UNITED STATES
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: April 14, 2004
(Date of earliest event reported)
Commission File No.: 333-68246-01
First Union Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates
Series 2001-C4
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
22-6910887
22-3844545
22-3844543
22-3844544
(I.R.S. Employer Identification No.)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 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 April 14, 2004, a distribution was made to holders of First Union
Commercial Mortgage Securities, Inc., Commercial Mortgage Pass-Through
Certificates, Series 2001-C4.
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-C4, relating to the
April 14, 2004 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-C4
By: Wells Fargo Bank, N.A. as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: April 13, 2004
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial
Mortgage Pass-Through Certificates, Series 2001-C4,
relating to the April 14, 2004 distribution.
Wells Fargo Bank, N.A.
Corporate Trust Services
9062 Old Annapolis Road
Columbia, MD 21045-1951
First Union Commercial Mortgage Securities, Inc.
Commercial Mortgage Pass-Through Certificates
Series 2001-C4
For Additional Information, please contact
CTSLink Customer Service
(301) 815-6600
Reports Available on the World Wide Web
@ www.ctslink.com/cmbs
Payment Date: April 14, 2004
Record Date: March 31, 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 - 15
Principal Prepayment Detail 16
Historical Detail 17
Delinquency Loan Detail 18
Specially Serviced Loan Detail 19 - 21
Modified Loan Detail 22
Liquidated Loan Detail 23
Depositor
First Union Commercial Mortgage Securities, Inc.
201 South College Street
Charlotte, NC 28288-1016
Contact: Tim Steward
Phone Number: (704) 593-7822
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, N.A. by various third parties, which may
include the Servicer, Master Servicer, Special Servicer and others.
Wells Fargo Bank, 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, N.A. expressly
disclaims any responsibility for the accuracy or completeness
of information furnished by third parties.
Copyright 2004, Wells Fargo Bank, N.A.
Certificate Distribution Detail
Class CUSIP Pass-Through Original Beginning Principal Interest
Rate Balance Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
A-1 33736XEA3 5.673000% 286,136,000.00 254,687,267.58 745,294.15 1,204,034.06
A-2 33736XEB1 6.223000% 469,800,000.00 469,800,000.00 0.00 2,436,304.50
B 33736XEC9 6.417000% 36,696,000.00 36,696,000.00 0.00 196,231.86
C 33736XED7 6.538000% 12,232,000.00 12,232,000.00 0.00 66,644.01
D 33736XEE5 6.617000% 12,232,000.00 12,232,000.00 0.00 67,449.29
E 33736XEF2 6.667000% 17,125,000.00 17,125,000.00 0.00 95,143.65
F 33736XEJ4 6.790000% 12,232,000.00 12,232,000.00 0.00 69,212.73
G 33736XEK1 6.937000% 12,232,000.00 12,232,000.00 0.00 70,711.15
H 33736XEL9 7.036000% 17,125,000.00 17,125,000.00 0.00 100,409.58
J 33736XEM7 7.449408% 14,678,000.00 14,678,000.00 0.00 91,118.68
K 33736XEN5 6.000000% 14,679,000.00 14,679,000.00 0.00 73,395.00
L 33736XEP0 6.000000% 22,017,000.00 22,017,000.00 0.00 110,085.00
M 33736XEQ8 6.000000% 7,339,000.00 7,339,000.00 0.00 36,695.00
N 33736XER6 6.000000% 7,029,000.00 7,029,000.00 0.00 35,145.00
O 33736XES4 6.000000% 6,938,000.00 6,938,000.00 0.00 34,690.00
P 33736XET2 6.000000% 4,626,000.00 4,626,000.00 0.00 23,130.00
Q 33736XEU9 6.000000% 25,443,069.00 25,418,348.40 0.00 115,709.50
Z-I 33736XEX3 0.000000% 0.00 0.00 0.00 0.00
Z-II 33736XEY1 0.000000% 0.00 0.00 0.00 0.00
R 33736XEW5 0.000000% 0.00 0.00 0.00 0.00
Totals 978,559,069.00 947,085,615.98 745,294.15 4,826,109.01
Class CUSIP Prepayment Realized Loss/ Total Ending Current
Penalties Additional Trust Distribution Balance Subordination
Fund Expenses Level (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 33736XEA3 0.00 0.00 1,949,328.21 253,941,973.43 23.52%
A-2 33736XEB1 0.00 0.00 2,436,304.50 469,800,000.00 23.52%
B 33736XEC9 0.00 0.00 196,231.86 36,696,000.00 19.64%
C 33736XED7 0.00 0.00 66,644.01 12,232,000.00 18.35%
D 33736XEE5 0.00 0.00 67,449.29 12,232,000.00 17.06%
E 33736XEF2 0.00 0.00 95,143.65 17,125,000.00 15.25%
F 33736XEJ4 0.00 0.00 69,212.73 12,232,000.00 13.96%
G 33736XEK1 0.00 0.00 70,711.15 12,232,000.00 12.66%
H 33736XEL9 0.00 0.00 100,409.58 17,125,000.00 10.85%
J 33736XEM7 0.00 0.00 91,118.68 14,678,000.00 9.30%
K 33736XEN5 0.00 0.00 73,395.00 14,679,000.00 7.75%
L 33736XEP0 0.00 0.00 110,085.00 22,017,000.00 5.43%
M 33736XEQ8 0.00 0.00 36,695.00 7,339,000.00 4.65%
N 33736XER6 0.00 0.00 35,145.00 7,029,000.00 3.91%
O 33736XES4 0.00 0.00 34,690.00 6,938,000.00 3.17%
P 33736XET2 0.00 0.00 23,130.00 4,626,000.00 2.69%
Q 33736XEU9 0.00 0.00 115,709.50 25,418,348.40 0.00%
Z-I 33736XEX3 0.00 0.00 0.00 0.00 0.00%
Z-II 33736XEY1 0.00 0.00 0.00 0.00 0.00%
R 33736XEW5 0.00 0.00 0.00 0.00 0.00%
Totals 0.00 0.00 5,571,403.16 946,340,321.83
Class CUSIP Pass-Through Original Beginning Interest
Rate Notional Notional Distribution
Amount Amount
<s> <c> <c> <c> <c> <c>
IO-I 33736XEG0 0.750183% 978,559,069.00 947,085,615.98 592,072.92
IO-II 33736XEH8 1.003488% 537,874,000.00 537,874,000.00 449,791.93
Class CUSIP Prepayment Total Ending
Penalties Distribution Notional
Amount
<s> <c> <c> <c> <c>
