Exhibit 99.1
Independent Accountants’ Report on Applying Agreed-Upon Procedures
CF Trans Transferor LLC (the “Company”)
Natixis Securities Americas LLC
FORT CRE 2018-1 Issuer LLC
FORT CRE 2018-1 Transferor LLC
(together with the Company, the “Specified Parties”)
| Re: |
FORT CRE 2018-1 – Data File Procedures
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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 “Fortress 2018 CRE CLO Accounting Tape.xlsx” provided to us on November 1, 2018 (the “Data File”) containing information on 19 mortgage assets (the “Mortgage Assets” and the related 19 mortgaged properties (the “Mortgaged Properties”) which we were informed are intended to be included as collateral in the offering of the FORT CRE 2018-1, 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:
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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.
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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.
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The term “materiality threshold” means that amounts and percentages were within $1.00 and 0.1%, respectively.
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The term “Cut-off Date” means the payment date in October 2018, as provided by the Company.
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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.
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The term “Loan File” means the copies of source documents made available by the Company and listed in Attachment A.
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The term “Calculation Methodology” means the field listed in Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company.
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The term “Instructions” means the instructions provided by the Company pertaining to a specific attribute, methodology, or value and described in Attachment C.
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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 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 listed in the “Source Document(s)” column in Attachment A, with the highest priority document listed first.
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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 Assets and related Mortgaged Properties and compared the results of our recomputations to the corresponding information contained in the Data File.
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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, 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, 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”).
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.
McLean, Virginia
November 1, 2018
ATTACHMENT A
COMPARED ATTRIBUTES
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Attribute
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Source Document(s)
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Property Address
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Appraisal Report, Loan Agreement
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Property City
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Appraisal Report
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Property State
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Appraisal Report
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Property Zip Code
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USPS Internet Site, Appraisal Report
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Property County
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Appraisal Report
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Year Built
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Appraisal Report, Engineering Report
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Year Renovated
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Appraisal Report, Engineering Report, Construction Progress Report, Draw Request Inspection Report
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Property Type
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Appraisal Report
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Specific Property Type
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Appraisal Report
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No of Units
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Underwriting Summary, Borrower Rent Roll, Appraisal Report
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Unit of Measure
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Underwriting Summary, Borrower Rent Roll, Appraisal Report
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Occupancy %
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Underwriting Summary, Borrower Rent Roll, STR Report
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Occupancy Source Date
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Underwriting Summary, Borrower Rent Roll, STR Report
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Loan Purpose (Acquisition, Refinance, DPO)
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Settlement Statement, Asset Summary Report
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Assumed Loan (Y/N)
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Loan Agreement, Settlement Statement
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Borrower Name
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Loan Agreement, Promissory Note
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Principals
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Guaranty Agreement, Loan Agreement
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Related Borrower (Y/N)
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Loan Agreement, Promissory Note
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Note Date
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Loan Agreement, Promissory Note
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First Payment Date
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Loan Agreement
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Mortgage Asset Commitment Original Balance ($)
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Loan Agreement, Promissory Note
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Mortgage Asset Initial Funded Amount ($)
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Promissory Note/Loan Agreement
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Future Funding Trigger / Requirements
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Loan Agreement
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Mortgage Asset Cut-off Date Balance ($)
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Loan Agreement, Servicer Report
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Cut-off Date Subordinate Debt ($)
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Loan Agreement, Servicer Report
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Cut-off Date Pari Passu Debt ($)
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Loan Agreement, Servicer Report
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A-1
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Attribute
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Source Document(s)
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Initial Maturity Date
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Loan Agreement, Extension Option Execution Agreement
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Current Maturity Date
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Loan Agreement, Extension Option Execution Agreement
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Extension Options
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Loan Agreement, Extension Option Execution Agreement
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Extension Options Description
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Loan Agreement, Extension Option Execution Agreement
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First Extension Fee %
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Loan Agreement, Extension Option Execution Agreement
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First Extension Period (Months)
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Loan Agreement, Extension Option Execution Agreement
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First Extension Floor
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Loan Agreement, Extension Option Execution Agreement
