Exhibit 99.1
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| KPMG LLP Suite 900 8350 Broad Street McLean, VA 22102 |
Independent Accountants’ Agreed-Upon Procedures Report
Ready Capital Corporation (the “Company”)
J.P. Morgan Securities LLC
ATLAS SP Securities, a division of Apollo Global Securities, LLC
ATLAS SP Partners, L.P.
Deutsche Bank Securities Inc.
Goldman Sachs & Co. LLC
Piper Sandler & Co.
Santander US Capital Markets LLC
Performance Trust Capital Partners, LLC
(together, the “Specified Parties”):
Re: Ready Capital Mortgage Financing 2023-FL12, LLC – Data File Procedures
We have performed the procedures described below on the specified attributes in an electronic data file entitled ‘RCMF 2023-FL12 Accounting Tape 6.5.2023.xlsx’ provided by the Company on June 5, 2023 (the “Data File”), containing information on 35 mortgage loans and the related 59 mortgaged properties as of May 10, 2023 (the “Cut-off Date”), which we were informed are intended to be included as collateral in the offering by Ready Capital Mortgage Financing 2023-FL12, LLC. The Company is responsible for the specified attributes identified by the Company in the Data File.
The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.
Unless otherwise stated, 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 reporting threshold. |
| · | The term “recomputed” means recalculated and compared the result 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 reporting threshold. |
| · | The term “reporting threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively. |
| · | The term “Loan Files” means the copies of source documents provided by the Company and listed in Attachment A. We make no representation regarding the validity or accuracy of these documents. |
| KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
| · | The term “Instructions” means the instructions provided by the Company pertaining to a procedure attribute, or methodology as described in Attachment C. |
| · | The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are 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 for and are listed in Attachment B. |
| · | The term “Calculation Methodology” means the formula listed in the Calculation Methodology field of the Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company. |
| · | The term “Index Rate Assumption” means the Term SOFR rate of 5.0000%, which we were instructed to use by the Company where applicable in the Calculation Methodology. |
| · | The term “Provided Information” means the Loan Files, Calculation Methodology, Index Rate Assumption, and Instructions. |
Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Specified Parties. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Specified Parties. We performed the procedures on the Data File, and the results of those procedures are reflected herein.
The procedures we were instructed by the Company to perform and the associated findings are as follows:
| A. | We compared the Compared Attributes in the Data File to the corresponding information included in the Loan Files, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. 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. |
| B. | We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology, and (iii) the Instructions. |
We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes 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.
We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the mortgage loans and related mortgaged properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.
2
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the mortgage loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such mortgage loans being securitized, (iii) the compliance of the originator of the mortgage loans with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the mortgage loans and related mortgaged properties that would be material to the likelihood that the issuer of the notes 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 the nationally recognized statistical rating organizations (“NRSROs”).
The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances 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 or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.
/s/ KPMG LLP
McLean, Virginia
June 5, 2023
3
ATTACHMENT A
COMPARED ATTRIBUTES
| Attribute | Source Document(s) |
| Mortgage Loan Type | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Cross Collateralized and Cross Defaulted Loan Flag | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Property Address | Appraisal |
| City | Appraisal |
| State | Appraisal |
