SUBJECT TO REVISION
SERIES TERM SHEET DATED JANUARY 17, 2001
[LOGO]
BOMBARDIER
CAPITAL
$[285,263,000]
Bombardier Capital Mortgage Securitization Corporation
Depositor
Bombardier Capital Inc.,
Seller and Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 2001-A
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Bombardier Capital Mortgage Securitization
Corporation Senior/Subordinated Pass-Through Certificates, Series 2001-A. The
Series Term Sheet has been prepared by Bombardier Capital Mortgage
Securitization Corporation for informational purposes only and is subject to
modification or change. The information and assumptions contained herein are
preliminary and will be superseded by a prospectus, prospectus supplement and by
any other additional information subsequently filed with the Securities and
Exchange Commission or incorporated by reference in the Registration Statement.
Neither Credit Suisse First Boston Corporation, JP Morgan nor any of their
respective affiliates makes any representation as to the accuracy or
completeness of any of the information set forth in the attached Series Term
Sheet. This cover sheet is not part of the Series Term Sheet.
A REGISTRATION STATEMENT (INCLUDING A BASE PROSPECTUS) RELATING TO THE
PASS-THROUGH CERTIFICATES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION AND DECLARED EFFECTIVE. THE FINAL PROSPECTUS AND PROSPECTUS
SUPPLEMENT RELATING TO THE SECURITIES WILL BE FILED AFTER THE SECURITIES HAVE
BEEN PRICED AND ALL OF THE TERMS AND INFORMATION ARE FINALIZED. THIS
COMMUNICATION IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR
SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION
UNDER THE SECURITIES LAWS OF ANY SUCH STATE. INTERESTED PERSONS ARE REFERRED TO
THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT TO WHICH THE SECURITIES RELATE.
ANY INVESTMENT DECISION SHOULD BE BASED ONLY UPON THE INFORMATION IN THE FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT AS OF THEIR PUBLICATION DATES.
Credit Suisse First Boston JP Morgan
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
PRELIMINARY INFORMATION ONLY
OFFERED CERTIFICATES
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CLASS A CLASS M-1 CLASS M-2
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Amount:(1) $243,122,000 $24,312,000 $17,829,000
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Type: Fixed Fixed Fixed
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Coupon:(2) [TBD]% [TBD]% [TBD]%
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Approx. Price [TBD]% [TBD]% [TBD]%
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Yield (%): [TBD]% [TBD]% [TBD]%
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Spread (bps): TBD TBD TBD
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Avg Life 5.05 9.92 9.92
(To Call):(3)
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Avg Life 5.46 11.01 10.94
(To Mat):
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1st Prin Pymt 02/01 02/06 02/06
(To Call):(3)
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Last Prin Pymt 05/14 05/14 05/14
(To Call):(3)
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Last Prin Pymt 11/23 06/22 04/21
(To Mat):
-----------------------------------------------------------
Stated Mat: 12/30(5) 12/30(5) 12/30(5)
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Expected Settlement: TBD TBD TBD
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Payment Delay: 14 days 14 days 14 days
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Interest Payment 30/360 30/360 30/360
Basis:
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Dated Date: 1/1/01 1/1/01 1/1/01
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Ratings Aaa/AAA Aa2/AA A2/A
(Moody's/Fitch):(4)
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Pricing Date: TBD TBD TBD
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Prepayment Speed: 180% MHP 180% MHP 180% MHP
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(1) The initial principal amount of the Certificates may be increased or
decreased by up to 5%. Any such increase or decrease may be allocated
disproportionately among the Classes of Certificates. Accordingly, any
investor's commitments with respect to the Certificates may be increased or
decreased correspondingly.
(2) The lesser of the specified rate per annum or the Weighted Average Net
Asset Rate for the related Distribution Date.
(3) Assumed 15% Optional Termination is exercised.
(4) It is a condition to the issuance of the Certificates that they be rated as
above. A security rating is not a recommendation to buy, sell, or hold
securities and may be subject to revision of withdrawal at any time by the
assigning rating organization.
(5) The Final Stated Maturity Date is the maturity date of the Asset with the
latest stated maturity.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 2
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
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Title of Securities: Bombardier Capital Mortgage Securitization Corporation
Senior/Subordinate Pass-Through Certificates, Series 2001-A
Class A, Class M-1, Class M-2, Class B-1, and Class
B-2 Certificates.