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First Extension Cap
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Loan Agreement, Extension Option Execution Agreement
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Second Extension Fee %
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Loan Agreement, Extension Option Execution Agreement
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Second Extension Period (Months)
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Loan Agreement, Extension Option Execution Agreement
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Second Extension Floor
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Loan Agreement, Extension Option Execution Agreement
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Second Extension Cap
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Loan Agreement, Extension Option Execution Agreement
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Third Extension Fee %
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Loan Agreement, Extension Option Execution Agreement
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Third Extension Period (Months)
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Loan Agreement, Extension Option Execution Agreement
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Third Extension Floor
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Loan Agreement, Extension Option Execution Agreement
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Third Extension Cap
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Loan Agreement, Extension Option Execution Agreement
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Exit Fee %
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Loan Agreement
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Fully Extended Maturity Date
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Loan Agreement, Extension Option Execution Agreement
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Rate Type
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Loan Agreement
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Index for Floating Rate
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Loan Agreement
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Fully Funded Mortgage Loan Margin %
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Loan Agreement
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Rounding Factor
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Loan Agreement
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Time of Rounding (Before Spread, After Spread)
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Loan Agreement
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Rounding Direction
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Loan Agreement
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Lookback Period
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Loan Agreement
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Mortgage Rate Floor
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Loan Agreement
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LIBOR Cap Provider
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Interest Rate Cap Agreement, Loan Agreement
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A-2
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Attribute
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Source Document(s)
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LIBOR Cap Provider Rating
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Bloomberg Screenshot
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LIBOR Cap Strike Price %
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Interest Rate Cap Agreement, Loan Agreement
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LIBOR Cap Expiration
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Interest Rate Cap Agreement
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Interest Accrual Basis
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Loan Agreement
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Interest Rate Change
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Loan Agreement
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Interest Rate Change Amount
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Loan Agreement
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Interest Rate Change Trigger
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Loan Agreement
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Grace Period Default (Days)
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Loan Agreement
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Grace Period Late (Days)
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Loan Agreement
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Grace Period Balloon (Days)
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Loan Agreement
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Original Prepayment Provision
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Loan Agreement, Extension Option Execution Agreement
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Remaining Prepayment Provision
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Loan Agreement, Extension Option Execution Agreement
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Partial Release and/or Partial Prepayment (Y/N)
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Loan Agreement
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Partial Release and/or Prepayment Description
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Loan Agreement
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Amortization Type During Initial Term
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Loan Agreement
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Amortization Type During Extensions
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Loan Agreement
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Amort Number of Months
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Loan Agreement
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Amortization Start Date
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Loan Agreement
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Original Amortization Term
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Loan Agreement
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Appraisal Valuation Date
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Appraisal Report
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As-Is Appraised Value
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Appraisal Report
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Stabilized Appraised Value
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Appraisal Report
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Appraisal Anticipated Stabilization Date
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Appraisal Report
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USPAP Appraisal (Y/N)
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Appraisal Report
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FIRREA Appraisal (Y/N)
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Appraisal Report
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Third Most Recent As Of Date
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Underwriting Summary
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Third Most Recent Actual Revenues
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Underwriting Summary
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A-3
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Attribute
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Source Document(s)
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Third Most Recent Actual Expenses
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Underwriting Summary
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Third Most Recent Actual NOI
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Underwriting Summary
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Third Most Recent Actual NCF
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Underwriting Summary
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Second Most Recent As Of Date
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Underwriting Summary
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Second Most Recent Actual Revenues
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Underwriting Summary