| County | Appraisal |
| Zip Code | Appraisal |
| Year Built | Appraisal, Engineering Report |
| Year Renovated | Appraisal, Engineering Report |
| Property Type | Appraisal |
| Specific Property Type | Appraisal |
| Number of Units | Certified Rent Roll, Underwritten Rent Roll, STR Report, Appraisal |
| Unit of Measure | Certified Rent Roll, Underwritten Rent Roll, STR Report, Appraisal |
| Occupancy % | Certified Rent Roll, Underwritten Rent Roll, STR Report |
| Occupancy Date | Certified Rent Roll, Underwritten Rent Roll, STR Report |
| Loan Purpose | Settlement Statement, Sale Purchase Agreement |
| Note Date | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| First Payment Date | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Mortgage Loan Commitment Original Balance ($) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-1
| Attribute | Source Document(s) |
| Mortgage Loan Mortgage Loan Initial Funded Amount ($) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Mortgage Loan Commitment Cut-Off Date Balance ($) | Servicing Schedule provided by the Company |
| Mortgage Loan Cut-off Date Balance ($) | Servicing Schedule provided by the Company |
| Future Funding Advance Conditions | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Collateral Interest Cut-off Date Balance ($) | Servicing Schedule provided by the Company |
| Pari Passu Funded Amount | Servicing Schedule provided by the Company |
| Pari Passu Balance in Other Securitization | Servicing Schedule provided by the Company |
| Junior Participation Cut-off Date Balance | Servicing Schedule provided by the Company |
| Junior Participation Balloon Payment ($) | Servicing Schedule provided by the Company |
| Rate Type | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Index | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Interest Accrual Basis | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Accrual Period | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Lookback Period | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Rounding Factor | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Time of Rounding (Before Spread, After Spread) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-2
| Attribute | Source Document(s) |
| Rounding Direction | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Mortgage Loan Margin | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Collateral Interest Margin | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Junior Participation Cut-off Date Margin | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Mortgage Loan Index Floor | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Mortgage Loan Index Cap Provider | Rate Cap Agreement, Rate Cap Confirmation |
| Mortgage Loan Index Cap Notional Amount | Rate Cap Agreement, Rate Cap Confirmation |
| Mortgage Loan Index Cap Termination Date | Rate Cap Agreement, Rate Cap Confirmation |
| Mortgage Loan Margin Change (Y/N) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Mortgage Loan Margin Change Description | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Mortgage Loan Index Cap | Rate Cap Agreement, Rate Cap Confirmation, Loan Agreement, Mezzanine Loan Agreement |
| Amortization Type During Initial Term | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Initial IO Period | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| ARD Loan (Y/N) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-3
| Attribute | Source Document(s) |
| Initial Maturity Date or Anticipated Repayment Date | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Extension Options (Y/N) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Extension Options Description | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Amortization Type During Extensions | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amortization Style | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amortization Rate | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amortization Basis | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| First Extension Period Requirements | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| First Extension Period (Months) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| First Extension Floor | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| First Extension Cap | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
A-4
| Attribute | Source Document(s) |