Offered Certificates: Class A, Class M-1, and Class M-2 Certificates.
Other Certificates: Class B-1, Class B-2 , Class X and Class R
Certificates. The Class B-1 Certificates will have an
initial Certificate Principal Balance of $12,967,000.
The Class B-2 Certificates will have an initial
Certificate Principal Balance of $16,208,000.
Seller & Servicer: Bombardier Capital Inc.
Depositor: Bombardier Capital Mortgage Securitization
Corporation.
Underwriters: Credit Suisse First Boston Corporation (lead manager)
JP Morgan (co-manager)
Trustee: Bank One, NA
Credit Enhancement: 1) Excess interest
2) Overcollateralization
3) Subordination
Overcollateralization: Excess interest collections will be applied, to the
extent available, to make accelerated payments of
principal on the Certificates until the Target
Overcollateralization Amount has been achieved and
maintained. The "Target Overcollateralization Amount"
generally shall mean, (i) for any Distribution Date
prior to the Cross-over Date, 5.00% of the Pool
Scheduled Principal Balance as of the Cut-off Date
and (ii) for any other Distribution Date, the lesser
of (x) 5.00% of the Pool Scheduled Principal Balance
as of the Cut-off Date and (y) 8.75% of the Pool
Scheduled Principal Balance for the next succeeding
Distribution Date; provided, however, that in no
event shall the Target Overcollateralization Amount
be less than 1.25% of the Pool Scheduled Principal
Balance as of the Cut-off Date. On the Closing Date,
the initial overcollateralization amount shall equal
approximately 3.00% of the Pool Scheduled Principal
Balance as of the Cut-off Date.
Subordination:
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RATING
CLASS (MOODY'S/FITCH) SUBORDINATION
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Class A Aaa/AAA 27.00%
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Class M-1 Aa2/AA 19.50%
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Class M-2 A2/A 14.00%
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Class B-1 Baa2/BBB 10.00%
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Class B-2 Ba2/BB 5.00%
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Overcollateralization 3.00% -- 5.00%
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The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 3
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
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Class Sizes:
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RATING
CLASS (MOODY'S/FITCH) CLASS SIZE
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Class A Aaa/AAA 75.00%
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Class M-1 Aa2/AA- 7.50%
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Class M-2 A2/A 5.50%
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Class B-1 Baa2/BBB 4.00%
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Class B-2 Ba2/BB 5.00%
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Collateral: Fixed rate manufactured housing contracts and loans.
Cut-off Date: January 1, 2001
Distribution Date: The 15th day of each month, (or if such fifteenth
day is not a business day, the next succeeding
business day) commencing in February 15, 2001.
With respect to each Distribution Date, other
than the first Distribution Date, the close of
business on the last business day of the month
preceding the month in which such Distribution Date
occurs, and with respect to the first Distribution
Date, the close of business on the Closing Date
(each, a "Record Date").
Collection Period: With respect to any Distribution Date, the calendar
month immediately preceding the calendar month in
which such Distribution Date occurs.
Cross-over Date: The later to occur of (a) the Distribution Date
occurring in February 2006 or (b) the first
Distribution Date on which the then-current credit
enhancement for the Class A Certificates is equal to
or exceeds [1.89] times the initial credit
enhancement for the Class A Certificates.
Clean-up Call: Subject to certain restrictions, the Servicer
or the holders of a majority in interest of the Class
R Certificates will have the option (but not the
obligation) to purchase all of the trust assets at
any time after the aggregate unpaid principal balance
of all certificates is reduced to less than or equal
to 15% of their aggregate unpaid principal amount as
of the cut-off date.
Auction Sale: If neither the Servicer nor the Residual Majority
exercises its optional termination right within
90 days after it first becomes eligible to do so,
the Trustee shall solicit bids for the purchase
of all Assets then outstanding and all other property
in the Trust. In the event that satisfactory bids are
received, the sale proceeds will be distributed to
Certificateholders.
Interest Accrual: With respect to each Distribution Date, the
calendar month preceding the month in which the
Distribution Date occurs (each, an "Interest Accrual
Period"). Interest will be calculated on the basis of
a 360-day year consisting of twelve 30-day months.
