MORGAN STANLEY Securitized Products Group | July 16, 2003 |
Computational Materials
$ 314,860,000
(Approximate)
Sequoia Mortgage Trust 2003-4
Mortgage Pass-Through Certificates
Adjustable Rate Residential Mortgage Loans
RWT Holdings, Inc.
Seller
Sequoia Residential Funding, Inc.
Depositor
Morgan Stanley Dean Witter Credit Corporation
First Republic Bank
Servicers
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
MORGAN STANLEY Securitized Products Group | July 16, 2003 |
Sequoia Mortgage Trust 2003-4
Mortgage Pass-Through Certificates
$314,860,000 (Approximate, Subject to Final Collateral)
Publicly Offered Certificates
Adjustable Rate Residential Mortgage Loans
Class | Principal Balance (1) | WAL (Yrs) (Call/Mat) (2) | Pymt Window (Mths) (Call/Mat)(2) | CertificateInterest Rates | Tranche Type | Expected Ratings S&P/Moody’s/Fitch |
1-A-1 | $148,642,000 | 3.95 / 4.27 | 1-124 / 1-300 | Floater (3) | Senior | AAA/Aaa/AAA |
1-A-2 | $150,000,000 | 3.95 / 4.27 | 1-124 / 1-300 | Floater (4) | Senior | AAA/Aaa/AAA |
1-B-1 | $3,865,000 | 6.75 / 7.41 | 39-124 / 39-300 | Floater (5) | Subordinate | AA/Aa2/AA |
1-A-R | $100 | Information Not Provided Herein | Senior | AAA/Aaa/AAA | ||
1-X-1A | $71,855,622 | Senior | AAA/Aaa/AAA | |||
1-X-1B | $76,786,378 | Senior | AAA/Aaa/AAA | |||
1-X-2 | $150,000,000 | Senior | AAA/Aaa/AAA | |||
1-X-B | $3,865,000 | Senior | AAA/Aaa/AAA | |||
1-B-2 | $2,628,000 | Subordinate | A/A2/A | |||
1-B-3 | $1,545,000 | Subordinate | BBB/Baa2/BBB | |||
1-B-4 | $773,000 | Subordinate | BB/Ba2/BB | |||
1-B-5 | $464,000 | Subordinate | B/B2/B | |||
1-B-6 | $1,236,929 | Subordinate | NR/NR/NR | |||
Grp 1 Total | $309,154,029 | |||||
2-A-1 | $189,415,000 | ******* Not Offered ******* | Super Senior | AAA/Aaa/AAA | ||
2-M-1 | $9,986,000 | 6.71 / 7.44 | 39-122 / 39-356 | Floater (5) | Senior/Mezzanine | AA+/Aaa/AA+ |
2-B-1 | $2,367,000 | 6.71 / 7.44 | 39-122 / 39-356 | Floater (5) | Subordinate | AA/Aa2/AA |
2-A-R | $100 | Information Not Provided Herein | Senior | AAA/Aaa/AAA | ||
2-X-1 | $189,415,000 | Senior | AAA/Aaa/AAA | |||
2-X-M | $9,986,000 | Senior | AAA/Aaa/AAA | |||
2-X-B | $2,367,000 | Senior | AAA/Aaa/AAA | |||
2-B-2 | $824,000 | Subordinate | A/A2/A | |||
2-B-3 | $1,235,000 | Subordinate | BBB/Baa2/BBB | |||
2-B-4 | $618,000 | Subordinate | BB/Ba2/BB | |||
2-B-5 | $515,000 | Subordinate | B/B2/B | |||
2-B-6 | $926,589 | Subordinate | NR/NR/NR | |||
Grp 2 Total | $205,886,689 | |||||
Total | $515,040,718 |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
MORGAN STANLEY Securitized Products Group | July 16, 2003 |
(1)
Distributions on the Class 1-A-1 Certificates will be primarily derived from one-month and six-month LIBOR adjustable rate mortgage loans (Group 1-A Mortgage Loans, as described herein). Distributions on the Class 1-A-2 Certificates will be primarily derived from six-month LIBOR adjustable rate mortgage loans (Group 1-B Mortgage Loans, as described herein). Distributions on the Class 2-A-1 Certificates will be primarily derived from one-month LIBOR adjustable rate mortgage loans (Group 2 Mortgage Loans, as described herein). Distributions on the Group 1 Subordinate Certificates will be primarily derived from the Group 1 Mortgage Loans (as described herein). Distributions on the Class 2-M-1 and Group 2 Subordinate Certificates will be primarily derived from the Group 2 Mortgage Loans. &n bsp;Class sizes are subject to final collateral and rating agency approval and are subject to a +/-10% variance.
(2)
The WAL and Payment Windows to Call for the Class 1-A-1, Class 1-A-2, Class 2-M-1, Class 1-B-1 and Class 2-B-1 Certificates are shown to their applicable Clean-Up Call Date (as described herein).
(3)
The Class 1-A-1 Certificates will have a coupon equal to the least of (i) One-Month LIBOR plus a related margin (which margin doubles after their applicable Clean-Up Call Date), (ii) the related Net WAC Cap and (iii) 11.50%. One-Month LIBOR will reset every month beginning with the first Distribution Date in August 2003.
(4)
The Class 1-A-2 Certificates will have a coupon equal to the least of (i) Six-Month LIBOR plus a related margin (which margin doubles after the Group 1 Clean-Up Call Date), (ii) the related Net WAC Cap and (iii) 11.50%. Six-Month LIBOR will reset every 6 months beginning with the first Distribution Date in August 2003.
(5)
The Class 1-B-1, Class 2-M-1, and Class 2-B-1 Certificates will have a coupon equal to the least of (i) One-Month LIBOR plus a margin (which margin is multiplied by 1.5 after their applicable Clean-Up Call Date), (ii) the related Net WAC Cap and (iii) 11.50%. One-Month LIBOR will reset every month beginning with the first Distribution Date in August 2003.
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
MORGAN STANLEY Securitized Products Group | July 16, 2003 |
Transaction Summary
Depositor:
Sequoia Residential Funding, Inc.
Group 1 Lead Manager:
Morgan Stanley & Co.
Group 2 Lead Manager:
Bear, Stearns & Co. Inc.
Co-Managers:
RBS Greenwich Capital Markets, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated
Trustee:
Wells Fargo Bank Minnesota, National Association.
Custodian:
Deutsche Bank National Trust Company and Wells Fargo Bank Minnesota, National Association.
Rating Agencies:
S&P, Moody’s and Fitch will rate the Offered Certificates. It is expected that the Certificates will be assigned the credit ratings on page 2 of this Preliminary Term Sheet.
Cut-off Date:
July 1, 2003.
Pricing Date:
On or about July [17/18], 2003.
Closing Date:
On or about July 29, 2003.
Distribution Date:
The 20th day of each month (or if not a business day, the next succeeding business day), commencing in August 2003.
Certificates:
The “Senior Certificates” will consist of the Class 1-A-1 and Class 1-A-2 (together, the“Class 1-A Certificates”), Class 2-A-1 (the“Class 2-A Certificates”), Class 1-X-1A, Class 1-X-1B, Class 1-X-2, Class 1-X-B (together, the“Class 1-X Certificates), Class 2-X-1, Class 2-X-M and Class 2-X-B (together, the“Class 2-X Certificates”), Class 1-A-R and Class 2-A-R Certificates. The“Senior Mezzanine Certificates” will consist of the Class 2-M-1 Certificates. The “Group 1 Subordinate Certificates” will consist of the Class 1-B-1, Class 1-B-2, Class 1-B-3, Class 1-B-4, Class 1-B-5 and Class 1-B-6 Certificates. The “ Group 2 Subordinate Certificates” will consist of the Class 2-B-1, Class 2-B-2, Class 2-B-3, Class 2-B-4, Class 2-B-5 and Class 2-B-6 Certificates. The Senior Certificates, the Senior Mezzanine Certificates and the Group 1 and Group 2 Subordinate Certificates are collectively referred to herein as the “Certificates”.
Offered Certificates:
The Class 1-A, Class 2-M-1, Class 1-B-1, and Class 2-B-1 Certificates are being offered publicly.
Accrued Interest:
The Offered Certificates will settle flat.
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Accrual Period:
The interest accrual period (the “Accrual Period”) with respect to the Offered Certificates for a given Distribution Date will be the period beginning on the 20th day of the month (or, in the case of the first Distribution Date, the Closing Date) and ending on the 19th day of the succeeding month (on a 30/360 basis).
Registration:
The Offered Certificates will be made available in book-entry form through DTC, and upon request only, through Clearstream, Luxembourg and Euroclear system.
Federal Tax Treatment:
It is anticipated that the Offered Certificates will represent ownership of REMIC regular interests for tax purposes.
ERISA Eligibility:
The Offered Certificates are expected to be ERISA eligible. Prospective investors should consult their legal advisors whether the purchase and holding of any of the Offered Certificates could give rise to a transaction prohibited or not otherwise permissible under ERISA or other similar laws.
SMMEA Treatment:
The Senior Certificates and Senior Mezzanine Certificates are expected to constitute “mortgage related securities” for purposes of SMMEA.
Group 1
Optional Redemption:
The terms of the transaction allow for the Class 1-A and Group 1 Subordinate Certificates to be redeemed and/or retired on any Distribution Date after which the aggregate outstanding principal balance of the Group 1 Mortgage Loans is equal to 20% or less than the aggregate principal balance of the Group 1 Mortgage Loans as of the Cut-off Date (the “Group 1 Optional Call Date”).
Group 2
Optional Redemption:
The terms of the transaction allow for the Class 2-A, Class 2-M-1 and Group 2 Subordinate Certificates to be redeemed and/or retired on any Distribution Date after which the aggregate outstanding principal balance of the Group 2 Mortgage Loans is equal to 20% or less than the aggregate principal balance of the Group 2 Mortgage Loans as of the Cut-off Date (the “Group 2 Optional Call Date”).
Group 1 Clean-Up Call:
The terms of the transaction allow for a termination of the trust and retirement of the Class 1-A and Group 1 Subordinate Certificates on any Distribution Date after which the aggregate outstanding principal balance of the Group 1 Mortgage Loans is equal to 10% or less of the aggregate principal balance of the Group 1 Mortgage Loans as of the Cut-off Date (the “Group 1 Clean-Up Call Date”).
Group 2 Clean-Up Call:
The terms of the transaction allow for a termination of the trust and retirement of the Class 2-A, Class 2-M-1 and Group 2 Subordinate Certificates on any Distribution Date after which the aggregate outstanding principal balance of the Group 2 Mortgage Loans is equal to 10% or less of the aggregate principal balance of the Group 2 Mortgage Loans as of the Cut-off Date (the “Group 2 Clean-Up Call Date”).