| First Extension Fee (%) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Second Extension Period Requirements | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Second Extension Period (Months) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Second Extension Floor | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Second Extension Cap | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Second Extension Fee (%) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Third Extension Period Requirements | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Third Extension Period (Months) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Third Extension Floor | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Third Extension Cap | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
A-5
| Attribute | Source Document(s) |
| Third Extension Fee (%) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fourth Extension Period Requirements | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fourth Extension Period (Months) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fourth Extension Floor | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fourth Extension Cap | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fourth Extension Fee (%) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Exit Fee % | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Exit Fee Balance | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Fully Extended IO Period (Initial) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Fully Extended Maturity Date | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Future Debt Permitted (Y/N) | Loan Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-6
| Attribute | Source Document(s) |
| Permitted Future Debt Type | Loan Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Grace Period Default (Days) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Grace Period Late (Days) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Initial Prepayment Provision | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Remaining Call Protection (Cut-off Date) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Original Yield Maintenance or Minimum Interest Term | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Rate for Prepayment Protection | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Partial Release and/or Partial Prepayment (Y/N) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Lien Position | Title Policy |
| Recourse | Guaranty Agreement, Loan Agreement |
| Recourse Provisions | Guaranty Agreement, Loan Agreement |
| Recourse Carveout Guarantor | Guaranty Agreement, Loan Agreement |
| Borrower | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Sponsor | Loan Agreement, Promissory Note, Guaranty Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Organization Chart |
A-7
| Attribute | Source Document(s) |
| Affiliated Sponsor (Y/N) | Loan Agreement, Promissory Note, Guaranty Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Organization Chart |
| Tenants-in-common (Y/N) | Loan Agreement, TIC Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Ownership Interest | Title Policy |
| Ground Lease (Y/N) | Ground Lease, Estoppel |
| Annual Ground Lease Payment ($) | Ground Lease, Estoppel |
| Ground Lease Initial Expiration Date | Ground Lease, Estoppel |
| Ground Lease Extension (Y/N) | Ground Lease, Estoppel |
| # of Ground Lease Extension Options | Ground Lease, Estoppel |
| Ground Lease Expiration Date with Extensions | Ground Lease, Estoppel |
| Lockbox Type | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Cash Management Type | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Cash Management Agreement, Tenant Direction Letter |
| Cash Management Trigger Event | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Cash Management Agreement |
| Cash Sweep Trigger Event | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Cash Management Agreement |
| Tax Escrow (Upfront) ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Tax Escrow (Cut-off Date) ($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
A-8
| Attribute | Source Document(s) |
| Tax Escrow (Monthly)($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Springing Tax Escrow Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Insurance Escrow (Cut-off Date) ($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Insurance Escrow (Monthly)($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Insurance Escrow (Upfront) ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Springing Insurance Escrow Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Replacement Reserve (Upfront)($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Replacement Reserve (Cut-off Date)($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Replacement Reserve (Monthly)($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Replacement Reserve Cap($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-9