Denominations: The Offered Certificates will be Book-Entry
Certificates only, and will be issued in minimum
denominations of $1,000 and integral multiples of $1
in excess thereof in the case of the Class A
Certificates and $25,000 and integral multiples of $1
in excess thereof in the case of the Class M
Certificates.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 4
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
DESCRIPTION OF OFFERED CERTIFICATES
Total Size: $ [285,263,000] (approximate)
Available Distribution
Amount: The "Available Distribution Amount" for a Distribution Date generally will include
(1)(a) Monthly Payments of principal and interest due on the Assets during the related
Collection Period, to the extent such payments were actually collected from the Obligors
or advanced by the Servicer and (b) unscheduled payments received with respect to the
Assets during the related Collection Period, including Principal Prepayments, proceeds of
repurchases, Net Liquidation Proceeds and net insurance proceeds, less (2)(a) Servicing
Fees for the related Collection Period, (b) amounts required to reimburse the Servicer
for previously unreimbursed Advances in accordance with the Agreement, (c) amounts
required to reimburse the Servicer for certain reimbursable expenses in accordance with
the Agreement, (d) the Interest Deficiency Amount or portion thereof, if any, paid from
collections on the preceding Distribution Date, and (e) amounts required to reimburse
any party for an overpayment of a Repurchase Price for an Asset in accordance with the
Agreement.
Distributions: Distributions to Certificateholders generally will be applied first to the payment of
interest, second to the payment of any principal due on any prior Distribution Date but
unpaid, and third, if any principal is then due, to the payment of principal of the
related Class of Certificates. The principal amounts generally will be distributed to
the extent of the Available Distribution Amount after payment of interest and interest
shortfalls on the Certificates, first to the Class A Certificateholders and then to each
Class of Subordinate Certificateholders based on their respective priorities (i.e., first
to the Class M-1 Certificateholders, then to the Class M-2 Certificateholders, then to
the Class B-1 Certificateholders and then to the Class B-2 Certificateholders). Prior to
the Cross-over Date or on any Distribution Date as of which the Principal Distribution
Tests are not met, principal will be allocated solely to the Class A Certificates;
otherwise principal will be allocated pro rata among the Class A, the Class M-1, the
Class M-2, and the Class B Certificates. Principal allocated to the Class B Certificates
will be sequentially to the Class B-1 and the Class B-2 Certificates.
Cashflow Priority: (1) first, to the Class A Certificates, (a) first, the related Interest Distribution
Amount for such Distribution Date and (b) second, any Interest Distribution Amounts
remaining unpaid from previous Distribution Dates, plus interest on this carryover
amount, if any, for such Distribution Date;
(2) second, to the Class M-1 Certificates, (a) first, the related Interest Distribution
Amount for such Distribution Date and (b) second, any Interest Distribution Amounts
remaining unpaid from previous Distribution Dates, plus interest on this carryover
amount, if any, for such Distribution Date;
(3) third, to the Class M-2 Certificates, (a) first, the related Interest Distribution
Amount for such Distribution Date and (b) second, any Interest Distribution Amounts
remaining unpaid from previous Distribution Dates, plus interest on this carryover
amount, if any, for such Distribution Date;
(4) fourth, to the Class B-1 Certificates, (a) first, the related Interest Distribution
Amount for such Distribution Date and (b) second, any Interest Distribution Amounts
remaining unpaid from previous Distribution Dates, plus interest on this carryover
amount, if any, for such Distribution Date;
(5) fifth, to the Class B-2 Certificates, (a) first, the related Interest Distribution
Amount for such Distribution Date and (b) second, any Interest Distribution Amounts
remaining unpaid from previous Distribution Dates, plus interest on this carryover
amount, if any, for such Distribution Date;
(6) sixth, to the Class A Certificates, the related Principal Distribution Shortfall
Carryover Amount, if any, for such Distribution Date;
(7) seventh, to the Class A Certificates, the Class A Principal Distribution Amount until
the Certificate Principal Balance is reduced to zero;
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 5
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
(8) eighth, to the Class M-1 Certificates, (a) first, any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Interest Distribution Amount for such Distribution Date, (c) third, any
related Principal Distribution Shortfall Carryover Amount, and (d) fourth, any related
Principal Distribution Amount until the Class M-1 Certificate Principal Balance is
reduced to zero;
(9) ninth, to the Class M-2 Certificates, (a) first, any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Interest Distribution Amount for such Distribution Date, (c) third, any
related Principal Distribution Shortfall Carryover Amount, and (d) fourth, any related