IO-I 33736XEG0 0.00 592,072.92 946,340,321.83
IO-II 33736XEH8 0.00 449,791.93 537,874,000.00
<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
Class CUSIP Beginning Principal Interest Prepayment Realized Loss/ Ending
Balance Distribution Distribution Penalties Additional Balance
Trust Fund
Expenses
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 33736XEA3 890.09166124 2.60468501 4.20790834 0.00000000 0.00000000 887.48697623
A-2 33736XEB1 1,000.00000000 0.00000000 5.18583333 0.00000000 0.00000000 1,000.00000000
B 33736XEC9 1,000.00000000 0.00000000 5.34750000 0.00000000 0.00000000 1,000.00000000
C 33736XED7 1,000.00000000 0.00000000 5.44833306 0.00000000 0.00000000 1,000.00000000
D 33736XEE5 1,000.00000000 0.00000000 5.51416694 0.00000000 0.00000000 1,000.00000000
E 33736XEF2 1,000.00000000 0.00000000 5.55583358 0.00000000 0.00000000 1,000.00000000
F 33736XEJ4 1,000.00000000 0.00000000 5.65833306 0.00000000 0.00000000 1,000.00000000
G 33736XEK1 1,000.00000000 0.00000000 5.78083306 0.00000000 0.00000000 1,000.00000000
H 33736XEL9 1,000.00000000 0.00000000 5.86333314 0.00000000 0.00000000 1,000.00000000
J 33736XEM7 1,000.00000000 0.00000000 6.20784031 0.00000000 0.00000000 1,000.00000000
K 33736XEN5 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
L 33736XEP0 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
M 33736XEQ8 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
N 33736XER6 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
O 33736XES4 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
P 33736XET2 1,000.00000000 0.00000000 5.00000000 0.00000000 0.00000000 1,000.00000000
Q 33736XEU9 999.02839551 0.00000000 4.54778077 0.00000000 0.00000000 999.02839551
Z-I 33736XEX3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Z-II 33736XEY1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 33736XEW5 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class CUSIP Beginning Interest Prepayment Ending
Notional Distribution Penalties Notional
Amount Amount
<s> <c> <c> <c> <c> <c>
IO-I 33736XEG0 967.83694105 0.60504566 0.00000000 967.07531697
IO-II 33736XEH8 1,000.00000000 0.83624033 0.00000000 1,000.00000000
Reconciliation Detail
Advance Summary
<s> <c>
P & I Advances Outstanding 1,019,706.37
Servicing Advances Outstanding 147,474.92
Reimbursement for Interest on P & I Advances 0.00
paid from general collections
Reimbursement for Interest on Servicing 0.00
Advances paid from general collections
Aggregate amount of Nonrecoverable Advances 0.00
Servicing Fee Summary
<s> <c>
Current Period Accrued Servicing Fees 46,300.28
Less Delinquent Servicing Fees 2,014.33
Less Reductions to Servicing Fees 0.00
Plus Servicing Fees for Delinquent Payments Received 606.92
Plus Adjustments for Prior Servicing Calculation 0.00
Total Servicing Fees Collected 44,892.87
Certificate Interest Reconciliation
Class Accrued Net Aggregate Deferred Distributable Distributable
Certificate Prepayment Interest Certificate Certificate
Interest Interest Amount Interest Interest
Shortfall Adjustment
<s> <c> <c> <c> <c> <c>
A-1 1,204,034.06 0.00 0.00 1,204,034.06 0.00
A-2 2,436,304.50 0.00 0.00 2,436,304.50 0.00
IO-I 592,072.92 0.00 0.00 592,072.92 0.00
IO-II 449,791.93 0.00 0.00 449,791.93 0.00
B 196,231.86 0.00 0.00 196,231.86 0.00
C 66,644.01 0.00 0.00 66,644.01 0.00
D 67,449.29 0.00 0.00 67,449.29 0.00
E 95,143.65 0.00 0.00 95,143.65 0.00
F 69,212.73 0.00 0.00 69,212.73 0.00
G 70,711.15 0.00 0.00 70,711.15 0.00
H 100,409.58 0.00 0.00 100,409.58 0.00
J 91,118.68 0.00 0.00 91,118.68 0.00
K 73,395.00 0.00 0.00 73,395.00 0.00
L 110,085.00 0.00 0.00 110,085.00 0.00
M 36,695.00 0.00 0.00 36,695.00 0.00
N 35,145.00 0.00 0.00 35,145.00 0.00
O 34,690.00 0.00 0.00 34,690.00 0.00
P 23,130.00 0.00 0.00 23,130.00 0.00
Q 127,091.74 0.00 0.00 127,091.74 0.00
Z-I 0.00 0.00 0.00 0.00 0.00
Z-II 0.00 0.00 0.00 0.00 0.00
Total 5,879,356.10 0.00 0.00 5,879,356.10 0.00
Class Additional Interest Remaining Unpaid
Trust Fund Distribution Distributable
Expenses Certificate Interest
<s> <c> <c> <c>
A-1 0.00 1,204,034.06 0.00
A-2 0.00 2,436,304.50 0.00
IO-I 0.00 592,072.92 0.00
IO-II 0.00 449,791.93 0.00
B 0.00 196,231.86 0.00
C 0.00 66,644.01 0.00
D 0.00 67,449.29 0.00
E 0.00 95,143.65 0.00
F 0.00 69,212.73 0.00
G 0.00 70,711.15 0.00
H 0.00 100,409.58 0.00
J 0.00 91,118.68 0.00
K 0.00 73,395.00 0.00
L 0.00 110,085.00 0.00
M 0.00 36,695.00 0.00
N 0.00 35,145.00 0.00
O 0.00 34,690.00 0.00
P 0.00 23,130.00 0.00
Q 11,382.24 115,709.50 127,051.04
Z-I 0.00 0.00 0.00
Z-II 0.00 0.00 0.00
Total 11,382.24 5,867,973.86 127,051.04
Other Required Information
<s> <c>
Available Distribution Amount (1) 6,613,268.01
Aggregate Number of Outstanding Loans 136
Aggregate Stated Principal Balance of Loans Before Distribution 947,085,616.12
Aggregate Stated Principal Balance of Loans After Distribution 946,340,321.97
Aggregate Unpaid Principal Balance of Loans 946,490,422.30
Aggregate Amount of Servicing Fee 44,892.87
Aggregate Amount of Special Servicing Fee 3,933.27
Aggregate Amount of Trustee Fee 1,815.25
Aggregate Trust Fund Expenses 205.71
Interest Reserve Deposit 0.00
Interest Reserve Withdrawal 0.00
Specially Serviced Loans not Delinquent
Number of Outstanding Loans 0
Aggregate Unpaid Principal Balance 0.00
<fn>
(1) The Available Distribution Amount includes any Prepayment Premiums.