Pricing Prepayment
Speed:
The Offered Certificates will be priced to a prepayment speed of 20% CPR.
Mortgage Loans:
The trust will consist of 2 groups of adjustable rate, prime quality mortgage loans secured by first liens on one- to four-family residential properties (the “Mortgage Loans”) having an aggregate principal balance as of the Cut-off Date of approximately $515,040,719. The Mortgage Loans were originated substantially in accordance with the related underwriting guidelines to be specified in the prospectus supplement.
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Group 1
Mortgage Loans:
The Group 1 Mortgage Loans consist of the Group 1-A and Group 1-B Mortgage Loans as defined herein.
Group 1-A
Mortgage Loans:
The Group 1-A Mortgage Loans have an aggregate principal balance as of the Cut-off Date of approximately $153,874,405, which equals approximately 29.9% of the Mortgage Loans. All of the Group 1-A Mortgage Loans are originated by Morgan Stanley Dean Witter Credit Corporation (“MSDWCC”).
Approximately 51.7% and 48.3% of the Group 1-A Mortgage Loans are six-month LIBOR and one-month LIBOR indexed Mortgage Loans, respectively. All of the Group 1-A Mortgage Loans are scheduled to pay interest only for the first 10 years. After such 10-year interest-only term, the Mortgage Loans are scheduled to amortize on a 15-year fully amortizing basis.
Group 1-B
Mortgage Loans:
The Group 1-B Mortgage Loans have an aggregate principal balance as of the Cut-off Date of approximately $155,279,625, which equals approximately 30.2% of the Mortgage Loans. All of the Group 1-B Mortgage Loans are originated by MSDWCC.
All of the Group 1-B Mortgage Loans are six-month LIBOR indexed Mortgage Loans. All of the Group 1-B Mortgage Loans are scheduled to pay interest only for the first 10 years. After such 10-year interest-only term, the Mortgage Loans are scheduled to amortize on a 15-year fully amortizing basis.
Group 2
Mortgage Loans:
The Group 2 Mortgage Loans have an aggregate principal balance as of the Cut-off Date of approximately $205,886,690 which equals approximately 40.0% of the Mortgage Loans. All of the Group 2 Mortgage Loans were originated by First Republic Bank (“First Republic”).
All of the Group 2 Mortgage Loans are one-month LIBOR indexed Mortgage Loans. Approximately 0.78% and 96.57% of the Group 2 Mortgage Loans are scheduled to pay interest only for the first 5 years and 10 years, respectively. Approximately 2.66% of the Group 2 Mortgage Loans are fully amortizing at origination .
Group 1 Net WAC Caps:
In the case of the Class 1-A-1 and Class 1-A-2 Certificates, the weighted average of the net mortgage rates for the Mortgage Loans in Group 1-A and Group 1-B respectively; in the case of the Class 1-B-1 Certificates, the weighted average of the net mortgage rates for the Mortgage Loans in Group 1.
The Class 1-A Certificates will have a coupon equal to the least of (i) the applicable LIBOR plus the related margin, (ii) the related Net WAC Cap and (iii) 11.50%.
The Class 1-B-1 Certificates will have a coupon equal to the least of (i) the applicable LIBOR plus the related margin, (ii) the related Net WAC Cap and (iii) 11.50%.
Group 2 Net WAC Caps:
In the case of the Class 2-M-1, and Class 2-B-1 Certificates, the weighted average of the net mortgage rates for the Mortgage Loans in Group 2.
The Class 2-M-1 Certificates will have a coupon equal to the least of (i) the applicable LIBOR plus the related margin, (ii) the Group 2 Net WAC Cap and (iii) 11.50%.
The Class 2-B-1 Certificates will have a coupon equal to the least of (i) the applicable LIBOR plus the related margin, (ii) the Group 2 Net WAC Cap and (iii) 11.50%.
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Carryover Shortfall
Amount:
If on any Distribution Date, the Certificate Interest Rate of any of the Offered Certificates or the Class 2-A-1 Certificates is subject to the related Net WAC Cap, such Certificates become entitled to payment of an amount equal to the sum of (i) the excess of (a) interest accrued at the respective Certificate Interest Rate (without giving effect to the related Net WAC Cap) over (b) the amount of interest received on such Certificates based on the related Net WAC Cap, plus (ii) the unpaid portion of any such excess from previous Distribution Dates (and any interest thereon at the then applicable Certificate Interest Rate without giving effect to the related Net WAC Cap) (together, the “Carryover Shortfall Amount”) from amounts on deposit in the Group 1 or Group 2 Reserve Fund, as applicable.
Group 1 Reserve Fund:
As of the Closing Date, the Group 1 Reserve Fund will be established on behalf of the Class 1-A and Class 1-B-1 Certificates. The Group 1 Reserve Fund will be funded with any excess interest available after priority 1 through 5 in “Group 1 Certificates Priority of Distributions” herein. The Group 1 Reserve Fund will not be an asset of any REMIC. On any Distribution Date, the Class 1-A and Class 1-B-1 Certificates will be entitled to receive payments from the Group 1 Reserve Fund in an amount equal to the related Carryover Shortfall Amount for such Distribution Date, if any. Any amounts remaining in the Group 1 Reserve Fund after such distribution will be distributed to the Class 1-X Certificates.
Group 2 Reserve Fund:
As of the Closing Date, the Group 2 Reserve Fund will be established on behalf of the Class 2-A, Class 2-M-1 and Class 2-B-1 Certificates. The Group 2 Reserve Fund will be funded with any excess interest available after priority 1 through 7 in “Group 2 Certificates Priority of Distributions” herein. The Group 2 Reserve Fund will not be an asset of any REMIC. On any Distribution Date, the Class 2-A, Class 2-M-1 and Class 2-B-1 Certificates will be entitled to receive payments from the Group 2 Reserve Fund in an amount equal to the related Carryover Shortfall Amount for such Distribution Date, if any. Any amounts remaining in the Group 2 Reserve Fund after such distribution will be distributed to the Class 2-X Certificates.
Group 1
Credit Enhancement:
Senior/subordinate, shifting interest structure.
Credit enhancement for the Class 1-A Certificates will consist of the subordination of the Group 1 Subordinate Certificates (total subordination initially 3.40%).
Credit enhancement for the Class 1-B-1 Certificates will consist of the subordination of the Class 1-B-2, Class 1-B-3, Class 1-B-4, Class 1-B-5 and Class 1-B-6 Certificates (total subordination initially 2.15%).
Group 2
Credit Enhancement:
Senior/subordinate, shifting interest structure.
Credit enhancement for the Class 2-M-1 Certificates will consist of the subordination of the Group 2 Subordinate Certificates (total subordination initially 3.15%).
Credit enhancement for the Class 2-B-1 Certificates will consist of the subordination of the Class 2-B-2, Class 2-B-3, Class 2-B-4, Class 2-B-5 and Class 2-B-6 Certificates (total subordination initially 2.00%).
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Shifting Interest:
Until the first Distribution Date occurring after July 2013, the Group 1 or Group 2 Subordinate and Senior Mezzanine Certificates, as applicable, will be locked out from receipt of all principal (unless the Class 1-A and Class 2-A Certificates respectively are paid down to zero or the credit enhancement provided by the Group 1 or Group 2 Subordinate and Senior Mezzanine Certificates, as applicable, has doubled prior to such date as described below). After such time and subject to standard collateral performance triggers (to be described in the prospectus supplement), the Group 1 or Group 2 Subordinate and Senior Mezzanine Certificates, as applicable, will receive their pro-rata share of scheduled principal and increasing portions of unscheduled principal prepayments.
The prepayment percentages on the Group 1 or Group 2 Subordinate and Senior Mezzanine Certificates, as applicable, are as follows:
August 2003 – July 2013
0% Pro-Rata Share
August 2013 – July 2014
30% Pro-Rata Share
August 2014 – July 2015
40% Pro-Rata Share
August 2015 – July 2016
60% Pro-Rata Share
August 2016 – July 2017
80% Pro-Rata Share
August 2017 and after
100% Pro-Rata Share
Notwithstanding the foregoing, if the credit enhancement provided by the Group 1 or Group 2 Subordinate and Senior Mezzanine Certificates, as applicable, doubles, all principal (scheduled principal and prepayments) will be paid pro-rata in the case of Group 1 between the Class 1-A and Group 1 Subordinate Certificates and in the case of Group 2 between the Class 2-A, Senior Mezzanine and Group 2 Subordinate Certificates (subject to performance triggers). However, if the credit enhancement provided by the Group 1 or Group 2 Subordinate and Senior Mezzanine Certificates, as applicable, has doubled prior to the Distribution Date in August 2006 (subject to performance triggers), then the Group 1 or Group 2 Subordinate and Senior Mezzanine Certificates will be entitled to only 50% of their pro- rata share of principal (scheduled principal and prepayments).
Any principal not allocated to the Group 1 or Group 2 Subordinate and Senior Mezzanine Certificates will be allocated to the Class 1-A and Class 2-A Certificates, respectively. In the event the applicable current senior percentage (aggregate principal balance of the Class 1-A or Class 2-A Certificates, divided by the aggregate principal balance of the Group 1 or Group 2 Mortgage Loans, respectively) exceeds the initial senior percentage (aggregate principal balance of the Class 1-A or Class 2-A Certificates as of the Closing Date, divided by the aggregate principal balance of the Group 1 or Group 2 Mortgage Loans, respectively, as of the Cut-off Date), the Class 1-A and Class 2-A Certificates will receive all principal prepayments from the Group 1 or Group 2 Mortgage Loans, respectively, regardless of any prepayment percentages described above.
Allocation of Group 1
Realized Losses:
Any realized losses, on the Group 1 Mortgage Loans will be allocated as follows:first, to the Group 1 Subordinate Certificates in reverse order of their alphanumerical Class designations, in each case until the respective class principal balance has been reduced to zero;thereafter, to the Class 1-A Certificates, pro-rata, in reduction of their certificate principal balance.
Allocation of Group 2
Realized Losses:
Any realized losses, on the Group 2 Mortgage Loans will be allocated as follows:first, to the Group 2 Subordinate Certificates in reverse order of their alphanumerical Class designations, in each case until the respective class principal balance has been reduced to zero;second, to the Senior Mezzanine Certificates until the class principal balance has been reduced to zero;thereafter to the Class 2-A Certificates in reduction of its certificate principal balance.
