SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report : February 13, 2004
(Date of earliest event reported)
Commission File No.: 333-53266-02
First Union Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates
Series 2001-C2
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-2316405
52-2316406
52-7184008
52-2316404
(I.R.S. Employer Identification No.)
c/o Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
(Address of principal executive offices) (Zip Code)
(410) 884-2000
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
ITEM 5. Other Events
On February 13, 2004 2003 a distribution was made to holders of First Union
Commercial Mortgage Securities, Inc. Commercial Mortgage Pass-Through
Certificates, Series 2001-C2.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial Mortgage
Pass-Through Certificates, Series 2001-C2, relating to the
February 13, 2004 2003 distribution.
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
First Union Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates
Series 2001-C2
By: Wells Fargo Bank Minnesota, N.A., as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: February 13, 2004
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial Mortgage
Pass-Through Certificates, Series 2001-C2, relating to the
February 13, 2004 distribution.
EX-99.1
Wells Fargo Bank Minnesota, N.A.
Corporate Trust Services
9062 Old Annapolis Road
Columbia, MD 21045-1951
First Union Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 2001-C2
For Additional Information, please contact
CTSLink Customer Service
(301) 815-6600
Reports Available on the World Wide Web
@ www.ctslink.com/cmbs
Payment Date: 02/13/2004
Record Date: 01/30/2004
DISTRIBUTION DATE STATEMENT
Table of Contents
STATEMENT SECTIONS PAGE(s)
Certificate Distribution Detail 2
Certificate Factor Detail 3
Reconciliation Detail 4
Other Required Information 5
Cash Reconciliation 6
Ratings Detail 7
Current Mortgage Loan and Property Stratification Tables 8 - 10
Mortgage Loan Detail 11 - 14
Principal Prepayment Detail 15
Historical Detail 16
Delinquency Loan Detail 17
Specially Serviced Loan Detail 18 - 20
Modified Loan Detail 21
Liquidated Loan Detail 22
Underwriter
First Union Securities, Inc
201 South College Street
Charlotte, NC 28288
Contact: William J. Cohane
Phone Number: (704) 383-4984
Underwriter
Merrill Lynch, Pierce, Fenner & Smith Inc.
World Financial Center, North Tower
250 Vesey Street
New York, NY 10281
Contact: John E. Gluszak
Phone Number: (212) 449-1000
Master Servicer
First Union National Bank
Charlotte Plaza, Floor 23 NC-1075
201 South College Street
Charlotte, NC 28288
Contact: Timothy S. Ryan
Phone Number: (704) 593-7878
Special Servicer
Lennar Partners, Inc.
760 N.W.107th Avenue
Miami, FL 33172
Contact: Steve Bruha
Phone Number: (305) 229-6614
This report has been compiled from information provided to Wells Fargo Bank MN,
N.A. by various third parties, which may include the Servicer, Master Servicer,
Special Servicer and others. Wells Fargo Bank MN, N.A. has not independently
confirmed the accuracy of information received from these third parties and
assumes no duty to do so. Wells Fargo Bank MN, N.A. expressly disclaims any
responsibility for the accuracy or completeness of information furnished by
third parties.
Copyright 2003, Wells Fargo Bank Minnesota, N.A.
Certificate Distribution Detail
Class CUSIP Pass-Through Original Beginning Principal
Rate Balance Balance Distribution
<s> <c> <c> <c> <c> <c>
A-1 33736XBY4 6.204000% 190,553,000.00 164,213,787.05 906,599.35
A-2 33736XBZ1 6.663000% 590,647,000.00 590,647,000.00 0.00
B 33736XCA5 6.819000% 42,565,000.00 42,565,000.00 0.00
C 33736XCB3 6.922000% 12,520,000.00 12,520,000.00 0.00
D 33736XCC1 6.951000% 12,519,000.00 12,519,000.00 0.00
E 33736XCD9 7.003000% 20,031,000.00 20,031,000.00 0.00
F 33736XCE7 7.123000% 10,015,000.00 10,015,000.00 0.00
G 33736XCF4 7.388000% 15,023,000.00 15,023,000.00 0.00
H 33736XCG2 7.487000% 17,527,000.00 17,527,000.00 0.00
J 33736XCH0 7.608573% 12,519,000.00 12,519,000.00 0.00
K 33736XCJ6 6.460000% 15,023,000.00 15,023,000.00 0.00
L 33736XCK3 6.460000% 20,031,000.00 20,031,000.00 0.00
M 33736XCL1 6.460000% 5,008,000.00 5,008,000.00 0.00
N 33736XCM9 6.460000% 6,048,000.00 6,048,000.00 0.00
O 33736XCN7 6.460000% 5,908,000.00 5,908,000.00 0.00
P 33736XCP2 6.460000% 3,939,000.00 3,939,000.00 0.00
Q 33736XCQ0 6.460000% 21,663,038.00 21,663,038.00 0.00
V 33736XCS6 6.828000% 1,175,111.70 1,401,093.87 (7,972.22)
Z-I N/A 0.000000% 0.00 0.00 0.00
Z-II N/A 0.000000% 0.00 0.00 0.00
R-I N/A 0.000000% 0.00 0.00 0.00
R-II N/A 0.000000% 0.00 0.00 0.00
Totals 1,002,714,149.70 976,600,918.92 898,627.13
Class CUSIP Interest Prepayment Realized Loss/ Total Ending Current
Distribution Penalties Additional Trust Distribution Balance Subordination
Fund Expenses Level(1)
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 33736XBY4 848,985.28 0.00 0.00 1,755,584.63 163,307,187.70 22.73%
A-2 33736XBZ1 3,279,567.47 0.00 0.00 3,279,567.47 590,647,000.00 22.73%
B 33736XCA5 241,875.61 0.00 0.00 241,875.61 42,565,000.00 18.36%
C 33736XCB3 72,219.53 0.00 0.00 72,219.53 12,520,000.00 17.08%
D 33736XCC1 72,516.31 0.00 0.00 72,516.31 12,519,000.00 15.80%
E 33736XCD9 116,897.58 0.00 0.00 116,897.58 20,031,000.00 13.75%
F 33736XCE7 59,447.37 0.00 0.00 59,447.37 10,015,000.00 12.72%
G 33736XCF4 92,491.60 0.00 0.00 92,491.60 15,023,000.00 11.18%
H 33736XCG2 109,353.87 0.00 0.00 109,353.87 17,527,000.00 9.38%
J 33736XCH0 79,376.44 0.00 0.00 79,376.44 12,519,000.00 8.10%
K 33736XCJ6 80,873.82 0.00 0.00 80,873.82 15,023,000.00 6.56%
L 33736XCK3 107,833.55 0.00 0.00 107,833.55 20,031,000.00 4.51%
M 33736XCL1 26,959.73 0.00 0.00 26,959.73 5,008,000.00 3.99%
N 33736XCM9 32,558.40 0.00 0.00 32,558.40 6,048,000.00 3.37%
O 33736XCN7 31,804.73 0.00 0.00 31,804.73 5,908,000.00 2.77%
P 33736XCP2 21,204.95 0.00 0.00 21,204.95 3,939,000.00 2.36%
Q 33736XCQ0 112,577.98 0.00 0.00 112,577.98 21,663,038.00 0.14%
V 33736XCS6 7,972.22 0.00 0.00 0.00 1,409,066.09 0.00%
Z-I N/A 0.00 0.00 0.00 0.00 0.00 0.00%
Z-II N/A 0.00 0.00 0.00 0.00 0.00 0.00%
R-I N/A 0.00 0.00 0.00 0.00 0.00 0.00%
R-II N/A 0.00 0.00 0.00 0.00 0.00 0.00%
Totals 5,394,516.44 0.00 0.00 6,293,143.57 975,702,291.79
Original Beginning
Pass-Through Notional Notional
Class CUSIP Rate Amount Amount
<s> <c> <c> <c> <c>
IO 33736XCR8 0.975366% 1,001,539,038.00 975,199,825.05
Ending
Interest Prepayment Total Notional
Class CUSIP Distribution Penalties Distribution Amount
<s> <c> <c> <c> <c> <c>
IO 33736XCR8 792,647.02 0.00 792,647.02 974,293,225.70
<FN>
(1) Calculated by taking (A) the sum of the ending certificate balance of all
classes less (B) the sum of (i) the ending certificate balance of the designated
class and (ii) the ending certificate balance of all classes which are not
subordinate to the designated class and dividing the result by (A).