</fn>
Original Subordination Level
<s> <c> <c> <c>
Class A-1 22.750000% Class H 10.500000%
Class A-2 22.750000% Class J 9.000000%
Class B 19.000000% Class K 7.500000%
Class C 17.750000% Class L 5.250000%
Class D 16.500000% Class M 4.500000%
Class E 14.750000% Class N 3.780000%
Class F 13.500000% Class O 3.070000%
Class G 12.250000% Class P 2.600000%
Class Q 0.000000%
Appraisal Reduction Amount
Loan Appraisal Cumulative Date Appraisal
Number Reduction ASER Reduction
Amount Amount Effected
<s> <c> <c> <c>
502694601 1,018,002.26 46,540.18 05/12/2003
Total 1,018,002.26 46,540.18
Cash Reconciliation Detail
<s>
Total Funds Collected
Interest:
Scheduled Interest 5,927,471.66
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 5,927,471.66
Principal:
Scheduled Principal 745,294.15
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 745,294.15
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 6,672,765.81
Total Funds Distributed
Fees:
Master Servicing Fee 46,300.28
Trustee Fee 1,815.25
Certificate Administration Fee 0.00
Insurer Fee 0.00
Miscellaneous Fee 0.00
Total Fees 48,115.53
Additional Trust Fund Expenses:
Reimbursement for Interest on Advances 0.00
ASER Amount 7,243.26
Special Servicing Fee 3,933.27
Rating Agency Expenses 0.00
Attorney Fees & Expenses 1,005.71
Bankruptcy Expense 0.00
Taxes Imposed on Trust Fund 0.00
Non-Recoverable Advances 0.00
Other Expenses (800.00)
Total Additional Trust Fund Expenses 11,382.24
Interest Reserve Deposit 0.00
Payments to Certificateholders & Others:
Interest Distribution 5,867,973.86
Principal Distribution 745,294.15
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 6,613,268.01
Total Funds Distributed 6,672,765.78
Ratings Detail
Class CUSIP Original Ratings Current Ratings (1)
Fitch Moody's S & P Fitch Moody's S & P
<s> <c> <c> <c> <c> <c> <c> <c>
A-1 33736XEA3 X Aaa AAA X Aaa AAA
A-2 33736XEB1 X Aaa AAA X Aaa AAA
IO-I 33736XEG0 X Aaa AAA X Aaa AAA
IO-II 33736XEH8 X Aaa AAA X Aaa AAA
B 33736XEC9 X Aa2 AA X Aa2 AA
C 33736XED7 X Aa3 AA- X Aa3 AA-
D 33736XEE5 X A1 A+ X A1 A+
E 33736XEF2 X A2 A X A2 A
F 33736XEJ4 X A3 A- X A3 A-
G 33736XEK1 X Baa1 BBB+ X Baa1 BBB+
H 33736XEL9 X Baa2 BBB X Baa2 BBB
J 33736XEM7 X Baa3 BBB- X Baa3 BBB-
K 33736XEN5 X Ba1 BB+ X Ba1 BB+
L 33736XEP0 X Ba2 BB X Ba2 BB
M 33736XEQ8 X Ba3 BB- X Ba3 BB-
N 33736XER6 X B1 B+ X B1 B+
O 33736XES4 X B2 B X B2 B
P 33736XET2 X B3 B- X B3 B-
Q 33736XEU9 X NR NR X NR NR
Z-I 33736XEX3 X N/A NR X NR NR
Z-II 33736XEY1 X N/A 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
Scheduled # of Scheduled % of WAM WAC Weighted
Balance Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Below 1,000,000 8 6,645,995.64 0.70 90 7.7587 1.920864
1,000,001 to 2,000,000 15 22,376,162.12 2.36 92 7.6258 1.290216
2,000,001 to 3,000,000 16 40,821,347.42 4.31 84 7.4303 1.319804
3,000,001 to 4,000,000 15 52,150,931.31 5.51 96 7.4020 1.418368
4,000,001 to 5,000,000 19 85,888,570.54 9.08 81 7.4344 1.296878
5,000,001 to 6,000,000 7 39,254,414.53 4.15 77 7.4360 1.346684
6,000,001 to 7,000,000 12 76,264,221.85 8.06 89 7.3741 1.422435
7,000,001 to 8,000,000 6 44,624,713.70 4.72 89 7.3081 1.327406
8,000,001 to 9,000,000 4 32,905,214.05 3.48 77 7.2802 1.376489
9,000,001 to 10,000,000 7 65,808,385.20 6.95 67 7.1652 1.284674
10,000,001 to 15,000,000 13 160,692,979.63 16.98 79 7.2959 1.318955
15,000,001 to 20,000,000 8 134,823,673.56 14.25 89 7.2481 1.485240
20,000,001 to 25,000,000 2 43,798,083.09 4.63 92 7.0000 1.472411
25,000,001 or greater 4 140,285,629.33 14.82 82 7.1025 1.439360
Totals 136 946,340,321.97 100.00 83 7.2851 1.384160
State (3)
State # of Scheduled % of WAM WAC Weighted
Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Alaska 1 1,831,664.25 0.19 85 7.8700 1.580000
Arizona 3 7,925,227.36 0.84 86 7.4218 1.165992
Arkansas 2 6,099,566.86 0.64 90 6.9496 1.600000
California 34 175,606,653.44 18.56 81 7.3350 1.364101
Colorado 2 10,617,732.20 1.12 89 7.3821 1.295652
Connecticut 3 30,990,332.79 3.27 90 7.2557 1.368990
Florida 13 54,973,360.90 5.81 82 7.4669 1.323287
Georgia 3 16,060,432.58 1.70 89 7.2778 1.366624
Illinois 5 55,598,468.90 5.88 88 7.3888 1.047186
Indiana 1 2,899,207.30 0.31 87 7.5300 1.280000
Maine 1 19,083,450.40 2.02 92 7.0000 1.310000
Maryland 6 14,765,979.38 1.56 90 7.2124 1.448538
Massachusetts 1 22,290,095.86 2.36 92 7.0000 1.330000
Michigan 7 80,754,763.83 8.53 73 7.3092 1.556841
Minnesota 1 1,202,309.06 0.13 90 6.9200 1.780000
Missouri 1 967,540.42 0.10 86 8.0000 1.420000
Nevada 7 60,088,147.47 6.35 79 7.1918 1.324729
New Jersey 9 71,127,490.01 7.52 89 7.2347 1.474157
New Mexico 1 6,752,755.28 0.71 88 7.8200 1.500000
New York 6 35,907,074.76 3.79 82 7.1513 1.263152