| Attribute | Source Document(s) |
| Springing Replacement Reserve Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| TI/LC Reserve (Upfront) ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| TI/LC Reserve (Cut-off Date) ($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| TI/LC Reserve (Monthly)($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| TI/LC Reserve Cap($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Springing TI/LC Reserve Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Environmental Reserve (Upfront) ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Environmental Reserve (Cut-off Date) ($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Upfront Engineering/Deferred Maintenance Escrow (Upfront) ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Upfront Engineering/Deferred Maintenance Escrow (Cut-off Date) ($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Debt Service Reserve (Upfront) ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Debt Service Reserve (Cut-off Date) ($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
A-10
| Attribute | Source Document(s) |
| Debt Service Reserve (Monthly)($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Debt Service Reserve Cap($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Springing Debt Service Reserve Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Other Reserves (Upfront)($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Other Reserves (Cut-Off Date)($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Other Reserves (Monthly)($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Other Reserves Cap ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Other Reserves Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Other Reserves 2 (Upfront)($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Other Reserves 2 (Cut-Off Date)($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Other Reserves 2 (Monthly)($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-11
| Attribute | Source Document(s) |
| Other Reserves 2 Cap ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Other Reserves 2 Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Third Most Recent As Of Period | Underwritten Cash Flow Statement |
| Third Most Recent Revenues | Underwritten Cash Flow Statement |
| Third Most Recent Expenses | Underwritten Cash Flow Statement |
| Third Most Recent NOI | Underwritten Cash Flow Statement |
| Third Most Recent NCF | Underwritten Cash Flow Statement |
| Second Most Recent As Of Period | Underwritten Cash Flow Statement |
| Second Most Recent Revenues | Underwritten Cash Flow Statement |
| Second Most Recent Expenses | Underwritten Cash Flow Statement |
| Second Most Recent NOI | Underwritten Cash Flow Statement |
| Second Most Recent NCF | Underwritten Cash Flow Statement |
| Most Recent As Of Period | Underwritten Cash Flow Statement |
| Most Recent Revenues | Underwritten Cash Flow Statement |
| Most Recent Expenses | Underwritten Cash Flow Statement |
| Most Recent NOI | Underwritten Cash Flow Statement |
| Most Recent NCF | Underwritten Cash Flow Statement |
| Underwritten Occupancy (%) | Underwritten Cash Flow Statement |
| Underwritten Revenues ($) | Underwritten Cash Flow Statement |
| Underwritten Expenses ($) | Underwritten Cash Flow Statement |
| Underwritten NOI ($) | Underwritten Cash Flow Statement |
| Underwritten Reserves ($) | Underwritten Cash Flow Statement |
| Underwritten NCF ($) | Underwritten Cash Flow Statement |
| Underwritten Stabilized Occupancy (%) | Underwritten Cash Flow Statement |
A-12
| Attribute | Source Document(s) |
| Underwritten Stabilized Revenues ($) | Underwritten Cash Flow Statement |
| Underwritten Stabilized Expenses ($) | Underwritten Cash Flow Statement |
| Underwritten Stabilized NOI ($) | Underwritten Cash Flow Statement |
| Underwritten Stabilized Reserves ($) | Underwritten Cash Flow Statement |
| Underwritten Stabilized NCF ($) | Underwritten Cash Flow Statement |
| Appraisal Stabilized Occupancy (%) | Underwritten Cash Flow Statement |
| Appraisal Stabilized Revenues ($) | Underwritten Cash Flow Statement |
| Appraisal Stabilized Expenses ($) | Underwritten Cash Flow Statement |
| Appraisal Stabilized NOI ($) | Underwritten Cash Flow Statement |
| Appraisal Stabilized Reserves ($) | Underwritten Cash Flow Statement |
| Appraisal Stabilized NCF ($) | Underwritten Cash Flow Statement |
| Engineering Report Date | Engineering Report |