</FN>
Certificate Factor Detail
Realized Loss/
Beginning Principal Interest Prepayment Additional Trust Ending
Class CUSIP Balance Distribution Distribution Penalties Fund Expenses Balance
<c> <c> <c>
A-1 33736XBY4 861.77487130 4.75772803 4.45537609 0.00000000 0.00000000 857.01714326
A-2 33736XBZ1 1,000.00000000 0.00000000 5.55250000 0.00000000 0.00000000 1,000.00000000
B 33736XCA5 1,000.00000000 0.00000000 5.68249994 0.00000000 0.00000000 1,000.00000000
C 33736XCB3 1,000.00000000 0.00000000 5.76833307 0.00000000 0.00000000 1,000.00000000
D 33736XCC1 1,000.00000000 0.00000000 5.79250020 0.00000000 0.00000000 1,000.00000000
E 33736XCD9 1,000.00000000 0.00000000 5.83583346 0.00000000 0.00000000 1,000.00000000
F 33736XCE7 1,000.00000000 0.00000000 5.93583325 0.00000000 0.00000000 1,000.00000000
G 33736XCF4 1,000.00000000 0.00000000 6.15666644 0.00000000 0.00000000 1,000.00000000
H 33736XCG2 1,000.00000000 0.00000000 6.23916643 0.00000000 0.00000000 1,000.00000000
J 33736XCH0 1,000.00000000 0.00000000 6.34047767 0.00000000 0.00000000 1,000.00000000
K 33736XCJ6 1,000.00000000 0.00000000 5.38333356 0.00000000 0.00000000 1,000.00000000
L 33736XCK3 1,000.00000000 0.00000000 5.38333333 0.00000000 0.00000000 1,000.00000000
M 33736XCL1 1,000.00000000 0.00000000 5.38333267 0.00000000 0.00000000 1,000.00000000
N 33736XCM9 1,000.00000000 0.00000000 5.38333333 0.00000000 0.00000000 1,000.00000000
O 33736XCN7 1,000.00000000 0.00000000 5.38333277 0.00000000 0.00000000 1,000.00000000
P 33736XCP2 1,000.00000000 0.00000000 5.38333333 0.00000000 0.00000000 1,000.00000000
Q 33736XCQ0 1,000.00000000 0.00000000 5.19677711 0.00000000 0.00000000 1,000.00000000
V 33736XCS6 1,192.30696963 -6.78422315 6.78422315 0.00000000 0.00000000 1,199.09119278
Z-I N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Z-II N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II N/A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Beginnning Ending
Notional Interest Prepayment Notional
Class CUSIP Amount Distribution Penalties Amount
IO 33736XCR8 973.70126181 0.79142898 0.00000000 972.79605560
Reconciliation Detail
Advance Summary
<s> <c>
P & I Advances Outstanding 433,843.38
Servicing Advances Outstanding 69,155.83
Reimbursement for Interest on P&I Advances 0.00
paid from general collections
Reimbursement for Interest on Servicing Advances 0.00
paid from general collections
Aggregate amount of Nonrecoverable Advances 0.00
Servicing Fee Summary
<s> <c>
Current Period Accrued Servicing Fees 43,602.43
Less Delinquent Servicing Fees 1,701.91
Less Reductions to Servicing Fees 0.00
Plus Servicing Fees for Delinquent Payments Received 1,246.61
Plus Adjustments for Prior Servicing Calculation 0.00
Total Servicing Fees Collected 43,147.13
Certificate Interest Reconciliation
Class Accrued Net Aggregate Deferred Distributable Distributable Additional Interest Remaining Unpaid
Certificate Prepayment Interest Certificate Certificate Trust Distribution Distributable
Interest Interest Shortfall Amount Interest Interest Fund Certificate
Adjustment Expenses Interest
<s> <c> <c> <c> <c> <c> <c> <c> <c>
A-1 848,985.28 0.00 0.00 848,985.28 0.00 0.00 848,985.28 0.00
A-2 3,279,567.47 0.00 0.00 3,279,567.47 0.00 0.00 3,279,567.47 0.00
I O 792,647.02 0.00 0.00 792,647.02 0.00 0.00 792,647.02 0.00
B 241,875.61 0.00 0.00 241,875.61 0.00 0.00 241,875.61 0.00
C 72,219.53 0.00 0.00 72,219.53 0.00 0.00 72,219.53 0.00
D 72,516.31 0.00 0.00 72,516.31 0.00 0.00 72,516.31 0.00
E 116,897.58 0.00 0.00 116,897.58 0.00 0.00 116,897.58 0.00
F 59,447.37 0.00 0.00 59,447.37 0.00 0.00 59,447.37 0.00
G 92,491.60 0.00 0.00 92,491.60 0.00 0.00 92,491.60 0.00
H 109,353.87 0.00 0.00 109,353.87 0.00 0.00 109,353.87 0.00
J 79,376.44 0.00 0.00 79,376.44 0.00 0.00 79,376.44 0.00
K 80,873.82 0.00 0.00 80,873.82 0.00 0.00 80,873.82 0.00
L 107,833.55 0.00 0.00 107,833.55 0.00 0.00 107,833.55 0.00
M 26,959.73 0.00 0.00 26,959.73 0.00 0.00 26,959.73 0.00
N 32,558.40 0.00 0.00 32,558.40 0.00 0.00 32,558.40 0.00
O 31,804.73 0.00 0.00 31,804.73 0.00 0.00 31,804.73 0.00
P 21,204.95 0.00 0.00 21,204.95 0.00 0.00 21,204.95 0.00
Q 116,619.35 0.00 0.00 116,619.35 0.00 4,041.37 112,577.98 15574.89
V 7,972.22 0.00 7,972.22 7,972.22 0.00 0.00 7,972.22 233321.43
Total 6,191,204.83 0.00 7,972.22 6,191,204.83 0.00 4,041.37 6,187,163.46 248896.32
Other Required Information
<s> <c>
Available Distribution Amount (1) 7,085,790.59
Aggregate Number of Outstanding Loans 108
Aggregate Stated Principal Balance of Loans Before Distribution 976,600,918.92
Aggregate Stated Principal Balance of Loans After Distribution 975,702,291.79
Aggregate Unpaid Principal Balance of Loans 975,754,364.26
Aggregate Amount of Servicing Fee 43,147.13
Aggregate Amount of Special Servicing Fee 1,046.70
Aggregate Amount of Trustee Fee 1,787.87
Aggregate Trust Fund Expenses 0.00
Interest Reserve Deposit 200,737.93
Interest Reserve Withdrawal 0.00
Specially Serviced Loans not Delinquent
Number of Outstanding Loans 1
Aggregate Unpaid Principal Balance 7,303,686.68
(1) The Available Distribution Amount includes any Prepayment Premiums.