North Carolina 4 37,241,917.96 3.94 86 7.3466 1.465309
North Dakota 1 4,876,679.63 0.52 89 7.2500 1.200000
Oklahoma 1 1,000,852.39 0.11 52 7.4000 0.330000
Pennsylvania 4 47,751,907.09 5.05 76 6.9896 1.505610
Texas 9 38,050,490.50 4.02 71 7.4474 1.547841
Utah 3 17,834,427.78 1.88 100 8.1624 1.311768
Virginia 10 80,514,722.83 8.51 87 7.1658 1.500258
Washington 2 20,372,476.86 2.15 90 7.0000 1.240395
Washington,DC 1 9,379,356.04 0.99 87 7.6250 1.270000
West Virginia 3 13,775,237.84 1.46 91 7.1362 1.271433
Totals 145 946,340,321.97 100.00 83 7.2851 1.384160
Debt Service Coverage Ratio (1)
Debt Service # of Scheduled % of WAM WAC Weighted
Coverage Ratio Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
1.19 or less 27 172,012,164.10 18.18 80 7.2818 1.016315
1.20 to 1.24 11 58,278,174.46 6.16 76 7.5502 1.222291
1.25 to 1.29 18 110,564,887.56 11.68 81 7.4159 1.274316
1.30 to 1.34 14 119,126,346.27 12.59 90 7.2200 1.323352
1.35 to 1.39 7 83,480,629.53 8.82 88 7.3143 1.375195
1.40 to 1.44 11 75,832,208.88 8.01 82 7.1065 1.412653
1.45 to 1.49 6 36,466,637.82 3.85 89 7.2782 1.476070
1.50 to 1.54 8 49,573,789.24 5.24 84 7.8528 1.524609
1.55 to 1.59 6 30,157,789.35 3.19 71 7.4583 1.555907
1.60 to 1.64 8 78,294,333.64 8.27 89 7.0616 1.608074
1.65 to 1.69 3 15,356,896.40 1.62 90 7.4657 1.673053
1.70 or greater 17 117,196,464.72 12.38 82 7.0384 1.838290
Totals 136 946,340,321.97 100.00 83 7.2851 1.384160
Property Type (3)
Property # of Scheduled % of WAM WAC Weighted
Type Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Industrial 12 53,968,429.89 5.70 79 7.4878 1.432397
Mixed Use 5 17,193,525.07 1.82 89 7.3484 1.485767
Multi-Family 56 322,452,010.55 34.07 81 7.1333 1.326161
Office 27 252,359,514.89 26.67 79 7.3425 1.518564
Retail 42 288,231,955.44 30.46 91 7.3641 1.320978
Self Storage 3 12,134,886.14 1.28 91 7.2538 1.272481
Totals 145 946,340,321.97 100.00 83 7.2851 1.384160
Note Rate
Note Rate # of Scheduled % of WAM WAC Weighted
Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
6.749% or less 3 58,691,757.20 6.20 73 6.6720 1.600300
6.750% to 6.999% 11 109,974,112.60 11.62 83 6.9104 1.440129
7.000% to 7.249% 32 286,143,065.23 30.24 86 7.0533 1.390346
7.250% to 7.499% 38 212,902,855.37 22.50 85 7.3476 1.384707
7.500% to 7.749% 29 189,225,332.92 20.00 82 7.5663 1.270531
7.500% to 7.999% 9 33,904,107.89 3.58 78 7.8190 1.383286
8.000% to 8.249% 4 6,183,667.98 0.65 141 8.1342 1.484419
8.250% or greater 10 49,315,422.78 5.21 75 8.3718 1.387890
Totals 136 946,340,321.97 100.00 83 7.2851 1.384160
Seasoning
Seasoning # of Scheduled % of WAM WAC Weighted
Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<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 118 866,776,431.90 91.59 84 7.2092 1.389924
37 to 48 months 11 68,608,519.29 7.25 79 8.1144 1.273672
49 months and greater 7 10,955,370.78 1.16 68 8.0898 1.620054
Totals 136 946,340,321.97 100.00 83 7.2851 1.384160
Anticipated Remaining Term (ARD and Balloon Loans)
Anticipated # of Scheduled % of WAM WAC Weighted
Remaining Term (2) Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
60 months or less 13 81,474,090.21 8.61 38 7.3270 1.244553
61 to 84 months 18 112,508,204.08 11.89 79 7.7729 1.389659
85 to 108 months 101 701,786,548.52 74.16 89 7.2349 1.374538
109 to 120 months 0 0.00 0.00 0 0.0000 0.000000
121 months or greater 1 3,145,495.39 0.33 209 8.1700 1.245876
Totals 133 898,914,338.20 94.99 84 7.3138 1.364199
Remaining Stated Term (Fully Amortizing Loans)
Remaining Stated # of Scheduled % of WAM WAC Weighted
Term Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
120 months or less 1 45,157,334.31 4.77 67 6.7000 1.760000
120 to 192 months 1 643,817.94 0.07 176 7.5000 1.970000
193 to 264 months 1 1,624,831.52 0.17 204 7.5300 1.750000
265 to 336 months 0 0.00 0.00 0 0.0000 0.000000
337 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 3 47,425,983.77 5.01 73 6.7393 1.762508
Remaining Amortization Term (ARD and Balloon Loans)
Remaining Amortization # of Scheduled % of WAM WAC Weighted
Term Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Interest Only 6 67,950,757.75 7.18 86 7.1223 1.557289
120 months or less 1 985,217.03 0.10 90 7.8750 2.410000
120 to 192 months 0 0.00 0.00 0 0.0000 0.000000
193 to 264 months 12 44,966,361.57 4.75 88 7.8350 1.240085
265 to 336 months 114 785,012,001.85 82.95 83 7.2999 1.353282
337 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 133 898,914,338.20 94.99 84 7.3138 1.364199
Age of Most Recent NOI
Age of Most # of Scheduled % of WAM WAC Weighted
Recent NOI Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Underwriter's Information 4 12,203,781.20 1.29 66 7.5339 1.306876
1 year or less 109 779,731,350.28 82.39 84 7.3047 1.379156
