FWP 1 fwp.htm FREE WRITING PROSPECTUS Unassociated Document
 
 
   
FREE WRITING PROSPECTUS
   
FILED PURSUANT TO RULE 433
   
REGISTRATION FILE NO.: 333-172366-04
     
 
 
(wells fargo logo)  (rbs logo)
 
 
Free Writing Prospectus
Structural and Collateral Term Sheet
 
$1,277,164,194
(Approximate Aggregate Cut-off Date Balance of Mortgage Pool)
 
$1,046,676,000
(Approximate Aggregate Principal Balance of Offered Certificates)
 
Wells Fargo Commercial Mortgage Trust 2012-LC5
as Issuing Entity
 
Wells Fargo Commercial Mortgage Securities, Inc.
as Depositor
 
Wells Fargo Bank, National Association
Ladder Capital Finance LLC
The Royal Bank of Scotland
as Sponsors and Mortgage Loan Sellers
 
 
Commercial Mortgage Pass-Through Certificates,
Series 2012-LC5
 
 
 
September 12, 2012
 
WELLS FARGO SECURITIES
 
RBS
 
Co-Lead Manager and
Co-Bookrunner
 
 
Co-Lead Manager and
Co-Bookrunner
 
Ladder Capital Securities
 
Citigroup
Co-Manager
 
Co-Manager
 
 
 

 
 
 STATEMENT REGARDING THIS FREE WRITING PROSPECTUS
 
The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) (SEC File No. 333-172366) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.
 
Nothing in this document constitutes an offer of securities for sale in any other jurisdiction where the offer or sale is not permitted.  The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities.  These materials are subject to change, completion, supplement or amendment from time to time.
 
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION
 
The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers.  Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein.  As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance.  The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.  You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities.  Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods.  In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials.  The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials.  The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance.  None of Wells Fargo Securities, LLC (“WFS”), RBS Securities Inc. (“RBSSI”), Ladder Capital Securities LLC, Citigroup Global Markets Inc. or any of their respective affiliates make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change.  In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.
 
This free writing prospectus contains certain forward-looking statements.  If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements.  Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated.  Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering.  The forward-looking statements made in this free writing prospectus are made as of the date stated on the cover.  We have no obligation to update or revise any forward-looking statement.
 
Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC; Wells Fargo Institutional Securities, LLC, a member of FINRA and SIPC; and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC carries and provides clearing services for Wells Fargo Institutional Securities, LLC customer accounts.
 
RBS is a trade name for the investment banking business of RBSSI.  Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by RBSSI and their securities affiliates.  Lending, derivatives and other commercial banking activities are performed by The Royal Bank of Scotland plc and their banking affiliates.  RBSSI is a member of SIPC, FINRA and the NYSE.
 
IRS CIRCULAR 230 NOTICE
 
THIS TERM SHEET IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING U.S. FEDERAL, STATE OR LOCAL TAX PENALTIES.  THIS TERM SHEET IS WRITTEN AND PROVIDED BY THE DEPOSITOR IN CONNECTION WITH THE PROMOTION OR MARKETING BY THE DEPOSITOR AND THE CO-LEAD BOOKRUNNING MANAGERS OF THE TRANSACTION OR MATTERS ADDRESSED HEREIN.  INVESTORS SHOULD SEEK ADVICE BASED ON THEIR PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.
 
IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES
 
The Offered Certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. Prospective investors should understand that, when considering the purchase of the Offered Certificates, a contract of sale will come into being no sooner than the date on which the relevant class of certificates has been priced and the underwriters have confirmed the allocation of certificates to be made to investors; any “indications of interest” expressed by any prospective investor, and any “soft circles” generated by the underwriters, will not create binding contractual obligations for such prospective investors, on the one hand, or the underwriters, the depositor or any of their respective agents or affiliates, on the other hand.
 
As a result of the foregoing, a prospective investor may commit to purchase certificates that have characteristics that may change, and each prospective investor is advised that all or a portion of the certificates referred to in these materials may be issued without all or certain of the characteristics described in these materials. The underwriters’ obligation to sell certificates to any prospective investor is conditioned on the certificates and the transaction having the characteristics described in these materials. If the underwriters determine that a condition is not satisfied in any material respect, such prospective investor will be notified, and neither the depositor nor the underwriters will have any obligation to such prospective investor to deliver any portion of the Offered Certificates which such prospective investor has committed to purchase, and there will be no liability between the underwriters, the depositor or any of their respective agents or affiliates, on the one hand, and such prospective investor, on the other hand, as a consequence of the non-delivery.
 
Each prospective investor has requested that the underwriters provide to such prospective investor information in connection with such prospective investor’s consideration of the purchase of the certificates described in these materials. These materials are being provided to each prospective investor for informative purposes only in response to such prospective investor’s specific request. The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials.
 
The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.
 
IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS
Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded.  Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
2

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5  Certificate Structure
 
I.           Certificate Structure
 
 
Class
 
Expected Ratings
(Fitch/Moody’s)(1)
 
Approximate
Initial Certificate
Balance or
Notional
Amount(2)
 
 
Approx.
Initial
Credit Support(3)
 
Pass-Through
Rate
Description
 
Weighted
Average Life
(Years)(4)
 
Expected Principal
Window(4)
 
Certificate
Principal to
Value Ratio(5)
 
Certificate
Principal
U/W NOI
Debt Yield(6)
     
Offered Certificates
                           
 
A-1
 
AAA(sf)/Aaa(sf)
 
$81,143,000
 
30.000%
 
(7)
 
2.55
 
10/2012 – 6/2017
 
38.4%
 
16.9%
 
A-2
 
AAA(sf)/Aaa(sf)
 
$156,188,000
 
30.000%
 
(7)
 
4.91
 
6/2017 – 9/2017
 
38.4%
 
16.9%
 
A-3
 
AAA(sf)/Aaa(sf)
 
$466,683,000
 
30.000%
 
(7)
 
9.87
 
6/2022 – 9/2022
 
38.4%
 
16.9%
 
A-SB
 
AAA(sf)/Aaa(sf)
 
$100,000,000
 
30.000%
 
(7)
 
7.34
 
9/2017 – 4/2022
 
38.4%
 
16.9%
 
A-S
 
AAA(sf)/Aaa(sf)
 
$124,524,000
 
20.250%
 
(7)
 
9.96
 
9/2022 – 9/2022
 
43.7%
 
14.9%
 
B
 
AA-(sf)/Aa3(sf)
 
$76,630,000
 
14.250%
 
(7)
 
9.96
 
9/2022 – 9/2022
 
47.0%
 
13.8%
 
C
 
A-(sf)/A3(sf)
 
$41,508,000
 
11.000%
 
(7)
 
9.96
 
9/2022 – 9/2022
 
48.8%
 
13.3%
                                   
     
Non-Offered Certificates
                           
 
X-A
 
AAA(sf)/Aaa(sf)
 
$1,018,538,000(8)
 
N/A
 
Variable(9)
 
N/A
 
N/A
 
N/A
 
N/A
 
X-B
 
AA-(sf)/Aa3(sf)
 
$76,630,000(10)
 
N/A
 
Variable(11)
 
N/A
 
N/A
 
N/A
 
N/A
 
A-FL
 
AAA(sf)/Aaa(sf)(12)
 
$90,000,000(13)
 
30.000%
 
LIBOR
plus(14)
 
9.63
 
4/2022 – 6/2022
 
38.4%
 
16.9%
 
A-FX
 
AAA(sf)/Aaa(sf)(12)
 
$0
 
30.000%
 
(7)
 
9.63
 
4/2022 – 6/2022
 
38.4%
 
16.9%
 
D
 
BBB-(sf)/Baa3(sf)
 
$49,490,000
 
7.125%
 
(7)
 
10.03
 
9/2022 – 10/2022
 
50.9%
 
12.8%
 
E
 
BB(sf)/Ba2(sf)
 
$20,754,000
 
5.500%
 
(7)
 
10.05
 
10/2022 – 10/2022
 
51.8%
 
12.6%
 
F
 
B(sf)/B2(sf)
 
$23,946,000
 
3.625%
 
(7)
 
10.05
 
10/2022 – 10/2022
 
52.8%
 
12.3%
 
G
 
NR/NR
 
$46,298,194
 
0.000%
 
(7)
 
10.05
 
10/2022 – 10/2022
 
54.8%
 
11.9%
 
Notes:
   
(1)
 
The expected ratings presented are those of Fitch, Inc. (“Fitch”) and Moody’s Investors Service, Inc. (“Moody’s”) which the depositor hired to rate the rated offered certificates.  One or more other nationally recognized statistical ratings organizations that were not hired by the depositor may use information they receive pursuant to Rule 17g-5 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to rate or provide market reports and/or published commentary related to the offered certificates.  We cannot assure you as to what ratings a non-hired nationally recognized statistical ratings organization would assign or that its reports will not express differing, possibly negative, views of the mortgage loans and/or the offered certificates.  See “Risk Factors—Risks Related to the Offered Certificates—Ratings of the Certificates Have Substantial Limitations” in the free writing prospectus, dated September 12, 2012 (the “Free Writing Prospectus”).
 