Appraisal Reduction Amount
Appraisal Cumulative Date Appraisal
Loan Reduction ASER Reduction
Number Amount Amount Effected
<s> <c> <c> <c>
265950372 393,506.64 10,484.38 38,026.00
Total 393,506.64 10,484.38
Cash Reconciliation Detail
Total Funds Collected
Interest:
Scheduled Interest 6,437,333.12
Interest reductions due to Nonrecoverability Determinations 0.00
Interest Adjustments 0.00
Deferred Interest 0.00
Net Prepayment Interest Shortfall 0.00
Net Prepayment Interest Excess 0.00
Extension Interest 0.00
Interest Reserve Withdrawal 0.00
Total Interest Collected 6,437,333.12
Principal:
Scheduled Principal 898,627.13
Unscheduled Principal 0.00
Principal Prepayments 0.00
Collection of Principal after Maturity Date 0.00
Recoveries from Liquidation and Insurance Proceeds 0.00
Excess of Prior Principal Amounts paid 0.00
Curtailments 0.00
Negative Amortization 0.00
Principal Adjustments 0.00
Total Principal Collected 898,627.13
Other:
Prepayment Penalties/Yield Maintenance 0.00
Repayment Fees 0.00
Borrower Option Extension Fees 0.00
Equity Payments Received 0.00
Net Swap Counterparty Payments Received 0.00
Total Other Collected: 0.00
Total Funds Collected 7,335,960.25
Total Funds Distributed
Fees:
Master Servicing Fee 43,602.43
Trustee Fee 1,787.87
Certificate Administration Fee 0.00
Insurer Fee 0.00
Miscellaneous Fee 0.00
Total Fees 45,390.29
Additional Trust Fund Expenses:
Reimbursement for Interest on Advances 0.00
ASER Amount 2,994.67
Special Servicing Fee 1,046.70
Rating Agency Expenses 0.00
Attorney Fees & Expenses 0.00
Bankruptcy Expense 0.00
Taxes Imposed on Trust Fund 0.00
Non-Recoverable Advances 0.00
Other Expenses 0.00
Total Additional Trust Fund Expenses 4,041.37
Interest Reserve Deposit 200,737.93
Payments to Certificateholders & Others:
Interest Distribution 6,187,163.46
Principal Distribution 898,627.13
Prepayment Penalties/Yield Maintenance 0.00
Borrower Option Extension Fees 0.00
Equity Payments Paid 0.00
Net Swap Counterparty Payments Paid 0.00
Total Payments to Certificateholders & Others 7,085,790.59
Total Funds Distributed 7,335,960.18
Ratings Detail
Original Ratings Current Ratings (1)
Class CUSIP Fitch Moody's S&P Fitch Moody's S&P
<s> <c> <c> <c> <c> <c> <c>
A-1 33736XBY4 X Aaa AAA X Aaa AAA
A-2 33736XBZ1 X Aaa AAA X Aaa AAA
IO 33736XCR8 X Aaa AAA X Aaa AAA
B 33736XCA5 X Aa2 AA X Aa2 AA
C 33736XCB3 X Aa3 AA- X Aa3 AA-
D 33736XCC1 X A1 A+ X A1 A+
E 33736XCD9 X A2 A X A2 A
F 33736XCE7 X A3 A- X A3 A-
G 33736XCF4 X Baa1 BBB+ X Baa1 BBB+
H 33736XCG2 X Baa2 BBB X Baa2 BBB
J 33736XCH0 X Baa3 BBB- X Baa3 BBB-
K 33736XCJ6 X Ba1 BB+ X Ba1 BB+
L 33736XCK3 X Ba2 BB X Ba2 BB
M 33736XCL1 X Ba3 BB- X Ba3 BB-
N 33736XCM9 X B1 B+ X B1 B+
O 33736XCN7 X B2 B X B2 B
P 33736XCP2 X B3 B- X B3 B-
Q 33736XCQ0 X NR NR X NR NR
V 33736XCS6 X NR NR X NR NR
<FN>
NR - Designates that the class was not rated by the above agency at the
time of original issuance.
X - Designates that the above rating agency did not rate any classes in this
transaction at the time of original issuance.
N/A - Data not available this period.
1) For any class not rated at the time of original issuance by any particular
rating agency, no request has been made subsequent to issuance to obtain rating
information, if any, from such rating agency. The current ratings were obtained
directly from the applicable rating agency within 30 days of the payment date
listed above. The ratings may have changed since they were obtained. Because the
ratings may have changed, you may want to obtain current ratings directly from
the rating agencies.
Fitch, Inc.
One State Street Plaza
New York, New York 10004
(212) 908-0500
Moody's Investors Service
99 Church Street
New York, New York 10007
(212) 553-0300
Standard & Poor's Rating Services
55 Water Street
New York, New York 10041
(212) 438-2430
</FN>
Current Mortgage Loan and Property Stratification Tables
Scheduled Balance
% Of
Scheduled # of Scheduled Agg. WAM Weighted
Balance Loans Balance Bal. (2) WAC Avg DSCR(1)
<s> <c> <c> <c> <c> <c> <c>
Below 2,000,000 20 26,270,228.46 2.69 87 7.7587 1.253856
2,000,001 to 4,000,000 20 55,812,699.52 5.72 83 7.6673 1.307053
4,000,001 to 6,000,000 23 116,944,577.46 11.99 84 7.7123 1.422076
6,000,001 to 8,000,000 8 56,498,574.01 5.79 82 7.8772 1.695455
8,000,001 to 10,000,000 8 74,114,036.22 7.60 83 7.6298 1.396442
10,000,001 to 15,000,000 9 118,112,348.39 12.11 82 7.6260 1.421638
15,000,001 to 20,000,000 7 119,666,221.36 12.26 85 7.4669 1.253333
20,000,001 to 25,000,000 5 112,431,400.87 11.52 83 7.7388 2.003244
25,000,001 to 30,000,000 2 53,874,214.30 5.52 61 8.3627 1.133187
30,000,001 to 35,000,000 3 95,553,387.79 9.79 85 7.6843 1.095441
35,000,001 to 40,000,000 0 0.00 0.00 0 0.0000 0.000000
40,000,001 to 45,000,000 1 43,952,192.42 4.50 83 6.7940 2.100000
45,000,001 to 50,000,000 1 50,000,000.00 5.12 83 7.7500 0.960000
50,000,001 or greater 1 52,472,410.99 5.38 84 7.5800 1.530000
Totals 108 975,702,291.79 100.00 82 7.6634 1.435794
State(3)
% Of
# of Scheduled Agg. WAM Weighted
State Props Balance Bal. (2) WAC Avg DSCR(1)
<s> <c> <c> <c> <c> <c> <c>
Alabama 3 9,228,058.45 0.95 87 7.2200 1.316552
Arizona 1 1,517,013.55 0.16 84 7.8750 1.540000
Arkansas 1 886,408.02 0.09 84 7.8750 1.430000
California 27 224,376,185.22 23.00 82 7.9623 1.475445
Connecticut 4 12,799,640.84 1.31 83 7.8006 1.199695
Delaware 2 11,382,926.53 1.17 84 7.3259 1.390242
Florida 14 96,083,660.93 9.85 73 7.7826 1.112742
Georgia 3 18,098,547.31 1.85 84 7.7313 1.256835
Hawaii 1 20,158,138.59 2.07 83 8.0000 1.790000
Idaho 1 864,134.50 0.09 84 8.0000 1.220000
Illinois 2 7,407,853.52 0.76 84 7.4876 0.767435
Indiana 1 12,329,773.13 1.26 87 7.4400 1.720000
Maine 1 9,198,831.94 0.94 86 7.3000 1.070000
Maryland 2 24,116,900.86 2.47 81 8.3300 1.590000
Massachusetts 3 7,255,574.67 0.74 84 7.8438 1.648117
Michigan 3 4,928,796.79 0.51 100 7.2254 1.441685
Missouri 1 2,409,717.69 0.25 84 7.8750 1.540000
Nevada 4 48,181,728.79 4.94 84 7.3351 1.184948
New Jersey 5 33,171,207.17 3.40 83 7.5208 1.374235