Principal Distribution Amount until the Class M-2 Certificate Principal Balance is
reduced to zero;
(10) tenth, to the Class B-1 Certificates, (a) first, any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Interest Distribution Amount for such Distribution Date, (c) third, any
related Principal Distribution Shortfall Carryover Amount, and (d) fourth, any related
Principal Distribution Amount until the Class B-1 Certificate Principal Balance is
reduced to zero;
(11) eleventh, to the Class B-2 Certificates, (a) first any related Writedown Interest
Distribution Amount for such Distribution Date, (b) second, any related Carryover
Writedown Interest Distribution Amount for such Distribution Date, (c) third, any
related Principal Distribution Shortfall Carryover Amount, and (d) fourth, any related
Principal Distribution Amount until the Class B-2 Certificate Principal Balance is
reduced to zero;
(12) twelfth, sequentially, to the Class A, Class M-1, Class M-2, Class B-1 and Class B-2
Certificates, the Accelerated Principal Distribution Amount for such Distribution Date
until the Certificate Principal Balance of each class is reduced to zero;
(13) thirteenth, to the Class X Certificates, in the following sequential order: (i) the
current Class X Strip Amount; and (ii) any Class X Strip Amounts from previous
Distribution Dates remaining unpaid; and
(14) finally, any remainder to the Class R Certificates.
PRINCIPAL DISTRIBUTION IF PRINCIPAL DISTRIBUTION TESTS ARE SATISFIED:
- ----------------------------------------------
Class A (AAA/Aaa)
- ----------------------------------------------
Class M-1 (AA/Aa2)
- ----------------------------------------------
5-Year Lockout Class M-2 (A/A2)
- ----------------------------------------------
Class B-1 Class B-2
(BBB/Baa2) (BB/Ba2)
- ----------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 6
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
PRINCIPAL DISTRIBUTION IF PRINCIPAL DISTRIBUTION TESTS ARE NOT SATISFIED:
- ---------------------------------------------------------------
Class A Class M-1 Class M-2 Class B-1 Class B-2
(AAA/Aaa) (AA/Aa2) (A/A2) (BBB/Baa2) (BB/Ba2)
- ---------------------------------------------------------------
Principal Distribution
Tests: The Average 60-Day Delinquency Ratio is less than or equal to [5.5%], Average 30-Day
Delinquency Ratio is less than or equal to [8.5%], the Current Realized Loss Ratio is less
than or equal to [3.0%]; and the Cumulative Realized Losses are less than or equal to the
percentage of the Aggregate Cut-off Date Pool Principal Balance set forth below:
[7%] February [2006] through January [2007],
[8%] February [2007] through January [2008],
[9.5%] February [2008] through July [2009], and
[10.5%] thereafter.
Realized Losses on
Liquidated Assets: The Principal Distribution Amount for any Distribution Date is intended to include the
Scheduled Principal Balance of each Asset that became a Liquidated Asset during the
preceding calendar month. A Realized Loss will be incurred on a Liquidated Asset in the
amount, if any, by which the Net Liquidation Proceeds from such Liquidated Asset are less
than the Unpaid Principal Balance of such Liquidated Asset, plus accrued and unpaid
interest thereon (to the extent not covered by Servicing Advances, if any, with respect to
such Liquidated Asset), plus amounts reimbursable to the Servicer for previously
unreimbursed Servicing Advances. The amount of the Realized Loss, if any, in excess of the
sum of (1) the amount of interest collected on the nondefaulted Assets in excess of
certain Interest Distribution Amounts and Carryover Interest Distribution Amounts required
to be distributed on the Class A, Class M and Class B Certificates and any portion of such
interest required to be paid to the servicer as servicing compensation ("Excess Interest")
and (2) the Current Overcollateralization Amount will be allocated to the Subordinated
Certificates as a Writedown Amount in reduction of their respective Certificate Principal
Balances as described below.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 7
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
Allocation of
Writedown Amounts: The "Writedown Amount" for any Distribution Date will be the amount, if any, by which the
aggregate Certificate Principal Balance of all Certificates, after taking into account all
distributions to be made on such Distribution Date, exceeds the Pool Scheduled Principal
Balance of the Assets for the next Distribution Date. The Writedown Amount will be
allocated among the Classes of Subordinated Certificates in the following order of
priority:
(1) first, to the Class B-2 Certificates, to be applied in reduction of the Adjusted
Certificate Principal Balance of such Class until it has been reduced to zero;
(2) second, to the Class B-1 Certificates, to be applied in reduction of the Adjusted
Certificate Principal Balance of such Class until it has been reduced to zero;
(3) third, to the Class M-2 Certificates, to be applied in reduction of the Adjusted
Certificate Principal Balance of such Class until it has been reduced to zero; and
(4) fourth, to the Class M-1 Certificates, to be applied in reduction of the Adjusted
Certificate Principal Balance of such Class until it has been reduced to zero.