   
(2)
 
The principal balances and notional amounts set forth in the table are approximate.  The actual initial principal balances and notional amounts may be larger or smaller depending on the aggregate cut-off date principal balance of the mortgage loans definitively included in the pool of mortgage loans, which aggregate cut-off date principal balance may be as much as 5% larger or smaller than the amount presented in the Free Writing Prospectus.
 
   
(3)
 
The approximate initial credit support with respect to the Class A-1, A-2, A-FL, A-FX, A-3 and A-SB Certificates represents the approximate credit enhancement for the Class A-1, A-2, A-FL, A-FX, A-3 and A-SB Certificates in the aggregate. No class of certificates will provide any credit support to the Class A-FL certificates in respect of any default or termination under the related interest rate swap contract.
 
   
(4)
 
Weighted Average Lives and Expected Principal Windows are calculated based on an assumed prepayment rate of 0% CPR and the “Structuring Assumptions” described on Annex B to the Free Writing Prospectus.
 
   
(5)
 
The Certificate Principal to Value Ratio for each Class of Certificates (other than the Class A-1, A-2, A-FL, A-FX, A-3 and A-SB Certificates) is calculated by dividing the aggregate principal balance of such class of certificates and all classes of certificates senior to such class by the aggregate appraised value of $2,330,916,000 (calculated as described in the Free Writing Prospectus) of the mortgaged properties securing the mortgage loans. The Certificate Principal to Value Ratios for each of the Class A-1, A-2, A-FL, A-FX, A-3 and A-SB Certificates are calculated by dividing the aggregate principal balance of the Class A-1, A-2, A-FL, A-FX, A-3 and A-SB Certificates by such aggregate appraised value. However, excess mortgaged property value associated with a mortgage loan will not be available to offset losses on any other mortgage loan (unless such mortgage loans are cross-collateralized and the cross-collateralization remains in effect).
 
   
(6)
 
The Certificate Principal U/W NOI Debt Yield for each Class of Certificates (other than the Class A-1, A-2, A-FL, A-FX, A-3 and A-SB Certificates) is calculated by dividing the underwritten net operating income for the mortgage pool of $151,471,208 (calculated as described in the Free Writing Prospectus) by the aggregate certificate balance of such class of certificates and all classes of certificates senior to such class of certificates. The Underwritten NOI Debt Yield for each of the Class A-1, A-2, A-FL, A-FX, A-3 and A-SB Certificates is calculated by dividing such mortgage pool underwritten net operating income by the aggregate principal balance of the Class A-1, A-2, A-FL, A-FX, A-3 and A-SB Certificates. However, cash flow from each mortgaged property supports only the related mortgage loan and will not be available to support any other mortgage loan (unless such mortgage loans are cross-collateralized and the cross-collateralization remains in effect).
 
   
(7)
 
The pass-through rates for the Class A-1, A-2, A-FX, A-3, A-SB, A-S, B, C, D, E, F and G Certificates and the Class A-FX Regular Interest in each case will be one of the following: (i) a fixed rate per annum, (ii) the WAC Rate (as defined in the Free Writing Prospectus) for the related distribution date, (iii) a variable rate per annum equal to the lesser of (a) a fixed rate and (b) the WAC Rate for the related distribution date or (iv) a variable rate per annum equal to the WAC Rate for the related distribution date minus a specified percentage.
 
   
(8)
 
The Class X-A Certificates are notional amount certificates. The Notional Amount of the Class X-A Certificates will be equal to the aggregate principal balance of the Class A-1, A-2, A-3, A-SB and A-S Certificates and the Class A-FX Regular Interest outstanding from time to time.  The Class X-A Certificates will not be entitled to distributions of principal.
 
   
(9)
 
The pass-through rate for the Class X-A Certificates for any distribution date will equal the excess, if any, of (a) the WAC Rate for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-1, A-2, A-3, A-SB and A-S Certificates and the Class A-FX Regular Interest for the related distribution date, weighted on the basis of their respective aggregate principal balances outstanding immediately prior to that distribution date.
 
   
(10)
 
The Class X-B Certificates are notional amount certificates. The Notional Amount of the Class X-B Certificates will be equal to the principal balance of the Class B Certificates outstanding from time to time.  The Class X-B Certificates will not be entitled to distributions of principal.
 
   
(11)
 
The pass-through rate for the Class X-B Certificates for any distribution date will equal the excess, if any, of (a) the WAC Rate for the related distribution date, over (b) the pass-through rate on the Class B Certificates for the related distribution date.
   
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
3

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5  Certificate Structure
 
(12)
 
The ratings assigned to the Class A-FL Certificates reflect only the receipt of up to the fixed rate of interest at a rate equal to the pass-through rate for the Class A-FX Regular Interest. The ratings of Fitch and Moody’s do not address any shortfalls or delays in payment that investors in the Class A-FL Certificates may experience as a result of the conversion of the pass-through rate on Class A-FL Certificates from a floating interest rate to a fixed rate. See “Ratings” in the Private Placement Memorandum.
 
   
(13)
 
The Class A-FL Certificates will evidence a beneficial interest in a grantor trust that includes the Class A-FX Regular Interest and an interest rate swap contract.  Under some circumstances, holders of the Class A-FL Certificates may exchange all or a portion of their certificates for a like principal amount of “Class A-FX” Certificates having the same pass-through rate as the Class A-FX Regular Interest. The aggregate principal balance of the Class A-FL Certificates may be adjusted from time to time as a result of such an exchange. The aggregate principal balance of the Class A-FX Certificates and Class A-FL Certificates will at all times equal the principal balance of the Class A-FX Regular Interest.
 
   
(14)
 
The pass-through rate applicable to the Class A-FL Certificates on each distribution date will be a per annum rate equal to LIBOR plus a specified percentage; provided, however, that under certain circumstances (generally involving a default or termination under the related interest rate swap contract), the pass-through rate applicable to the Class A-FL Certificates may convert to a fixed rate equal to the pass-through rate on the Class A-FX Regular Interest. The initial LIBOR rate will be determined two LIBOR business days prior to the Closing Date, and subsequent LIBOR rates for the Class A-FL Certificates will be determined two LIBOR business days before the start of the related interest accrual period.
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
4

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5 Transaction Highlights
 
II.           Transaction Highlights
 
Mortgage Loan Sellers:
 
Mortgage Loan Seller
 
Number of
Mortgage
Loans
 
Number of
Mortgaged
Properties
 
Aggregate Cut-off
Date Balance
 
% of Cut-off
Date Pool
Balance
Wells Fargo Bank, National Association
 
29
 
57
 
$533,807,743
 
 41.8
Ladder Capital Finance LLC
 
23
 
30
 
457,891,673
 
 35.9
 
The Royal Bank of Scotland(1)
 
18
 
37
 
285,464,779
 
22.4
 
Total
 
70
 
124
 
$1,277,164,194
 
100.0
%
 
(1)       The mortgage loan seller referred to herein as The Royal Bank of Scotland is comprised of two affiliated companies:  The Royal Bank of Scotland plc and RBS Financial Products Inc. With respect to the mortgage loans being sold for the deposit into the trust by The Royal Bank of Scotland: (a) seventeen (17) mortgage loans, having an aggregate Cut-off Date Principal Balance of $248,214,779 and representing 19.4% of the aggregate principal balance of the pool of mortgage loans as of the Cut-off Date, are being sold for deposit into the trust only by The Royal Bank of Scotland plc and (b) one (1) mortgage loan, having a Cut-off Date Principal Balance of $37,250,000 and representing 2.9% of the aggregate principal balance of the pool of mortgage loans as of the Cut-off Date is being sold for deposit into the trust by The Royal Bank of Scotland plc and RBS Financial Products Inc.
 