| Environmental Report Date (Phase I) | Environmental Report |
| Environmental Report Date (Phase II) | Environmental Report |
| Environmental Insurance (Y/N) | Insurance Binder |
| Seismic Report Date | Seismic Report, Engineering Report |
| Seismic PML % | Seismic Report, Engineering Report |
| Seismic Insurance Obtained if PML >= 20% (Y/N) | Seismic Report, Engineering Report |
| Subordinate Debt (Y/N) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Subordinate Debt Type | Loan Agreement, Mezzanine Loan Agreement, Subordinate Debt Loan Agreement, B Note |
| Subordinate Debt Margin | Loan Agreement, Mezzanine Loan Agreement, Subordinate Debt Loan Agreement, Servicing Tape provided by the Company, Servicing Screenshot |
| Subordinate Debt Interest Rate | Loan Agreement, Mezzanine Loan Agreement, Subordinate Debt Loan Agreement, Servicing Tape provided by the Company, Servicing Screenshot |
A-13
| Attribute | Source Document(s) |
| Subordinate Debt Cut-off Date Balance ($) | Loan Agreement, Mezzanine Loan Agreement, Subordinate Debt Loan Agreement, Servicing Tape provided by the Company, Servicing Screenshot |
| As-Is Appraisal Valuation Date | Appraisal |
| Appraisal Firm | Appraisal |
| As-Is Appraised Value ($) | Appraisal |
| Stabilized Appraised Value ($) | Appraisal |
| Appraisal Anticipated Stabilization Date | Appraisal |
| USPAP Appraisal (Y/N) | Appraisal |
| FIRREA Appraisal (Y/N) | Appraisal |
| Single-Tenant (Y/N) | Underwritten Rent Roll Statement |
| Property Manager | Management Agreement, Loan Agreement |
| Largest Tenant Name | Underwritten Rent Roll Statement |
| Largest Tenant Square Feet | Underwritten Rent Roll Statement |
| Largest Tenant Expiration Date | Underwritten Rent Roll Statement |
| 2nd Largest Tenant Name | Underwritten Rent Roll Statement |
| 2nd Largest Tenant Square Feet | Underwritten Rent Roll Statement |
| 2nd Largest Tenant Expiration Date | Underwritten Rent Roll Statement |
| 3rd Largest Tenant Name | Underwritten Rent Roll Statement |
| 3rd Largest Tenant Square Feet | Underwritten Rent Roll Statement |
| 3rd Largest Tenant Expiration Date | Underwritten Rent Roll Statement |
| 4th Largest Tenant Name | Underwritten Rent Roll Statement |
| 4th Largest Tenant Square Feet | Underwritten Rent Roll Statement |
| 4th Largest Tenant Expiration Date | Underwritten Rent Roll Statement |
| 5th Largest Tenant Name | Underwritten Rent Roll Statement |
| 5th Largest Tenant Square Feet | Underwritten Rent Roll Statement |
| 5th Largest Tenant Expiration Date | Underwritten Rent Roll Statement |
A-14
| Attribute | Source Document(s) |
| Lender | Loan Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| GeoTier | Underwritten Cash Flow Statement |
A-15
ATTACHMENT B
RECOMPUTED ATTRIBUTES
| Attribute | Calculation Methodology |
| Mortgage Loan Commitment Original Balance / Unit ($) | Mortgage Loan Commitment Original Balance ($) divided by Number of Units |
| Mortgage Loan Initial Unfunded Future Funding Amount ($) | Mortgage Loan Commitment Original Balance ($) minus Mortgage Loan Initial Funded Amount ($) |
| Mortgage Loan Cut-off Date Balance / Unit ($) | Mortgage Loan Cut-off Date Balance ($) divided by Number of Units |
| Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($) | Mortgage Loan Commitment Cut-Off Date Balance ($) minus Mortgage Loan Cut-off Date Balance ($) |
| Mortgage Loan Balloon Balance ($) | Set to equal Mortgage Loan Commitment Cut-Off Date Balance ($) |
| Mortgage Loan Balloon Balance / Unit ($) | Mortgage Loan Balloon Balance ($) divided by Number of Units |
| Mortgage Loan Annual Debt Service Payment (IO) ($) | Mortgage Loan Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Interest Rate |
| Mortgage Loan Annual Debt Service Payment (P&I) ($) | Mortgage Loan Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Interest Rate |
| Mortgage Loan Annual Debt Service Payment (Cap) ($) | Mortgage Loan Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Mortgage Loan Rate Cap |
| Collateral Interest Future Funding Participation Cut-off Date Unfunded Balance ($) | Mortgage Loan Commitment Cut-Off Date Balance ($) minus the sum of Collateral Interest Cut-off Date Balance ($), Junior Participation Balloon Payment ($) minus and Pari Passu Balance in Other Securitization |
| Aggregate Collateral Interest Cut-off Date Balance % | Collateral Interest Cut-off Date Balance ($) divided by the aggregate Collateral Interest Cut-off Date Balance ($) of all Mortgage Loans |
| Collateral Interest Balloon Balance ($) | Product of i) Mortgage Loan Balloon Balance ($) divided by Mortgage Loan Commitment Cut-Off Date Balance ($), and ii) Collateral Interest Cut-off Date Balance ($) |