New Mexico 1 1,663,940.27 0.17 81 8.7500 1.300000
New York 7 80,022,316.72 8.20 84 7.8244 1.537061
North Carolina 2 26,655,587.03 2.73 86 7.1773 1.368904
Oklahoma 1 7,199,990.88 0.74 87 7.4400 1.690000
Pennsylvania 6 82,882,031.23 8.49 83 7.2015 1.675417
South Carolina 1 11,595,280.49 1.19 86 7.2900 1.330000
Tennessee 4 9,738,795.34 1.00 84 8.0249 1.260429
Texas 26 118,856,150.03 12.18 81 7.5504 1.483124
Virginia 6 37,419,688.25 3.84 86 7.3313 1.493881
Washington,DC 1 52,472,410.99 5.38 84 7.5800 1.530000
Wisconsin 1 2,801,002.06 0.29 84 7.7500 0.980000
Totals 135 975,702,291.79 100.00 82 7.6634 1.435794
Debt Service Coverage Ratio(1)
Debt Service # of Scheduled % of Weighted
Coverage Ratio Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
Unknown 1 1,401,093.87 0.14 113 6.8280 NAP
Unknown 1 1,409,066.09 0.14 112 6.8280 NAP
1.04 or less 18 157,310,442.80 16.12 78 7.8454 0.896079
1.05 to 1.14 12 147,299,720.06 15.10 84 7.3981 1.085489
1.15 to 1.19 4 35,396,491.91 3.63 77 7.5512 1.169763
1.20 to 1.24 4 11,514,992.21 1.18 83 7.8302 1.225451
1.25 to 1.29 2 39,939,483.12 4.09 87 7.8036 1.257902
1.30 to 1.34 10 70,036,347.61 7.18 81 8.0926 1.320254
1.35 to 1.39 10 79,251,859.06 8.12 86 7.2980 1.362928
1.40 to 1.44 6 56,577,431.74 5.80 82 7.9589 1.423327
1.45 to 1.49 5 19,825,275.35 2.03 84 7.4069 1.476351
1.50 to 1.54 4 78,210,445.57 8.02 84 7.5991 1.529812
1.55 to 1.59 5 58,119,142.30 5.96 83 7.7767 1.583203
1.60 to 1.64 5 21,553,192.89 2.21 74 7.9957 1.619867
1.65 to 1.69 2 12,217,434.23 1.25 85 7.9575 1.685893
1.70 to 1.74 5 47,918,798.10 4.91 84 7.8125 1.717465
1.75 to 1.79 4 34,853,817.57 3.57 83 7.7606 1.780307
1.80 to 1.89 3 9,965,788.08 1.02 81 8.1684 1.840536
1.90 to 1.94 2 9,526,034.94 0.98 84 7.5255 1.919973
1.95 to 1.99 1 2,244,302.92 0.23 85 7.6400 1.970000
2.00 or greater 5 82,532,225.24 8.46 82 7.2855 2.804277
Totals 108 975,702,291.79 100.00 82 7.6634 1.435794
Property Type
Property # of Scheduled % of Weighted
Type Props Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
Industrial 7 49,098,358.79 5.03 83 8.0949 1.303488
Lodging 8 61,369,855.41 6.29 83 7.9260 1.087182
Mixed Use 3 36,538,583.27 3.74 81 7.8705 3.215709
Mobile Home Park 1 880,791.14 0.09 23 8.5000 1.170000
Multi-Family 40 327,869,732.47 33.60 80 7.5036 1.235720
Office 29 282,027,334.14 28.91 83 7.7260 1.570975
Retail 27 183,702,068.90 18.83 86 7.5648 1.375657
Self Storage 20 34,215,567.67 3.51 84 7.8750 1.482822
Totals 135 975,702,291.79 100.00 82 7.6634 1.435794
Note Rate
Note # of Scheduled % of Weighted
Rate Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
6.999% or less 7 54,396,614.61 5.58 89 6.8087 1.865063
7.000% to 7.249% 14 131,316,631.14 13.46 85 7.1763 1.278488
7.250% to 7.499% 22 224,771,230.66 23.04 83 7.3439 1.383630
7.500% to 7.749% 14 119,969,912.54 12.30 84 7.6058 1.384512
7.750% to 7.999% 18 191,026,613.83 19.58 84 7.8028 1.665325
8.000% to 8.249% 15 130,498,698.94 13.37 75 8.0486 1.164973
8.250% to 8.499% 8 44,770,273.53 4.59 77 8.3466 1.540249
8.500% to 8.749% 8 62,736,492.32 6.43 78 8.6570 1.479610
8.750% or greater 2 16,215,824.22 1.66 77 8.8577 1.389739
Totals 108 975,702,291.79 100.00 82 7.6634 1.435794
Seasoning
# of Scheduled % of Weighted
Seasoning Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
12 months or less 0 0.00 0.00 0 0.0000 0.000000
13 to 24 months 0 0.00 0.00 0 0.0000 0.000000
25 to 36 months 58 494,997,474.29 50.73 85 7.4601 1.451998
37 to 48 months 50 480,704,817.50 49.27 79 7.8727 1.419108
49 months and greater 0 0.00 0.00 0 0.0000 0.000000
Totals 108 975,702,291.79 100.00 82 7.6634 1.435794
Anticipated Remaining Term (ARD and Balloon Loans)
Anticipated # of Scheduled % of Weighted
Remaining Term(2) Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
60 months or less 3 32,058,785.65 3.29 44 8.0865 1.033092
61 to 84 months 72 682,107,909.49 69.91 82 7.7397 1.397666
85 to 108 months 18 199,497,894.33 20.45 86 7.4215 1.346617
109 to 120 months 0 0.00 0.00 0 0.0000 0.000000
121 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 93 913,664,589.47 93.64 82 7.6824 1.373728
Remaining Stated Term (Fully Amortizing Loans)
Remaining # of Scheduled % of Weighted
Stated Term Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
108 months or less 9 51,593,280.13 5.29 84 7.4870 2.648162
109 to 120 months 6 10,444,422.19 1.07 112 6.8705 0.876401
121 to 144 months 0 0.00 0.00 0 0.0000 0.000000
145 to 300 months 0 0.00 0.00 0 0.0000 0.000000
301 to 348 months 0 0.00 0.00 0 0.0000 0.000000
349 to 360 months 0 0.00 0.00 0 0.0000 0.000000
361 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 15 62,037,702.32 6.36 89 7.3832 2.349876
Remaining Amortization Term (ARD and Balloon Loans)
Remaining # of Scheduled % of Weighted
Amortization Term Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
Interest Only 7 61,250,000.00 6.28 83 7.3500 1.639429
108 months or less 0 0.00 0.00 0 0.0000 0.000000
109 to 120 months 0 0.00 0.00 0 0.0000 0.000000
121 to 144 months 0 0.00 0.00 0 0.0000 0.000000
145 to 300 months 12 248,417,392.26 25.46 83 7.5586 1.499515
301 to 348 months 73 596,066,040.80 61.09 81 7.7655 1.266641
349 to 360 months 0 0.00 0.00 0 0.0000 0.000000
361 months or greater 1 7,931,156.41 0.81 82 7.8800 3.430000
Totals 93 913,664,589.47 93.64 82 7.6824 1.373728
Age of Most Recent NOI
Age of Most # of Scheduled % of Weighted
Recent NOI Loans Balance Agg. WAM WAC Avg DSCR(1)
Bal. (2)
<s> <c> <c> <c> <c> <c> <c>
Underwriter's Information 1 3,893,841.79 0.40 83 7.6000 1.230000
Unknown 1 1,409,066.09 0.14 112 6.8280 NAP
1 year or less 91 932,818,859.05 95.60 82 7.6534 1.443534
1 to 2 years 15 37,580,524.86 3.85 86 7.9503 1.318826
2 years or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 108 975,702,291.79 100.00 82 7.6634 1.435794
<FN>
(1)The Trustee makes no representations as to the accuracy of the data provided
by the borrower for this calculation. "NAP" means not applicable and relates to
the omission of credit lease loans in the calculation of DSCR.