Loan Pool:
 
 
Cut-off Date Balance:
$1,277,164,194
 
Number of Mortgage Loans:
70
 
Average Cut-off Date Balance per Mortgage Loan:
$18,245,203
 
Number of Mortgaged Properties:
124
 
Average Cut-off Date Balance per Mortgaged Property(1):
$10,299,711
 
Weighted Average Mortgage Interest Rate:
4.807%
 
Ten Largest Mortgage Loans as % of Cut-off Date Pool Balance:
52.2%
 
Weighted Average Original Term to Maturity or ARD (months):
112
 
Weighted Average Remaining Term to Maturity or ARD (months):
111
 
Weighted Average Original Amortization Term (months)(2):
347
 
Weighted Average Remaining Amortization Term (months)(2):
346
 
Weighted Average Seasoning (months):
1
 
 
(1)   Information regarding mortgage loans secured by multiple properties is based on an allocation according to relative appraised values or the allocated loan amounts or property-specific release prices set forth in the related loan documents.  With respect to 100 Church Street, loan-to-value ratio, debt service coverage ratio, debt yield and cut-off date balance per square foot calculations include the related pari passu companion loan unless otherwise stated.
 
(2)   Excludes any mortgage loan that does not amortize.
 
 
Credit Statistics:
 
 
Weighted Average U/W Net Cash Flow DSCR(1):
1.86x
 
Weighted Average U/W Net Operating Income Debt Yield Ratio(1):
11.9%
 
Weighted Average Cut-off Date Loan-to-Value Ratio(1):
61.1%
 
Weighted Average Balloon or ARD Loan-to-Value Ratio(1):
51.4%
 
% of Mortgage Loans with Additional Subordinate Debt:
4.6%
 
% of Mortgage Loans with Single Tenants(2):
9.4%
 
(1)   With respect to 100 Church Street, loan-to-value ratio, debt service coverage ratio, debt yield and cut-off date balance per square foot calculations include the related pari passu companion loan unless otherwise stated.
 
(2)   Excludes mortgage loans that are secured by multiple single-tenant properties and landlord fee interests.
 
 
 
 
 
 
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
5

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5  Transaction Highlights
 
Loan Structural Features:
 
Amortization: Based on the Cut-off Date Balance, 86.2% of the mortgage pool (63 mortgage loans) has scheduled amortization, as follows:
 
61.1% (55 mortgage loans) requires amortization during the entire loan term
 
25.1% (8 mortgage loans) provides for an interest-only period followed by an amortization period
 
Interest-Only:  Based on the Cut-off Date Balance, 13.8% of the mortgage pool (7 mortgage loans) provides for interest-only payments during the entire loan term (or, if applicable, through any anticipated repayment date). The Weighted Average Cut-off Date Loan-to-Value Ratio and Weighted Average U/W Net Cash Flow DSCR for those mortgage loans is 37.3% and 3.63x, respectively.
 
Hard Lockboxes:  Based on the Cut-off Date Balance, 64.4% of the mortgage pool (32 mortgage loans) has hard lockboxes in place.
 
Reserves: The mortgage loans require amounts to be escrowed monthly as follows (excluding any mortgage loans with springing provisions):
 
 
Real Estate Taxes:
68.3% of the pool 
 
Insurance Premiums:
50.6% of the pool 
 
Capital Replacements:
60.8% of the pool 
 
TI/LC:
41.6% of the pool(1)
 
 
(1)   The percentage of Cut-off Date Balance for loans with TI/LC reserves is based on the aggregate principal balance allocable to office, retail, mixed-use and industrial properties.
 
Call Protection/Defeasance:  Based on the Cut-off Date Balance, the mortgage pool has the following call protection and defeasance features:
 
77.0% of the mortgage pool (54 mortgage loans) features a lockout period, then defeasance only until an open period
 
9.7% of the mortgage pool (10 mortgage loans) features a lockout period, then the greater of a prepayment premium or yield maintenance until an open period
 
9.1% of the mortgage pool (2 mortgage loans) features a lockout period, then defeasance or the greater of a prepayment premium or yield maintenance until an open period
 
3.3% of the mortgage pool (1 mortgage loan) features the greater of a prepayment premium or yield maintenance until an open period
 
0.9% of the mortgage pool (3 mortgage loans) features yield maintenance, then defeasance or yield maintenance until an open period
 
Please refer to Annex A-1 to the Free Writing Prospectus for further description of individual loan call protection.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
6

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5 Issue Characteristics
 
III.      Issue Characteristics         
 
 
Securities Offered:
$1,046,676,000 approximate monthly pay, multi-class, commercial mortgage REMIC pass-through certificates consisting of seven classes (Classes A-1, A-2, A-3, A-SB, A-S, B and C), which are offered pursuant to a registration statement filed with the SEC.
 
 
Mortgage Loan Sellers:
Wells Fargo Bank, National Association (“WFB”); Ladder Capital Finance LLC (“LCF”) and The Royal Bank of Scotland (“RBS”)
 
 
Co-lead Bookrunning Managers:
Wells Fargo Securities, LLC and RBS Securities Inc.
 
 
Co-Managers:
Ladder Capital Securities LLC and Citigroup Global Markets Inc.
 
 
Rating Agencies:
Fitch, Inc. and Moody’s Investors Service, Inc.
 
 
Master Servicer:
Wells Fargo Bank, National Association
 
 
Special Servicer:
Rialto Capital Advisors, LLC
 
 
Certificate Administrator:
Wells Fargo Bank, National Association
 
 
Trustee:
U.S. Bank National Association
 
 
Trust Advisor:
Trimont Real Estate Advisors, Inc.
 
 
Cut-off Date:
The Cut-off Date with respect to each mortgage loan is the due date for the monthly debt service payment that is due in September 2012 (or, in the case of any mortgage loan that has its first due date in October 2012, the date that would have been its due date in September 2012 under the terms of that mortgage loan if a monthly debt service payment were scheduled to be due in that month).
 
 
Expected Closing Date:
On or about September 28, 2012.
 
 
Determination Dates:
The 11th day of each month (or if that day is not a business day, the next succeeding business day), commencing in October 2012.
 
 
Distribution Dates:
The fourth business day following the Determination Date in each month, commencing in October 2012.
 
 
Rated Final Distribution Date:
The Distribution Date in October 2045.
 
 
Interest Accrual Period:
With respect to any Distribution Date, the calendar month preceding the month in which such Distribution Date occurs.
 
 
Day Count:
The Offered Certificates will accrue interest on a 30/360 basis.
 
 
Minimum Denominations:
$10,000 for each Class of Offered Certificates. Investments may also be made in any whole dollar denomination in excess of the applicable minimum denomination.
 
 
Clean-up Call:
1%
 
 
Delivery:
DTC, Euroclear and Clearstream Banking
 
 
ERISA/SMMEA Status:
Each Class of Offered Certificates is expected to be eligible for exemptive relief under ERISA.  No Class of Offered Certificates will be SMMEA eligible.
 
 
Risk Factors:
THE CERTIFICATES INVOLVE CERTAIN RISKS AND MAY NOT BE SUITABLE FOR ALL INVESTORS.  SEE THE “RISK FACTORS” SECTIONS OF THE FREE WRITING PROSPECTUS AND THE PROSPECTUS ATTACHED THERETO.
 
