The Money Store Commercial Mortgage 1999-1

0000950144-04-009793.txt : 20041019 0000950144-04-009793.hdr.sgml : 20041019 20041019120633 ACCESSION NUMBER: 0000950144-04-009793 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20041015 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041019 DATE AS OF CHANGE: 20041019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONEY STORE COMMERCIAL MORTGAGE INC CENTRAL INDEX KEY: 0000930743 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 222378261 STATE OF INCORPORATION: NJ FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-84492-29 FILM NUMBER: 041084637 BUSINESS ADDRESS: STREET 1: 707 3RD STREET CITY: WEST SACRAMENTO STATE: CA ZIP: 95605 BUSINESS PHONE: 9166171000 MAIL ADDRESS: STREET 1: 707 3RD STREET CITY: WEST SACRAMENTO STATE: CA ZIP: 95605 8-K 1 g91311e8vk.htm THE MONEY STORE COMMERCIAL MORTGAGE 1999-1 The Money Store Commercial Mortgage 1999-1

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event report) October 15, 2004

Wachovia National Bank (as Representative under a Sale and

Servicing Agreement dated as of May 31, 1999 providing for the issuance

of The Money Store Commercial Mortgage, Inc. Trust, Series 1999-1) and each of the Originators

listed on Schedule A attached hereto.

(Exact name of registrant as specified in its charter)


*	333-32775	*

(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer ID Number)

c/o Wachovia National Bank, 401 South Tryon Street – NC1179 Charlotte, NC 28288

(Address of principal executive officer)

Registrant’s Telephone Number, including area code: (916) 617-2628

(Former name or former address, if changed since last report)

* See Schedule A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 8.01		Other Events

		Attached herein as Exhibit 20.1 hereto is a copy of the Monthly Statements sent to the Note holders with respect to the October 15, 2004 Remittance Date.

Item 9.01		Financial Statements and Exhibits

Item 601 (a) of Regulation S-K Exhibit Number

20.1		Monthly Statements to the Note holders with respect to the October 15, 2004 Remittance Date.

SIGNATURES

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

WACHOVIA NATIONAL BANK


By: \s\ Stephanie Hartson
Name: Stephanie Hartson
Title: Assistant Vice President		Dated: October 15, 2004

Exhibit Index

20.1 Monthly Statements sent to the Note holders with respect to the October 15, 2004 Remittance Date.

Schedule A


	State of	IRS Employer
Registrant	Incorporation	ID Number
TMS Mortgage Inc.	New Jersey	22-3217781
The Money Store/D.C. Inc.	D.C.	22-2133027
The Money Store/Kentucky Inc.	Kentucky	22-2459832
The Money Store Home Equity Corp.	Kentucky	22-2522232
The Money Store/Minnesota Inc.	Minnesota	22-3003495

EX-20.1 2 g91311exv20w1.htm EX-20.1 Ex-20.1


		Wachovia Commercial Mortgage, Inc. Series 1999-1 Trust Administrator’s Certificate		Record Date: 09/30/2004 Determination Date: 10/12/2004 Distribution Date: 10/15/2004


				Original		Beginning						Current		Total Class				Ending
	Certificate			Certificate		Certificate						Realized		Principal		Total		Certificate
Class	Rate			Balance		Balance		Interest		Principal		Loss		Distribution		Distribution		Balance
AS-1		0.0000	%		137,788,000.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Factors per Thousand									0.00000000		0.00000000				0.00000000		0.00000000		0.00000000
AS-2		2.1600	%		141,057,000.00		14,910,728.66		26,839.31		6,123,909.05		0.00		6,123,909.05		6,150,748.36		8,786,819.61
Factors per Thousand									0.19027280		43.41442856				43.41442856		43.60470136		62.29268742
AS-3		1.8500	%		190,443,000.00		190,443,000.00		293,599.63		0.00		0.00		0.00		293,599.63		190,443,000.00
Factors per Thousand									1.54166669		0.00000000				0.00000000		1.54166669		1000.00000000
MS-1		2.6100	%		22,084,000.00		16,706,744.02		36,337.17		498,216.33		0.00		498,216.33		534,553.50		16,208,527.69
Factors per Thousand									1.64540708		22.56005841				22.56005841		24.20546550		733.94890826
MS-2		3.0100	%		23,463,000.00		17,750,915.53		44,525.21		134,732.19		0.00		134,732.19		179,257.40		17,616,183.34
Factors per Thousand									1.89767762		5.74232579				5.74232579		7.64000341		750.80694455
BS		4.7600	%		12,423,000.00		9,397,543.51		37,276.92		0.00		0.00		0.00		37,276.92		9,397,543.51
Factors per Thousand									3.00063753		0.00000000				0.00000000		3.00063753		756.46329470
Pool I					527,258,000.00		249,208,931.72		438,578.24		6,756,857.57		0.00		6,756,857.57		7,195,435.81		242,452,074.15
Totals									0.83180955		12.81508781				12.81508781		13.64689736		459.83574294
AN		2.2600	%		55,395,000.00		18,199,842.18		34,276.37		398,948.39		0.00		398,948.39		433,224.76		17,800,893.79
Factors per Thousand									0.24876165		2.89537831				7.20188439		7.82064735		321.34477462
MN		3.0100	%		2,229,000.00		1,910,784.38		4,792.88		54,685.57		0.00		54,685.57		59,478.45		1,856,098.81
Factors per Thousand									0.03478445		0.39688198				24.53368055		26.68391655		832.70471512
BN		4.7600	%		4,457,000.00		4,457,000.00		17,679.43		0.00		0.00		0.00		17,679.43		4,457,000.00
Factors per Thousand									0.12830892		0.00000000				0.00000000		3.96666592		1000.00000000
Pool II					62,081,000.00		24,567,626.56		56,748.68		453,633.96		0.00		453,633.96		510,382.64		24,113,992.60
Totals									0.10762981		0.86036430				7.30713036		8.22123742		388.42790226