(2)Anticipated Remaining Term and WAM are each calculated based upon the term
from the current month to the earlier of the Anticipated Repayment Date, if
applicable, and the maturity date.
(3)Data in this table was calculated by allocating pro-rata the current loan
information to the properties based upon the Cut-off Date Balance of the related
mortgage loan as disclosed in the offering document.
</FN>
Mortgage Loan Detail
Loan Property Interest Principal Gross
Number ODCR Type(1) City State Payment Payment Coupon
<s> <c> <c> <c> <c> <c> <c> <c>
265950394 1 OF Washington DC 342,921.26 64,678.55 7.580%
265950357 2 LO Various Various 333,680.56 0.00 7.750%
510000162 3 OF Philadelphia PA 257,417.11 47,807.58 6.794%
265950334 4 MF La Jolla CA 230,957.07 20,706.03 8.030%
510000172 5 RT Islip NY 214,576.88 20,500.92 7.770%
603000006 6 MF Tallahassee FL 187,171.05 23,463.19 7.210%
603000007 7 MF Various FL 193,913.60 17,235.70 8.050%
603000008 8 OF Anaheim CA 194,267.56 13,615.69 8.700%
510000146 9 OF Gaithersburg MD 173,091.31 13,862.52 8.330%
265950525 10 MU Sacramento CA 154,375.00 0.00 7.800%
265950455 11 MF Las Vegas NV 142,793.75 0.00 7.370%
265950554 12 OF New York NY 135,169.39 16,949.18 7.160%
510000160 13 RT Kaneohe HI 139,026.00 23,055.41 8.000%
265950520 14 MF Las Vegas NV 121,806.22 15,822.13 7.090%
510000165 15 SS Various Various 120,745.84 20,694.90 7.875%
265950445 16 IN Lake Forest CA 116,005.14 11,614.73 7.700%
265950532 17 RT Asheboro NC 103,901.57 12,932.60 7.178%
510000166 18 SS Various Various 111,548.46 19,118.53 7.875%
265950489 19 MF Riverside CA 99,372.02 11,910.74 7.320%
265950448 20 MF Neptune City NJ 96,780.25 20,314.46 7.250%
265950378 21 MF Irving TX 94,937.50 0.00 7.350%
510000129 22 OF New York NY 111,203.81 7,293.87 8.870%
503000023 23 MF Moon Township PA 89,706.11 10,491.20 7.380%
265950381 24 MF Irving TX 90,190.63 0.00 7.350%
265950457 25 RT Woodbridge VA 78,408.85 9,344.23 7.300%
265950614 26 MF Bloomington IN 79,038.59 7,155.12 7.440%
265950322 27 OF Bensalem Township PA 84,891.71 7,308.19 8.140%
265950611 28 RT Los Angeles CA 74,787.89 8,379.56 7.410%
503000029 29 RT Bluffton SC 72,843.73 8,658.36 7.290%
265950533 30 RT Randleman NC 60,967.98 7,594.90 7.176%
510000153 31 IN Santa Cruz CA 71,350.81 4,852.07 8.650%
265950386 32 MF Dallas TX 60,127.08 0.00 7.350%
265950400 33 RT Chesapeake VA 59,731.12 6,694.26 7.500%
265950450 34 MF Wilmington DE 56,753.85 11,912.80 7.250%
510000169 35 RT Bangor ME 57,867.94 6,849.96 7.300%
265950449 36 MF Matawan NJ 55,559.03 11,662.01 7.250%
510000128 37 IN Sunnyvale CA 64,934.18 4,842.90 8.590%
265330988 38 MU Santa Monica CA 53,978.67 5,117.81 7.940%
510000151 39 OF New York NY 53,824.64 1,081.14 7.880%
265950566 40 OF Richmond VA 37,408.67 50,525.46 7.220%
265330998 41 OF Los Angeles CA 52,359.62 4,249.22 8.300%
265330995 42 OF San Francisco CA 50,346.57 4,685.77 8.000%
265950562 43 OF Houston TX 36,411.10 49,178.12 7.220%
265950619 44 MF Norman OK 46,154.71 4,178.25 7.440%
265330972 45 LO Sabal Park FL 47,638.10 6,399.36 8.700%
265950561 46 OF Birmingham AL 32,420.85 43,788.73 7.220%
265950377 47 MF Richardson TX 39,557.29 0.00 7.350%
265950384 48 MF Bedford TX 39,557.29 0.00 7.350%
510000168 49 RT Jacksonville FL 37,200.90 4,260.06 7.380%
510000148 50 OF Parsippany NJ 42,034.22 3,171.32 8.480%
510000144 51 RT Los Angeles CA 40,930.14 3,019.18 8.530%
265950348 52 OF Austin TX 35,137.64 3,548.62 7.750%
265950458 53 MF Safety Harbor FL 34,993.51 3,480.29 7.770%
265950395 54 IN Augusta GA 34,721.95 3,427.00 7.750%
265950387 55 MF Dallas TX 33,228.13 0.00 7.350%
510000163 56 MF Joliet IL 33,031.88 3,676.88 7.500%
265950456 57 OF Alexandria VA 32,491.85 3,653.90 7.440%
265330973 58 LO Tallahassee FL 37,626.88 5,054.52 8.700%
265950321 59 MU Las Vegas NV 34,190.55 2,994.98 8.100%
510000156 60 MF Lafayette Hills PA 29,859.91 3,876.65 7.140%
265950435 61 RT Morrow GA 32,048.32 3,310.14 7.680%
510000152 62 MF Monterey CA 31,666.10 3,369.69 7.625%
265950390 63 RT Cupertino CA 31,689.29 3,245.76 7.700%
265950444 64 OF San Clemente CA 31,561.17 3,159.99 7.700%
265950382 65 MF San Antonio TX 30,063.54 0.00 7.350%
510000159 66 RT Austin TX 31,615.68 2,871.25 8.000%
265950349 67 OF Austin TX 29,281.37 2,957.18 7.750%
265950565 68 OF Richmond VA 20,948.86 28,294.25 7.220%
510000145 69 RT Jacksonville FL 28,343.40 2,451.94 8.170%
503000070 70 OF Pittsburgh PA 27,053.11 2,564.21 7.900%
603000071 71 MF Patton Township PA 25,500.98 2,742.01 7.600%
265950317 72 IN Memphis TN 25,298.86 2,108.30 8.140%
825999645 73 RT Galt CA 16,247.58 17,679.00 6.942%
265950370 74 MF Pasadena TX 23,009.13 1,875.53 8.290%
510000164 75 MF Farmers Branch TX 20,448.31 2,276.16 7.500%
265950372 76 MF Arlington TX 22,105.92 1,777.32 8.180%
265950560 77 OF Birmingham AL 14,963.47 20,210.18 7.220%
265950563 78 OF Houston TX 14,963.47 20,210.18 7.220%
265950459 79 RT Palm Beach Garden FL 18,800.98 1,982.86 7.630%
265950422 80 IN Green Bay WI 18,715.09 3,340.51 7.750%
510000161 81 OF Healdsburg CA 19,182.36 1,729.93 8.000%
825999649 82 RT Palm Desert CA 12,722.64 14,157.36 6.828%
265950365 83 MF Newark DE 15,139.31 1,600.01 7.625%
265950328 84 RT Sterling IL 14,765.87 1,671.00 7.460%
265950481 85 MF Detroit MI 14,775.07 1,527.93 7.640%
265950431 86 RT Stamford CT 14,946.29 1,406.83 7.900%
510000158 87 MF Johnson Ciy TN 14,529.76 1,319.55 8.000%
265330960 88 MF Clarksville TN 14,226.17 1,362.82 7.875%
265950559 89 OF Birmingham AL 10,474.43 14,147.13 7.220%
265950369 90 MF Woburn MA 13,131.94 0.00 7.625%