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Group 1 Certificates Priority of
Distributions:
Available funds from the Group 1 Mortgage Loans will be distributed in the following order of priority:
1)
Class 1-A-R and Class 1-A Certificates, accrued and unpaid interest at the related Certificate Interest Rate, from the Group 1-A and Group 1-B Mortgage Loans, as applicable.
2)
Class 1-A-R Certificates, principal allocable to such Class.
3)
Concurrently to the Class 1-A Certificates:
Class 1-A-1 and Class 1-A-2 Certificates, pro-rata, principal, until their respective
Certificate Principal Balances are reduced to zero, from the Group 1-A and Group 1-B
Mortgage Loans, respectively.
4)
Class 1-B-1 Certificates, accrued and unpaid interest at the Class 1-B-1 Certificate Interest Rate.
5)
Class 1-B-1 Certificates, principal allocable to such Class.
6)
Class 1-A Certificates, the related Carryover Shortfall Amount.
7)
Class 1-B-1 Certificates, the related Carryover Shortfall Amount.
8)
Class 1-X Certificates, concurrently, accrued interest.
9)
Class 1-B-2, Class 1-B-3, Class 1-B-4, Class 1-B-5 and Class 1-B-6 Certificates, in sequential order,first, accrued and unpaid interest at the respective Certificate Interest Rate and,second, the respective shares of principal allocable to such Classes.
10)
Class 1-A-R Certificates, any remaining amount.
Group 2 Certificates Priority of
Distributions:
Available funds from the Group 2 Mortgage Loans will be distributed in the following order of priority:
1)
Class 2-A-R and 2-A Certificates, accrued and unpaid interest at the related Certificate Interest Rate.
2)
Class 2-A-R Certificates, principal allocable to such Class.
3)
Class 2-A Certificates, principal, until its Certificate Principal Balance is reduced to zero.
4)
Class 2-M-1 Certificates, accrued and unpaid interest at the Class 2-M-1 Certificate Interest Rate.
5)
Class 2-M-1 Certificates, principal allocable to such Class.
6)
Class 2-B-1 Certificates, accrued and unpaid interest at the Class 2-B-1 Certificate Interest Rate.
7)
Class 2-B-1 Certificates, principal allocable to such Class.
8)
Class 2-A Certificates, the related Carryover Shortfall Amount.
9)
Class 2-M-1 Certificates, the related Carryover Shortfall Amount.
10)
Class 2-B-1 Certificates, the related Carryover Shortfall Amount.
11)
Class 2-X Certificates, concurrently, accrued interest.
12)
Class 2-B-2, Class 2-B-3, Class 2-B-4, Class 2-B-5 and Class 2-B-6 Certificates, in sequential order,first, accrued and unpaid interest at the respective Certificate Interest Rate andsecond, the respective shares of principal allocable to such Classes.
13)
Class 2-A-R Certificates, any remaining amount.
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Weighted Average Life Tables
Class 1-A-1 To Call | ||||||
CPR | 12% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR | 40% CPR |
WAL (yr) | 6.43 | 5.27 | 3.95 | 3.07 | 2.47 | 1.72 |
MDUR (yr) | 5.95 | 4.93 | 3.75 | 2.94 | 2.38 | 1.68 |
First Prin Pay | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 |
Last Prin Pay | 10/20/2018 | 8/20/2016 | 11/20/2013 | 8/20/2011 | 1/20/2010 | 2/20/2008 |
Class 1-A-1 To Maturity | ||||||
CPR | 12% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR | 40% CPR |
WAL (yr) | 6.77 | 5.61 | 4.27 | 3.36 | 2.72 | 1.90 |
MDUR (yr) | 6.21 | 5.20 | 4.01 | 3.19 | 2.60 | 1.84 |
First Prin Pay | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 |
Last Prin Pay | 7/20/2028 | 7/20/2028 | 7/20/2028 | 7/20/2028 | 7/20/2028 | 7/20/2028 |
Class 1-A-2 To Call | ||||||
CPR | 12% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR | 40% CPR |
WAL (yr) | 6.43 | 5.27 | 3.95 | 3.07 | 2.47 | 1.72 |
MDUR (yr) | 5.94 | 4.92 | 3.74 | 2.94 | 2.38 | 1.68 |
First Prin Pay | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 |
Last Prin Pay | 10/20/2018 | 8/20/2016 | 11/20/2013 | 8/20/2011 | 1/20/2010 | 2/20/2008 |
Class 1-A-2 To Maturity | ||||||
CPR | 12% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR | 40% CPR |
WAL (yr) | 6.77 | 5.61 | 4.27 | 3.36 | 2.72 | 1.90 |
MDUR (yr) | 6.21 | 5.20 | 4.01 | 3.19 | 2.60 | 1.84 |
First Prin Pay | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 | 8/20/2003 |
Last Prin Pay | 7/20/2028 | 7/20/2028 | 7/20/2028 | 7/20/2028 | 7/20/2028 | 7/20/2028 |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Weighted Average Life Tables (cont’d)
Class 1-B-1 To Call | ||||||
CPR | 12% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR | 40% CPR |
WAL (yr) | 10.80 | 8.94 | 6.75 | 5.44 | 4.60 | 3.45 |
MDUR (yr) | 9.68 | 8.13 | 6.27 | 5.12 | 4.36 | 3.32 |
First Prin Pay | 2/20/2009 | 12/20/2007 | 10/20/2006 | 1/20/2006 | 8/20/2005 | 1/20/2005 |
Last Prin Pay | 10/20/2018 | 8/20/2016 | 11/20/2013 | 8/20/2011 | 1/20/2010 | 2/20/2008 |
Class 1-B-1 To Maturity | ||||||
CPR | 12% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR | 40% CPR |
WAL (yr) | 11.50 | 9.65 | 7.41 | 6.10 | 5.25 | 4.05 |
MDUR (yr) | 10.20 | 8.68 | 6.79 | 5.67 | 4.92 | 3.84 |
First Prin Pay | 2/20/2009 | 12/20/2007 | 10/20/2006 | 1/20/2006 | 8/20/2005 | 1/20/2005 |
Last Prin Pay | 7/20/2028 | 7/20/2028 | 7/20/2028 | 7/20/2028 | 7/20/2028 | 7/20/2028 |
Class 2-M-1 To Call | ||||||
CPR | 12% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR | 40% CPR |
WAL (yr) | 10.85 | 8.88 | 6.71 | 5.42 | 4.60 | 3.45 |
MDUR (yr) | 9.83 | 8.17 | 6.28 | 5.13 | 4.39 | 3.33 |
First Prin Pay | 1/20/2009 | 11/20/2007 | 10/20/2006 | 1/20/2006 | 8/20/2005 | 1/20/2005 |
Last Prin Pay | 3/20/2019 | 9/20/2016 | 9/20/2013 | 7/20/2011 | 1/20/2010 | 2/20/2008 |
Class 2-M-1 To Maturity | ||||||
CPR | 12% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR | 40% CPR |
WAL (yr) | 11.72 | 9.72 | 7.44 | 6.11 | 5.25 | 4.04 |
MDUR (yr) | 10.48 | 8.82 | 6.88 | 5.72 | 4.95 | 3.86 |
First Prin Pay | 1/20/2009 | 11/20/2007 | 10/20/2006 | 1/20/2006 | 8/20/2005 | 1/20/2005 |
Last Prin Pay | 3/20/2033 | 3/20/2033 | 3/20/2033 | 3/20/2033 | 3/20/2033 | 1/20/2033 |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Weighted Average Life Tables (cont’d)
Class 2-B-1 To Call | ||||||
CPR | 12% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR | 40% CPR |
WAL (yr) | 10.85 | 8.88 | 6.71 | 5.42 | 4.60 | 3.45 |
MDUR (yr) | 9.71 | 8.08 | 6.23 | 5.10 | 4.36 | 3.31 |
First Prin Pay | 1/20/2009 | 11/20/2007 | 10/20/2006 | 1/20/2006 | 8/20/2005 | 1/20/2005 |
Last Prin Pay | 3/20/2019 | 9/20/2016 | 9/20/2013 | 7/20/2011 | 1/20/2010 | 2/20/2008 |
Class 2-B-1 To Maturity | ||||||
CPR | 12% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR | 40% CPR |
WAL (yr) | 11.72 | 9.72 | 7.44 | 6.11 | 5.25 | 4.04 |
MDUR (yr) | 10.34 | 8.71 | 6.81 | 5.67 | 4.92 | 3.84 |
First Prin Pay | 1/20/2009 | 11/20/2007 | 10/20/2006 | 1/20/2006 | 8/20/2005 | 1/20/2005 |
Last Prin Pay | 3/20/2033 | 3/20/2033 | 3/20/2033 | 3/20/2033 | 3/20/2033 | 1/20/2033 |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Class 1-A-1, Class 1-A-2, Class 1-B-1, Class 2-M-1, and Class 2-B-1 Certificates
Effective Net WAC Cap Schedule*
Assumptions: |
20% CPR |
To Clean-Up Call |
Class 1-A Hard Cap: 11.50% |
Class 1-B-1 Hard Cap: 11.50% |
Class 2-M-1 Hard Cap: 11.50% |
Class 2-B-1 Hard Cap: 11.50% |
Distribution Period | Class 1-A-1 30/360 Net WAC Cap (%) | Class 1-A-2 30/360 Net WAC Cap (%) | Class 1-B-1 30/360 Net WAC Cap (%) | Class 2-M-1 30/360 Net WAC Cap (%) | Class 2-B-1 30/360 Net WAC Cap (%) |
1 | 2.47 | 2.47 | 2.47 | 2.59 | 2.59 |
2 | 6.90 | 2.47 | 4.67 | 11.50 | 11.50 |
3 | 6.90 | 2.47 | 4.67 | 11.50 | 11.50 |
4 | 6.90 | 2.47 | 4.67 | 11.50 | 11.50 |
5 | 6.90 | 2.47 | 4.67 | 11.50 | 11.50 |
6 | 6.90 | 2.47 | 4.67 | 11.50 | 11.50 |
7-60 | 11.50 | 11.50 | 11.50 | 11.50 | 11.50 |
61 and After | 11.50 | 11.50 | 11.50 | 11.50 | 11.50 |
*
The Net WAC Cap is calculated assuming current One-Month LIBOR or Six-Month LIBOR of 20.00% and is run at the pricing speed of 20% CPR to the related clean-up call.