1 to 2 years 22 144,630,045.28 15.28 84 7.1689 1.444592
2 years or greater 1 9,775,145.21 1.03 28 7.1250 0.985663
Totals 136 946,340,321.97 100.00 83 7.2851 1.384160
<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 ommission 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>
502717405 1 OF Detroit MI 252,128.45 0.00 6.700%
510000176 2 OF Little Falls NJ 217,013.11 24,723.19 7.375%
265950581 3 RT Orland Park IL 216,322.16 22,809.23 7.560%
502708001 4 OF Berwyn PA 159,288.01 27,936.70 6.875%
502709418 5 RT Sturbridge MA 134,463.58 17,225.39 7.000%
510000202 6 Various Various NJ 129,745.56 16,620.99 7.000%
502709417 7 RT Augusta ME 115,119.69 14,747.36 7.000%
502694905 8 MF Yorktown VA 105,865.64 13,888.81 7.000%
502700407 9 MF Summerlin NV 105,242.68 13,315.77 7.067%
502705804 10 OF Durham NC 113,271.60 9,801.27 7.530%
502713101 11 MF Pasedena CA 98,783.55 12,654.62 7.000%
502709419 12 RT Lisbon CT 98,606.62 12,631.96 7.000%
502707905 13 MF Richmond VA 95,665.18 11,831.94 7.160%
528000014 14 OF Troy MI 109,543.60 8,949.65 8.350%
502682901 15 RT Marlton NJ 90,578.10 11,037.12 7.180%
265950628 16 MF Carrboro NC 87,175.32 12,033.63 6.990%
502700406 17 MF Henderson NV 85,632.47 10,830.59 7.068%
510000190 18 RT Redmond WA 77,417.82 10,069.46 7.000%
265950625 19 MF Fredericksburg VA 75,227.43 10,384.36 6.990%
502715603 20 OF Dallas TX 80,025.14 14,114.63 7.625%
510000177 21 RT Wethersfield CT 79,321.19 8,328.55 7.570%
502710308 22 RT Santa Ana CA 70,783.33 0.00 6.850%
528000023 23 OF Clearfield UT 85,613.43 6,996.68 8.450%
510000173 24 IN Antioch CA 76,952.06 7,974.93 7.624%
628000025 25 MF Oviedo FL 76,151.82 8,412.26 7.580%
502701001 26 MF Midlothian VA 67,008.80 23,094.06 7.250%
502696703 27 MF Chicago IL 58,513.15 8,429.44 6.770%
502694601 28 MF Las Vegas NV 60,033.41 9,586.65 7.125%
510000199 29 RT Modesto CA 61,097.80 7,119.83 7.250%
502700901 30 OF Washington DC 61,626.10 6,322.10 7.625%
528000031 31 MF Cecil Township PA 55,117.55 7,787.34 6.850%
510000198 32 MF New York NY 52,995.03 8,028.01 6.610%
510000178 33 MF Hollis NY 57,296.20 6,828.37 7.250%
510000201 34 IN San Diego CA 58,193.52 6,237.00 7.450%
502704402 35 MF Reno NV 52,507.24 6,159.92 7.250%
265950627 36 MF Virginia Beach VA 50,004.12 6,902.54 6.990%
510000170 37 OF Placentia CA 51,983.57 5,980.70 7.390%
265950659 38 MF Azusa CA 51,944.78 5,670.50 7.500%
528000039 39 MF Mount Lebanon PA 49,988.27 5,565.93 7.430%
510000180 40 MF Colorado Springs CO 48,210.18 5,455.28 7.375%
510000192 41 OF Federal Way WA 45,479.29 5,915.32 7.000%
502693202 42 OF Henderson NV 47,364.14 5,025.60 7.490%
502676401 43 RT Dalton GA 45,460.89 5,271.36 7.300%
510000183 44 MF Athens GA 44,527.66 5,271.21 7.250%
528000045 45 IN Los Angeles CA 44,303.69 13,563.50 7.650%
502683801 46 RT Loxahatchee FL 45,347.65 4,499.22 7.688%
510000181 47 RT Santa Fe NM 45,501.03 4,265.60 7.820%
510000197 48 RT Hyde Park NY 42,448.75 7,802.65 7.500%
510000175 49 RT Davison MI 42,591.46 4,605.52 7.500%
502700408 50 OF Rancho Cucamonga CA 37,641.12 4,938.24 7.000%
502708301 51 OF Kensington MD 37,028.87 8,028.30 7.000%
510000206 52 RT Houston TX 38,582.62 7,479.39 7.290%
510000210 53 MF Parkersburg WV 36,746.18 4,726.80 6.990%
628000054 54 RT Manteca CA 39,134.54 4,309.87 7.440%
510000209 55 MF South Charleston WV 36,604.85 4,708.61 6.990%
628000056 56 RT San Diego CA 38,805.55 4,196.14 7.500%
502704503 57 MU Palm Beach FL 36,598.08 4,332.50 7.250%
510000184 58 RT Beekman NY 37,245.23 6,977.22 7.470%
510000200 59 SS Los Angeles CA 36,228.41 6,261.74 7.290%
628000060 60 MF Glendale CA 34,744.70 4,350.55 7.130%
528000061 61 RT Pleasant Hill CA 39,038.65 7,085.69 8.250%
502681201 62 RT South Gate CA 35,088.12 3,838.07 7.440%
502693511 63 RT Buffalo Grove IL 32,647.46 3,880.84 7.240%
528000064 64 MF Fargo ND 30,467.90 3,606.81 7.250%
510000171 65 RT Plantation FL 31,060.28 3,558.71 7.400%
502695901 66 IN Bedford Park IL 30,459.98 9,819.68 7.500%
528000067 67 OF Troy MI 34,608.83 5,361.10 8.350%
502664903 68 MF Blacksburg VA 28,831.16 3,507.33 7.125%
502684301 69 RT North Lauderdale FL 28,901.16 3,550.80 7.160%
502699109 70 OF San Diego CA 30,581.66 3,211.01 7.570%
628000071 71 OF San Diego CA 28,013.24 3,588.63 7.000%
528000072 72 OF Troy MI 32,737.82 5,071.28 8.350%
528000073 73 MF Cottonwood AZ 27,822.18 3,458.67 7.110%
528000074 74 RT Van Nuys CA 30,982.61 2,995.55 7.900%
510000203 75 SS Farmingdale NY 27,191.59 5,614.29 7.100%
502707510 76 MF Roanoke VA 27,777.29 3,384.71 7.180%
502701003 77 MF Tampa FL 30,033.36 2,921.60 7.750%
502697001 78 IN Houston TX 27,448.56 3,249.37 7.250%
510000205 79 MF Various CA 23,744.26 3,716.04 6.510%
628000080 80 MF Glendale CA 25,159.95 3,150.40 7.130%