Advances: For each Distribution Date, the Servicer will be obligated to make an advance (a "P&I
Advance") in respect of any delinquent Monthly Payment on any Asset that was due during
the related Collection Period that will, in the Servicer's judgment, be recoverable from
late payments on or Liquidation Proceeds from such Asset. The Servicer will also be
obligated to make Advances ("Servicing Advances" and, together with P&I Advances,
"Advances") in respect of Liquidation Expenses and certain taxes and insurance premiums
not paid by an Obligor on a timely basis, to the extent the Servicer deems such Servicing
Advances recoverable out of Liquidation Proceeds from the related Asset or from
collections on the related Asset. P&I Advances and Servicing Advances generally are
reimbursable to the Servicer.
Certain Federal Income
Tax Consequences: For federal income tax purposes, the Trust will be treated as one or more real estate
mortgage investment conduits ("REMIC"). The Class A, Class M, Class B and Class X
Certificates will constitute "regular interests" in a REMIC for federal income tax
purposes. The Class R Certificates will be treated as the sole class of "residual
interests" in a REMIC for federal income tax purposes.
ERISA Considerations: All classes of Offered Certificates are expected to be ERISA eligible. However, investors
should consult with their counsel with respect to the consequences under ERISA and the
Code of the Plan's acquisition and ownership of such Certificates.
Legal Investment
Considerations: The Class A and Class M-1 Certificates will constitute "mortgage related securities" for
purposes of the Secondary Mortgage Market Enhancement Act of 1984 ("SMMEA"). THE CLASS M-2
CERTIFICATES ARE NOT "MORTGAGE RELATED SECURITIES" FOR PURPOSES OF SMMEA BECAUSE SUCH
CERTIFICATES ARE NOT RATED IN ONE OF THE TWO HIGHEST RATING CATEGORIES BY A NATIONALLY
RECOGNIZED RATING AGENCY.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 8
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
Prospectus: The Certificates are being offered pursuant to a Prospectus which includes a Prospectus
Supplement (together, the "Prospectus"). Complete information with respect to the
Certificates and the Collateral is contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the Prospectus. To the extent that the
foregoing is inconsistent with the Prospectus, the Prospectus shall govern in all
respects. Sales of the Certificates may not be consummated unless the purchaser has
received the Prospectus.
The Assets: The Trust will consist of (1) manufactured housing installment sales contracts
(collectively, the "Contracts") secured by security interests in Manufactured Homes, and
(2) mortgage loans secured by first liens on the real estate on which the related
Manufactured Homes are deemed permanently affixed (the "Mortgage Loans" and collectively
with the Contracts, the "Assets"). The description of the Asset Pool in this series term
sheet summarizes certain approximate characteristics of the Asset Pool as of January 1,
2001.
The Asset Pool consists of 8,394 Assets having an aggregate Scheduled Principal Balance as
of the Cut-off Date of $324,163,208.88. Approximately 9.27% of the Asset Pool is secured
by real estate property. As of the Cut-off Date, the Assets were secured by Manufactured
Homes or Mortgage Properties located in 34 states, and approximately 21.48%, 10.45%,
9.43%, 7.67%, 7.57%, 7.27% and 7.14% of the Assets were secured by Manufactured Homes
located in Texas, California, Florida, Alabama, Georgia, North Carolina, and South
Carolina respectively (based on property addresses of the Obligors on the Assets as of the
Cut-off Date). Monthly Payments of principal and interest on the Assets will be due on
various days throughout each Collection Period (each a "Due Date"). The annual percentage
rates on the Assets ranged from 7.25% to 19.25%, with a weighted average of approximately
12.10%, as of the Cut-off Date. The Assets had remaining terms to stated maturity as of
the Cut-off Date of at least 50 months but not more than 360 months and original terms to
stated maturity of at least 60 months but not more than 360 months.