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Second Most Recent Actual Expenses
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Underwriting Summary
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Second Most Recent Actual NOI
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Underwriting Summary
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Second Most Recent Actual NCF
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Underwriting Summary
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Most Recent As Of Date
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Underwriting Summary
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Most Recent Actual Revenues
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Underwriting Summary
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Most Recent Actual Expenses
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Underwriting Summary
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Most Recent Actual NOI
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Underwriting Summary
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Most Recent Actual NCF
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Underwriting Summary
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Underwritten Occupancy %
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Underwriting Summary
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Underwritten Revenues
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Underwriting Summary
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Underwritten Expenses
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Underwriting Summary
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Underwritten NOI
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Underwriting Summary
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Underwritten Reserves
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Underwriting Summary
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Underwritten NCF
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Underwriting Summary
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Underwritten Stabilized Occupancy %
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Underwriting Summary
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Underwritten Stabilized Revenues
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Underwriting Summary
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Underwritten Stabilized Expenses
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Underwriting Summary
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Underwritten Stabilized NOI
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Underwriting Summary
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Underwritten Stabilized Reserves
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Underwriting Summary
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Underwritten Stabilized NCF
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Underwriting Summary
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Appraisal Stabilized Occupancy %
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Underwriting Summary, Appraisal Report
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Appraisal Stabilized Revenues
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Underwriting Summary, Appraisal Report
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Appraisal Stabilized Expenses
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Underwriting Summary, Appraisal Report
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A-4
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Attribute
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Source Document(s)
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Appraisal Stabilized NOI
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Underwriting Summary, Appraisal Report
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Appraisal Stabilized Reserves
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Underwriting Summary, Appraisal Report
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Appraisal Stabilized NCF
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Underwriting Summary, Appraisal Report
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Loan Cross Portfolio Name
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Provided by the Company
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Lien Position
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Title Policy
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Full Recourse (Y/N/Partial)
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Guaranty Agreement, Loan Agreement
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Recourse Provisions
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Guaranty Agreement, Loan Agreement
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Recourse Carveout Guarantor
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Guaranty Agreement, Loan Agreement
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Title Vesting (Fee/Leasehold/Both)
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Title Policy
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Ground Lease Payment (Annual)
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Ground Lease, Ground Lease Estoppel, Ground Lease Abstract
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Ground Lease Initial Expiration Date
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Ground Lease, Ground Lease Estoppel, Ground Lease Abstract
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Ground Lease Extension (Y/N)
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Ground Lease, Ground Lease Estoppel, Ground Lease Abstract
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# of Ground Lease Extension Options
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Ground Lease, Ground Lease Estoppel, Ground Lease Abstract
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Ground Lease Expiration Date with Extension
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Ground Lease, Ground Lease Estoppel, Ground Lease Abstract
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Type of Lockbox
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Loan Agreement, Cash Management Agreement,
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Cash Management (Springing/In-place)
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Loan Agreement, Cash Management Agreement,
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Lockbox Trigger Event
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Loan Agreement, Cash Management Agreement
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Engineering/Deferred Maintenance Escrow (Cut-off Date)
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Servicer Report, Settlement Statement, Loan Agreement
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Environmental Escrow (Cut-off Date)
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Servicer Report, Settlement Statement, Loan Agreement
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Tax Escrow (Cut-off Date)
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Servicer Report, Settlement Statement, Loan Agreement
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Tax Escrow (Monthly)
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Servicer Report, Settlement Statement, Loan Agreement
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Springing Tax Escrow Description
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Loan Agreement
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Insurance Escrow (Cut-off Date)
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Servicer Report, Settlement Statement, Loan Agreement
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Insurance Escrow (Monthly)
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Loan Agreement, Settlement Statement, Servicer Report
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Springing Insurance Escrow Description
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Loan Agreement
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Replacement Reserve (Cut-off Date)
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Servicer Report, Settlement Statement, Loan Agreement
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A-5
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Attribute
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Source Document(s)