265330945 91 OF San Francisco CA 13,049.23 1,279.01 7.750%
510000157 92 MF Johnson Ciy TN 13,285.31 1,206.54 8.000%
825999532 93 RT Portage MI 8,438.96 9,096.87 6.990%
510000154 94 IN Plano TX 11,435.46 1,038.54 8.000%
510000149 95 RT Albuquerque NM 12,543.58 830.33 8.750%
825999737 96 RT Roanoke VA 7,653.71 8,530.31 6.820%
825999799 97 RT Warren MI 7,047.04 7,964.18 6.750%
265950312 98 OF Encino CA 10,499.11 795.68 8.470%
265950564 99 OF San Antonio TX 6,982.95 9,431.42 7.220%
265950440 100 MF Naples FL 8,474.67 806.22 7.875%
265950353 101 OF White Plains NY 8,761.67 726.83 8.250%
265950367 102 MF Stuart FL 8,532.83 654.93 8.400%
265330909 103 MH Roanoke TX 6,450.34 469.88 8.500%
265950423 104 RT Meridian ID 5,956.63 537.19 8.000%
265950429 105 MF Carson City NV 5,661.06 571.73 7.750%
265950409 106 RT Long Beach CA 4,768.40 344.87 8.500%
265950428 107 MF Brookline MA 3,675.56 276.25 8.415%
825999649 108 RT Palm Desert CA 7,972.22 -7,972.22 6.828%
Totals 6,437,333.12 898,627.13
Loan Anticipated Neg Beginning Ending Paid
Number Repayment Maturity Amort Scheduled Scheduled Thru
Date Date (Y/N) Balance Balance Date
<s> <c> <c> <c> <c> <c> <c>
265950394 N/A 02/01/2011 N 52,537,089.54 52,472,410.99 02/01/2004
265950357 N/A 01/01/2011 N 50,000,000.00 50,000,000.00 02/01/2004
510000162 01/31/2011 01/01/2029 N 44,000,000.00 43,952,192.42 02/01/2004
265950334 N/A 01/01/2011 N 33,400,772.81 33,380,066.78 02/01/2004
510000172 06/01/2011 06/01/2031 N 32,070,277.18 32,049,776.26 02/01/2004
603000006 02/01/2011 02/01/2031 N 30,147,007.94 30,123,544.75 01/01/2004
603000007 N/A 01/01/2008 N 27,973,911.96 27,956,676.26 02/01/2004
603000008 07/01/2010 07/01/2030 N 25,931,153.73 25,917,538.04 02/01/2004
510000146 11/01/2010 11/01/2030 N 24,130,763.38 24,116,900.86 02/01/2004
265950525 N/A 11/10/2010 N 23,750,000.00 23,750,000.00 02/10/2004
265950455 N/A 01/01/2011 N 22,500,000.00 22,500,000.00 02/01/2004
265950554 04/01/2011 04/01/2031 N 21,923,310.60 21,906,361.42 02/01/2004
510000160 N/A 01/01/2011 N 20,181,194.00 20,158,138.59 02/01/2004
265950520 N/A 03/01/2011 N 19,950,970.38 19,935,148.25 02/01/2004
510000165 02/01/2011 02/01/2026 N 17,805,838.79 17,785,143.89 02/01/2004
265950445 N/A 04/01/2011 N 17,495,538.16 17,483,923.43 02/01/2004
265950532 N/A 04/01/2011 N 16,809,680.64 16,796,748.04 02/01/2004
510000166 02/01/2011 02/01/2026 N 16,449,542.30 16,430,423.77 02/01/2004
265950489 N/A 02/01/2011 N 15,764,994.77 15,753,084.03 02/01/2004
265950448 N/A 02/01/2011 N 15,502,064.41 15,481,749.95 02/01/2004
265950378 N/A 01/01/2011 N 15,000,000.00 15,000,000.00 02/01/2004
510000129 N/A 06/01/2010 N 14,559,177.82 14,551,883.95 02/01/2004
503000023 N/A 02/01/2011 N 14,115,830.86 14,105,339.66 02/01/2004
265950381 N/A 01/01/2011 N 14,250,000.00 14,250,000.00 02/01/2004
265950457 N/A 03/01/2011 N 12,473,347.39 12,464,003.16 02/01/2004
265950614 N/A 05/01/2011 N 12,336,928.25 12,329,773.13 02/01/2004
265950322 N/A 12/01/2010 N 12,111,046.49 12,103,738.30 02/01/2004
265950611 N/A 11/01/2009 N 11,720,709.26 11,712,329.70 02/01/2004
503000029 N/A 04/01/2011 N 11,603,938.85 11,595,280.49 02/01/2004
265950533 N/A 04/01/2011 N 9,866,433.89 9,858,838.99 02/01/2004
510000153 N/A 01/01/2011 N 9,579,075.57 9,574,223.50 02/01/2004
265950386 N/A 01/01/2011 N 9,500,000.00 9,500,000.00 02/01/2004
265950400 N/A 01/01/2011 N 9,248,689.57 9,241,995.31 02/01/2004
265950450 N/A 02/01/2011 N 9,090,716.84 9,078,804.04 02/01/2004
510000169 N/A 04/01/2011 N 9,205,681.90 9,198,831.94 02/01/2004
265950449 N/A 02/01/2011 N 8,899,333.15 8,887,671.14 02/01/2004
510000128 N/A 06/01/2010 N 8,778,514.20 8,773,671.30 02/01/2004
265330988 N/A 11/01/2010 N 7,894,824.67 7,889,706.86 02/01/2004
510000151 N/A 12/01/2010 N 7,932,237.55 7,931,156.41 02/01/2004
265950566 N/A 05/01/2011 N 6,016,942.58 5,966,417.12 02/01/2004
265330998 11/01/2010 11/01/2030 N 7,325,870.34 7,321,621.12 02/01/2004
265330995 N/A 10/01/2010 N 7,308,372.45 7,303,686.68 02/01/2004
265950562 N/A 05/01/2011 N 5,856,490.79 5,807,312.67 02/01/2004
265950619 N/A 05/01/2011 N 7,204,169.13 7,199,990.88 02/01/2004
265330972 N/A 11/01/2010 N 6,358,811.42 6,352,412.06 02/01/2004
265950561 N/A 05/01/2011 N 5,214,683.56 5,170,894.83 02/01/2004
265950377 N/A 01/01/2011 N 6,250,000.00 6,250,000.00 02/01/2004
265950384 N/A 01/01/2011 N 6,250,000.00 6,250,000.00 02/01/2004
510000168 N/A 04/01/2011 N 5,853,800.21 5,849,540.15 02/01/2004
510000148 N/A 10/01/2010 N 5,756,360.01 5,753,188.69 02/01/2004
510000144 N/A 10/01/2010 N 5,572,307.07 5,569,287.89 02/01/2004
265950348 N/A 01/01/2011 N 5,265,161.40 5,261,612.78 02/01/2004
265950458 N/A 02/01/2011 N 5,230,066.99 5,226,586.70 02/01/2004
265950395 N/A 03/01/2011 N 5,202,873.52 5,199,446.52 02/01/2004
265950387 N/A 01/01/2011 N 5,250,000.00 5,250,000.00 02/01/2004
510000163 N/A 02/01/2011 N 5,114,613.54 5,110,936.66 02/01/2004
265950456 N/A 03/01/2011 N 5,071,569.43 5,067,915.53 02/01/2004
265330973 N/A 11/01/2010 N 5,022,497.87 5,017,443.35 02/01/2004
265950321 N/A 12/01/2010 N 4,901,871.39 4,898,876.41 02/01/2004
510000156 N/A 01/01/2011 N 4,856,586.21 4,852,709.56 02/01/2004
265950435 N/A 02/01/2011 N 4,846,016.17 4,842,706.03 02/01/2004
510000152 N/A 01/01/2011 N 4,822,758.13 4,819,388.44 02/01/2004
265950390 N/A 02/01/2011 N 4,779,280.70 4,776,034.94 02/01/2004
265950444 N/A 04/01/2011 N 4,759,959.30 4,756,799.31 02/01/2004
265950382 N/A 01/01/2011 N 4,750,000.00 4,750,000.00 02/01/2004
510000159 N/A 01/01/2011 N 4,589,372.90 4,586,501.65 02/01/2004