Totals					589,339,000.00		273,776,558.28		495,326.92		7,210,491.53		0.00		7,210,491.53		7,705,818.45		266,566,066.75


HSBC Bank USA
Issuer Services		Susie Moy
10 East 40th Street, 14th Floor		Phone: 212-525-1362
New York, NY 10016-0200		Fax: 212-525-1300


		Wachovia Commercial Mortgage, Inc. Series 1999-1 Trust Administrator’s Certificate		Record Date: 09/30/2004 Determination Date: 10/12/2004 Distribution Date: 10/15/2004

Certificate Information


						Interest		Applied				Unpaid
	Interest		Remittance			Shortfall		Realized Loss		Realized Loss		Realized Loss
Class	Requirement		Rate			Carryforward		Amount		Amount		Amount
AS-1		0.00		0.0000	%		0.00		0.00		0.00		0.00
AS-2		26,839.31		2.1600	%		0.00		0.00		0.00		0.00
AS-3		293,599.63		1.8500	%		0.00		0.00		0.00		0.00
MS-1		36,337.17		2.6100	%		0.00		0.00		0.00		0.00
MS-2		44,525.21		3.0100	%		0.00		0.00		0.00		0.00
BS		37,276.92		4.7600	%		0.00		0.00		0.00		0.00
AN		34,276.37		2.2600	%		0.00		0.00		0.00		0.00
MN		4,792.88		3.0100	%		0.00		0.00		0.00		0.00
BN		17,679.43		4.7600	%		0.00		0.00		0.00		0.00


HSBC Bank USA
Issuer Services		Susie Moy
10 East 40th Street, 14th Floor		Phone: 212-525-1362
New York, NY 10016-0200		Fax: 212-525-1300


		Wachovia Commercial Mortgage, Inc. Series 1999-1 Trust Administrator’s Certificate		Record Date: 09/30/2004 Determination Date: 10/12/2004 Distribution Date: 10/15/2004

Pool I

Schedule of Remittance


Aggregate Amount Received	7,312,934.24
Monthly Advances	0.00
(Servicing Fee)	(86,347.31	)
(Unreimbursed Monthly Advances)	0.00

*Available Remittance Amount*	7,226,586.93

Bond Interest Distributed	438,578.24
Bond Principal Distributed	6,756,857.57
Escrow Fee	31,151.12
Amounts transferred to the Owner Trustee	0.00

	7,226,586.93

Collateral Information


Accelerated Principal Distribution		0.00
Aggregate Beginning Principal Balance of Loans		278,445,733.77
Aggregate Ending Principal Balance of Loans		270,142,128.28
Principal Prepayments (No. / Amt)	6	5,271,960.89
Curtailments		13,269.44
Excess and Monthly Payments		561,241.10
Recoveries on Previous Realized Losses		141,554.67
Interest Received		1,324,908.14
Compensating Interest		961.29
Realized Losses (Current / Cumulative)	2,457,134.06	30,015,819.00
Excess Spread		910,386.14
Spread Amount		27,690,054.13
Specified Subordinated Amount		28,364,923.47
Weighted Average Loan Interest Rate		6.0744	%
LIBOR Rate		1.7600	%
Auction Rate		1.8500	%

Prior Three Months Weighted Average Loan Interest Rate


06/30/04	07/31/04			08/31/04
6.0065%		6.0700	%		6.0700	%


HSBC Bank USA
Issuer Services		Susie Moy
10 East 40th Street, 14th Floor		Phone: 212-525-1362
New York, NY 10016-0200		Fax: 212-525-1300


		Wachovia Commercial Mortgage, Inc. Series 1999-1 Trust Administrator’s Certificate		Record Date: 09/30/2004 Determination Date: 10/12/2004 Distribution Date: 10/15/2004

Pool II

Schedule of Remittance


Aggregate Amount Received	521,139.01
Monthly Advances	0.00
(Servicing Fee)	(9,732.72	)
(Unreimbursed Monthly Advances)	0.00

*Available Remittance Amount*	511,406.29

Bond Interest Distributed	56,748.68
Bond Principal Distributed	453,633.96
Escrow Fee	1,023.65
Amounts transferred to the Owner Trustee	0.00