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Replacement Reserve (Monthly)
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Loan Agreement, Settlement Statement, Servicer Report
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Springing Replacement Reserve Description
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Loan Agreement
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TI/LC Reserve (Cut-off Date)
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Servicer Report, Settlement Statement, Loan Agreement
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Monthly TI/LC Reserve ($)
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Loan Agreement, Settlement Statement, Servicer Report
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Springing TI/LC Reserve Description
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Loan Agreement
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Cut-off Other Reserve 1 ($)
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Servicer Report, Settlement Statement, Loan Agreement
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Other Escrow 1 (Monthly)
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Loan Agreement, Settlement Statement, Servicer Report
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Other (Springing) Escrow Reserve 1 Description
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Loan Agreement
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Cut-off Other Reserve 2 ($)
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Servicer Report, Settlement Statement, Loan Agreement
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Other Escrow 2 (Monthly)
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Loan Agreement, Settlement Statement, Servicer Report
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Other (Springing) Escrow Reserve 2 Description
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Loan Agreement
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Engineering Report Date
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Engineering Report
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Environmental Report Date (Phase I)
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Phase I Environmental Report
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Environmental Report Date (Phase II)
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Phase II Environmental Report
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Environmental Insurance (Y/N)
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Certificate of Environmental Insurance
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Seismic Report Date
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Seismic Report, Seismic Reliance Letter
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Seismic PML %
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Seismic Report
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Seismic Insurance Obtained if PML >= 20% (Y/N)
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Seismic Report and Certificate of Property Insurance
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Single-Tenant (Y/N)
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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Property Manager
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Property Management Agreement
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TIC (Y/N)
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Loan Agreement, TIC Agreement
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Max Number of TICs
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Loan Agreement, TIC Agreement
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Single Purpose Borrower (Y/N)
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Loan Agreement
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Independent Director (Y/N)
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Loan Agreement
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Borrower Non Consolidation Opinion (Y/N)
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Opinion of Counsel, Loan Agreement
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DST (Y/N)
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Loan Agreement, Promissory Note
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IDOT (Y/N)
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Loan Agreement, Promissory Note
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A-6
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Attribute
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Source Document(s)
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Largest Tenant Name
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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Largest Tenant SqFt
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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Largest Tenant Exp Date
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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2nd Largest Tenant Name
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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2nd Largest Tenant SqFt
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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2nd Largest Tenant Exp Date
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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3rd Largest Tenant Name
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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3rd Largest Tenant SqFt
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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3rd Largest Tenant Exp Date
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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4th Largest Tenant Name
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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4th Largest Tenant SqFt
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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4th Largest Tenant Exp Date
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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5th Largest Tenant Name
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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5th Largest Tenant SqFt
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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5th Largest Tenant Exp Date
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Underwriting Summary, Borrower Rent Roll, Lease Agreement, Tenant Estoppel
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A-7
ATTACHMENT B
RECOMPUTED ATTRIBUTES
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Attribute
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Calculation Methodology
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Annual Debt Service Payment (IO)
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Cut-off Date Mortgage Rate multiplied by Interest Accrual Basis multiplied by Mortgage Asset Cut-off Date Balance ($).
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Annual Debt Service Payment (P&I)
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Cut-off Date Mortgage Rate multiplied by Interest Accrual Basis multiplied by Mortgage Asset Cut-off Date Balance ($), plus the amount of amortization based off the amortization methodology in the Loan Agreement if applicable.
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Annual Debt Service Payment (Cap)
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Mortgage Rate Cap multiplied by Interest Accrual Basis multiplied by Mortgage Asset Cut-off Date Balance ($), plus the amount of amortization based off the amortization methodology in the Loan Agreement if applicable.
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Fully Funded Annual Debt Service Payment ($)
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Fully Funded Mortgage Loan Rate % multiplied by Interest Accrual Basis multiplied by Mortgage Asset Balloon Payment ($), plus the amount of amortization based off the amortization methodology in the Loan Agreement if applicable.
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Mortgage Loan Cut-off Date Future Funding Remaining Balance ($)
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For Mortgage Assets which have a Mortgage Asset Initial Funded Amount ($) lower than the Mortgage Asset Commitment Original Balance ($), Mortgage Asset Commitment Original Balance ($) minus Mortgage Asset Cut-off Date Balance ($).