 
Bond Analytics Information:
The Certificate Administrator will be authorized to make distribution date statements, CREFC reports and certain supplemental reports (other than confidential information) available to certain financial modeling and data provision services, including Bloomberg Financial Markets L.P., Trepp, LLC, Intex Solutions, Inc., Markit Group Limited, Interactive Data Corp. and BlackRock Financial Management, Inc.
 
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
7

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5  Characteristics of the Mortgage Pool
 
IV.      Characteristics of the Mortgage Pool(1)
 
A.       Ten Largest Mortgage Loans
 
 
Mortgage
Loan
Seller
 
 
Mortgage Loan Name
 
 
City
 
 
State
 
 
Number of
Mortgage Loans /
Mortgaged
Properties
 
 
Mortgage Loan
Cut-off Date
Balance ($)
 
 
% of Cut-off
Date Balance
(%)
 
 
Property
Type
 
 
Number of
SF, Rooms
or Pads
 
 
Cut-off Date
Balance Per
SF, Room or
Pad ($)
 
 
Cut-off Date
LTV Ratio
(%)
 
 
Balloon
or ARD
LTV Ratio
(%)
 
 
U/W NCF
DSCR (x)
 
 
U/W NOI
Debt Yield
(%)
WFB
 
Westside Pavilion
 
Los Angeles
 
CA
 
1 / 1
 
$155,000,000
 
12.1% 
 
Retail
 
535,448
 
$289
 
56.4%
 
45.5%
 
1.40x
 
    9.1%
WFB
 
Starwood Capital Hotel
Portfolio
 
Various
 
Various
 
1 / 20
 
110,000,000
 
8.6    
 
Hospitality
 
1,735
 
63,401
 
65.4
 
61.1
 
2.31
 
15.7
LCF
 
Trump Tower Commercial
Condominium
 
New York
 
NY
 
1 / 1
 
100,000,000
 
7.8    
 
Office
 
244,482
 
409
 
20.8
 
20.8
 
4.61
 
 20.4
WFB
 
100 Church Street
 
New York
 
NY
 
1 / 1
 
80,000,000
 
6.3    
 
Office
 
1,099,455
 
209
 
58.8
 
50.5
 
1.33
 
   9.0
RBS
 
Cole Retail 12 Portfolio
 
Various
 
Various
 
1 / 12
 
42,400,000
 
3.3    
 
Various
 
227,464
 
186
 
59.4
 
59.4
 
2.47
 
11.9
LCF
 
Somerset Shoppes
 
Boca Raton
 
FL
 
1 / 1
 
41,955,891
 
3.3    
 
Retail
 
186,335
 
225
 
67.5
 
55.5
 
1.31
 
9.0
LCF
 
Rockville Corporate Center
 
Rockville
 
MD
 
1 / 1
 
37,800,000
 
3.0    
 
Office
 
220,539
 
171
 
68.7
 
58.1
 
1.40
 
9.7
RBS
 
NTP Portfolio
 
Various
 
Various
 
1 / 3
 
37,250,000
 
2.9    
 
Various
 
629,508
 
59
 
69.1
 
56.5
 
1.56
 
11.5
RBS
 
Columbia SC Hotel Portfolio
 
Columbia
 
SC
 
1 / 3
 
31,000,000
 
2.4    
 
Hospitality
 
416
 
74,519
 
68.0
 
51.5
 
1.40
 
11.7
RBS
 
CMC Hotel Portfolio
 
Various
 
NC
 
1 / 3
 
30,700,000
 
2.4    
 
Hospitality
 
369
 
83,198
 
64.6
 
48.7
 
1.45
 
11.6
Top Three Total / Weighted Average
 
3 / 22
 
$365,000,000  
 
28.6%     
             
       49.4%
 
   43.4%
 
    2.55x
 
14.2%
Top Five Total / Weighted Average
 
5 / 35
 
$487,400,000  
 
38.2%     
             
       51.8%
 
   46.0%
 
    2.35x
 
13.1%
Top Ten Total / Weighted Average
 
10 / 46
 
$666,105,891  
 
52.2%     
             
       56.0%
 
   48.2%
 
    2.10x
 
12.5%
(1)
With respect to 100 Church Street, Cut-off Date Balance per square foot, rooms or pads, loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan (unless otherwise stated) in total debt.
 
B.       Summary of Pari Passu Split Loan Structure
 
 
Property Name
 
Mortgage Loan
Seller
 
 
Related Notes in
Loan Group
(Original Balance)
 
 
Holder of Note
 
 
Whether Note is
Lead Servicing for
the Entire Loan
Combination
 
 
Current Master Servicer for Securitized
Note
 
 
Current Special Servicer for Loan Combination
100 Church Street
WFB
 
$80,000,000
 
WFCM 2012-LC5
 
No
 
Wells Fargo Bank, National Association
 
Rialto Capital Advisors, LLC
WFB
 
$150,000,000
 
WFRBS 2012-C8
 
Yes
 
Wells Fargo Bank, National Association
 
Rialto Capital Advisors, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
8

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5  Characteristics of the Mortgage Pool
 
C.       Mortgage Loans with Mezzanine Financing(1)
           
Loan No.
 
Mortgage
Loan Seller
 
Mortgage Loan Name
 
Mortgage
Loan
Cut-off Date
Balance ($)
 
% of Cut-
off Date Balance
(%)
 
Mezzanine Debt
Cut-off Date
Balance ($)
 
Total
Debt
Interest
Rate (%)
 
Mortgage
Loan U/W
NCF DSCR
(x)
 
Total Debt
U/W NCF
DSCR (x)
 
Mortgage
Loan Cut-off
Date U/W
NOI Debt
Yield (%)
 
Total Debt
Cut-off Date
U/W NOI
Debt Yield
(%)
 
Mortgage
Loan Cut-off
Date LTV
Ratio (%)
 
Total Debt
Cut-off
Date LTV
Ratio (%)
                                                 
12
 
LCF
 
Southeast Grocery Portfolio
 
$25,047,617
 
2.0%
 
$5,394,907
 
7.000%
 
1.45x
 
1.07x
 
11.7%
 
    9.6%
 
69.7%
 
84.7%
22
 
LCF
 
One Corporate Center 1 & 3(2)
 
17,182,361
 
 1.3
 
3,350,487
 
5.125
 
1.41
 
1.01
 
         11.1
 
9.3
 
 73.4
 
  87.7
23
 
LCF
 
Southlake Marketplace
 
17,100,000
 
 1.3
 
1,210,000
 
5.883
 
1.30
 
1.15
 
          9.5
 
8.9
 
 70.0
 
  75.0
Total/Weighted Average
 
$59,329,978
 
4.6%
 
$9,955,394
     
1.40x
 
1.08x
 
         10.9%
 
            9.3%
 
       70.9%
 
      82.8%
 
(1)
In addition, the borrowers under certain of the mortgage loans also have incurred unsecured additional debt as described in the Free Writing Prospectus.
(2)
For mortgage loan #22 (One Corporate Center 1 & 3), the mezzanine loan is structured with a 5% interest rate and a 3% preferred return, payable at maturity.  Additionally, the mezzanine loan is structured with required amortization of $7,500 per month throughout the term of the mezzanine loan plus an additional $10,000 per month for the first ten months of the mezzanine loan term.  The debt service coverage ratio is based on the required monthly interest payment, the required amortization of $7,500 per month, the required additional amortization of $10,000 per month (but only for nine months) and the 3% preferred return over the next twelve months.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
9

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5  Characteristics of the Mortgage Pool
 
D.       Previous Securitization History(1)
 
Loan No.
 