265950349 N/A 01/01/2011 N 4,387,634.51 4,384,677.33 02/01/2004
265950565 N/A 05/01/2011 N 3,369,487.94 3,341,193.69 02/01/2004
510000145 10/01/2010 10/01/2030 N 4,028,752.84 4,026,300.90 02/01/2004
503000070 N/A 01/01/2011 N 3,976,773.71 3,974,209.50 02/01/2004
603000071 N/A 01/01/2011 N 3,896,583.80 3,893,841.79 02/01/2004
265950317 N/A 03/01/2011 N 3,609,253.06 3,607,144.76 02/01/2004
825999645 N/A 06/01/2013 N 2,808,570.85 2,790,891.85 02/01/2004
265950370 N/A 11/01/2005 N 3,223,193.78 3,221,318.25 02/01/2004
510000164 N/A 02/01/2011 N 3,166,189.37 3,163,913.21 01/01/2004
265950372 N/A 11/01/2010 N 3,138,312.14 3,136,534.82 09/01/2003
265950560 N/A 05/01/2011 N 2,406,777.12 2,386,566.94 02/01/2004
265950563 N/A 05/01/2011 N 2,406,777.12 2,386,566.94 02/01/2004
265950459 N/A 02/01/2011 N 2,861,519.88 2,859,537.02 02/01/2004
265950422 N/A 02/01/2011 N 2,804,342.57 2,801,002.06 02/01/2004
510000161 N/A 02/01/2011 N 2,784,536.35 2,782,806.42 02/01/2004
825999649 N/A 06/01/2013 N 2,235,964.30 2,221,806.94 02/01/2004
265950365 N/A 02/01/2011 N 2,305,722.50 2,304,122.49 02/01/2004
265950328 N/A 02/01/2011 N 2,298,587.86 2,296,916.86 02/01/2004
265950481 N/A 03/01/2011 N 2,245,830.85 2,244,302.92 02/01/2004
265950431 N/A 02/01/2011 N 2,197,085.81 2,195,678.98 02/01/2004
510000158 N/A 01/01/2011 N 2,109,158.70 2,107,839.15 02/01/2004
265330960 N/A 01/01/2011 N 2,097,867.75 2,096,504.93 09/01/2003
265950559 N/A 05/01/2011 N 1,684,743.81 1,670,596.68 02/01/2004
265950369 N/A 01/01/2011 N 2,000,000.00 2,000,000.00 02/01/2004
265330945 N/A 04/01/2011 N 1,955,348.16 1,954,069.15 02/01/2004
510000157 N/A 01/01/2011 N 1,928,513.04 1,927,306.50 02/01/2004
825999532 N/A 06/01/2013 N 1,448,747.74 1,439,650.87 02/01/2004
510000154 N/A 01/01/2011 N 1,659,985.76 1,658,947.22 02/01/2004
510000149 N/A 11/01/2010 N 1,664,770.60 1,663,940.27 02/01/2004
825999737 N/A 06/01/2013 N 1,346,693.75 1,338,163.44 01/01/2004
825999799 N/A 06/01/2013 N 1,252,807.18 1,244,843.00 02/01/2004
265950312 N/A 10/01/2010 N 1,439,493.81 1,438,698.13 02/01/2004
265950564 N/A 05/01/2011 N 1,123,162.68 1,113,731.26 02/01/2004
265950440 N/A 02/01/2011 N 1,249,720.78 1,248,914.56 02/01/2004
265950353 N/A 11/01/2010 N 1,233,313.81 1,232,586.98 02/01/2004
265950367 N/A 12/01/2010 N 1,179,654.18 1,178,999.25 02/01/2004
265330909 N/A 01/01/2006 N 881,261.02 880,791.14 02/01/2004
265950423 N/A 02/01/2011 N 864,671.69 864,134.50 02/01/2004
265950429 N/A 01/01/2011 N 848,275.86 847,704.13 02/01/2004
265950409 N/A 02/01/2011 N 651,469.91 651,125.04 02/01/2004
265950428 N/A 02/01/2011 N 507,236.50 506,960.25 02/01/2004
825999649 N/A 06/01/2013 N 1,401,093.87 1,409,066.09 02/01/2004
Totals 976,600,918.92 975,702,291.79
Appraisal Appraisal Res Mod
Loan Number Reduction Reduction Strat. Code
Date Amount (2) (3)
265330995 13
265950372 02/09/2004 393,506.64 7
265330960 2
Totals 393,506.64
<FN>
(1) Property Type Code
SS- Self Storage
MF- Multi-Family
RT- Retail
HC- Health Care
IN- Industrial
WH- Warehouse
MH- Mobile Home Park
OF- Office
LO- Lodging
MU- Mixed Use
OT- Other
IW- Industrial/Warehouse
(2) Resolution Strategy Code
1- Modification
2- Foreclosure
3- Bankruptcy
4- Extension
5- Note Sale
6- DPO
7- REO
8- Resolved
9- Pending Return to Master Servicer
10- Deed In Lieu of Foreclosure
11- Full Payoff
12- Reps and Warranties
13- Other or TBD
(3) Modification Code
1- Maturity Date Extension
2- Amortization Change
3- Principal Write-Off
4- Combination
</FN>
Principal Prepayment Detail
No Principal Prepayments this Period
Historical Detail
Delinquencies
Distribution 30-59 Days 60-89 Days 90 Days or More Foreclosure REO Modifications
Date # Balance # Balance # Balance # Balance # Balance # Balance
02/13/2004 0 $0.00 0 $0.00 1$2,096,504.93 0 $0.00 1 $3,136,534.82 0 $0.00
01/14/2004 0 $0.00 0 $0.00 1$2,097,867.75 0 $0.00 1 $3,138,312.14 0 $0.00
12/12/2003 0 $0.00 1 $2,099,221.39 0 $0.00 0 $0.00 1 $3,140,077.03 0 $0.00
11/17/2003 1 $2,101,022.42 0 $0.00 0 $0.00 0 $0.00 1 $3,142,538.63 0 $0.00
10/15/2003 0 $0.00 0 $0.00 0 $0.00 0 $0.00 1 $3,144,273.95 0 $0.00
09/12/2003 1 $3,146,707.14 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
08/14/2003 1 $3,148,413.31 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
07/14/2003 1 $3,150,107.54 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
06/13/2003 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
05/14/2003 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
04/14/2003 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
03/14/2003 1 $3,158,170.52 0 $0.00 0 $0.00 0 $0.00 0 $0.00 0 $0.00
Prepayments
Distribution Curtailments Payoff
Date # Amount # Amount
02/13/2004 0 $0.00 0 $0.00
01/14/2004 0 $0.00 0 $0.00
12/12/2003 0 $0.00 0 $0.00
11/17/2003 0 $0.00 0 $0.00
10/15/2003 0 $0.00 0 $0.00
09/12/2003 0 $0.00 0 $0.00
08/14/2003 0 $0.00 0 $0.00
07/14/2003 0 $0.00 0 $0.00
06/13/2003 0 $0.00 0 $0.00
05/14/2003 0 $0.00 0 $0.00
04/14/2003 0 $0.00 0 $0.00
03/14/2003 0 $0.00 0 $0.00
Rate and Maturities
Distribution Next Weighted Avg. WAM
Date Coupon Remit
02/13/2004 7.663388% 7.604403% 82
01/14/2004 7.663227% 7.606650% 83
12/12/2003 7.663108% 7.606532% 84
11/17/2003 7.663010% 7.606435% 85
10/15/2003 7.662893% 7.606319% 86
09/12/2003 7.662796% 7.606222% 87
08/14/2003 7.662681% 7.606108% 88
07/12/2003 7.662566% 7.606796% 89
06/13/2003 7.662471% 7.606701% 90
05/14/2003 7.662358% 7.606589% 91
04/14/2003 7.662268% 7.606499% 92
03/14/2003 7.662158% 7.606390% 93
<FN>
Note: Foreclosure and REO Totals are excluded from the delinquencies aging
categories.