SUMMARY COLLATERAL INFORMATION
- ------------------------------
Total Collateral Amount: $324,163,208.88
Average Unpaid Prin. Balance: $38,618.44
Maximum Original Balance: $162,469.99
Weighted Average Collateral Coupon: 12.10%
Coupon Range: 7.25% -19.25%
Weighted Average Scheduled Remaining Term: 288
Weighted Average Original Term (months): 294
Weighted Average LTV: 87.51%
New: 79.44%
Used: 20.56%
Multi-wide: 66.09%
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 9
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
TOTAL COLLATERAL $324,163,208.88
CUT OFF DATE OF TAPE: 1/1/01
- --------------------------------------------------------------------------------
Number of Loans: 8,394
Aggregate Unpaid Principal Balance: $324,163,208.88
Aggregate Original Principal Balance: $325,854,262.94
Weighted Average Gross Coupon: 12.10%
Gross Coupon Range: 7.25% to 19.25%
- ----------------------------------------------------------------------------------------
Average Unpaid Principal Balance: $38,618.44
Average Original Principal Balance: $38,819.90
Maximum Unpaid Principal Balance: $160,730.59
Minimum Unpaid Principal Balance: $2,116.81
Maximum Original Principal Balance: $162,469.99
Minimum Original Principal Balance: $7,323.45
W.A. Scheduled Rem. Term (Cut-off Date to Mat Date): 288.16
Stated Rem Term Range: 50.00 to 360.00
W.A. Age (based on Scheduled Dates): 6.22
Age Range: 0.00 to 32.00
Weighted Average Original Term: 294.38
Original Term Range: 60.00 to 360.00
Weighted Average Original LTV: 87.51
Original LTV Range: 16.19% to 99.67%
- ----------------------------------------------------------------------------------------
Greatest Zip Code Concentration:
ZIP Code Number 77535 0.27% $865,535
New and Used Concentration:
New 79.44% $257,531,364
Used 20.56% $66,631,845
Section Distribution:
Multi-section 66.09% $214,228,559
Single-section 33.91% $109,934,650
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 10
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES AS OF ORIGINATION
- ----------------------------------------------------------------------------------------------------------
Percentage of Total
Number of Aggregate Principal (by Outstanding
State Contracts Balance Outstanding Collateral Balance)
- ----------------------------------------------------------------------------------------------------------
Alabama 714 $24,856,960.10 7.67%
Arizona 147 6,664,169.24 2.06
Arkansas 366 12,892,591.15 3.98
California 784 33,872,748.10 10.45
Colorado 94 3,530,417.75 1.09
Florida 700 30,560,277.31 9.43
Georgia 655 24,552,839.92 7.57
Idaho 1 96,828.29 0.03
Illinois 6 249,605.96 0.08
Indiana 16 837,411.94 0.26
Iowa 3 86,156.25 0.03
Kansas 6 289,838.33 0.09
Kentucky 127 4,263,399.51 1.32
Louisiana 306 11,430,201.04 3.53
Michigan 22 1,048,748.83 0.32
Mississippi 407 13,923,975.88 4.30
Missouri 169 6,095,587.16 1.88
Montana 17 743,077.80 0.23
Nevada 39 1,728,417.97 0.53
New Mexico 225 9,330,327.80 2.88
North Carolina 626 23,559,876.31 7.27
Ohio 4 271,688.64 0.08
Oklahoma 134 4,994,522.39 1.54
Oregon 18 691,035.05 0.21
Pennsylvania 47 1,313,633.69 0.41
South Carolina 635 23,132,987.18 7.14
South Dakota 1 15,856.26 0.00
Tennessee 286 10,095,239.40 3.11
Texas 1,749 69,644,468.83 21.48
Utah 4 177,933.56 0.05
Virginia 53 1,890,064.63 0.58
Washington 11 442,437.97 0.14
West Virginia 17 683,942.58 0.21
Wyoming 5 195,942.06 0.06
- ----------------------------------------------------------------------------------------------------------
TOTAL 8,394 $324,163,208.88 100.00%
- ----------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 11
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
YEARS OF ORIGINATION OF CONTRACTS
- ----------------------------------------------------------------------------------------------------------
Percentage of Total