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1 Mortgage Loans
As of the Cut-off Date
TOTAL CURRENT BALANCE: | $309,154,030 | |||||||
NUMBER OF LOANS: | 827 | |||||||
Minimum | Maximum | |||||||
AVG CURRENT BALANCE: | $373,826 | $48,868 | $3,000,000 | |||||
AVG ORIGINAL BALANCE: | $373,951 | $50,000 | $3,000,000 | |||||
| ||||||||
WAVG LOAN RATE: | 2.844 | % | 2.375 | % | 3.500 | % | ||
WAVG EXPENSE FEE(1): | 0.378 | % | 0.378 | % | 0.378 | % | ||
WAVG NET LOAN RATE: | 2.466 | % | 1.998 | % | 3.123 | % | ||
| ||||||||
WAVG GROSS MARGIN: | 1.645 | % | 1.250 | % | 2.125 | % | ||
WAVG MAXIMUM LOAN RATE: | 12.000 | % | 12.000 | % | 12.000 | % | ||
WAVG PERIODIC RATE CAP: | N/A | % | N/A | % | N/A | % | ||
WAVG FIRST RATE CAP: | N/A | % | N/A | % | N/A | % | ||
| ||||||||
WAVG ORIGINAL LTV: | 68.14 | % | 5.17 | % | 100.00 | % | ||
WAVG EFFECTIVE LTV(2): | 66.67 | % | 5.17 | % | 80.00 | % | ||
| ||||||||
WAVG CREDIT SCORE: | 727 | 563 | 814 | |||||
| ||||||||
WAVG ORIGINAL TERM: | 300 | months | 300 | months | 300 | months | ||
WAVG REMAINING TERM: | 300 | months | 296 | months | 300 | months | ||
WAVG SEASONING: | 0 | months | 0 | months | 4 | months | ||
| ||||||||
WAVG NEXT RATE RESET: | 4 | months | 1 | months | 6 | months | ||
WAVG RATE ADJ FREQ: | 5 | months | 1 | months | 6 | months | ||
WAVG FIRST RATE ADJ FREQ: | 5 | months | 1 | months | 6 | months | ||
| ||||||||
WAVG IO ORIGINAL TERM: | 120 | months | 120 | months | 120 | months | ||
WAVG IO REMAINING TERM: | 120 | months | 116 | months | 120 | months | ||
| ||||||||
TOP STATE CONCENTRATIONS ($): | 19.11 % California, 18.50 % Florida, 6.23 % New York | |||||||
MAXIMUM ZIP CODE CONCENTRATION ($): | 1.38 % 32137 (Palm Coast, FL) | |||||||
|
FIRST PAY DATE: | Apr 01, 2003 | Aug 01, 2003 | ||||
RATE CHANGE DATE: | Aug 01, 2003 | Jan 01, 2004 | ||||
MATURITY DATE: | March 01, 2028 | July 01, 2028 | ||||
(1) Expense Fee is defined as the sum of the servicing fee and the trustee fee (2) Effective LTV is defined as the following: loan balance less amount of the pledge account divided by the lesser of the appraised value or sale price of the property |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1 Mortgage Loans
As of the Cut-off Date
ORIGINATOR: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Morgan Stanley | 827 | $309,154,029.69 | 100.00 | ||||
Total | 827 | $309,154,029.69 | 100.00 | % | |||
INDEX: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
6 M LIBOR | 665 | $234,768,990.15 | 75.94 | % | |||
1 M LIBOR | 162 | 74,385,039.54 | 24.06 | ||||
Total | 827 | $309,154,029.69 | 100.00 | % | |||
DELINQUENCY: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Current | 827 | $309,154,029.69 | 100.00 | % | |||
Total | 827 | $309,154,029.69 | 100.00 | % | |||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1 Mortgage Loans
As of the Cut-off Date
CURRENT BALANCE($): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||||
25,000.01 - 50,000.00 | 3 | $148,868.23 | 0.05 | % | |||||
50,000.01 - 75,000.00 | 32 | 1,997,835.19 | 0.65 | ||||||
75,000.01 - 100,000.00 | 44 | 3,971,775.99 | 1.28 | ||||||
100,000.01 - 200,000.00 | 255 | 38,404,941.74 | 12.42 | ||||||
200,000.01 -300,000.00 | 164 | 40,183,272.97 | 13.00 | ||||||
300,000.01 - 400,000.00 | 108 | 38,065,498.81 | 12.31 | ||||||
400,000.01 - 500,000.00 | 59 | 27,118,477.60 | 8.77 | ||||||
500,000.01 -600,000.00 | 32 | 17,638,466.64 | 5.71 | ||||||
600,000.01 - 700,000.00 | 30 | 19,672,927.87 | 6.36 | ||||||
700,000.01 -800,000.00 | 14 | 10,556,000.00 | 3.41 | ||||||
800,000.01 - 900,000.00 | 11 | 9,289,480.00 | 3.00 | ||||||
900,000.01 -1,000,000.00 | 25 | 24,248,451.17 | 7.84 | ||||||
1,000,000.01 - 1,500,000.00 | 27 | 33,761,834.85 | 10.92 | ||||||
1,500,000.01 - 2,000,000.00 | 21 | 38,746,198.63 | 12.53 | ||||||
2,000,000.01 - 2,500,000.00 | 1 | 2,350,000.00 | 0.76 | ||||||
2,500,000.01 - 3,000,000.00 | 1 | 3,000,000.00 | 0.97 | ||||||
Total | 827 | $309,154,029.69 | 100.00 | % | |||||
LOAN RATE (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||||
2.251 - 2.500 |
| 13 | $2,737,540.00 | 0.89 | % | ||||
2.501 - 2.750 |
| 324 | 119,737,941.86 | 38.73 | |||||
2.751 - 3.000 |
| 439 | 153,989,957.05 | 49.81 | |||||
3.001 - 3.250 |
| 28 | 16,146,511.73 | 5.22 | |||||
3.251 - 3.500 |
| 23 | 16,542,079.05 | 5.35 | |||||
Total: |
| 827 | $309,154,029.69 | 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1 Mortgage Loans
As of the Cut-off Date
GROSS MARGIN (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
1.250 |
| 1 | $269,600.00 | 0.09 | % | ||
1.500 |
| 148 | 62,914,164.37 | 20.35 | |||
1.625 |
| 624 | 211,641,274.54 | 68.46 | |||
1.750 |
| 3 | 1,368,445.17 | 0.44 | |||
1.875 |
| 11 | 4,611,931.56 | 1.49 | |||
2.000 |
| 11 | 10,102,430.00 | 3.27 | |||
2.125 |
| 29 | 18,246,184.05 | 5.90 | |||
Total: |
| 827 | $309,154,029.69 | 100.00 | % | ||
ORIGINAL TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
300 | 827 | $309,154,029.69 | 100.00 | % | |||
Total | 827 | $309,154,029.69 | 100.00 | % | |||
REMAINING TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
295 – 300 |
| 827 | $309,154,029.69 | 100.00 | % | ||
Total: |
| 827 | $309,154,029.69 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1 Mortgage Loans
As of the Cut-off Date
IO REMAINING TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
115 - 120 |
| 827 | $309,154,029.69 | 100.00 | % | ||
Total: |
| 827 | $309,154,029.69 | 100.00 | % | ||
RATE CHANGE DATE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
8/1/2003 |
| 162 | $74,385,039.54 | 24.06 | % | ||
9/1/2003 |
| 1 | 55,930.00 | 0.02 | |||
10/1/2003 |
| 1 | 1,600,000.00 | 0.52 | |||
11/1/2003 |
| 21 | 9,349,417.00 | 3.02 | |||
12/1/2003 |
| 210 | 71,644,558.29 | 23.17 | |||
1/1/2004 |
| 432 | 152,119,084.86 | 49.20 | |||
Total: |
| 827 | $309,154,029.69 | 100.00 | % | ||
7/1/2003 |
| 198 |
| 92,238,479.25 |
| 16.77 | |
ORIGINAL LTV (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
0.01 - 10.00 |
| 1 | $134,500.00 | 0.04 | % | ||
10.01 - 20.00 |
| 15 | 2,965,004.39 | 0.96 | |||
20.01 - 30.00 |
| 24 | 6,270,460.36 | 2.03 | |||
30.01 - 40.00 |
| 43 | 18,973,544.33 | 6.14 | |||
40.01 - 50.00 |
| 56 | 17,533,006.65 | 5.67 | |||
50.01 - 60.00 |
| 92 | 40,015,725.95 | 12.94 | |||
60.01 - 70.00 |
| 147 | 48,563,308.51 | 15.71 | |||
70.01 - 80.00 |
| 404 | 159,142,266.98 | 51.48 | |||
80.01 - 90.00 |
| 4 | 2,078,000.00 | 0.67 | |||
90.01 - 100.00 |
| 41 | 13,478,212.52 | 4.36 | |||
Total: |
| 827 | $309,154,029.69 | 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1 Mortgage Loans
As of the Cut-off Date
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1 Mortgage Loans
As of the Cut-off Date
AMORTIZATION: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Interest Only | 827 | $309,154,029.69 | 100.00 | % | |||
Total | 827 | $309,154,029.69 | 100.00 | % | |||
DOCUMENTATION: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Alternative |
| 391 | $170,209,380.13 | 55.06 | % | ||
Lite Doc |
| 341 | 111,692,052.97 | 36.13 | |||
No Ratio |
| 79 | 19,438,766.59 | 6.29 | |||
Full |
| 12 | 4,121,600.00 | 1.33 | |||
Asset, No Income |
| 4 | 3,692,230.00 | 1.19 | |||
Total: |
| 827 | $309,154,029.69 | 100.00 | % | ||
OCCUPANCY: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Primary |
| 659 | $249,736,796.69 | 80.78 | % | ||
Second Home |
| 119 | 50,165,965.32 | 16.23 | |||
Investment |
| 49 | 9,251,267.68 | 2.99 | |||
Total: |
| 827 | $309,154,029.69 | 100.00 | % | ||
PROPERTY TYPE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Single Family Residence |
| 499 | $201,320,459.05 | 65.12 | % | ||
PUD |
| 194 | 61,523,615.95 | 19.90 | |||
Condo |
| 108 | 39,999,322.13 | 12.94 | |||
2 Family |
| 18 | 4,671,231.00 | 1.51 | |||
Co-op | 6 | 1,102,401.56 | 0.36 | ||||
Townhouse |
| 1 | 440,000.00 | 0.14 | |||
Manufactured Housing |
| 1 | 97,000.00 | 0.03 | |||
Total: |
| 827 | $309,154,029.69 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1 Mortgage Loans
As of the Cut-off Date
PURPOSE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Refinance - Cashout |
| 316 | $127,132,334.92 | 41.12 | % | ||
Refinance - Rate Term |
| 293 | 91,202,199.07 | 29.50 | |||