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Mortgage Asset % of Total Cut-off Date Balance
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Mortgage Asset Cut-off Date Balance ($) divided by the sum of all Mortgage Assets’ Mortgage Asset Cut-off Date Balance ($).
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Mortgage Asset Balloon Payment ($)
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For Mortgage Assets whose Amortization Type During Initial Term is “Interest Only, Balloon,” equal to Commitment Original Balance ($). For all Mortgage Assets whose Amortization Type During Initial Term is “Interest Only, Amortizing, Balloon,” Commitment Original Balance ($) less the amount of principal amortization accumulated up to the Initial Maturity Date based off the amortization methodology in the Loan Agreement.
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Mortgage Asset Cut-off Date Balance / Unit ($)
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Mortgage Asset Cut-off Date Balance ($) divided by No of Units. For pari passu participation Mortgage Assets, Mortgage Loan Cut-off Date Balance / Unit ($) is based on the whole loan cut-off date balance divided by the No of Units.
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Committed Mortgage Asset Cut-off Date Balance / Unit ($)
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Commitment Original Balance ($) divided by No of Units. For pari passu participation Mortgage Assets, Committed Mortgage Loan Cut-off Date Balance / Unit ($) is based on the committed whole loan cut-off date balance divided by the No of Units.
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Mortgage Loan Balloon Payment / Unit ($)
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Mortgage Asset Balloon Payment ($) divided by No of Units. For pari passu participation Mortgage Assets, Mortgage Loan Balloon Payment / Unit ($) is based on the whole loan balloon payment divided by the No of Units.
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B-1
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Attribute
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Calculation Methodology
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Initial Loan Term (Original)
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Number of payments between and including the Initial Maturity Date and the First Payment Date.
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Cut-off Date Initial Loan Term (Remaining)
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Initial Loan Term (Original) minus Cut-off Date Seasoning
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Cut-off Date Seasoning
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Number of payments between and including the First Payment Date and the Cut-off Date
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First Extension Fee ($)
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First Extension Fee % multiplied by Mortgage Asset Commitment Original Balance ($)
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Second Extension Fee ($)
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Second Extension Fee % multiplied by Mortgage Asset Commitment Original Balance ($)
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Third Extension Fee ($)
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Third Extension Fee % multiplied by Mortgage Asset Commitment Original Balance ($)
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Exit Fee ($)
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Exit Fee % multiplied by Mortgage Asset Commitment Original Balance ($)
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Fully Extended Loan Term (Original)
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Number of payments between and including the Fully Extended Maturity Date and the First Payment Date.
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Fully Extended Loan Term (Remaining)
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Fully Extended Loan Term (Original) minus Seasoning
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Cut-off Date Mortgage Rate
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LIBOR of 2.1250%, as provided by the Company, rounded by the applicable Rounding Factor in the applicable Rounding Direction, plus Fully Funded Mortgage Loan Margin %, subject to the Mortgage Rate Floor and the Mortgage Rate Cap.
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|
Mortgage Loan Cut-off Date Gross Margin
|
Equal to the Fully Funded Mortgage Loan Margin %.
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Mortgage Rate Cap
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Fully Funded Mortgage Loan Margin % plus LIBOR Cap Strike Price %.
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LIBOR Floor %
|
Mortgage Rate Floor minus Fully Funded Mortgage Loan Margin %.
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Fully Funded Mortgage Loan Rate %
|
LIBOR of 2.1250%, as provided by the Company, rounded by the applicable Rounding Factor in the applicable Rounding Direction, plus Fully Funded Mortgage Loan Margin %, subject to the Mortgage Rate Floor and the Mortgage Rate Cap, the Interest Rate Change Amount and the Interest Rate Change Trigger.
|
B-2
|
Attribute
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Calculation Methodology
|
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B Note / Mezz Loan %
|
Cut-off Date Subordinate Debt ($) divided by the sum of the Mortgage Asset Cut-off Date Balance ($) and Cut-off Date Subordinate Debt ($).
