |
Recourse | Loan Agreement/Guaranty |
Single Purpose Borrower (Y/N) | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
Property Manager | Management Agreement |
Hotel Franchise Flag | Franchise Agreement |
Franchise Agreement Expiration | Franchise Agreement |
Exit Fee | Loan Agreement/Promissory Note/Deed of Trust/Mortgage |
A-7 |
ATTACHMENT B
RECOMPUTED ATTRIBUTES
Attribute | Calculation Methodology |
Loan Per Unit ($) | Cut-off Date Balance ($) divided by Units, Pads, Rooms, Sq Ft |
Whole Loan Loan Per Unit | Whole Loan Cut-Off Date Balance divided by Units, Pads, Rooms, Sq Ft |
Cut-off Date Balance ($) | Recomputed using the Original Balance ($), Trust Annual Debt Service, Margin, Assumed LIBOR, First Due Date, Original Interest-Only Period (Mos.), and Seasoning. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections. |
Allocated Cut-off Date Loan Amount ($) | Recomputed using the Original Balance ($), Trust Annual Debt Service, Margin, Assumed LIBOR First Due Date, Original Interest-Only Period (Mos.), and Seasoning. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections. |
% of Initial Pool Balance | Cut-off Balance divided by the aggregate Cut-off Balance of all Mortgage Loans |
Mortgage Loan Rate (%) | The sum of the Margin and the Assumed LIBOR |
Trust Interest Rate (At LIBOR Cap) | The sum of the Margin and the LIBOR Strike Cap |
Trust DSCR at LIBOR cap | Recomputed using the Underwritten Total Net Cash Flow ($), Original Balance and Trust Interest Rate (At LIBOR Cap) |
Fully Extended Original Term | Recomputed using the Original Term To Maturity (Mos.) and Extension Options (num/mos) |
Fully Extended Remaining Term | Fully Extended Original Term minus Seasoning |
Trust Monthly Payment | Recomputed by the following formula: Original Balance ($) multiplied by the Mortgage Loan Rate (%) multiplied by the number of days in the month (Actual/360) divided by 12 for the number of months |
Trust Annual Debt Service | Recomputed by the following formula: Original Balance ($) multiplied by the Mortgage Loan Rate (%) multiplied by the number of days in the month (Actual/360) |
Remaining Interest-Only Period (Mos.) | Original Interest-Only Period (Mos.) minus Seasoning |
Remaining Term To Maturity (Mos.) | Original Term To Maturity (Mos.) minus Seasoning |
Remaining Amortization Term (Mos.) | Original Amortization Term (Mos.) minus Seasoning |
Seasoning | Number of payments between and including the First Due Date and the Cut-off Date. |
Balloon Balance ($) | Recomputed using the Original Balance ($), Trust Annual Debt Service, Mortgage Loan Rate (%), First Due Date, Original Interest-Only Period (mos.), Seasoning and Maturity Date. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections. |
.
B-1 |
Attribute | Calculation Methodology |
B Note Cut-Off Date Balance | Recomputed using the Original Balance ($), B Note Original Amount, B Note Annual Payment, B Note Margin, Assumed LIBOR, First Due Date, Original Interest-Only Period (Mos.), and Seasoning. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections. |
B Note Balloon Balance | Recomputed using the B Note Original Amount, B Note Annual Payment, Mortgage Loan Rate (%), First Due Date, Original Interest-Only Period, Seasoning and Maturity Date. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections. |
B Note Interest Rate | The sum of the B Note Margin and the Assumed LIBOR |
B Note Annual Payment | Recomputed by the following formula: B Note Original Amount ($) multiplied by the B Note Interest Rate multiplied by the number of days in the month (Actual/360) |
C Note Cut-Off Date Balance | Recomputed using the Original Balance ($), C Note Original Amount, C Note Annual Payment, C Note Margin, Assumed LIBOR, First Due Date, Original Interest-Only Period (Mos.), and Seasoning. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections. |
C Note Balloon Balance | Recomputed using the C Note Original Amount, C Note Annual Payment, Mortgage Loan Rate (%), First Due Date, Original Interest-Only Period, Seasoning and Maturity Date. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections. |
C Note Interest Rate | The sum of the C Note Margin and the Assumed LIBOR |
C Note Annual Payment | Recomputed by the following formula: C Note Original Amount ($) multiplied by the C Note Interest Rate multiplied by the number of days in the month (Actual/360) |
Whole Loan Cut-Off Date Balance | Recomputed using the Whole Loan Original Balance, Trust Annual Debt Service, Whole Loan Interest Rate, First Due Date, Original Interest-Only Period (Mos.), and Seasoning. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections. |
Whole Loan Balloon Balance | Recomputed using the Whole Loan Original Balance, Whole Loan Monthly Debt Service, Whole Loan Interest Rate, First Due Date, Original Interest-Only Period, Seasoning and Maturity Date. We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections. |
B-2 |
Attribute | Calculation Methodology |
Whole Loan Interest Rate | Calculated by using the weighted average of the Mortgage Loan Interest Rate (%), B Note Interest Rate and C Note Interest Rate weighted by the Original Balance, the B Note Original Amount and the C Note Original Amount, respectively. |
Whole Loan Annual Payment | Recomputed by the following formula: Whole Loan Original Balance ($) multiplied by the Whole Loan Interest Rate multiplied by the number of days in the month (Actual/360) |
Whole Loan Monthly Debt Service | Recomputed by the following formula: Whole Loan Original Balance ($) multiplied by the Whole Loan Interest Rate multiplied by the number of days in the month (Actual/360) divided by 12 for the number of months |
Whole Loan LTV | Whole Loan Cut-Off Date Balance divided by Appraised Value ($) |
Maturity Whole Loan LTV | Whole Loan Balloon Balance divided by Appraised Value ($) |
Whole Loan NOI DSCR | Underwritten Total Net Operating Income ($) divided by Underwritten Total Net Operating Income ($) |
Whole Loan NCF DSCR | Underwritten Total Net Cash Flow ($) divided by Whole Loan Annual Payment |
Whole Loan NOI Debt Yield | Underwritten Total Net Operating Income ($) divided by the Whole Loan Cut-Off Date Balance |
Whole Loan NCF Debt Yield | Underwritten Total Net Cash Flow ($) divided by the Whole Loan Cut-Off Date Balance |
Whole Loan NOI DSCR at LIBOR Cap | Recomputed using the Underwritten Total Net Operating Income ($), Whole Loan Original Balance, Whole Loan Interest Rate, LIBOR Strike Cap |
Whole Loan NCF DSCR at LIBOR Cap | Recomputed using the Underwritten Total Net Cash Flow ($),Whole Loan Original Balance, Whole Loan Interest Rate, LIBOR Strike Cap |
Cut-off Date LTV Ratio (%) | Cut-off Date Balance ($) divided by Appraised Value ($) |
LTV Ratio at Maturity (%) | Balloon Balance ($) divided by Appraised Value ($) |
Trust Underwritten NOI DSCR (x) | Underwritten Total Net Operating Income ($) divided by Trust Annual Debt Service |
NOI Debt Yield | Underwritten Total Net Operating Income ($) divided by Cut-off Date Balance ($) |
Underwritten NCF DSCR (x) | Underwritten Total Net Cash Flow ($) divided by Trust Annual Debt Service |
NCF Debt Yield | Underwritten Total Net Cash Flow ($) divided by Cut-off Date Balance ($) |
B-3 |
ATTACHMENT C
INSTRUCTIONS
1. | For those Compared Attributes with the Source Document indicated as “Provided by Company,” we were instructed by the Company to assume the attribute is accurate and not perform any procedure. |
C-1