Number of Aggregate Principal (by Outstanding
Contract Date Contracts Balance Outstanding Collateral Balance)
- ----------------------------------------------------------------------------------------------------------
1998 5 $233,079.14 0.07%
1999 418 21,540,891.00 6.65
2000 7,971 302,389,238.74 93.28
- ----------------------------------------------------------------------------------------------------------
TOTAL 8,394 $324,163,208.88 100.00%
- ----------------------------------------------------------------------------------------------------------
DISTRIBUTION OF ORIGINAL AMOUNTS
- ---------------------------------------------------------------------------------------------------------
Percentage of Total
Number of Aggregate Principal (by Outstanding
Original Asset Balance Contracts Balance Outstanding Collateral Balance)
- ----------------------------------------------------------------------------------------------------------
$ 0.01 - $ 10,000.00 16 $136,180.79 0.04%
$ 10,000.01 - $ 15,000.00 251 3,093,233.73 0.95
$ 15,000.01 - $ 20,000.00 368 6,426,058.21 1.98
$ 20,000.01 - $ 25,000.00 844 19,068,313.33 5.88
$ 25,000.01 - $ 30,000.00 1,260 34,622,308.77 10.68
$ 30,000.01 - $ 35,000.00 1,299 41,927,342.56 12.93
$ 35,000.01 - $ 40,000.00 1,064 39,530,705.86 12.19
$ 40,000.01 - $ 45,000.00 798 33,697,109.09 10.40
$ 45,000.01 - $ 50,000.00 729 34,449,857.23 10.63
$ 50,000.01 - $ 55,000.00 525 27,386,833.64 8.45
$ 55,000.01 - $ 60,000.00 445 25,535,607.91 7.88
$ 60,000.01 - $ 65,000.00 276 17,141,474.04 5.29
$ 65,000.01 - $ 70,000.00 165 11,107,450.18 3.43
$ 70,000.01 - $ 75,000.00 116 8,357,792.35 2.58
$ 75,000.01 - $ 80,000.00 61 4,713,678.88 1.45
$ 80,000.01 - $ 85,000.00 43 3,529,926.54 1.09
$ 85,000.01 - $ 90,000.00 39 3,373,852.19 1.04
$ 90,000.01 - $ 95,000.00 20 1,843,180.26 0.57
$ 95,000.01 - $100,000.00 20 1,942,572.33 0.60
$100,000.01 - $105,000.00 14 1,428,867.03 0.44
$105,000.01 - $110,000.00 12 1,290,187.15 0.40
$110,000.01 - $115,000.00 9 1,003,300.56 0.31
$115,000.01 - $120,000.00 8 939,570.43 0.29
$120,000.01 - $125,000.00 5 607,119.98 0.19
$130,000.01 - $135,000.00 1 133,819.44 0.04
$135,000.01 - $140,000.00 3 411,800.86 0.13
$150,000.01+ 3 465,065.54 0.14
- -----------------------------------------------------------------------------------------------------------
TOTAL 8,394 $324,163,208.88 100.00%
- -----------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 12
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS
- ---------------------------------------------------------------------------------------------------------
Percentage of Total
Number of Aggregate Principal (by Outstanding
Range of LTV Contracts Balance Outstanding Collateral Balance)
- ----------------------------------------------------------------------------------------------------------
50% or less 45 $1,248,652.68 0.39%
51% to 55% 23 652,000.42 0.20
56% to 60% 37 1,100,335.88 0.34
61% to 65% 76 3,236,173.80 1.00
66% to 70% 107 5,651,438.49 1.74
71% to 75% 179 9,581,175.16 2.96
76% to 80% 576 23,105,630.66 7.13
81% to 85% 950 36,539,994.40 11.27
86% to 90% 5,046 190,809,111.98 58.86
91% to 95% 1,257 47,259,246.49 14.58
96% to 100% 98 4,979,448.92 1.54
- -----------------------------------------------------------------------------------------------------------
TOTAL 8,394 $324,163,208.88 100.00%
- -----------------------------------------------------------------------------------------------------------
CUT-OFF DATE CONTRACT RATE
- ---------------------------------------------------------------------------------------------------------
Percentage of Total
Number of Aggregate Principal (by Outstanding
Asset Rate Contracts Balance Outstanding Collateral Balance)
- ----------------------------------------------------------------------------------------------------------