| Collateral Interest Annual Debt Service Payment (IO) ($) | Collateral Interest Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Collateral Interest Cut-off Date Interest Rate |
B-1
| Attribute | Calculation Methodology |
| Collateral Interest Annual Debt Service Payment (P&I) ($) | Collateral Interest Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Collateral Interest Cut-off Date Interest Rate |
| Collateral Interest Annual Debt Service Payment (Cap) ($) | Collateral Interest Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Collateral Interest Rate Cap |
| Junior Participation Cut-off Date Future Funding Unfunded Balance ($) | Junior Participation Balloon Payment ($) minus Junior Participation Cut-off Date Balance ($) |
| Mortgage Loan Cut-off Date Interest Rate | The sum of the Mortgage Loan Margin and Index Rate Assumption rounded by the respective rounding factor subject to (i) Mortgage Loan Rate Floor and (ii) Mortgage Loan Rate Cap |
| Mortgage Loan Rate Floor | Mortgage Loan Margin plus the greater of i) Mortgage Loan Index Floor and ii) Index Rate Assumption |
| Mortgage Loan Rate Cap | Mortgage Loan Margin plus Mortgage Loan Index Cap if applicable |
| Collateral Interest Cut-off Date Interest Rate | The sum of the Collateral Interest Margin and Index Rate Assumption rounded by the respective rounding factor subject to (i) Mortgage Loan Rate Floor and (ii) Mortgage Loan Rate Cap |
| Collateral Interest Rate Floor | Collateral Interest Margin plus the greater of i) Mortgage Loan Index Floor and ii) Index Rate Assumption |
| Collateral Interest Rate Cap | Collateral Interest Margin plus Mortgage Loan Index Cap if applicable |
| Junior Participation Cut-off Date Interest Rate | The sum of the Junior Participation Margin and Index Rate Assumption rounded by the respective rounding factor subject to (i) Mortgage Loan Rate Floor and (ii) Mortgage Loan Rate Cap |
| Junior Participation Rate Floor | Junior Participation Margin plus the greater of i) Mortgage Loan Index Floor and ii) Index Rate Assumption |
| Junior Participation Rate Cap | Junior Participation Margin plus Mortgage Loan Index Cap if applicable |
| Initial IO Period (Remaining) | Initial IO Period minus Seasoning (months) |
B-2
| Attribute | Calculation Methodology |
| Original Loan Term (Initial) | Number of payments between the First Payment Date and Initial Maturity Date or Anticipated Repayment Date |
| Original Loan Term (Remaining) | Original Loan Term (Initial) minus Seasoning (months) |
| Seasoning (months) | Number of payments between the First Payment Date and Cut-off Date |
| First Extension Fee | First Extension Fee (%) multiplied by Mortgage Loan Commitment Cut-Off Date Balance ($) |
| Second Extension Fee | Second Extension Fee (%) multiplied by Mortgage Loan Commitment Cut-Off Date Balance ($) |
| Third Extension Fee | Third Extension Fee (%) multiplied by Mortgage Loan Commitment Cut-Off Date Balance ($) |
| Fourth Extension Fee | Fourth Extension Fee (%) multiplied by Mortgage Loan Commitment Cut-Off Date Balance ($) |
| Exit Fee ($) | Exit Fee % multiplied by Mortgage Loan Commitment Cut-Off Date Balance ($) |
| Fully Extended IO Period (Remaining) | Fully Extended IO Period (Initial) minus Seasoning (months) |
| Fully Extended Loan Term (Initial) | Number of payments between the First Payment Date and Fully Extended Maturity Date |
| Fully Extended Loan Term (Remaining) | Fully Extended Loan Term (Initial) minus Seasoning (months) |
| Mortgage Loan Mortgage Most Recent NOI DSCR | Most Recent NOI divided by Mortgage Loan Annual Debt Service Payment (P&I) ($) |
| Mortgage Loan Mortgage Most Recent NCF DSCR | Most Recent NCF divided by Mortgage Loan Annual Debt Service Payment (P&I) ($) |
| Cut-off Date Mortgage Loan Mortgage Most Recent NOI Debt Yield | Most Recent NOI divided by Mortgage Loan Cut-off Date Balance ($) |
| Cut-off Date Mortgage Loan Mortgage Most Recent NCF Debt Yield | Most Recent NCF divided by Mortgage Loan Cut-off Date Balance ($) |
| Collateral Interest Mortgage Most Recent NOI DSCR | Most Recent NOI divided by Collateral Interest Annual Debt Service Payment (P&I) ($) |
B-3
| Attribute | Calculation Methodology |
| Collateral Interest Mortgage Most Recent NCF DSCR | Most Recent NCF divided by Collateral Interest Annual Debt Service Payment (P&I) ($) |
| Cut-off Date Collateral Interest Mortgage Most Recent NOI Debt Yield | Most Recent NOI divided by Collateral Interest Cut-off Date Balance ($) |