502675902 81 MF Harrisonburg VA 27,421.77 2,667.54 7.750%
502700409 82 MU Los Angeles CA 27,086.54 2,557.06 7.820%
502705801 83 MF Tallahassee FL 25,426.66 4,818.66 7.480%
510000194 84 OF Gaithersburg MD 25,295.85 2,672.73 7.500%
628000085 85 MF Fayetteville AR 23,549.15 3,062.95 7.000%
502702614 86 MF El Cajon CA 23,525.70 3,086.40 7.000%
502709701 87 MF Panama City FL 23,249.15 2,962.47 7.050%
502706203 88 RT Greenville NC 25,632.30 2,443.12 7.880%
528000089 89 IN Rancho Cordova CA 22,105.78 2,759.41 7.100%
502694903 90 RT West Palm Beach FL 22,668.10 3,485.83 7.770%
510000185 91 RT West Jordan UT 22,171.60 5,992.85 8.170%
502701701 92 IN Houston TX 21,227.37 2,163.88 7.640%
510000186 93 OF Coral Gables FL 20,540.78 1,906.16 7.375%
528000094 94 MF Grand Rapids MI 19,090.59 2,392.86 7.090%
528000095 95 IN Brea CA 19,952.88 2,225.11 7.410%
528000096 96 RT Englewood CO 19,333.29 2,130.49 7.400%
502692006 97 RT Plano TX 18,921.76 2,159.55 7.300%
502708803 98 RT Odessa TX 18,984.23 1,992.21 7.500%
502707505 99 MF Provo UT 17,675.19 2,283.89 7.000%
502695608 100 RT Huntington IN 18,811.97 2,008.73 7.530%
502689301 101 OF Havertown PA 17,967.82 2,032.12 7.360%
502672306 102 RT Abilene TX 17,317.48 2,139.51 7.125%
502706201 103 RT Lynchburg VA 19,498.00 1,550.34 8.470%
628000104 104 RT Vacaville CA 16,467.78 1,711.80 7.500%
502703401 105 RT Cypress CA 16,442.30 1,737.28 7.500%
510000193 106 MF Waterbury CT 15,840.82 1,745.63 7.400%
265950568 108 RT Kewanee IL 16,104.90 1,593.62 7.710%
528000109 109 MF Atwater CA 14,423.85 1,876.07 7.000%
502698105 110 MU McAllen TX 15,056.61 1,692.26 7.375%
502695609 111 RT Casa Grande AZ 14,940.59 1,595.35 7.530%
265950602 112 RT Palm Desert CA 15,095.20 1,537.95 7.625%
502711512 113 MF Pine Bluff AR 12,981.92 1,776.43 6.860%
502704601 114 MF Homestead FL 13,768.54 2,639.85 7.350%
502682401 115 IN Las Vegas NV 12,618.92 1,351.68 7.490%
502702501 116 SS Hesperia CA 12,467.25 2,312.57 7.500%
528000117 117 OF Juneau AK 12,421.00 1,167.55 7.870%
528000118 118 MF Atlanta GA 10,741.55 2,109.21 7.300%
528000119 119 RT Moreno Valley CA 10,559.60 3,688.93 7.530%
502711509 120 MF Baltimore MD 10,020.04 1,167.65 7.250%
528000121 121 RT Summersville WV 11,362.06 921.15 8.250%
528000122 122 MF Charlotte NC 9,686.00 1,940.84 7.310%
528000123 123 MF Carlsbad CA 8,833.78 955.23 7.500%
502711508 124 MU Baltimore MD 8,509.05 1,007.31 7.250%
528000125 125 OF Troy MI 9,363.50 1,450.46 8.350%
528000126 126 MF Fernley NV 9,016.65 891.10 8.200%
528000127 127 MF St. Cloud MN 7,173.94 1,597.11 6.920%
502695001 128 RT Houston TX 6,733.53 7,746.64 7.875%
528000129 129 IN Tucson AZ 7,928.40 1,331.72 8.500%
528000130 130 MF Oklahoma City OK 6,388.29 1,669.20 7.400%
265950478 131 MF Lee`s Summit MO 6,672.69 1,076.35 8.000%
501711510 132 MF Baltimore MD 5,767.63 672.11 7.250%
265950586 133 MF Lakewood NJ 6,104.94 430.83 8.500%
502711507 134 MF Baltimore MD 5,172.53 612.33 7.250%
528000135 135 IN Fresno CA 5,515.41 1,073.21 8.050%
528000136 136 OF Los Angeles CA 4,364.00 1,128.63 7.550%
528000137 137 OF Smithtown NY 4,036.40 2,005.55 7.500%
Totals 5,927,471.66 745,294.15
Loan Anticipated Maturity Neg. Beginning Ending Paid Thru
Number Repayment Date Amort Scheduled Scheduled Date
Date (Y/N) Balance Balance
<s> <c> <c> <c> <c> <c> <c>
502717405 N/A 11/01/2009 N 45,157,334.31 45,157,334.31 04/01/2004
510000176 N/A 07/01/2011 N 34,171,555.94 34,146,832.75 04/01/2004
265950581 N/A 07/01/2011 N 33,229,210.35 33,206,401.12 04/01/2004
502708001 N/A 12/01/2011 N 27,802,997.85 27,775,061.15 04/01/2004
502709418 N/A 12/01/2011 N 22,307,321.25 22,290,095.86 04/01/2004
510000202 N/A 12/01/2011 N 21,524,608.22 21,507,987.23 04/01/2004
502709417 N/A 12/01/2011 N 19,098,197.76 19,083,450.40 04/01/2004
502694905 N/A 09/01/2011 N 17,562,963.81 17,549,075.00 04/01/2004
502700407 N/A 10/01/2011 N 17,293,595.77 17,280,280.00 04/01/2004
502705804 N/A 08/01/2011 N 17,468,952.60 17,459,151.33 04/01/2004
502713101 N/A 12/01/2011 N 16,388,053.96 16,375,399.34 04/01/2004
502709419 N/A 12/01/2011 N 16,358,702.16 16,346,070.20 04/01/2004
502707905 N/A 08/01/2011 N 15,516,067.94 15,504,236.00 04/01/2004
528000014 N/A 10/01/2010 N 15,234,960.94 15,226,011.29 04/01/2004
502682901 N/A 09/01/2011 N 14,650,066.01 14,639,028.89 04/01/2004
265950628 N/A 04/01/2011 N 14,482,954.82 14,470,921.19 04/01/2004
502700406 N/A 10/01/2011 N 14,069,432.53 14,058,601.94 04/01/2004
510000190 N/A 10/01/2011 N 12,843,509.79 12,833,440.33 04/01/2004
265950625 N/A 04/01/2011 N 12,497,981.17 12,487,596.81 04/01/2004
502715603 10/01/2006 10/01/2011 N 12,187,858.63 12,173,744.00 04/01/2004
510000177 N/A 07/01/2011 N 12,168,418.70 12,160,090.15 04/01/2004