7.001 to 8.000 20 $1,586,117.07 0.49%
8.001 to 9.000 133 9,102,406.56 2.81
9.001 to 10.000 1,007 39,866,610.64 12.30
10.001 to 11.000 1,044 52,494,952.84 16.19
11.001 to 12.000 1,465 65,221,914.22 20.12
12.001 to 13.000 1,605 62,378,227.15 19.24
13.001 to 14.000 1,497 49,345,952.41 15.22
14.001 to 15.000 970 28,353,993.62 8.75
15.001 to 16.000 437 11,486,428.32 3.54
16.001 to 17.000 153 3,171,246.51 0.98
17.001 to 18.000 51 917,720.53 0.28
18.001 to 19.000 10 207,171.72 0.06
19.001 to 20.000 2 30,467.29 0.01
- -----------------------------------------------------------------------------------------------------------
TOTAL 8,394 $324,163,208.88 100.00%
- -----------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 13
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
REMAINING MONTHS TO MATURITY
- ----------------------------------------------------------------------------------------------------------
Percentage of Total
Number of Aggregate Principal (by Outstanding
Range of Remaining Term Contracts Balance Outstanding Collateral Balance)
- ----------------------------------------------------------------------------------------------------------
120 months or less 299 $5,201,312.37 1.60%
121 - 156 40 841,815.49 0.26
157 - 180 1,094 27,456,252.04 8.47
181 - 240 2,725 90,604,950.59 27.95
241 - 300 1,868 66,302,232.17 20.45
301 - 360 2,368 133,756,646.22 41.26
- ----------------------------------------------------------------------------------------------------------
TOTAL 8,394 $324,163,208.88 100.00%
- ----------------------------------------------------------------------------------------------------------
ORIGINAL TERM DISTRIBUTION
- ----------------------------------------------------------------------------------------------------------
Percentage of Total
Number of Aggregate Principal (by Outstanding
Range of Original Term Contracts Balance Outstanding Collateral Balance)
- ----------------------------------------------------------------------------------------------------------
120 months or less 299 $5,201,312.37 1.60%
121 to 156 40 841,815.49 0.26
157 to 180 1,094 27,456,252.04 8.47
181 to 240 2,725 90,604,950.59 27.95
241 to 300 1,868 66,302,232.17 20.45
301 to 360 2,368 133,756,646.22 41.26
- ----------------------------------------------------------------------------------------------------------
TOTAL 8,394 $324,163,208.88 100.00%
- ----------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 14
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
SENIOR/SUBORDINATE PASS-THROUGH CERTIFICATES, SERIES 2001-A
$[285,263,000] (APPROXIMATE)
- --------------------------------------------------------------------------------
MHP PREPAYMENT SENSITIVITIES
0% MHP 75% MHP 100% MHP
------ ------- --------
WAL Maturity WAL Maturity WAL Maturity
TO CALL
Class A 14.67 02/26 8.76 09/20 7.61 03/19
Class M-1 21.86 02/26 15.59 09/20 13.90 03/19
Class M-2 21.86 02/26 15.59 09/20 13.90 03/19
TO MATURITY
Class A 14.91 01/30 9.18 09/28 8.02 09/27
Class M-1 22.44 10/29 16.61 09/27 14.91 07/26
Class M-2 22.42 07/29 16.56 12/26 14.85 08/25
180% MHP 225% MHP 325% MHP
-------- -------- --------
WAL Maturity WAL Maturity WAL Maturity
TO CALL
Class A 5.05 05/14 4.00 04/12 2.55 02/09
Class M-1 9.92 05/14 8.93 04/12 7.31 02/09
Class M-2 9.92 05/14 8.93 04/12 7.31 02/09
TO MATURITY
Class A 5.46 11/23 4.34 05/21 2.68 12/16
Class M-1 11.01 06/22 10.17 04/20 8.87 08/16
Class M-2 10.94 04/21 10.11 05/19 8.82 11/15
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston or JP Morgan. All
information described above is preliminary, limited in nature and subject to
completion or amendment. Credit Suisse First Boston and JP Morgan make no
representations that the above referenced security will actually perform as
described in any scenario presented.
Page 15