|
|
Pari Passu Loan %
|
Cut-off Date Pari Passu Debt ($) divided by the sum of Cut-off Date Pari Passu Debt ($) and Mortgage Asset Cut-off Date Balance ($)
|
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IO Number of Months
|
Initial Loan Term (Original) minus Amort Number of Months
|
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Mortgage Asset Cut-off Date (As-Is) LTV Ratio 1)
|
Mortgage Asset Cut-off Date Balance ($) divided by As-Is Appraised Value. For pari passu participation Mortgage Assets, Mortgage Asset Cut-off Date (As-Is) LTV Ratio 1) is based on the whole loan cut-off date balance divided by As-Is Appraised Value.
|
|
Mortgage Asset Adjusted Cut-Off Date LTV
|
Mortgage Asset Cut-off Date Balance ($) net of Engineering/Deferred Maintenance Escrow (Cut-off Date), Replacement Reserve (Cut-off Date), TI/LC Reserve (Cut-off Date), and any other funded cash reserves other than taxes, insurance, operating, shortfall, seasonal, and/or debt service reserves, divided by As-Is Appraised Value.
For pari passu participation Mortgage Assets, Mortgage Asset Adjusted Cut-Off Date LTV is based on whole loan cut-off date balance ($) net of Engineering/Deferred Maintenance Escrow (Cut-off Date), Replacement Reserve (Cut-off Date), TI/LC Reserve (Cut-off Date), and any other funded cash reserves other than taxes, insurance, operating, shortfall, seasonal, and/or debt service reserves, divided by As-Is Appraised Value.
|
|
Adjusted Total Debt Cut-Off Date LTV
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For Mortgage Assets which have a Cut-off Date Subordinate Debt ($) balance, the sum of Mortgage Asset Cut-off Date Balance ($) and Cut-off Date Subordinate Debt ($), net of Replacement Reserve (Cut-off Date), TI/LC Reserve (Cut-off Date), and any other funded cash reserves other than taxes, insurance, operating, shortfall, seasonal, and/or debt service reserves divided by As-Is Appraised Value.
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Committed Mortgage Asset (Stabilized) LTV Ratio
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Mortgage Asset Commitment Original Balance ($) divided by Stabilized Appraised Value.
For pari passu participation Mortgage Assets, Committed Mortgage Asset (Stabilized) LTV Ratio is based on the whole loan original balance divided by Stabilized Appraised Value.
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B-3
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Attribute
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Calculation Methodology
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Mortgage Asset Maturity Date Stabilized LTV Ratio
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Mortgage Asset Balloon Payment ($) divided by Stabilized Appraised Value.
For pari passu participation Mortgage Assets, Mortgage Asset Maturity Date Stabilized LTV Ratio is based on the whole loan balloon balance divided by Stabilized Appraised Value.
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Mortgage Asset Most Recent NOI DSCR
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Most Recent Actual NOI divided by Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I), as applicable.
For pari passu participation Mortgage Assets, Mortgage Asset Most Recent NOI DSCR is based on Most Recent Actual NOI divided by whole loan Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I), as applicable.
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Mortgage Asset Most Recent NCF DSCR
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Most Recent Actual NCF divided by Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I), as applicable.
For pari passu participation Mortgage Assets, Mortgage Asset Most Recent NCF DSCR is based on Most Recent Actual NCF divided by whole loan Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I), as applicable.
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Cut-off Date Mortgage Asset Most Recent NOI Debt Yield
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Most Recent Actual NOI divided by Mortgage Asset Cut-off Date Balance ($).
For pari passu participation Mortgage Assets, Cut-off Date Mortgage Asset Most Recent NOI Debt Yield is based on Most Recent Actual NOI divided by whole loan Cut-off Balance.
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Cut-off Date Mortgage Asset Most Recent NCF Debt Yield
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Most Recent Actual NCF divided by Mortgage Asset Cut-off Date Balance ($).
For pari passu participation Mortgage Assets, Cut-off Date Mortgage Asset Most Recent NCF Debt Yield is based on Most Recent Actual NCF divided by whole loan Cut-off Balance.