Purchase |
| 218 | 90,819,495.70 | 29.38 | |||
Total: |
| 827 | $309,154,029.69 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1 Mortgage Loans
As of the Cut-off Date
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-A Collateral
As of the Cut-off Date
TOTAL CURRENT BALANCE: | $153,874,405 | ||||||
NUMBER OF LOANS: | 401 | ||||||
Minimum | Maximum | ||||||
AVG CURRENT BALANCE: | $ 383,727 | $53,431 | $3,000,000 | ||||
AVG ORIGINAL BALANCE: | $383,788 | $53,431 | $3,000,000 | ||||
| |||||||
WAVG LOAN RATE: | 2.844 | % | 2.375 | % | 3.500 | % | |
WAVG EXPENSE FEE(1): | 0.378 | % | 0.378 | % | 0.378 | % | |
WAVG NET LOAN RATE: | 2.467 | % | 1.998 | % | 3.123 | % | |
| |||||||
WAVG GROSS MARGIN: | 1.625 | % | 1.250 | % | 2.125 | % | |
WAVG MAXIMUM LOAN RATE: | 12.000 | % | 12.000 | % | 12.000 | % | |
WAVG PERIODIC RATE CAP: | N/A | % | N/A | % | N/A | % | |
WAVG FIRST RATE CAP: | N/A | % | N/A | % | N/A | % | |
| |||||||
WAVG ORIGINAL LTV: | 68.52 | % | 5.17 | % | 100.00 | % | |
WAVG EFFECTIVE LTV(2): | 66.73 | % | 5.17 | % | 80.00 | % | |
| |||||||
WAVG CREDIT SCORE: | 728 | 577 | 814 | ||||
| |||||||
WAVG ORIGINAL TERM: | 300 | months | 300 | months | 300 | months | |
WAVG REMAINING TERM: | 300 | months | 296 | months | 300 | months | |
WAVG SEASONING: | 0 | months | 0 | months | 4 | months | |
| |||||||
WAVG NEXT RATE RESET: | 3 | months | 1 | months | 6 | months | |
WAVG RATE ADJ FREQ: | 4 | months | 1 | months | 6 | months | |
WAVG FIRST RATE ADJ FREQ: | 4 | months | 1 | months | 6 | months | |
| |||||||
WAVG IO ORIGINAL TERM: | 120 | months | 120 | months | 120 | months | |
WAVG IO REMAINING TERM: | 120 | months | 116 | months | 120 | months | |
| |||||||
TOP STATE CONCENTRATIONS ($): | 21.02 % Florida, 16.20 % California, 6.52 % New York | ||||||
MAXIMUM ZIP CODE CONCENTRATION ($): | 1.95 % 96754 (Kilauea, HI) | ||||||
|
FIRST PAY DATE: | Apr 01, 2003 | Aug 01, 2003 | ||||
RATE CHANGE DATE: | Aug 01, 2003 | Jan 01, 2004 | ||||
MATURITY DATE: | Mar 01, 2028 | Jul 01, 2028 | ||||
(1) Expense Fee is defined as the sum of the servicing fee and the trustee fee (2) Effective LTV is defined as the following: loan balance less amount of the pledge account divided by the lesser of the appraised value or sale price of the property |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-A Collateral
As of the Cut-off Date
ORIGINATOR: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Amortization Principal Balance Outstanding as of the Cut-off Date | ||||
Morgan Stanley |
| 401 | $153,874,404.90 | 100.00 | % | ||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
INDEX: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Libor – 6 Month |
| 239 | $79,489,365.36 | 51.66 | % | ||
Libor – 1 Month |
| 162 | 74,385,039.54 | 48.34 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
DELINQUENCY: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Current |
| 401 | $153,874,404.90 | 100.00 | % | ||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-A Collateral
As of the Cut-off Date
CURRENT BALANCE($): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
50,000.01 – 75,000.00 |
| 19 | $1,211,475.80 | 0.79 | % | ||
75,000.01 – 100,000.00 |
| 22 | 2,010,594.10 | 1.31 | |||
100,000.01 – 200,000.00 |
| 116 | 17,495,879.29 | 11.37 | |||
200,000.01 – 300,000.00 |
| 73 | 17,499,607.72 | 11.37 | |||
300,000.01 – 400,000.00 |
| 54 | 19,074,683.10 | 12.40 | |||
400,000.01 – 500,000.00 |
| 37 | 16,993,750.10 | 11.04 | |||
500,000.01 – 600,000.00 |
| 17 | 9,192,516.62 | 5.97 | |||
600,000.01 – 700,000.00 |
| 13 | 8,505,800.00 | 5.53 | |||
700,000.01 – 800,000.00 |
| 6 | 4,534,000.00 | 2.95 | |||
800,000.01 – 900,000.00 |
| 9 | 7,620,830.00 | 4.95 | |||
900,000.01 – 1,000,000.00 |
| 12 | 11,561,652.17 | 7.51 | |||
1,000,000.01 – 1,500,000.00 |
| 11 | 13,656,616.00 | 8.88 | |||
1,500,000.01 – 2,000,000.00 |
| 10 | 19,167,000.00 | 12.46 | |||
2,000,000.01 – 2,500,000.00 |
| 1 | 2,350,000.00 | 1.53 | |||
2,500,000.01 – 3,000,000.00 |
| 1 | 3,000,000.00 | 1.95 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
LOAN RATE (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
2.251 – 2.500 |
| 13 | $2,737,540.00 | 1.78 | % | ||
2.501 – 2.750 |
| 165 | 62,277,550.86 | 40.47 | |||
2.751 – 3.000 |
| 199 | 70,112,215.47 | 45.56 | |||
3.001 – 3.250 |
| 14 | 9,330,110.17 | 6.06 | |||
3.251 – 3.500 |
| 10 | 9,416,988.40 | 6.12 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-A Collateral
As of the Cut-off Date
GROSS MARGIN (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
1.250 |
| 1 | $269,600.00 | 0.18 | % | ||
1.500 |
| 148 | 62,914,164.37 | 40.89 | |||
1.625 |
| 224 | 69,827,141.96 | 45.38 | |||
1.750 |
| 3 | 1,368,445.17 | 0.89 | |||
1.875 |
| 5 | 2,719,530.00 | 1.77 | |||
2.000 |
| 11 | 10,102,430.00 | 6.57 | |||
2.125 |
| 9 | 6,673,093.40 | 4.34 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
ORIGINAL TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
300 |
| 401 | $153,874,404.90 | 100.00 | % | ||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
REMAINING TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
295 –300 |
| 401 | $153,874,404.90 | 100.00 | % | ||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
IO REMAINING TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
115 – 120 | 401 | $153,874,404.90 | 100.00 | % | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-A Collateral
As of the Cut-off Date
RATE CHANGE DATE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
2003-08-01 |
| 162 | $74,385,039.54 | 48.34 | % | ||
2003-09-01 |
| 1 | 55,930.00 | 0.04 | |||
2003-11-01 |
| 9 | 3,297,251.98 | 2.14 | |||
2003-12-01 |
| 76 | 27,115,538.28 | 17.62 | |||
2004-01-01 |
| 153 | 49,020,645.10 | 31.86 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
ORIGINAL LTV (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
0.01 – 10.00 |
| 1 | $134,500.00 | 0.09 | % | ||
10.01 – 20.00 |
| 4 | 599,295.00 | 0.39 | |||
20.01 – 30.00 |
| 11 | 3,765,492.13 | 2.45 | |||
30.01 – 40.00 |
| 21 | 9,573,347.62 | 6.22 | |||
40.01 – 50.00 |
| 24 | 7,469,159.45 | 4.85 | |||
50.01 – 60.00 |
| 48 | 20,773,715.07 | 13.50 | |||
60.01 – 70.00 |
| 79 | 24,356,812.79 | 15.83 | |||
70.01 – 80.00 |
| 188 | 77,475,612.84 | 50.35 | |||
80.01 – 90.00 |
| 3 | 1,730,000.00 | 1.12 | |||
90.01 – 100.00 |
| 22 | 7,996,470.00 | 5.20 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-A Collateral
As of the Cut-off Date
EFFECTIVE LTV(1) (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
0.01 – 10.00 |
| 1 | $134,500.00 | 0.09 | % | ||
10.01 – 20.00 |
| 4 | 599,295.00 | 0.39 | |||
20.01 – 30.00 |
| 11 | 3,765,492.13 | 2.45 | |||
30.01 – 40.00 |
| 21 | 9,573,347.62 | 6.22 | |||
40.01 – 50.00 |
| 24 | 7,469,159.45 | 4.85 | |||
50.01 – 60.00 |
| 54 | 22,331,715.07 | 14.51 | |||
60.01 – 65.00 |
| 22 | 6,324,300.00 | 4.11 | |||
65.01 – 70.00 |
| 76 | 26,200,982.79 | 17.03 | |||
70.01 – 75.00 |
| 36 | 17,844,636.21 | 11.60 | |||
75.01 – 80.00 |
| 152 | 59,630,976.63 | 38.75 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
(1) Effective LTV is defined as the following: loan balance less amount of the pledge account divided by the lesser of the appraised value or sale price of the property | |||||||
CREDIT SCORE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
575 – 599 |
| 6 | $2,621,355.00 | 1.70 | % | ||
600 – 624 |
| 7 | 2,713,600.00 | 1.76 | |||
625 – 649 |
| 15 | 5,562,600.00 | 3.62 | |||
650 – 674 |
| 36 | 14,469,337.77 | 9.40 | |||
675 – 699 |
| 41 | 20,927,016.44 | 13.60 | |||
700 – 724 |
| 54 | 18,051,987.29 | 11.73 | |||
725 – 749 |
| 52 | 19,952,137.67 | 12.97 | |||
750 – 774 |
| 97 | 43,240,104.16 | 28.10 | |||
775 – 799 |
| 73 | 22,403,396.57 | 14.56 | |||
800 – 824 |
| 20 | 3,932,870.00 | 2.56 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-A Collateral
As of the Cut-off Date
AMORTIZATION: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Interest Only |
| 401 | $153,874,404.90 | 100.00 | % | ||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
DOCUMENTATION: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Alternative |
| 187 | $83,135,384.30 | 54.03 | % | ||
Lite Doc |
| 167 | 56,227,331.08 | 36.54 | |||