Mortgage Loan Seller
 
Mortgage
 Loan  Name
 
City
 
State
 
Property
Type
 
Mortgage Loan or Mortgaged Property
Cut-off Date Balance ($)
 
% of Cut-
off Date
Balance
(%)
 
Previous Securitization
3
 
LCF
 
Trump Tower Commercial Condominium
 
New York
 
NY
 
Office
 
$100,000,000
 
7.8%
 
GMACC 1998-C1
6
 
LCF
 
Somerset Shoppes
 
Boca Raton
 
FL
 
Retail
 
41,955,891
 
3.3
 
JPMCC 2003-C1
9
 
RBS
 
Columbia SC Hotel Portfolio
 
Columbia
 
SC
 
Hospitality
 
31,000,000
 
2.4
 
RIAL 2012-LT1A
11
 
WFB
 
Rooney Ranch
 
Oro Valley
 
AZ
 
Retail
 
28,250,000
 
2.2
 
GCCFC 2002-C1
17
 
LCF
 
The Walker Building
 
Washington
 
DC
 
Office
 
21,453,668
 
1.7
 
BSCMS 2007-PW17
18
 
WFB
 
1024-1036 Lincoln Road
 
Miami Beach
 
FL
 
Retail
 
20,974,971
 
1.6
 
GSMS 2004-GG2
19
 
RBS
 
CitiWide Storage
 
Long Island City
 
NY
 
Self Storage
 
20,430,797
 
1.6
 
BSCMS 2004-PWR5
22
 
LCF
 
One Corporate Center 1 & 3
 
Edina
 
MN
 
Office
 
17,182,361
 
1.3
 
BSCMS 2007-PW15
23
 
LCF
 
Southlake Marketplace
 
Southlake
 
TX
 
Retail
 
17,100,000
 
1.3
 
LBUBS 2002-C4
LBUBS 2002 C7
26
 
LCF
 
Diamond Forest Apartments
 
Farmington Hills
 
MI
 
Multifamily
 
15,586,028
 
1.2
 
CSMC 2006-K1A
29
 
RBS
 
Crossways Shopping Center
 
Chesapeake
 
VA
 
Retail
 
13,484,555
 
1.1
 
GECMC 2005-C4
33
 
LCF
 
Sterling and El Camba MHCs
 
Lakeland
 
FL
 
Manufactured Housing Community
 
11,835,310
 
0.9
 
MLCFC 2007-8
39
 
WFB
 
2145 Market Street
 
San Francisco
 
CA
 
Retail
 
8,700,000
 
0.7
 
JPMCC 2002-C2
43
 
WFB
 
Titan Cold & Dry
 
Bakersfield
 
CA
 
Industrial
 
7,327,512
 
0.6
 
MSC 2007-IQ14
48
 
WFB
 
Porterville Shopping Center
 
Porterville
 
CA
 
Retail
 
5,943,497
 
0.5
 
LBUBS 2002-C4
58
 
LCF
 
Silverlake Estates MHC
 
Tucson
 
AZ
 
Manufactured Housing Community
 
3,492,891
 
0.3
 
GCCFC 2002-C1
63
 
WFB
 
Mini U Storage Woodbridge
 
Woodbridge
 
VA
 
Self Storage
 
2,696,959
 
0.2
 
JPMCC 2002-C1
64
 
WFB
 
Sugar Tree Shopping Center
 
West Bloomfield
 
MI
 
Retail
 
2,694,263
 
0.2
 
JPMCC 2002-C2
65
 
WFB
 
Marketplace Shops
 
Cumming
 
GA
 
Retail
 
2,394,984
 
0.2
 
LBUBS 2002-C4
67
 
WFB
 
Market Central
 
Dalton
 
GA
 
Retail
 
2,122,878
 
0.2
 
WBCMT 2002-C2
69
 
WFB
 
The Boardwalk
 
West Bloomfield
 
MI
 
Retail
 
1,646,494
 
0.1
 
JPMCC 2002-CIB5
Total
             
$376,273,058
 
29.5%
   
(1)
The table above represents the most recent securitization with respect to the mortgaged property securing the related mortgage loan, based on information provided by the related borrower or obtained through searches of a third-party database. The information has not otherwise been confirmed by the mortgage loan sellers.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
10

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5  Characteristics of the Mortgage Pool
 
E.           Mortgage Loans with Scheduled Balloon Payments and Related Classes   
 
Class A-2(1)
Loan No.
 
Mortgage Loan Seller
 
Mortgage Loan Name
 
State
 
Property Type
 
Mortgage Loan
Cut-off D
ate
Balance ($)
 
% of Cut-off Date Balance (%)
 
Mortgage Loan
Balance at
Maturity ($)
 
 
% of Class
A-2
Certificate
Principal
Balance
(%)(2)
 
SF/
Rooms/ Pads/ Units
 
Loan per SF/ Room/ Pad/ Unit
 
U/W NCF
DSCR (x)
 
U/W NOI
Debt Yield
(%)
 
Cut-off
Date LTV
Ratio
(%)
 
Balloon LTV Ratio (%)
 
Rem. IO
Period
(mos.)
 
Rem.
Term to
Maturity
(mos.)
2
 
WFB
 
Starwood Capital Hotel
Portfolio
 
Various
 
Hospitality
 
$110,000,000
 
     8.6%
 
$102,766,458
 
     65.8%
 
   1,735
 
$63,401
 
2.31x
 
      15.7%
 
65.4%
 
61.1%
 
12
 
60
12
 
LCF
 
Southeast Grocery Portfolio
 
Various
 
Retail
 
25,047,617
 
 2.0
 
22,713,467
 
     14.5
 
316,006
 
79
 
   1.45
 
  11.7
 
69.7  
 
63.2
 
0
 
57
22
 
LCF
 
One Corporate Center 1 & 3
 
MN
 
Office
 
17,182,361
 
 1.3
 
15,898,077
 
     10.2
 
221,765
 
77
 
   1.41
 
  11.1
 
73.4  
 
67.9
 
0
 
59
40
 
WFB
 
Renaissance Square - NC
 
NC
 
Retail
 
8,700,000
 
 0.7
 
8,070,611
 
      5.2
 
 80,468
 
108
 
   1.66
 
  12.0
 
68.9  
 
63.9
 
0
 
60
Total/Weighted Average
     
$160,929,978
 
  12.6%
 
$149,448,615
 
     95.7%
         
   2.04x
 
 14.4%
 
67.1%
 
        62.3%
 
8
 
59
(1)    The table above presents the mortgage loans whose balloon payments would be applied to pay down the principal balance of the Class A-2 Certificates, assuming a 0% CPR and applying the “Structuring Assumptions” described in the Free Writing Prospectus, including the assumptions that (i) none of the mortgage loans in the pool experience prepayments, defaults or losses; (ii) there are no extensions of maturity dates of any mortgage loans in the pool; and (iii) each mortgage loan in the pool is paid in full on its stated maturity date. Each class of Certificates, including the Class A-2 Certificates, evidences undivided ownership interests in the entire pool of mortgage loans.
(2)    Reflects the percentage of the Mortgage Loan Balance at Maturity divided by the initial Class A-2 Certificate Principal Balance.
 
Class A-SB(1)
 
Loan No.
 
 
Mortgage
Loan
Seller
 
 
Mortgage Loan Name
 
 
State
 
 
Property Type
 
 
Mortgage Loan
Cut-off D
ate
Balance ($)
 
 
% of
Cut-off
Date
Balance
(%)
 
 
Mortgage Loan
Balance at
Maturity ($)
 
 
% of Class
A-SB
Certificate
Principal
Balance
(%)(2)
 
 
SF/
Rooms/
Pads/
Units
 
 
Loan
per SF/
Room/
Pad/
Unit
 
 
U/W NCF
DSCR (x)
 
 
U/W NOI
Debt Yield
(%)
 
 
Cut-off
Date LTV
Ratio
(%)
 
 
Balloon
LTV Ratio
(%)
 
 
Rem. IO
Period
(mos.)
 