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Mortgage Asset Underwritten NOI DSCR
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Underwritten NOI divided by Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I), as applicable.
For pari passu participation Mortgage Asset Underwritten NOI DSCR is based on Most Recent Actual NOI divided by whole loan Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I) , as applicable.
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B-4
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Attribute
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Calculation Methodology
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Mortgage Asset Underwritten NCF DSCR
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Underwritten NCF divided by Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I), as applicable.
For pari passu participation Mortgage Asset Underwritten NCF DSCR is based on Most Recent Actual NCF divided by whole loan Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I) , as applicable.
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Total Debt Underwritten NOI DSCR
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For Mortgage Assets which have a Cut-off Date Subordinate Debt ($) balance, Underwritten NOI ($) divided by Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I), as applicable, grossed up to include Cut-off Date Subordinate Debt ($).
In cases where the subordinate debt interest rate differ from the Mortgage Asset’s interest rate, the Total Debt Underwritten NOI DSCR will be based on the Underwritten NOI ($) divided by the sum of Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I), as applicable, and the annual debt service payment on the subordinate debt.
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Total Debt Underwritten NCF DSCR
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For Mortgage Assets which have a Cut-off Date Subordinate Debt ($) balance, Underwritten NCF ($) divided by Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I), as applicable, grossed up to include Cut-off Date Subordinate Debt ($).
In cases where the subordinate debt interest rate differ from the Mortgage Asset’s interest rate, the Total Debt Underwritten NCF DSCR will be based on the Underwritten NCF ($) divided by the sum of Annual Debt Service Payment (IO) or Annual Debt Service Payment (P&I), as applicable, and the annual debt service payment on the subordinate debt.
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Cut-off Date Mortgage Asset Underwritten NOI Debt Yield
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Underwritten NOI divided by Mortgage Asset Cut-off Date Balance ($).
For pari passu participation Mortgage Assets, Cut-off Date Mortgage Underwritten NOI Debt Yield is based on Underwritten NOI divided by whole loan Mortgage Asset Cut-off Date Balance ($).
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B-5
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Attribute
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Calculation Methodology
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Cut-off Date Mortgage Asset Underwritten NCF Debt Yield
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Underwritten NCF divided by Mortgage Asset Cut-off Date Balance ($).
For pari passu participation Mortgage Assets, Cut-off Date Mortgage Underwritten NCF Debt Yield is based on Underwritten NCF divided by whole loan Mortgage Asset Cut-off Date Balance ($).
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Total Debt Underwritten NOI DY
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For Mortgage Assets which have a Cut-off Date Subordinate Debt ($) balance, Underwritten NOI divided by the sum of Mortgage Asset Cut-off Date Balance ($) and Cut-off Date Subordinate Debt ($).
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Total Debt Underwritten NCF DY
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For Mortgage Assets which have a Cut-off Date Subordinate Debt ($) balance, Underwritten NCF divided by the sum of Mortgage Asset Cut-off Date Balance ($) and Cut-off Date Subordinate Debt ($).
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Fully Funded Mortgage Asset Underwritten Stabilized NOI DSCR
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Underwritten Stabilized NOI divided by Fully Funded Annual Debt Service Payment ($).
For pari passu participation Mortgage Assets, Fully Funded Mortgage Asset Underwritten Stabilized NOI DSCR is based on Underwritten NOI divided by whole loan Fully Funded Annual Debt Service Payment ($).
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Fully Funded Mortgage Asset Underwritten Stabilized NCF DSCR
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Underwritten Stabilized NCF divided by Fully Funded Annual Debt Service Payment ($).
For pari passu participation Mortgage Assets, Fully Funded Mortgage Asset Underwritten Stabilized NCF DSCR is based on Underwritten NCF divided by whole loan Fully Funded Annual Debt Service Payment ($).
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Fully Funded Mortgage Asset Underwritten Stabilized NOI Debt Yield
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Underwritten Stabilized NOI divided by Mortgage Asset Balloon Payment ($).