No Ratio |
| 41 | 11,401,059.52 | 7.41 | |||
Asset, No Income |
| 2 | 1,692,230.00 | 1.10 | |||
Full |
| 4 | 1,418,400.00 | 0.92 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
OCCUPANCY: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Primary |
| 321 | $128,006,131.57 | 83.19 | % | ||
Second Home |
| 53 | 20,864,082.83 | 13.56 | |||
Investment |
| 27 | 5,004,190.50 | 3.25 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
PROPERTY TYPE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Single Family Residence |
| 238 | $99,206,748.55 | 64.47 | % | ||
PUD | 101 | 31,291,910.65 | 20.34 | ||||
Condo |
| 51 | 21,077,814.70 | 13.70 | |||
2 Family |
| 8 | 1,410,931.00 | 0.92 | |||
Townhouse |
| 1 | 440,000.00 | 0.29 | |||
Co-op |
| 1 | 350,000.00 | 0.23 | |||
Manufactured Housing |
| 1 | 97,000.00 | 0.06 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-A Collateral
As of the Cut-off Date
PURPOSE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Refinance – Cashout |
| 162 | $67,251,508.06 | 43.71 | % | ||
Refinance – Rate Term |
| 146 | 51,132,479.06 | 33.23 | |||
Purchase |
| 93 | 35,490,417.78 | 23.06 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-A Collateral
As of the Cut-off Date
STATES: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Alabama |
| 5 | $1,793,450.00 | 1.17 | % | ||
Arizona |
| 4 | 529,550.00 | 0.34 | |||
Arkansas |
| 3 | 735,500.00 | 0.48 | |||
California |
| 58 | 24,921,748.68 | 16.20 | |||
Colorado |
| 11 | 4,655,920.00 | 3.03 | |||
Connecticut |
| 4 | 4,362,731.63 | 2.84 | |||
District of Columbia |
| 1 | 2,350,000.00 | 1.53 | |||
Florida |
| 84 | 32,348,643.57 | 21.02 | |||
Georgia |
| 9 | 2,391,700.00 | 1.55 | |||
Hawaii |
| 10 | 6,301,447.00 | 4.10 | |||
Idaho |
| 3 | 2,422,000.00 | 1.57 | |||
Illinois |
| 16 | 4,185,990.00 | 2.72 | |||
Indiana |
| 1 | 158,000.00 | 0.10 | |||
Kansas |
| 1 | 500,000.00 | 0.32 | |||
Kentucky |
| 1 | 275,000.00 | 0.18 | |||
Louisiana |
| 2 | 2,109,870.00 | 1.37 | |||
Maine |
| 2 | 426,800.00 | 0.28 | |||
Maryland |
| 11 | 4,222,000.00 | 2.74 | |||
Massachusetts |
| 11 | 4,715,100.00 | 3.06 | |||
Michigan |
| 17 | 4,267,800.00 | 2.77 | |||
Minnesota |
| 5 | 2,674,000.00 | 1.74 | |||
Missouri |
| 5 | 1,226,400.00 | 0.80 | |||
Montana |
| 1 | 660,000.00 | 0.43 | |||
Nebraska |
| 1 | 95,500.00 | 0.06 | |||
Nevada |
| 7 | 2,057,600.00 | 1.34 | |||
New Hampshire |
| 1 | 160,000.00 | 0.10 | |||
New Jersey |
| 17 | 6,349,894.08 | 4.13 | |||
New Mexico |
| 2 | 448,000.00 | 0.29 | |||
New York |
| 20 | 10,030,037.00 | 6.52 | |||
North Carolina |
| 20 | 5,704,000.01 | 3.71 | |||
North Dakota |
| 1 | 54,400.00 | 0.04 | |||
Ohio |
| 4 | 1,801,652.00 | 1.17 | |||
Oregon |
| 7 | 1,385,925.00 | 0.90 | |||
Pennsylvania |
| 11 | 3,504,899.50 | 2.28 | |||
Rhode Island |
| 1 | 260,000.00 | 0.17 | |||
South Carolina |
| 8 | 3,441,570.00 | 2.24 | |||
Tennessee |
| 4 | 1,071,800.00 | 0.70 | |||
Texas |
| 9 | 1,889,359.28 | 1.23 | |||
Utah |
| 1 | 150,000.00 | 0.10 | |||
Virginia |
| 12 | 3,561,217.15 | 2.31 | |||
Washington |
| 6 | 3,035,900.00 | 1.97 | |||
Wisconsin |
| 1 | 208,000.00 | 0.14 | |||
Wyoming |
| 3 | 431,000.00 | 0.28 | |||
Total: |
| 401 | $153,874,404.90 | 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-B Collateral
As of the Cut-off Date
TOTAL CURRENT BALANCE: | $155,279,625 | |||||||
NUMBER OF LOANS: | 426 | |||||||
Minimum | Maximum | |||||||
AVG CURRENT BALANCE: | $364,506 | $48,868 | $2,000,000 | |||||
AVG ORIGINAL BALANCE: | $364,691 | $50,000 | $2,000,000 | |||||
| ||||||||
WAVG LOAN RATE: | 2.844 | % | 2.625 | % | 3.500 | % | ||
WAVG EXPENSE FEE(1): | 0.378 | % | 0.378 | % | 0.378 | % | ||
WAVG NET LOAN RATE: | 2.466 | % | 2.248 | % | 3.123 | % | ||
| ||||||||
WAVG GROSS MARGIN: | 1.665 | % | 1.625 | % | 2.125 | % | ||
WAVG MAXIMUM LOAN RATE: | 12.000 | % | 12.000 | % | 12.000 | % | ||
WAVG PERIODIC RATE CAP: | N/A | % | N/A | % | N/A | % | ||
WAVG FIRST RATE CAP: | N/A | % | N/A | % | N/A | % | ||
| ||||||||
WAVG ORIGINAL LTV: | 67.76 | % | 10.29 | % | 100.00 | % | ||
WAVG EFFECTIVE LTV(2): | 66.61 | % | 10.29 | % | 80.00 | % | ||
| ||||||||
WAVG CREDIT SCORE: | 726 | 563 | 813 | |||||
| ||||||||
WAVG ORIGINAL TERM: | 300 | months | 300 | months | 300 | months | ||
WAVG REMAINING TERM: | 300 | months | 297 | months | 300 | months | ||
WAVG SEASONING: | 0 | months | 0 | months | 3 | months | ||
| ||||||||
WAVG NEXT RATE RESET: | 6 | months | 3 | months | 6 | months | ||
WAVG RATE ADJ FREQ: | 6 | months | 6 | months | 6 | months | ||
WAVG FIRST RATE ADJ FREQ: | 6 | months | 6 | months | 6 | months | ||
| ||||||||
WAVG IO ORIGINAL TERM: | 120 | months | 120 | months | 120 | months | ||
WAVG IO REMAINING TERM: | 120 | months | 117 | months | 120 | months | ||
| ||||||||
TOP STATE CONCENTRATIONS ($): | 22.00 % California, 15.99 % Florida, 6.44 % Illinois | |||||||
MAXIMUM ZIP CODE CONCENTRATION ($): | 1.76 % 94010 (Burlingame, CA) | |||||||
|
FIRST PAY DATE: | May 01, 2003 | Aug 01, 2003 | ||||
RATE CHANGE DATE: | Oct 01, 2003 | Jan 01, 2004 | ||||
MATURITY DATE: | Apr 01, 2028 | Jul 01, 2028 | ||||
(1) Expense Fee is defined as the sum of the servicing fee and the trustee fee (2) Effective LTV is defined as the following: loan balance less amount of the pledge account divided by the lesser of the appraised value or sale price of the property |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-B Collateral
As of the Cut-off Date
ORIGINATOR: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Morgan Stanley |
| 426 | $155,279,624.79 | 100.00 | % | ||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | ||
INDEX: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Libor - 6 Month |
| 426 | $155,279,624.79 | 100.00 | % | ||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | ||
DELINQUENCY: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Current |
| 426 | $155,279,624.79 | 100.00 | % | ||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-B Collateral
As of the Cut-off Date
CURRENT BALANCE($): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
25,000.01 - 50,000.00 |
| 3 | $148,868.23 | 0.10 | % | ||
50,000.01 - 75,000.00 | 13 | 786,359.39 | 0.51 | ||||
75,000.01 - 100,000.00 |
| 22 | 1,961,181.89 | 1.26 | |||
100,000.01 - 200,000.00 |
| 139 | 20,909,062.45 | 13.47 | |||
200,000.01 - 300,000.00 |
| 91 | 22,683,665.25 | 14.61 | |||
300,000.01 - 400,000.00 |
| 54 | 18,990,815.71 | 12.23 | |||
400,000.01 - 500,000.00 |
| 22 | 10,124,727.50 | 6.52 | |||
500,000.01 - 600,000.00 |
| 15 | 8,445,950.02 | 5.44 | |||
600,000.01 - 700,000.00 |
| 17 | 11,167,127.87 | 7.19 | |||
700,000.01 - 800,000.00 |
| 8 | 6,022,000.00 | 3.88 | |||
800,000.01 - 900,000.00 |
| 2 | 1,668,650.00 | 1.07 | |||
900,000.01 - 1,000,000.00 |
| 13 | 12,686,799.00 | 8.17 | |||
1,000,000.01 - 1,500,000.00 |
| 16 | 20,105,218.85 | 12.95 | |||
1,500,000.01 - 2,000,000.00 |
| 11 | 19,579,198.63 | 12.61 | |||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | ||
LOAN RATE (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
2.501 - 2.750 |
| 159 | $57,460,391.00 | 37.00 | % | ||
2.751 - 3.000 |
| 240 | 83,877,741.58 | 54.02 | |||
3.001 - 3.250 |
| 14 | 6,816,401.56 | 4.39 | |||
3.251 - 3.500 |
| 13 | 7,125,090.65 | 4.59 | |||
Total: |
| 426 | $155,279,624.79 | 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-B Collateral
As of the Cut-off Date
GROSS MARGIN (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | |||||||||||
1.625 |
| 400 | $141,814,132.58 | 91.33 | % | |||||||||
1.875 |
| 6 | 1,892,401.56 | 1.22 | ||||||||||
2.125 |
| 20 | 11,573,090.65 | 7.45 | ||||||||||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | |||||||||
ORIGINAL TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | |||||||||||
300 |
| 426 | $155,279,624.79 | 100.00 | % | |||||||||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | |||||||||
REMAINING TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | |||||||||||
295 - 300 |
| 426 | $155,279,624.79 | 100.00 | % | |||||||||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | |||||||||
IO REMAINING TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | |||||||||||
115 - 120 |