 
Rem.
Term to
Maturity
(mos.)
44
 
RBS
 
Riverview Commons
 
SC
 
Retail
 
$6,393,119
 
0.5%
 
$5,658,647
 
5.7%
 
59,020
 
$108
 
1.64x
 
11.3%
 
70.3%
 
62.2%
 
0
 
83
Total/Weighted Average
     
$6,393,119
 
0.5%
 
$5,658,647
 
5.7%
         
1.64x
 
11.3%
 
70.3%
 
62.2%
 
0
 
83
(1)   The table above presents the mortgage loan whose balloon payment would be applied to pay down the principal balance of the Class A-SB Certificates, assuming a 0% CPR and applying the “Structuring Assumptions” described in the Free Writing Prospectus, including the assumptions that (i) none of the mortgage loans in the pool experience prepayments, defaults or losses; (ii) there are no extensions of maturity dates of any mortgage loans in the pool; and (iii) each mortgage loan in the pool is paid in full on its stated maturity date. Each class of Certificates, including the Class A-SB Certificates, evidences undivided ownership interests in the entire pool of mortgage loans.
(2)
Reflects the percentage of the Mortgage Loan Balance at Maturity divided by the initial Class A-SB Certificate Principal Balance.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
11

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5  Characteristics of the Mortgage Pool
 
F.           Property Type Distribution
 
(PIE CHART)
                                     
Property Type
Number of
Mortgaged
Properties
 
Aggregate Cut-
off Date
Balance ($)(1)
 
% of Cut-
off Date
Balance
(%)
Weighted
Average
Cut-off
Date LTV
Ratio (%)
Weighted
Average
Balloon or
ARD LTV
Ratio (%)
Weighted
Average
U/W NCF
DSCR (x)
Weighted
Average
U/W NOI
Debt
Yield
(%)
Weighted
Average
U/W NCF
Debt
Yield (%)
Weighted
Average
Mortgage
Rate (%)
Retail
56
 
$541,261,679
 
42.4
%
63.0
%
53.5
%
1.59
x
10.4
%
9.7
%
4.830
%
Anchored
28
 
269,581,182
 
21.1
 
67.7
 
57.4
 
1.49
 
10.5
 
9.8
 
5.047
 
Regional Mall
1
 
155,000,000
 
12.1
 
56.4
 
45.5
 
1.40
 
9.1
 
8.5
 
4.470
 
Single Tenant
21
 
82,273,219
 
6.4
 
59.9
 
56.7
 
2.18
 
11.8
 
11.3
 
4.853
 
Unanchored
2
 
22,621,465
 
1.8
 
62.8
 
50.9
 
1.88
 
12.3
 
11.7
 
4.537
 
Shadow Anchored
4
 
11,785,814
 
0.9
 
62.9
 
51.1
 
1.74
 
12.8
 
11.3
 
4.990
 
Office
7
 
282,817,733
 
22.1
 
48.8
 
42.7
 
2.53
 
13.5
 
12.7
 
4.606
 
CBD
4
 
217,135,372
 
17.0
 
42.4
 
37.3
 
2.86
 
14.4
 
13.7
 
4.478
 
Suburban
3
 
65,682,361
 
5.1
 
70.0
 
60.4
 
1.43
 
10.4
 
9.3
 
5.028
 
Hospitality
32
 
244,304,500
 
19.1
 
65.2
 
55.1
 
1.94
 
14.1
 
12.5
 
4.844
 
Limited Service
25
 
176,654,285
 
13.8
 
65.0
 
54.6
 
1.95
 
14.0
 
12.6
 
4.824
 
Full Service
6
 
62,415,000
 
4.9
 
66.4
 
57.6
 
1.97
 
14.2
 
12.7
 
4.847
 
Extended Stay
1
 
5,235,215
 
0.4
 
58.8
 
44.9
 
1.50
 
14.1
 
11.1
 
5.500
 
Industrial
5
 
51,147,623
 
4.0
 
66.8
 
55.6
 
1.68
 
11.7
 
10.3
 
4.865
 
Flex
4
 
43,820,111
 
3.4
 
65.5
 
55.5
 
1.66
 
11.2
 
9.9
 
4.835
 
Cold Storage Facility
1
 
7,327,512
 
0.6
 
74.8
 
56.2
 
1.79
 
14.7
 
12.6
 
5.050
 
Self Storage
9
 
49,321,209
 
3.9
 
65.1
 
43.0
 
1.51
 
11.4
 
11.1
 
4.857
 
Self Storage
9
 
49,321,209
 
3.9
 
65.1
 
43.0
 
1.51
 
11.4
 
11.1
 
4.857
 
Mixed Use
5
 
46,297,624
 
3.6
 
69.8
 
57.4
 
1.48
 
10.1
 
9.5
 
4.956
 
Office/Retail
2
 
31,292,600
 
2.5
 
70.3
 
57.7
 
1.41
 
9.6
 
9.0
 
4.894
 
Retail/Office
2
 
9,566,631
 
0.7
 
68.0
 
56.3
 
1.61
 
11.4
 
10.6
 
5.133
 
Self Storage/Retail
1
 
5,438,392
 
0.4
 
70.3
 
57.9
 
1.61
 
10.7
 
10.4
 
5.000
 
Manufactured Housing Community
7
 
33,683,277
 
2.6
 
67.2
 
55.3
 
1.47
 
9.9
 
9.7
 
5.137
 
Manufactured Housing Community
7
 
33,683,277
 
2.6
 
67.2
 
55.3
 
1.47
 
9.9
 
9.7
 
5.137
 
Multifamily
2
 
25,586,028
 
2.0
 
75.5
 
62.7
 
1.36
 
9.5
 
9.0
 
5.297
 
Garden
1
 
15,586,028
 
1.2
 
76.0
 
64.0
 
1.30
 
9.5
 
9.0
 
5.700
 
Low Rise
1
 
10,000,000
 
0.8
 
74.6
 
60.7
 
1.46
 
9.5
 
9.0
 
4.669
 
Other
1
 
2,744,522
 
0.2
 
43.8
 
29.9
 
1.93
 
14.4
 
14.3
 
4.850
 
Leased Fee
1
 
2,744,522
 
0.2
 
43.8
 
29.9
 
1.93
 
14.4
 
14.3
 
4.850
 
Total/Weighted Average
124
 
$1,277,164,194
 
100.0
%
61.1
%
51.4
%
1.86
x
11.9
%
11.0
%
4.807
%
(1)
Because this table presents information relating to the mortgaged properties and not the mortgage loans, (a) the information for mortgage loans secured by more than one mortgaged property (other than through cross-collateralization with other mortgage loans) is based on allocated amounts (allocating the mortgage loan principal balance to each of those properties according to the relative appraised values of the mortgaged properties or the allocated loan amounts or property-specific release prices set forth in the related mortgage loan documents), and (b) the information for each mortgaged property that relates to a mortgage loan that is cross-collateralized with other mortgage loans is based upon the principal balance of that mortgage loan, except that the applicable loan-to-value ratio, debt service coverage ratio or debt yield for each such mortgaged property is based upon the ratio or yield (as applicable) for the aggregate indebtedness evidenced by all loans in the group. On an individual basis, without regard to the cross-collateralization feature, any mortgaged property securing a mortgage loan that is part of a cross-collateralized group of mortgage loans may have a higher loan-to-value ratio, lower debt service coverage ratio and/or lower debt yield than is presented herein. With respect to 100 Church Street, loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan (unless otherwise stated) in total debt.
 
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
12

 
 
Wells Fargo Commercial Mortgage Trust 2012-LC5  Characteristics of the Mortgage Pool
 
G.           Geographic Distribution(1)
 
(MAP)
                                       
Location(2)
 
Number of
Mortgaged
Properties
 
Aggregate Cut-off
Date
Balance
($)(3)
 
% of Cut-
off Date
Balance
 
Weighted
Average
Cut-off
Date LTV
Ratio (%)
 
Weighted
Average
Balloon
or
ARD
LTV
Ratio
(%)
 
Weighted
Average
U/W NCF
DSCR (x)
 
Weighted
Average
U/W NOI
Debt
Yield (%)
 
Weighted
Average
U/W NCF
Debt
Yield (%)
 
Weighted
Average
Mortgage
Rate (%)
 
California
 
11
 
$252,185,739
 
19.7
%
58.7
%
47.9
%
1.49
x
10.1
%
9.3
%
4.616
%
Southern
 
5
 
195,571,010
 
15.3
 
57.3
 
46.9
 
1.48
 
9.8
 
9.1
 
4.528
 
Northern
 
6
 
56,614,729
 
4.4
 
63.5
 
51.4
 
1.55
 
11.3
 
10.1
 
4.919
 
New York
 
5
 
247,930,797
 
19.4
 
46.5
 
38.6
 
2.69
 
14.1
 
13.4
 
4.536
 
Texas
 
29
 
184,213,099
 
14.4
 
66.0
 
58.3
 
1.97
 
13.3
 
12.2
 
4.759
 
Florida
 
12
 
113,390,946
 
8.9
 
67.4
 
56.3
 
1.48
 
9.8
 
9.2
 
4.935
 
Other States(4)
 