	511,406.29

Collateral Information


Accelerated Principal Distribution		0.00
Aggregate Beginning Principal Balance of Loans		27,786,018.59
Aggregate Ending Principal Balance of Loans		27,176,937.09
Principal Prepayments (Number / Amount)	1	98,007.38
Curtailments		8,717.49
Excess and Monthly Payments		264,170.04
Recoveries on Previous Realized Losses		0.00
Interest Received		150,244.10
Compensating Interest		0.00
Realized Losses (Current / Cumulative)	238,186.59	8,782,100.21
Excess Spread		82,739.05
Spread Amount		5,054,430.95
Specified Subordinated Amount		5,095,675.70
LOC Available Amount		1,991,486.46
LOC Available Amount as percentage of Pool Principal Balance		8.26	%
Weighted Average Loan Interest Rate		6.1716	%
LIBOR Rate		1.7600	%

Prior Three Months Weighted Average Loan Interest Rate


06/30/04	07/31/04			08/31/04
5.9441%		6.1746	%		6.1748	%


HSBC Bank USA
Issuer Services		Susie Moy
10 East 40th Street, 14th Floor		Phone: 212-525-1362
New York, NY 10016-0200		Fax: 212-525-1300


		Wachovia Commercial Mortgage, Inc. Series 1999-1 Trust Administrator’s Certificate		Record Date: 09/30/2004 Determination Date: 10/12/2004 Distribution Date: 10/15/2004

Exhibit L


Outstanding Balance — Pool I			270,142,128.28
# Accounts			400


Delinquent Information	# Loans		Pool Amount		Pool %
Delinquent 1-29 Days		191		134,927,833.52		49.95	%
Delinquent 30-59 Days		7		6,374,517.46		2.36	%
Delinquent 60-89 Days		6		4,402,302.85		1.63	%
Delinquent 90 and Over		3		3,402,257.19		1.26	%
Loans in Foreclosure		0		0.00		0.00	%
REO Property		0		0.00		0.00	%

Totals		207		149,106,911.02		55.20	%


Outstanding Balance — Pool II			27,176,937.09
# Accounts			88


Delinquent Information	# Loans		Pool Amount		Pool %
Delinquent 1-29 Days		34		9,661,715.14		35.55	%
Delinquent 30-59 Days		0		0.00		0.00	%
Delinquent 60-89 Days		0		0.00		0.00	%
Delinquent 90 and Over		0		0.00		0.00	%
Loans in Foreclosure		0		0.00		0.00	%
REO Property		0		0.00		0.00	%

Totals		34		9,661,715.14		35.55	%


HSBC Bank USA
Issuer Services		Susie Moy
10 East 40th Street, 14th Floor		Phone: 212-525-1362
New York, NY 10016-0200		Fax: 212-525-1300


		Wachovia Commercial Mortgage, Inc. Series 1999-1 Trust Administrator’s Certificate		Record Date: 09/30/2004 Determination Date: 10/12/2004 Distribution Date: 10/15/2004

Series 1999-1

The following additional information, presented in dollars, pursuant to Section 7.10 subclauses (ii), (iii), (v), (vi), (vii), (viii), and (xv) is provided for each Class per $1,000 original dollar amount as of the Cut-off date.


Sub-Clause	Class AS-1		Class AS-2		Class AS-3		Class MS-1		Class MS-2		Class BS		Pool I
(ii)		0		106		1,000		757		757		756		473
(iii)		0		43		0		23		6		0		13
(v)		0		0		2		2		2		3		1
(vi)		0		37		0		0		0		0		10
(vii)		0		0		0		0		0		0		0
(viii)		0		4		0		0		0		0		1
(xv) (a, b & c)		0		62		1,000		734		751		756		460


Sub-Clause	Class AN		Class MN		Class BN		Pool II
(ii)		329		857		1,000		396
(iii)		7		25		0		7
(v)		1		2		4		1
(vi)		2		0		0		2
(vii)		0		0		0		0
(viii)		5		0		0		4
(xv) (a, b & c)		321		833		1,000		388


HSBC Bank USA
Issuer Services		Susie Moy
10 East 40th Street, 14th Floor		Phone: 212-525-1362
New York, NY 10016-0200		Fax: 212-525-1300


		Wachovia Commercial Mortgage, Inc. Series 1999-1 Trust Administrator’s Certificate		Record Date: 09/30/2004 Determination Date: 10/12/2004 Distribution Date: 10/15/2004

I, Stephanie Hartson, Assistant Vice President, represent that Wachovia Commercial Mortgage, Inc., complied with section 7.10 of the Sale and Servicing Agreement dated May 31, 1999 pertaining to Series 1999-1 in preparing the accompanying Trust Administrator’s Certificate.

Wachovia Commercial Mortgage, Inc.

By: /s/ Stephanie Hartson

Name: Stephanie Hartson

Title: Assistant Vice President


HSBC Bank USA
Issuer Services		Susie Moy
10 East 40th Street, 14th Floor		Phone: 212-525-1362
New York, NY 10016-0200		Fax: 212-525-1300

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		o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

		o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

		o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

		o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))