| 426 | $155,279,624.79 | 100.00 | % | |||||||||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | |||||||||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-B Collateral
As of the Cut-off Date
RATE CHANGE DATE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
2003-10-01 |
| 1 | $1,600,000.00 | 1.03 | % | ||
2003-11-01 |
| 12 | 6,052,165.02 | 3.90 | |||
2003-12-01 |
| 134 | 44,529,020.01 | 28.68 | |||
2004-01-01 |
| 279 | 103,098,439.76 | 66.40 | |||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | ||
ORIGINAL LTV (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
10.01 - 20.00 |
| 11 | $2,365,709.39 | 1.52 | % | ||
20.01 - 30.00 |
| 13 | 2,504,968.23 | 1.61 | |||
30.01 - 40.00 |
| 22 | 9,400,196.71 | 6.05 | |||
40.01 - 50.00 |
| 32 | 10,063,847.20 | 6.48 | |||
50.01 - 60.00 |
| 44 | 19,242,010.88 | 12.39 | |||
60.01 - 70.00 |
| 68 | 24,206,495.72 | 15.59 | |||
70.01 - 80.00 |
| 216 | 81,666,654.14 | 52.59 | |||
80.01 - 90.00 |
| 1 | 348,000.00 | 0.22 | |||
90.01 - 100.00 |
| 19 | 5,481,742.52 | 3.53 | |||
Total: |
| 426 | $155,279,624.79 | 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-B Collateral
As of the Cut-off Date
EFFECTIVE LTV(1) (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
10.01 - 20.00 |
| 11 | $2,365,709.39 | 1.52 | % | ||
20.01 - 30.00 |
| 13 | 2,504,968.23 | 1.61 | |||
30.01 - 40.00 |
| 22 | 9,400,196.71 | 6.05 | |||
40.01 - 50.00 |
| 33 | 10,359,047.20 | 6.67 | |||
50.01 - 60.00 |
| 46 | 19,622,510.88 | 12.64 | |||
60.01 - 65.00 |
| 26 | 10,104,047.63 | 6.51 | |||
65.01 - 70.00 |
| 60 | 19,551,690.61 | 12.59 | |||
70.01 - 75.00 |
| 34 | 15,265,124.71 | 9.83 | |||
75.01 - 80.00 |
| 181 | 66,106,329.43 | 42.57 | |||
Total: |
| 426 | $155,279,624.79 | 100.00 | % |
(1) Effective LTV is defined as the following: loan balance less amount of the pledge account divided by the lesser of the appraised value or sale price of the property
CREDIT SCORE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
N/A |
| 1 | $368,000.00 | 0.24 | % | ||
550 - 574 | 2 | 1,550,500.00 | 1.00 | ||||
575 - 599 | 1 | 105,000.00 | 0.07 | ||||
600 - 624 | 8 | 4,692,950.00 | 3.02 | ||||
625 - 649 |
| 22 | 8,889,158.33 | 5.72 | |||
650 - 674 |
| 21 | 6,689,099.00 | 4.31 | |||
675 - 699 |
| 62 | 23,201,737.71 | 14.94 | |||
700 - 724 |
| 57 | 24,456,996.35 | 15.75 | |||
725 - 749 |
| 59 | 24,540,381.39 | 15.80 | |||
750 - 774 |
| 75 | 26,068,781.64 | 16.79 | |||
775 - 799 |
| 94 | 29,946,178.37 | 19.29 | |||
800 - 824 |
| 24 | 4,770,842.00 | 3.07 | |||
Total: |
| 426 | $155,279,624.79 | 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-B Collateral
As of the Cut-off Date
AMORTIZATION: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Interest Only |
| 426 | $155,279,624.79 | 100.00 | % | ||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | ||
DOCUMENTATION: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Alternative |
| 204 | $87,073,995.83 | 56.08 | % | ||
Lite Doc |
| 174 | 55,464,721.89 | 35.72 | |||
No Ratio |
| 38 | 8,037,707.07 | 5.18 | |||
Full |
| 8 | 2,703,200.00 | 1.74 | |||
Asset, No Income |
| 2 | 2,000,000.00 | 1.29 | |||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | ||
OCCUPANCY: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Primary |
| 338 | $121,730,665.12 | 78.39 | % | ||
Second Home |
| 66 | 29,301,882.49 | 18.87 | |||
Investment |
| 22 | 4,247,077.18 | 2.74 | |||
Total: |
| 426 | $155,279,624.79 | 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-B Collateral
As of the Cut-off Date
PROPERTY TYPE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Single Family Residence |
| 261 | $102,113,710.50 | 65.76 | % | ||
PUD |
| 93 | 30,231,705.30 | 19.47 | |||
Condo |
| 57 | 18,921,507.43 | 12.19 | |||
2 Family |
| 10 | 3,260,300.00 | 2.10 | |||
Co-op |
| 5 | 752,401.56 | 0.48 | |||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | ||
PURPOSE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Refinance - Cashout |
| 154 | $59,880,826.86 | 38.56 | % | ||
Purchase |
| 125 | 55,329,077.92 | 35.63 | |||
Refinance - Rate Term |
| 147 | 40,069,720.01 | 25.80 | |||
Total: |
| 426 | $155,279,624.79 | 100.00 | % | ||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 1-B Collateral
As of the Cut-off Date
STATES: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Alabama |
| 3 | $369,650.00 | 0.24 | % | ||
Alaska |
| 1 | 255,920.00 | 0.16 | |||
Arizona |
| 11 | 2,558,606.00 | 1.65 | |||
Arkansas |
| 2 | 444,000.00 | 0.29 | |||
California |
| 60 | 34,160,059.07 | 22.00 | |||
Colorado |
| 9 | 6,197,515.89 | 3.99 | |||
Connecticut |
| 5 | 2,930,200.00 | 1.89 | |||
Florida |
| 62 | 24,833,540.91 | 15.99 | |||
Georgia |
| 10 | 2,365,014.87 | 1.52 | |||
Hawaii |
| 9 | 3,834,700.00 | 2.47 | |||
Illinois |
| 21 | 9,999,847.58 | 6.44 | |||
Indiana |
| 1 | 158,000.00 | 0.10 | |||
Kansas |
| 2 | 182,000.00 | 0.12 | |||
Kentucky |
| 4 | 632,600.00 | 0.41 | |||
Maine |
| 2 | 732,700.00 | 0.47 | |||
Maryland |
| 9 | 2,916,500.00 | 1.88 | |||
Massachusetts |
| 16 | 8,905,250.00 | 5.73 | |||
Michigan |
| 15 | 2,542,978.00 | 1.64 | |||
Minnesota |
| 8 | 2,131,500.00 | 1.37 | |||
Missouri |
| 12 | 2,771,284.39 | 1.78 | |||
Montana |
| 1 | 140,028.30 | 0.09 | |||
Nebraska |
| 1 | 174,800.00 | 0.11 | |||
Nevada |
| 16 | 2,990,200.00 | 1.93 | |||
New Hampshire |
| 3 | 604,400.00 | 0.39 | |||
New Jersey |
| 23 | 6,114,097.08 | 3.94 | |||
New Mexico |
| 5 | 1,762,700.00 | 1.14 | |||
New York |
| 26 | 9,216,501.89 | 5.94 | |||
North Carolina |
| 9 | 3,270,474.00 | 2.11 | |||
Ohio |
| 5 | 848,870.00 | 0.55 | |||
Oklahoma |
| 1 | 113,600.00 | 0.07 | |||
Oregon |
| 7 | 1,752,600.00 | 1.13 | |||
Pennsylvania |
| 4 | 1,229,567.67 | 0.79 | |||
Rhode Island |
| 1 | 140,067.35 | 0.09 | |||
South Carolina |
| 8 | 3,395,999.00 | 2.19 | |||
South Dakota |
| 1 | 108,000.00 | 0.07 | |||
Tennessee |
| 13 | 3,512,700.00 | 2.26 | |||
Texas |
| 17 | 5,288,632.79 | 3.41 | |||
Utah |
| 3 | 945,200.00 | 0.61 | |||
Virginia |
| 12 | 2,543,350.00 | 1.64 | |||
Washington |
| 5 | 1,317,970.00 | 0.85 | |||
West Virginia | 1 | 380,000.00 | 0.24 | ||||
Wyoming | 2 | 508,000.00 | 0.33 | ||||
Total: | 426 | $155,279,624.79 | 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 2 Collateral
As of the Cut-off Date
TOTAL CURRENT BALANCE: | $205,886,690 | |||||||
NUMBER OF LOANS: | 216 | |||||||
Minimum | Maximum | |||||||
AVG CURRENT BALANCE: | $953,179 | $129,828 | $3,000,000 | |||||
AVG ORIGINAL BALANCE: | $961,500 | $133,500 | $3,000,000 | |||||
| ||||||||
WAVG LOAN RATE: | 2.897 | % | 2.000 | % | 4.125 | % | ||
WAVG EXPENSE FEE(1): | 0.303 | % | 0.303 | % | 0.303 | % | ||
WAVG NET LOAN RATE: | 2.594 | % | 1.698 | % | 3.823 | % | ||
| ||||||||
WAVG GROSS MARGIN: | 1.524 | % | 0.590 | % | 2.800 | % | ||
WAVG MAXIMUM LOAN RATE: | 11.983 | % | 10.950 | % | 13.500 | % | ||
WAVG PERIODIC RATE CAP: | N/A | % | N/A | % | N/A | % | ||
WAVG FIRST RATE CAP: | N/A | % | N/A | % | N/A | % | ||
| ||||||||
WAVG ORIGINAL LTV: | 51.84 | % | 5.88 | % | 80.00 | % | ||
| ||||||||
WAVG CREDIT SCORE: | 754 | 658 | 834 | |||||
| ||||||||
WAVG ORIGINAL TERM: | 360 | months | 360 | months | 360 | months | ||
WAVG REMAINING TERM: | 353 | months | 326 | months | 359 | months | ||
WAVG SEASONING: | 7 | months | 1 | months | 34 | months | ||
| ||||||||
WAVG NEXT RATE RESET: | 1 | months | 1 | months | 1 | months | ||
WAVG RATE ADJ FREQ: | 1 | months | 1 | months | 1 | months | ||
WAVG FIRST RATE ADJ FREQ: | 1 | months | 1 | months | 1 | months | ||
| ||||||||
WAVG IO ORIGINAL TERM: | 116 | months | 0 | months | 120 | months | ||
WAVG IO REMAINING TERM: | 110 | months | 0 | months | 119 | months | ||
| ||||||||
TOP STATE CONCENTRATIONS ($): | 66.64 % California, 9.49 % New York, 3.42 % Hawaii | |||||||
MAXIMUM ZIP CODE CONCENTRATION ($): | 5.76 % 90210 (Beverly Hills, CA) | |||||||
| ||||||||
FIRST PAY DATE: | Oct 01, 2000 | Jul 01, 2003 | ||||||
RATE CHANGE DATE: | Aug 01, 2003 | Aug 01, 2003 | ||||||
MATURITY DATE: | Sep 01, 2030 | Jun 01, 2033 | ||||||
(1) Expense Fee is defined as the sum of the servicing fee and the trustee fee |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 2 Collateral
As of the Cut-off Date