67
 
479,443,613
 
37.5
 
66.5
 
56.1
 
1.66
 
11.5
 
10.5
 
5.037
 
Total/Weighted Average
 
124
 
$1,277,164,194
 
100.0
%
61.1
%
51.4
%
1.86
x
11.9
%
11.0
%
4.807
%
(1)
The Mortgaged Properties are located in 28 states and the District of Columbia.
(2)
For purposes of determining whether a mortgaged property is in Northern California or Southern California, Northern California includes areas with zip codes above 93600 and Southern California includes areas with zip codes of 93600 and below.
(3)
Because this table presents information relating to the mortgaged properties and not the mortgage loans, (a) the information for mortgage loans secured by more than one mortgaged property (other than through cross-collateralization with other mortgage loans) is based on allocated amounts (allocating the mortgage loan principal balance to each of those properties according to the relative appraised values of the mortgaged properties or the allocated loan amounts or property-specific release prices set forth in the related mortgage loan documents), and (b) the information for each mortgaged property that relates to a mortgage loan that is cross-collateralized with other mortgage loans is based upon the principal balance of that mortgage loan, except that the applicable loan-to-value ratio, debt service coverage ratio or debt yield for each such mortgaged property is based upon the ratio or yield (as applicable) for the aggregate indebtedness evidenced by all loans in the group.  On an individual basis, without regard to the cross-collateralization feature, any mortgaged property securing a mortgage loan that is part of a cross-collateralized group of mortgage loans may have a higher loan-to-value ratio, lower debt service coverage ratio and/or lower debt yield than is presented herein. With respect to 100 Church Street, loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan (unless otherwise stated) in total debt.
(4)
Includes 24 other states and the District of Columbia.
 
 
 
 
 
 
 
 
 
 
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
13

 
Wells Fargo Commercial Mortgage Trust 2012-LC5
Characteristics of the Mortgage Pool
 
H.           Characteristics of the Mortgage Pool(1)
                              
CUT-OFF DATE BALANCE
 
LOAN PURPOSE
   
Number of
             
Number of
       
Range of Cut-off Date
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
     
Mortgage
 
Aggregate Cut-
 
% of Cut-off
Balances ($)
 
Loans
 
off Date Balance
 
Date Balance
 
Loan Purpose
 
Loans
 
off Date Balance
 
Date Balance
  875,000 – 1,000,000
 
1
 
$875,000
 
0.1%
 
  Refinance
 
55
 
$1,000,482,795
 
78.3%
  1,000,001 – 2,000,000
 
1
 
1,646,494
 
0.1
 
  Acquisition
 
15
 
276,681,399
 
21.7
  2,000,001 – 3,000,000
 
8
 
20,003,657
 
1.6
 
Total:
 
70
 
$1,277,164,194
 
100.0%
  3,000,001 – 4,000,000
 
4
 
13,531,610
 
1.1
               
  4,000,001 – 5,000,000
 
3
 
14,338,829
 
1.1
 
MORTGAGE RATE
  5,000,001 – 6,000,000
 
9
 
49,928,556
 
3.9
     
Number of
       
  6,000,001 – 7,000,000
 
3
 
18,963,119
 
1.5
 
Range of Mortgage Rates
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
  7,000,001 – 8,000,000
 
1
 
7,327,512
 
0.6
 
(%)
 
Loans
 
off Date Balance
 
Date Balance
  8,000,001 – 9,000,000
 
5
 
42,887,694
 
3.4
 
  4.200 – 4.500
 
3
 
$275,974,971
 
21.6%
  9,000,001 – 10,000,000
 
1
 
10,000,000
 
0.8
 
  4.501 – 4.750
 
14
 
375,243,301
 
29.4
  10,000,001 – 15,000,000
 
8
 
101,817,049
 
8.0
 
  4.751 – 5.000
 
20
 
258,559,881
 
20.2
  15,000,001 – 20,000,000
 
7
 
118,961,959
 
9.3
 
  5.001 – 5.250
 
23
 
250,079,316
 
19.6
  20,000,001 – 30,000,000
 
9
 
210,776,825
 
16.5
 
  5.251 – 5.500
 
6
 
66,255,081
 
5.2
  30,000,001 – 50,000,000
 
6
 
221,105,891
 
17.3
 
  5.501 – 5.750
 
3
 
26,004,028
 
2.0
  50,000,001 – 80,000,000
 
1
 
80,000,000
 
6.3
 
  5.751 – 5.926
 
1
 
25,047,617
 
2.0
  80,000,001 – 100,000,000
 
1
 
100,000,000
 
7.8
 
Total:
 
70
 
$1,277,164,194
 
100.0%
  100,000,001 – 150,000,000
 
1
 
110,000,000
 
8.6
 
Weighted Average:
 
4.807%
       
  150,000,001 – 155,000,000
 
1
 
155,000,000
 
12.1
               
Total:
 
70
 
$1,277,164,194
 
100.0%
 
UNDERWRITTEN NOI DEBT YIELD
Average:
 
$18,245,203
             
Number of
       
               
Range of U/W NOI
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO
 
Debt Yields (%)
 
Loans
 
off Date Balance
 
Date Balance
   
Number of
         
  8.4 – 9.0
 
6
 
$184,744,869
 
14.5%
Range of U/W NOI
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
 
  9.1 – 10.0
 
13
 
348,098,412
 
27.3
DSCRs (x)
 
Loans
 
off Date Balance
 
Date Balance
 
  10.1 – 11.0
 
8
 
82,828,765
 
6.5
  1.28 – 1.30
 
1
 
$20,430,797
 
1.6%
 
  11.1 – 12.0
 
20
 
316,197,230
 
24.8
  1.31 – 1.40
 
5
 
114,330,897
 
9.0
 
  12.1 – 13.0
 
6
 
45,130,346
 
3.5
  1.41 – 1.50
 
9
 
359,711,830
 
28.2
 
  13.1 – 14.0
 
4
 
30,474,287
 
2.4
  1.51 – 1.60
 
10
 
122,827,093
 
9.6
 
  14.1 – 15.0
 
8
 
46,359,664
 
3.6
  1.61 – 1.70
 
7
 
127,214,205
 
10.0
 
  15.1 – 16.0
 
1
 
110,000,000
 
8.6
  1.71 – 1.80
 
6
 
35,609,750
 
2.8
 
  16.1 – 17.0
 
2
 
11,684,127
 
0.9
  1.81 – 1.90
 
9
 
100,804,187
 
7.9
 
  17.1 – 53.4
 
2
 
101,646,494
 
8.0
  1.91 – 2.00
 
6
 
38,961,613
 
3.1
 
Total:
 
70
 
$1,277,164,194
 
100.0%
  2.01 – 2.25
 
8
 
66,241,242
 
5.2
 
Weighted Average:
 
11.9%
       
  2.26 – 2.50
 
2
 
20,516,959
 
1.6
               
  2.51 – 2.75
 
5
 
168,869,127
 
13.2
 
UNDERWRITTEN NCF DEBT YIELD
  2.76 – 8.27
 
2
 
101,646,494
 
8.0
     
Number of
       
Total:
 
70
 
$1,277,164,194
 
100.0%
 
Range of U/W NCF
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
Weighted Average:
 
2.00x
         
Debt Yields (%)
 