502710308 N/A 11/01/2011 N 12,000,000.00 12,000,000.00 04/01/2004
528000023 N/A 05/01/2010 N 11,765,922.63 11,758,925.95 04/01/2004
510000173 N/A 06/01/2008 N 11,721,364.41 11,713,389.48 04/01/2004
628000025 N/A 01/01/2011 N 11,666,804.05 11,658,391.79 04/01/2004
502701001 N/A 09/01/2011 N 10,733,333.19 10,710,239.13 04/01/2004
502696703 N/A 09/01/2011 N 10,037,039.41 10,028,609.97 04/01/2004
502694601 N/A 08/01/2006 N 9,784,731.86 9,775,145.21 09/01/2003
510000199 11/01/2011 11/01/2031 N 9,786,521.13 9,779,401.30 04/01/2004
502700901 N/A 07/01/2011 N 9,385,678.14 9,379,356.04 04/01/2004
528000031 N/A 07/01/2006 N 9,344,156.68 9,336,369.34 04/01/2004
510000198 N/A 11/01/2011 N 9,310,532.60 9,302,504.59 04/01/2004
510000178 N/A 08/01/2008 N 9,177,590.08 9,170,761.71 04/01/2004
510000201 N/A 11/01/2011 N 9,071,084.01 9,064,847.01 04/01/2004
502704402 N/A 10/01/2011 N 8,410,504.02 8,404,344.10 04/01/2004
265950627 N/A 04/01/2011 N 8,307,481.62 8,300,579.08 04/01/2004
510000170 N/A 05/01/2008 N 8,168,879.48 8,162,898.78 04/01/2004
265950659 N/A 06/01/2011 N 8,043,062.59 8,037,392.09 03/01/2004
528000039 N/A 07/01/2011 N 7,813,040.36 7,807,474.43 04/01/2004
510000180 N/A 08/01/2011 N 7,591,323.54 7,585,868.26 04/01/2004
510000192 N/A 10/01/2011 N 7,544,951.85 7,539,036.53 04/01/2004
502693202 N/A 10/01/2011 N 7,343,593.65 7,338,568.05 04/01/2004
502676401 N/A 09/01/2011 N 7,231,958.26 7,226,686.90 03/01/2004
510000183 N/A 09/01/2011 N 7,132,350.74 7,127,079.53 04/01/2004
528000045 N/A 02/01/2011 N 6,725,417.18 6,711,853.68 04/01/2004
502683801 N/A 08/01/2011 N 6,850,313.76 6,845,814.54 04/01/2004
510000181 N/A 08/01/2011 N 6,757,020.88 6,752,755.28 04/01/2004
510000197 10/01/2011 10/01/2026 N 6,572,710.41 6,564,907.76 04/01/2004
510000175 N/A 07/01/2011 N 6,594,806.49 6,590,200.97 04/01/2004
502700408 N/A 09/01/2011 N 6,244,609.37 6,239,671.13 04/01/2004
502708301 N/A 10/01/2011 N 6,143,038.21 6,135,009.91 04/01/2004
510000206 N/A 12/01/2011 N 6,146,175.74 6,138,696.35 04/01/2004
510000210 N/A 12/01/2011 N 6,104,861.33 6,100,134.53 04/01/2004
628000054 N/A 08/01/2011 N 6,108,409.46 6,104,099.59 04/01/2004
510000209 N/A 12/01/2011 N 6,081,381.30 6,076,672.69 04/01/2004
628000056 N/A 07/01/2011 N 6,008,601.56 6,004,405.42 04/01/2004
502704503 N/A 09/01/2011 N 5,862,206.04 5,857,873.54 04/01/2004
510000184 09/01/2011 09/01/2026 N 5,790,163.66 5,783,186.44 04/01/2004
510000200 N/A 11/01/2011 N 5,771,152.00 5,764,890.26 04/01/2004
628000060 N/A 08/01/2006 N 5,659,001.72 5,654,651.17 04/01/2004
528000061 N/A 08/01/2009 N 5,495,176.57 5,488,090.88 04/01/2004
502681201 N/A 09/01/2011 N 5,476,814.00 5,472,975.93 04/01/2004
502693511 N/A 09/01/2011 N 5,236,627.15 5,232,746.31 04/01/2004
528000064 N/A 09/01/2011 N 4,880,286.44 4,876,679.63 04/01/2004
510000171 N/A 05/01/2011 N 4,874,324.02 4,870,765.31 04/01/2004
502695901 N/A 09/01/2011 N 4,716,383.82 4,706,564.14 04/01/2004
528000067 N/A 10/01/2010 N 4,813,281.32 4,807,920.22 04/01/2004
502664903 N/A 12/01/2011 N 4,699,137.08 4,695,629.75 04/01/2004
502684301 N/A 09/01/2011 N 4,687,519.70 4,683,968.90 04/01/2004
502699109 N/A 07/01/2011 N 4,691,438.55 4,688,227.54 04/01/2004
628000071 N/A 12/01/2011 N 4,647,358.55 4,643,769.92 04/01/2004
528000072 N/A 10/01/2010 N 4,553,067.68 4,547,996.40 04/01/2004
528000073 N/A 10/01/2011 N 4,544,251.16 4,540,792.49 04/01/2004
528000074 N/A 01/01/2011 N 4,554,406.01 4,551,410.46 04/01/2004
510000203 N/A 12/01/2011 N 4,447,510.61 4,441,896.32 04/01/2004
502707510 N/A 09/01/2011 N 4,492,686.95 4,489,302.24 03/01/2004
502701003 N/A 07/01/2006 N 4,500,316.37 4,497,394.77 11/01/2003
502697001 N/A 09/01/2011 N 4,396,654.70 4,393,405.33 04/01/2004
510000205 N/A 12/01/2011 N 4,235,634.34 4,231,918.30 04/01/2004
628000080 N/A 08/01/2006 N 4,097,897.92 4,094,747.52 04/01/2004
502675902 N/A 07/01/2011 N 4,108,984.59 4,106,317.05 04/01/2004
502700409 N/A 07/01/2011 N 4,022,421.31 4,019,864.25 04/01/2004
502705801 N/A 07/01/2011 N 3,947,557.51 3,942,738.85 04/01/2004
510000194 N/A 10/01/2011 N 3,916,776.46 3,914,103.73 04/01/2004
628000085 N/A 10/01/2011 N 3,906,771.03 3,903,708.08 04/01/2004
502702614 N/A 09/01/2011 N 3,902,880.87 3,899,794.47 04/01/2004
502709701 N/A 10/01/2011 N 3,829,647.72 3,826,685.25 04/01/2004
502706203 N/A 03/01/2011 N 3,777,480.38 3,775,037.26 03/01/2004
528000089 N/A 10/01/2011 N 3,615,666.71 3,612,907.30 04/01/2004
502694903 N/A 07/01/2011 N 3,387,933.37 3,384,447.54 04/01/2004
510000185 N/A 09/01/2021 N 3,151,488.24 3,145,495.39 09/01/2003
502701701 07/01/2011 07/01/2021 N 3,226,588.35 3,224,424.47 04/01/2004
510000186 N/A 08/01/2011 N 3,234,415.50 3,232,509.34 04/01/2004
528000094 N/A 10/01/2011 N 3,126,899.65 3,124,506.79 04/01/2004