ORIGINATOR: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
First Republic |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
INDEX: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Libor - 1 Month |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
DELINQUENCY: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Current |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 2 Collateral
As of the Cut-off Date
CURRENT BALANCE($): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | |||||
100,000.01 - 200,000.00 |
| 9 |
| $1,508,986.15 |
| 0.73 | % | |
200,000.01 - 300,000.00 |
| 14 |
| 3,656,457.68 |
| 1.78 | ||
300,000.01 - 400,000.00 |
| 19 |
| 6,890,389.04 |
| 3.35 | ||
400,000.01 - 500,000.00 |
| 15 |
| 6,782,076.92 |
| 3.29 | ||
500,000.01 - 600,000.00 |
| 17 |
| 9,627,071.02 |
| 4.68 | ||
600,000.01 - 700,000.00 |
| 14 |
| 9,137,755.47 |
| 4.44 | ||
700,000.01 - 800,000.00 |
| 13 |
| 9,851,109.39 |
| 4.78 | ||
800,000.01 - 900,000.00 |
| 8 |
| 6,845,974.21 |
| 3.33 | ||
900,000.01 - 1,000,000.00 |
| 20 |
| 19,720,529.60 |
| 9.58 | ||
1,000,000.01 - 1,500,000.00 |
| 57 |
| 70,636,999.32 |
| 34.31 | ||
1,500,000.01 - 2,000,000.00 |
| 20 |
| 36,834,340.00 |
| 17.89 | ||
2,000,000.01 - 2,500,000.00 |
| 7 |
| 15,685,000.95 |
| 7.62 | ||
2,500,000.01 - 3,000,000.00 |
| 3 |
| 8,710,000.00 |
| 4.23 | ||
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % | |
LOAN RATE (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | |||||
1.751 - 2.000 |
| 1 |
| 2,000,000.00 |
| 0.97 | % | |
2.001 - 2.250 |
| 3 |
| 4,215,000.00 |
| 2.05 | ||
2.251 - 2.500 |
| 12 |
| 10,711,650.40 |
| 5.20 | ||
2.501 - 2.750 |
| 59 |
| 55,473,907.11 |
| 26.94 | ||
2.751 - 3.000 |
| 101 |
| 94,076,600.36 |
| 45.69 | ||
3.001 - 3.250 |
| 24 |
| 21,250,381.88 |
| 10.32 | ||
3.251 - 3.500 |
| 6 |
| 5,139,000.00 |
| 2.50 | ||
3.501 - 3.750 |
| 5 |
| 5,538,250.00 |
| 2.69 | ||
3.751 - 4.000 |
| 4 |
| 6,875,000.00 |
| 3.34 | ||
4.001 - 4.250 |
| 1 |
| 606,900.00 |
| 0.29 | ||
Total: |
| 216 |
| 205,886,689.75 |
| 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 2 Collateral
As of the Cut-off Date
GROSS MARGIN (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
0.501 - 0.750 |
| 1 |
| $2,000,000.00 |
| 0.97 | % |
0.751 - 1.000 |
| 7 |
| 9,311,822.28 |
| 4.52 | |
1.001 - 1.250 |
| 13 |
| 12,570,154.38 |
| 6.11 | |
1.251 - 1.500 |
| 108 |
| 98,339,787.76 |
| 47.76 | |
1.501 - 1.750 |
| 58 |
| 51,928,058.83 |
| 25.22 | |
1.751 - 2.000 |
| 16 |
| 16,885,716.50 |
| 8.20 | |
2.001 - 2.250 |
| 6 |
| 3,993,000.00 |
| 1.94 | |
2.251 - 2.500 |
| 5 |
| 9,301,250.00 |
| 4.52 | |
2.501 - 2.750 |
| 1 |
| 950,000.00 |
| 0.46 | |
2.751 - 3.000 |
| 1 |
| 606,900.00 |
| 0.29 | |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 2 Collateral
As of the Cut-off Date
ORIGINAL TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||||||||
360 |
| 216 |
| $205,886,689.75 |
| 100.00 | % | ||||||
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % | ||||||
REMAINING TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||||||||
325 – 330 |
| 2 |
| $2,565,949.39 |
| 1.25 | % | ||||||
331 – 336 |
| 5 |
| 6,071,326.26 |
| 2.95 | |||||||
337 – 342 |
| 4 |
| 4,164,750.00 |
| 2.02 | |||||||
343 – 348 |
| 3 |
| 2,818,752.86 |
| 1.37 | |||||||
349 – 354 |
| 108 |
| 107,810,433.28 |
| 52.36 | |||||||
355 – 360 |
| 94 |
| 82,455,477.96 |
| 40.05 | |||||||
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % | ||||||
IO REMAINING TERM (Months): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||||||||
<= 0 |
| 11 |
| $5,470,190.41 |
| 2.66 | % | ||||||
31 - 36 |
| 1 |
| 1,600,000.00 |
| 0.78 | |||||||
85 - 90 |
| 2 |
| 2,565,949.39 |
| 1.25 | |||||||
91 - 96 |
| 4 |
| 4,471,326.26 |
| 2.17 | |||||||
97 - 102 |
| 4 |
| 4,164,750.00 |
| 2.02 | |||||||
103 - 108 |
| 2 |
| 2,525,000.95 |
| 1.23 | |||||||
109 - 114 |
| 103 |
| 105,956,687.51 |
| 51.46 | |||||||
115 - 120 |
| 89 |
| 79,132,785.23 |
| 38.44 | |||||||
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % | ||||||
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 2 Collateral
As of the Cut-off Date
RATE CHANGE DATE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
8/1/2003 |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
ORIGINAL LTV (%): | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
0.01 - 10.00 |
| 3 |
| $2,371,000.00 |
| 1.15 | % |
10.01 - 20.00 |
| 13 |
| 13,569,999.17 |
| 6.59 | |
20.01 - 30.00 |
| 20 |
| 19,611,160.52 |
| 9.53 | |
30.01 - 40.00 |
| 25 |
| 19,151,929.03 |
| 9.30 | |
40.01 - 50.00 |
| 27 |
| 28,544,105.98 |
| 13.86 | |
50.01 - 60.00 |
| 41 |
| 46,975,877.90 |
| 22.82 | |
60.01 - 65.00 | 28 | 24,149,383.89 | 11.73 | ||||
65.01 - 70.00 | 25 | 22,488,573.43 | 10.92 | ||||
70.01 - 75.00 |
| 19 |
| 17,149,965.10 |
| 8.33 | |
75.01 - 80.00 |
| 15 |
| 11,874,694.73 |
| 5.77 | |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
CREDIT SCORE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
650 - 674 |
| 7 |
| $5,341,716.65 |
| 2.59 | % |
675 - 699 |
| 16 |
| 15,744,833.15 |
| 7.65 | |
700 - 724 |
| 34 |
| 33,198,633.15 |
| 16.12 | |
725 - 749 |
| 34 |
| 36,696,397.21 |
| 17.82 | |
750 - 774 |
| 46 |
| 46,654,853.88 |
| 22.66 | |
775 - 799 |
| 50 |
| 37,123,757.59 |
| 18.03 | |
800 - 824 |
| 28 |
| 29,526,498.12 |
| 14.34 | |
825 - 849 |
| 1 |
| 1,600,000.00 |
| 0.78 | |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 2 Collateral
As of the Cut-off Date
AMORTIZATION: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Interest Only |
| 205 |
| $200,416,499.34 |
| 97.34 | % |
Amortizing |
| 11 |
| 5,470,190.41 |
| 2.66 | |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
DOCUMENTATION: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Full |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
OCCUPANCY: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Primary |
| 156 |
| $156,509,777.74 |
| 76.02 | % |
Second Home |
| 47 |
| 43,337,228.77 |
| 21.05 | |
Investment |
| 13 |
| 6,039,683.24 |
| 2.93 | |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 2 Collateral
As of the Cut-off Date
PROPERTY TYPE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Single Family Residence |
| 134 |
| $141,613,880.66 |
| 68.78 | % |
PUD |
| 29 |
| 27,789,381.49 |
| 13.50 | |
Condo |
| 36 |
| 24,772,290.43 |
| 12.03 | |
Co-op |
| 12 |
| 8,465,168.00 |
| 4.11 | |
2 Family |
| 5 |
| 3,245,969.17 |
| 1.58 | |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
PURPOSE: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Refinance - Rate Term |
| 101 |
| $90,310,867.75 |
| 43.86 | % |
Refinance - Cashout |
| 64 |
| 63,177,850.38 |
| 30.69 | |
Purchase |
| 51 |
| 52,397,971.62 |
| 25.45 | |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
Sequoia Mortgage Trust 2003-4
Group 2 Collateral
As of the Cut-off Date
STATES: | Number of Mortgage Loans | Principal Balance Outstanding as of the Cut-off Date | % of Aggregate Principal Balance Outstanding as of the Cut-off Date | ||||
Arizona |
| 5 |
| $4,957,609.39 |
| 2.41 | % |
California |
| 144 |
| 137,203,010.30 |
| 66.64 | |
Colorado |
| 5 |
| 5,685,000.00 |
| 2.76 | |
Connecticut |
| 2 |
| 2,100,000.00 |
| 1.02 | |
Delaware |
| 1 |
| 250,000.00 |
| 0.12 | |
Florida |
| 6 |
| 3,535,000.00 |
| 1.72 | |
Hawaii |
| 4 |
| 7,051,000.00 |
| 3.42 | |
Idaho |
| 2 |
| 3,006,000.00 |
| 1.46 | |
Illinois |
| 3 |
| 2,087,000.00 |
| 1.01 | |
Maryland |
| 1 |
| 900,000.00 |
| 0.44 | |
Massachusetts |
| 4 |
| 2,423,276.56 |
| 1.18 | |
Montana |
| 1 |
| 1,040,000.00 |
| 0.51 | |
New Jersey |
| 7 |
| 5,776,119.58 |
| 2.81 | |
New York |
| 21 |
| 19,547,672.97 |
| 9.49 | |
Pennsylvania |
| 2 |
| 1,075,000.00 |
| 0.52 | |
South Carolina |
| 1 |
| 500,000.00 |
| 0.24 | |
Texas |
| 3 |
| 3,500,000.00 |
| 1.70 | |
Utah |
| 1 |
| 2,025,000.95 |
| 0.98 | |
Washington |
| 2 |
| 1,825,000.00 |
| 0.89 | |
Wyoming |
| 1 |
| 1,400,000.00 |
| 0.68 | |
Total: |
| 216 |
| $205,886,689.75 |
| 100.00 | % |
This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable. Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities wo uld be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, and may effect transactions in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.