Loans
 
off Date Balance
 
Date Balance
               
  8.3 – 9.0
 
15
 
$462,610,193
 
36.2%
UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO
 
  9.1 – 10.0
 
13
 
202,055,822
 
15.8
   
Number of
         
  10.1 – 11.0
 
13
 
155,931,610
 
12.2
Range of U/W NCF
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
 
  11.1 – 12.0
 
13
 
183,220,928
 
14.3
DSCRs (x)
 
Loans
 
off Date Balance
 
Date Balance
 
  12.1 – 13.0
 
7
 
37,088,345
 
2.9
  1.26 – 1.30
 
5
 
$88,452,135
 
6.9%
 
  13.1 – 14.0
 
1
 
2,920,592
 
0.2
  1.31 – 1.40
 
9
 
415,546,197
 
32.5
 
  14.1 – 15.0
 
6
 
131,690,212
 
10.3
  1.41 – 1.50
 
15
 
197,419,861
 
15.5
 
  15.1 – 20.0
 
1
 
100,000,000
 
7.8
  1.51 – 1.60
 
4
 
86,370,215
 
6.8
 
  20.1 – 48.1
 
1
 
1,646,494
 
0.1
  1.61 – 1.70
 
8
 
60,079,846
 
4.7
  
Total:
 
70
 
$1,277,164,194
 
100.0%
  1.71 – 1.80
 
11
 
91,436,525
 
7.2
 
Weighted Average:
 
11.0%
       
  1.81 – 1.90
 
5
 
34,931,344
 
2.7
               
  1.91 – 2.00
 
3
 
11,020,491
 
0.9
               
  2.01 – 2.25
 
3
 
6,266,222
 
0.5
               
  2.26 – 2.50
 
5
 
183,994,864
 
14.4
               
  2.51 – 7.45
 
2
 
101,646,494
 
8.0
               
Total:
 
70
 
$1,277,164,194
 
100.0%
               
Weighted Average:
 
1.86x
                       

(1)   Information regarding mortgage loans that are cross-collateralized with other mortgage loans is based upon the individual loan balances, except that the applicable loan-to-value ratio, debt service coverage ratio or debt yield for each such mortgage loan is based upon the ratio or yield (as applicable) for the aggregate indebtedness evidenced by all loans in the group.  On an individual basis, without regard to the cross-collateralization feature, any mortgage loan that is part of a cross-collateralized group of mortgage loans may have a higher loan-to-value ratio, lower debt service coverage ratio and/or lower debt yield than is presented herein. With respect to 100 Church Street, loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan (unless otherwise stated) in total debt.
 
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
 
 
14

 

Wells Fargo Commercial Mortgage Trust 2012-LC5
Characteristics of the Mortgage Pool
 
                             
ORIGINAL TERM TO MATURITY OR ARD
 
CUT-OFF DATE LOAN-TO-VALUE RATIO
   
Number of
             
Number of
       
Range of Original Terms to
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
 
 Range of Cut-off Date LTV
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
Maturity or ARD (months)
 
Loans
 
off Date Balance
 
Date Balance
 
Ratios (%)
 
Loans
 
off Date Balance
 
Date Balance
  60
 
4
 
$160,929,978
 
12.6%
 
  14.7 – 20.0
 
1
 
$1,646,494
 
0.1%
  84
 
1
 
6,393,119
 
0.5
 
  20.1 – 25.0
 
1
 
100,000,000
 
7.8
  120
 
62
 
909,785,206
 
71.2
 
  25.1 – 45.0
 
2
 
5,441,481
 
0.4
  121
 
3
 
200,055,891
 
15.7
 
  45.1 – 50.0
 
3
 
14,314,854
 
1.1
Total:
 
70
 
$1,277,164,194
 
100.0%
 
  50.1 – 55.0
 
7
 
41,035,452
 
3.2
Weighted Average:
 
112
         
  55.1 – 60.0
 
8
 
324,525,079
 
25.4
               
  60.1 – 65.0
 
11
 
116,390,046
 
9.1
REMAINING TERM TO MATURITY OR ARD
 
  65.1 – 70.0
 
21
 
475,619,197
 
37.2
               
  70.1 – 75.0
 
15
 
182,605,563
 
14.3
Range of Remaining Terms
 
Number of
         
  75.1 – 76.0
 
1
 
15,586,028
 
1.2
to Maturity or ARD
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
 
Total:
 
70
 
$1,277,164,194
 
100.0%
(months)
 
Loans
 
off Date Balance
 
Date Balance
 
Weighted Average:
 
61.1%
       
  57 – 60
 
4
 
$160,929,978
 
12.6%
               
  61 – 84
 
1
 
6,393,119
 
0.5
 
BALLOON OR ARD LOAN-TO-VALUE RATIO
  85 – 120
 
63
 
951,741,098
 
74.5
     
Number of
       
  121
 
2
 
158,100,000
 
12.4
 
Range of Balloon or ARD
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
Total:
 
70
 
$1,277,164,194
 
100.0%
 
LTV Ratios (%)
 
Loans
 
off Date Balance
 
Date Balance
Weighted Average:
 
111
         
  12.1 – 20.0
 
1
 
$1,646,494
 
0.1%
               
  20.1 – 25.0
 
1
 
100,000,000
 
7.8
ORIGINAL AMORTIZATION TERM
 
  25.1 – 30.0
 
1
 
2,744,522
 
0.2
Range of Original
 
Number of
         
  30.1 – 35.0
 
2
 
24,995,401
 
2.0
Amortization Terms
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
 
  35.1 – 40.0
 
5
 
19,108,802
 
1.5
(months)
 
Loans
 
off Date Balance
 
Date Balance
 
  40.1 – 45.0
 
4
 
17,004,075
 
1.3
  Non-Amortizing
 
7
 
$176,298,000
 
13.8%
 
  45.1 – 50.0
 
9
 
252,696,048
 
19.8
  192 – 240
 
2
 
24,995,401
 
2.0
 
  50.1 – 55.0
 
13
 
252,175,254
 
19.7
  241 – 300
 
13
 
163,153,631
 
12.8
 
  55.1 – 60.0
 
19
 
331,596,609
 
26.0
  301 – 360
 
48
 
912,717,163
 
71.5
 
  60.1 – 65.0
 
14
 
258,014,628
 
20.2
Total:
 
70
 
$1,277,164,194
 
100.0%
 
  65.1 – 67.9
 
1
 
17,182,361
 
1.3
Weighted Average:*
 
347
         
Total:
 
70
 
$1,277,164,194
 
100.0%
  *     Excludes the non-amortizing loans.
 
Weighted Average:
 
51.4%
       
                 
REMAINING AMORTIZATION TERM(2)
 
AMORTIZATION TYPE
Range of Remaining
 
Number of
             
Number of
       
Amortization Terms
 
Mortgage
 
Aggregate Cut-
 
% of Cut-off
     
Mortgage
 
Aggregate Cut-
 
% of Cut-off
(months)
 
Loans
 
off Date Balance
 
Date Balance
 
Type of Amortization
 
Loans
 
off Date Balance
 
Date Balance
  Non-Amortizing
 
7
 
$176,298,000
 
13.8%
 
  Amortizing Balloon
 
52
 
$748,950,794
 
58.6%
  191 – 240
 
2
 
24,995,401
 
2.0
 
  Interest-only, Amortizing
 
7
 
296,720,000
 
23.2
  241 – 300
 
13
 
163,153,631
 
12.8
 
  Balloon
     
  301 – 360
 
48
 
912,717,163
 
71.5
 
  Interest-only, Balloon
 
5
 
116,078,000
 
9.1
Total:
 
70
 
$1,277,164,194
 
100.0%
 
  Interest-only, ARD
 
2
 
60,220,000
 
4.7
Weighted Average:*
 
346
         
  Amortizing ARD
 
3
 
30,995,401
 
2.4
  *     Excludes the non-amortizing loans.
 
  Interest-only, Amortizing
 
1
 
24,200,000
 
1.9
(2)   The remaining amortization term shown for any mortgage loan that is interest-only for part of its term does not include the number of months in its interest-only period and reflects only the number of months as of the commencement of amortization remaining from the end of such interest-only period.
 
  Balloon ARD
     
 
Total:
 
70
 
$1,277,164,194
 
100.0%
               
 
ORIGINAL TERM OF INTEREST-ONLY PERIOD FOR PARTIAL IO LOANS*
                   
Number of
       
LOCKBOXES
     
Mortgage
 
Aggregate Cut-