| Cut-off Date Collateral Interest Mortgage Most Recent NCF Debt Yield | Most Recent NCF divided by Collateral Interest Cut-off Date Balance ($) |
| Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR | Underwritten NOI divided by Mortgage Loan Annual Debt Service Payment (P&I) ($) |
| Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR | Underwritten NCF divided by Mortgage Loan Annual Debt Service Payment (P&I) ($) |
| Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield | Underwritten NOI divided by Mortgage Loan Cut-off Date Balance ($) |
| Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield | Underwritten NCF divided by Mortgage Loan Cut-off Date Balance ($) |
| Collateral Interest Cut-off Date Balance Underwritten NOI DSCR | Underwritten NOI divided by Collateral Interest Annual Debt Service Payment (P&I) ($) |
| Collateral Interest Cut-off Date Balance Underwritten NCF DSCR | Underwritten NCF divided by Collateral Interest Annual Debt Service Payment (P&I) ($) |
| Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield | Underwritten NOI divided by Collateral Interest Cut-off Date Balance ($) |
| Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield | Underwritten NCF divided by Collateral Interest Cut-off Date Balance ($) |
| Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR | Underwritten Stabilized NOI ($) divided by the product of i) Mortgage Loan Cut-off Date Interest Rate, ii) Mortgage Loan Balloon Balance ($), and Interest Accrual Basis |
| Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR | Underwritten Stabilized NCF ($) divided by the product of i) Mortgage Loan Cut-off Date Interest Rate, ii) Mortgage Loan Balloon Balance ($), and Interest Accrual Basis |
| Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield | Underwritten Stabilized NOI ($) divided by Mortgage Loan Balloon Balance ($) |
| Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield | Underwritten Stabilized NCF ($) divided by Mortgage Loan Balloon Balance ($) |
B-4
| Attribute | Calculation Methodology |
| Collateral Interest Underwritten Stabilized NOI DSCR | Underwritten Stabilized NOI ($) divided by the product of i) Collateral Interest Cut-off Date Interest Rate, ii) Collateral Interest Balloon Balance ($), and Interest Accrual Basis |
| Collateral Interest Underwritten Stabilized NCF DSCR | Underwritten Stabilized NCF ($) divided by the product of i) Collateral Interest Cut-off Date Interest Rate, ii) Collateral Interest Balloon Balance ($), and Interest Accrual Basis |
| Collateral Interest Underwritten Stabilized NOI Debt Yield | Underwritten Stabilized NOI ($) divided by Collateral Interest Balloon Balance ($) |
| Collateral Interest Underwritten Stabilized NCF Debt Yield | Underwritten Stabilized NCF ($) divided by Collateral Interest Balloon Balance ($) |
| Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR | Appraisal Stabilized NOI ($) divided by the product of i) Mortgage Loan Cut-off Date Interest Rate, ii) Mortgage Loan Balloon Balance ($), and Interest Accrual Basis |
| Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR | Appraisal Stabilized NCF ($) divided by the product of i) Mortgage Loan Cut-off Date Interest Rate, ii) Mortgage Loan Balloon Balance ($), and Interest Accrual Basis |
| Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield | Appraisal Stabilized NOI ($) divided by Mortgage Loan Balloon Balance ($) |
| Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield | Appraisal Stabilized NCF ($) divided by Mortgage Loan Balloon Balance ($) |
| Collateral Interest Appraisal Stabilized NOI DSCR | Appraisal Stabilized NOI ($) divided by the product of i) Collateral Interest Cut-off Date Interest Rate, ii) Collateral Interest Balloon Balance ($), and Interest Accrual Basis |
| Collateral Interest Appraisal Stabilized NCF DSCR | Appraisal Stabilized NCF ($) divided by the product of i) Collateral Interest Cut-off Date Interest Rate, ii) Collateral Interest Balloon Balance ($), and Interest Accrual Basis |
| Collateral Interest Appraisal Stabilized NOI Debt Yield | Appraisal Stabilized NOI ($) divided by Collateral Interest Balloon Balance ($) |
| Collateral Interest Appraisal Stabilized NCF Debt Yield | Appraisal Stabilized NCF ($) divided by Collateral Interest Balloon Balance ($) |
| Total Debt Cut-off Date Balance ($) | Mortgage Loan Cut-off Date Balance ($) plus Subordinate Debt Cut-off Date Balance ($) |
B-5
| Attribute | Calculation Methodology |
| Total Debt Cut-off Date As-Is LTV | Total Debt Cut-off Date Balance ($) divided by As-Is Appraised Value ($) |
| Total Debt Cut-off Date UW NCF DSCR | Underwritten NCF divided by Cut-off Date Total Debt Ann Debt Service ($) |