For pari passu participation Mortgage Assets, Fully Funded Mortgage Asset Underwritten Stabilized NOI Debt Yield is based on Underwritten NOI divided by whole loan Mortgage Asset Balloon Payment ($).
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Fully Funded Mortgage Asset Underwritten Stabilized NCF Debt Yield
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Underwritten Stabilized NCF divided by Mortgage Asset Balloon Payment ($).
For pari passu participation Mortgage Assets, Fully Funded Mortgage Asset Underwritten Stabilized NCF Debt Yield is based on Underwritten NCF divided by whole loan Mortgage Asset Balloon Payment ($).
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B-6
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Attribute
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Calculation Methodology
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Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR
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Appraisal Stabilized NOI divided by Fully Funded Annual Debt Service Payment ($).
For pari passu participation Mortgage Assets, Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR is based on Underwritten NOI divided by whole loan Fully Funded Annual Debt Service Payment ($).
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Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR
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Appraisal Stabilized NCF divided by Fully Funded Annual Debt Service Payment ($).
For pari passu participation Mortgage Assets, Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR is based on Underwritten NCF divided by whole loan Fully Funded Annual Debt Service Payment ($).
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Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield
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Appraisal Stabilized NOI divided by Mortgage Asset Balloon Payment ($).
For pari passu participation Mortgage Assets, Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield is based on Underwritten NOI divided by whole loan Mortgage Asset Balloon Payment ($).
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Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield
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Appraisal Stabilized NCF divided by Mortgage Asset Balloon Payment ($).
For pari passu participation Mortgage Assets, Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield is based on Underwritten NCF divided by whole loan Mortgage Asset Balloon Payment ($).
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B-7
ATTACHMENT C
INSTRUCTIONS
| 1. |
For those Compared Attributes with the Source Document indicated as “Provided by the Company” we were instructed by the Company to assume the attribute is accurate and not perform any procedure.
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| 2. |
We were instructed by the Company to follow the instructions listed below pertaining to the applicable Mortgage Asset and Attribute:
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Mortgage Asset
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Compared Attribute or Recomputed Attribute
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Company Instruction
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Brookdale Corporate Center, Lakeview Center
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Mortgage Rate Floor
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Provided by the Company
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135 E 57th, Louis Vuitton SoHo, Vaughan Place
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Mortgage Asset Cut-off Date Balance ($); Cut-off Date Subordinate Debt ($); Mortgage Asset Cut-off Date Future Funding Remaining Balance ($)
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Provided by the Company
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Columbus Marriott, Colony Palms Hotel, Peery Hotel
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Annual Debt Service Payment (P&I)
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Per amortization schedule Provided by the Company
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Columbus Marriott, Colony Palms Hotel, Peery Hotel
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Fully Funded Annual Debt Service Payment ($)
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Per amortization schedule Provided by the Company
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Columbus Marriott, Colony Palms Hotel, Peery Hotel
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Mortgage Asset Balloon Payment ($)
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Per amortization schedule Provided by the Company
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135 E 57th, Vaughan Place
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Cut-off Date Pari Passu Debt ($)
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Provided by the Company
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Upland Village
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As-Is Appraised Value
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Provided by the Company
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Viceroy Hotel Central Park
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Insurance Escrow (Monthly)
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Provided by the Company
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Viceroy Hotel Central Park
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Tax Escrow (Monthly)
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Provided by the Company
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Columbus Marriott
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First Extension Fee ($)
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Per amortization schedule Provided by the Company and Loan Agreement
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Columbus Marriott
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Second Extension Fee ($)
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Per amortization schedule Provided by the Company and Loan Agreement
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Vaughan Place
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Stabilized Appraised Value
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Provided by the Company
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Perris Plaza
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Committed Mortgage Asset Cut-off Date Balance / Unit ($)
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Provided by the Company
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Perris Plaza
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Mortgage Loan Balloon Payment / Unit ($)
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Provided by the Company
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C-1