</FN>
Delinquency Loan Detail
Offering # of Paid Current Outstanding Status of
Loan Number Document Months Through P & I P & I Mortgage
Cross-Reference Delinq. Date Advances Advances** Loan(1)
<s> <c> <c> <c> <c> <c> <c>
603000006 6 0 01/01/2004 209,378.12 209,378.12 B
510000164 75 0 01/01/2004 22,552.97 22,552.97 B
265950372 76 4 09/01/2003 20,757.81 108,277.14 9
265330960 88 4 09/01/2003 15,501.58 77,507.25 3
825999737 96 0 01/01/2004 16,127.90 16,127.90 B
Totals 5 284,318.38 433,843.38
Resolution Actual Outstanding
Loan Number Strategy Servicing Foreclosure Principal Servicing Bankruptcy REO
Code(2) Transfer Date Date Balance Advances Date Date
<s> <c> <c> <c> <c> <c> <c> <c>
603000006 30,147,007.94 0.00
510000164 3,166,189.37 0.00
265950372 7 08/01/2003 3,146,707.14 69,155.83 10/07/2003
265330960 2 01/12/2004 2,104,135.42 0.00
825999737 1,346,693.75 0.00
Totals 39,910,733.62 69,155.83
Current Outstanding Actual Outstanding
P & I P & I Principal Servicing
Advances Advances Balance Advances
Totals by Delinquency Code:
Total for Status Code = 3 (1 Loan) 15,501.58 77,507.25 2,104,135.42 0.00
Total for Status Code = 9 (1 Loan) 20,757.81 108,277.14 3,146,707.14 69,155.83
Total for Status Code = B (3 Loans) 248,058.99 248,058.99 34,659,891.06 0.00
(1) Status of Mortgage Loan
A- Payment Not Received But Still in Grace Period
B- Late Payment But Less Than 1 Month Delinquent
0- Current
1- One Month Delinquent
2- Two Months Delinquent
3- Three Or More Months Delinquent
4- Assumed Scheduled Payment (Performing Matured Balloon)
7- Foreclosure
9- REO
(2) Resolution Strategy Code
1- Modification
2- Foreclosure
3- Bankruptcy
4- Extension
5- Note Sale
6- DPO
7- REO
8- Resolved
9- Pending Return to Master Servicer
10- Deed In Lieu Of Foreclosure
11- Full Payoff
12- Reps and Warranties
13- Other or TBD
**Outstanding P & I Advances include the current period advance.
Specially Serviced Loan Detail - Part 1
Offering Servicing Resolution Scheduled Property State Interest
Documnet Transfer Strategy Balance Type Rate
Loan Number Cross-Reference Date Code
<s> <c> <c> <c> <c> <c> <c> <c>
265330995 42 01/30/2004 13 7,303,686.68 OF CA 8.000% 7,303,686.68
265950372 76 08/01/2003 7 3,136,534.82 MF TX 8.180% 3,146,707.14
265330960 88 01/12/2004 2 2,096,504.93 MF TN 7.875% 2,104,135.42
</Table>
<Table>
<Caption>
Specially Serviced Loan Detail - Part 1
Net DSCR DSCR Note Maturity Remaining
Actual Operating Date Date Date Amoritization
Loan Number Balance Income Term
<s> <c> <c> <c> <c> <c> <c> <c>
265330995 7,303,686.68 346,800.50 09/30/03 0.70 11/01/2000 10/1/2010 319
265950372 3,146,707.14 175,179.79 12/31/02 0.61 12/01/2000 11/1/2010 326
265330960 2,104,135.42 63,960.94 06/30/03 0.68 02/01/2001 1/1/2011 322
</Table>
(1) Resolution Strategy Code
1 - Modification
2 - Foreclosure
3 - Bankruptcy
4 - Extension
5 - Note Sale
6 - DPO
7 - REO
8 - Resolved
9 - Pending Return to Master Servicer
10 - Deed in Lieu Of Foreclosure
11 - Full Payoff
12 - Reps and Warranties
13 - Other or TBD
(2) Property Type Code
MF - Multi-Family
RT - Retail
HC - Health Care
IN - Industrial
WH - Warehouse
MH - Mobile Home Park
OU - Office
MU - Mixed Use
LO - Lodging
SS - Self Storage
OT - Other
Specially Serviced Loan Detail - Part 2
<Table>
Offering Resolution Site Other REO
Documnet Strategy Inspection Phase 1 Date Appraisal Appraisal Property
Loan Number Cross-Reference Code Date Date Value REvenue
<s> <c> <c> <c> <c> <c> <c> <c>
265330995 42 13 07/17/2000 16,000,000.00
265950372 76 7 09/23/2003 3,250,000.00
265330960 88 2 07/21/2000 2,700,000.00
Comments from Special Servicer
265330995 NA
265950372 REO as of 10/7 F/C sale. RMI installed as prop. mgr. Property is a "C" but a better caliber
than many we've seen lately. PM reported property was 70% physical occupancy at take
over primarily due to "down" units (20) missing appliances or needing other im provements to
make rentable. City of Arlington code violations have been cured. Appraisal is coming in at
$3,250,000 "As Is". Appraiser agrees that there is about $400,000 in deferred maintenance.
Property condition report puts renovation costs at up to $695,165.
265330960 Current Principals/Indemnitors of DGJ LLC previously requested consent to sell the
Riverside Apartments for a purchase price of $2,295,000. Built in 1975, the property is a 113
unit, Class C, garden apartment complex located in Clarksville, TN. The pro perty has an
occupancy of 77% and 2002 NOI of $ 275,070 (DSCR of 1.47X). Property was being sold
at a discount as a result of a partnership dispute. Proposed purchaser was approved for
assumption however after various delays in the closing due to restr ucturing of the
transaction Borrower stopped payment on property (advised it would be funded at closing) in
strategy to induce purchaser to close, however purchaser has now backed out of the
transaction. In process of filing foreclosure.
(1) Resolution Strategy Code
1 - Modification
2 - Foreclosure
3 - Bankruptcy
4 - Extension
5 - Note Sale
6 - DPO
7 - REO
8 - Resolved
9 - Pending Return to Master Servicer
10 - Deed in Lieu Of Foreclosure
11 - Full Payoff
12 - Reps and Warranties
13 - Other or TBD
</Table>
Modified Loan Detail
No Modified Loans
Liquidated Loan Detail
No Liquidated Loans