| Total Debt Cut-off Date UW NOI DY | Total Debt Cut-off Date Balance ($) divided by Underwritten NOI ($) |
| Mortgage Loan Cut-off Date As-Is LTV Ratio | Mortgage Loan Cut-off Date Balance ($) divided by As-Is Appraised Value ($) |
| Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio | Mortgage Loan Commitment Cut-Off Date Balance ($) divided by Stabilized Appraised Value ($) |
| Collateral Interest Cut-off Date As-Is LTV Ratio | Collateral Interest Cut-off Date Balance ($) divided by As-Is Appraised Value ($) |
| Collateral Interest Commitment Maturity Date Stabilized LTV Ratio | Difference between Mortgage Loan Balloon Balance ($) and Junior Participation Balloon Payment ($) divided by Stabilized Appraised Value |
| Largest Tenant Square Feet % | Largest Tenant Square Feet divided by Number of Units |
| 2nd Largest Tenant Square Feet % | 2nd Largest Tenant Square Feet divided by Number of Units |
| 3rd Largest Tenant Square Feet % | 3rd Largest Tenant Square Feet divided by Number of Units |
| 4th Largest Tenant Square Feet % | 4th Largest Tenant Square Feet divided by Number of Units |
| 5th Largest Tenant Square Feet % | 5th Largest Tenant Square Feet divided by Number of Units |
| Mortgage Loan Initial Funded Amount (At Risk) ($) | Mortgage Loan Initial Funded Amount ($) minus the sum of TI/LC Reserve (Cut-off Date) and the Cut-off Date reserve balances of earnout and capital expenditures reserves |
| Mortgage Loan Initial Funded Amount (At Risk) ($) As-Is LTV | Mortgage Loan Initial Funded Amount (At Risk) ($) divided by As-Is Appraised Value ($) |
| Mortgage Loan Cut-off Date Balance (At Risk) ($) | Mortgage Loan Cut-off Date Balance ($) minus the sum of TI/LC Reserve (Cut-off Date) and the Cut-off Date reserve balances of earnout and capital expenditures reserves |
B-6
| Attribute | Calculation Methodology |
| Mortgage Loan Cut-off Date Balance (At Risk) ($) / Unit | Mortgage Loan Cut-off Date Balance (At Risk) ($) divided by Number of Units |
| Mortgage Loan Cut-off Date (At Risk) As-Is LTV Ratio | Mortgage Loan Cut-off Date Balance (At Risk) ($) divided by As-Is Appraised Value ($) |
| Mortgage Loan Cut-off Date Balance (At Risk) Underwritten NOI Debt Yield | Mortgage Loan Cut-off Date Balance (At Risk) ($) divided by Underwritten NOI ($) |
| Mortgage Loan Cut-off Date Balance (At Risk) Underwritten NCF Debt Yield | Mortgage Loan Cut-off Date Balance (At Risk) ($) divided by Underwritten NCF ($) |
| Collateral Interest Cut-off Date Balance (At Risk) ($) | Collateral Interest Cut-off Date Balance ($) minus the sum of TI/LC Reserve (Cut-off Date) and the Cut-off Date reserve balances of earnout and capital expenditures reserves |
| Collateral Interest Cut-off Date Balance (At Risk) ($) / Unit | Collateral Interest Cut-off Date Balance (At Risk) ($) divided by Number of Units |
| Collateral Interest Cut-off Date (At Risk) As-Is LTV Ratio | Collateral Interest Cut-off Date Balance (At Risk) ($) divided by As-Is Appraised Value ($) |
| Collateral Interest Cut-off Date Balance (At Risk) Underwritten NOI Debt Yield | Collateral Interest Cut-off Date Balance (At Risk) ($) divided by Underwritten NOI ($) |
| Collateral Interest Cut-off Date Balance (At Risk) Underwritten NCF Debt Yield | Collateral Interest Cut-off Date Balance (At Risk) ($) divided by Underwritten NCF ($) |
B-7
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 loan and Compared or Recomputed Attribute(s): |
| Property Name(s) | Compared Attribute(s) or Recomputed Attribute(s) | Company Instruction |
| SAMO Apartments Portfolio, Appletree Portfolio, Thrive Tempe | Junior Participation Cut-off Date Balance ($) | Provided by Company |
| SAMO Apartments Portfolio, Appletree Portfolio, Thrive Tempe | Junior Participation Balloon Payment ($) | Provided by Company |
| SAMO Apartments Portfolio, Appletree Portfolio, Thrive Tempe | Junior Participation Cut-off Date Margin | Provided by Company |
| Park 217 Business Center, Sacramento Portfolio, Concord Business Park, 422 East 81st Street | Index | Provided by Company |
| Park 217 Business Center, Sacramento Portfolio, Concord Business Park, 422 East 81st Street | Lookback Period | Provided by Company |
| Park 217 Business Center, Sacramento Portfolio, Concord Business Park, 422 East 81st Street | Rounding Factor | Provided by Company |
| Park 217 Business Center, Sacramento Portfolio, Concord Business Park, 422 East 81st Street | Time of Rounding (Before Spread, After Spread) | Provided by Company |
| Park 217 Business Center, Sacramento Portfolio, Concord Business Park, 422 East 81st Street | Rounding Direction | Provided by Company |
C-1