528000095 N/A 08/01/2011 N 3,127,002.86 3,124,777.75 04/01/2004
528000096 N/A 10/01/2011 N 3,033,994.43 3,031,863.94 04/01/2004
502692006 N/A 11/01/2011 N 3,010,090.70 3,007,931.15 04/01/2004
502708803 N/A 11/01/2011 N 2,939,493.22 2,937,501.01 04/01/2004
502707505 N/A 11/01/2011 N 2,932,290.33 2,930,006.44 04/01/2004
502695608 N/A 07/01/2011 N 2,901,216.03 2,899,207.30 04/01/2004
502689301 N/A 09/01/2008 N 2,835,034.29 2,833,002.17 04/01/2004
502672306 N/A 10/01/2011 N 2,822,542.89 2,820,403.38 04/01/2004
502706201 N/A 07/01/2010 N 2,673,298.11 2,671,747.77 04/01/2004
628000104 N/A 12/01/2011 N 2,549,849.14 2,548,137.34 04/01/2004
502703401 N/A 10/01/2011 N 2,545,904.63 2,544,167.35 04/01/2004
510000193 N/A 10/01/2011 N 2,485,918.07 2,484,172.44 03/01/2004
265950568 N/A 07/01/2011 N 2,425,740.98 2,424,147.36 04/01/2004
528000109 N/A 10/01/2008 N 2,392,897.00 2,391,020.93 04/01/2004
502698105 N/A 09/01/2011 N 2,370,860.04 2,369,167.78 04/01/2004
502695609 N/A 07/01/2011 N 2,304,165.56 2,302,570.21 04/01/2004
265950602 N/A 08/01/2011 N 2,299,004.04 2,297,466.09 04/01/2004
502711512 N/A 11/01/2011 N 2,197,635.21 2,195,858.78 04/01/2004
502704601 N/A 11/01/2011 N 2,175,410.92 2,172,771.07 04/01/2004
502682401 N/A 09/01/2011 N 1,956,505.77 1,955,154.09 03/01/2004
502702501 N/A 09/01/2011 N 1,930,412.13 1,928,099.56 04/01/2004
528000117 N/A 05/01/2011 N 1,832,831.80 1,831,664.25 04/01/2004
528000118 N/A 10/01/2011 N 1,708,775.36 1,706,666.15 04/01/2004
528000119 N/A 04/01/2021 N 1,628,520.45 1,624,831.52 04/01/2004
502711509 N/A 11/01/2011 N 1,604,989.50 1,603,821.85 04/01/2004
528000121 N/A 03/01/2011 N 1,599,351.77 1,598,430.62 04/01/2004
528000122 N/A 07/01/2011 N 1,538,749.02 1,536,808.18 04/01/2004
528000123 N/A 07/01/2011 N 1,367,811.48 1,366,856.25 04/01/2004
502711508 N/A 09/01/2011 N 1,362,962.92 1,361,955.61 04/01/2004
528000125 N/A 10/01/2010 N 1,302,244.31 1,300,793.85 04/01/2004
528000126 N/A 08/01/2009 N 1,276,945.18 1,276,054.08 04/01/2004
528000127 N/A 10/01/2011 N 1,203,906.17 1,202,309.06 04/01/2004
502695001 N/A 10/01/2011 N 992,963.67 985,217.03 04/01/2004
528000129 N/A 08/01/2009 N 1,083,196.38 1,081,864.66 03/01/2004
528000130 N/A 08/01/2008 N 1,002,521.59 1,000,852.39 03/01/2004
265950478 N/A 06/01/2011 N 968,616.77 967,540.42 04/01/2004
501711510 N/A 11/01/2011 N 923,847.75 923,175.64 04/01/2004
265950586 N/A 06/01/2011 N 834,071.97 833,641.14 03/01/2004
502711507 N/A 09/01/2011 N 828,524.97 827,912.64 04/01/2004
528000135 N/A 07/01/2009 N 795,651.30 794,578.09 04/01/2004
528000136 N/A 04/01/2008 N 671,241.37 670,112.74 04/01/2004
528000137 N/A 12/01/2018 N 645,823.49 643,817.94 04/01/2004
Totals 947,085,616.12 946,340,321.97
Loan Appraisal Appraisal Res. Mod.
Number Reduction Reduction Strat. Code
Date Amount (2) (3)
<s> <c> <c> <c> <c>
502694601 05/12/2003 1,018,002.26 2
502701003 2
510000185 7
265950586 1
Totals 1,018,002.26
<FN>
(1) Property Type Code
MF - Multi-Family
RT - Retail
HC - Health Care
IN - Industrial
WH - Warehouse
MH - Mobile Home Park
OF - Office
MU - Mixed Use
LO - Lodging
SS - Self Storage
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
Date # Balance # Balance # Balance
<s> <c> <c> <c> <c> <c> <c>
04/14/2004 0 $0.00 0 $0.00 2 $14,272,539.98
03/12/2004 0 $0.00 0 $0.00 1 $4,500,316.37
02/13/2004 0 $0.00 1 $4,505,145.46 2 $12,956,977.80
01/14/2004 0 $0.00 0 $0.00 0 $0.00
12/12/2003 1 $0.00 1 $3,170,620.70 1 $9,816,950.38
11/17/2003 0 $0.00 0 $0.00 2 $12,223,960.23
10/15/2003 0 $0.00 1 $9,837,478.44 1 $2,400,121.65
09/12/2003 0 $0.00 1 $9,848,622.31 1 $2,404,999.32
08/14/2003 1 $9,857,760.90 0 $0.00 1 $2,409,312.83
07/14/2003 0 $0.00 1 $2,413,596.83 0 $0.00
06/13/2003 0 $0.00 0 $0.00 1 $2,418,385.26
05/14/2003 1 $4,533,134.49 0 $0.00 1 $2,422,607.19
Distribution Foreclosure REO Modifications
Date # Balance # Balance # Balance
<s> <c> <c> <c> <c> <c> <c>
04/14/2004 0 $0.00 1 $3,145,495.39 0 $0.00
03/12/2004 1 $9,784,731.86 1 $3,151,488.24 0 $0.00
02/13/2004 0 $0.00 0 $0.00 0 $0.00
01/14/2004 3 $17,480,339.53 0 $0.00 0 $0.00
12/12/2003 0 $0.00 0 $0.00 0 $0.00
11/17/2003 0 $0.00 0 $0.00 0 $0.00
10/15/2003 0 $0.00 0 $0.00 0 $0.00
09/12/2003 0 $0.00 0 $0.00 0 $0.00
08/14/2003 0 $0.00 0 $0.00 0 $0.00
07/14/2003 0 $0.00 0 $0.00 0 $0.00
06/13/2003 0 $0.00 0 $0.00 0 $0.00
05/14/2003 0 $0.00 0 $0.00 0 $0.00
Prepayments Rate and Maturities
Distribution Curtailments Payoff Next Weighted Avg. WAM
Date # Amount # Amount Coupon Remit
<s> <c> <c> <c> <c> <c> <c> <c>
04/14/2004 0 $0.00 0 $0.00 7.285054% 7.214441% 83
03/12/2004 0 $0.00 0 $0.00 7.285083% 7.214473% 84
02/13/2004 0 $0.00 0 $0.00 7.285137% 7.214532% 85
01/14/2004 0 $0.00 0 $0.00 7.285166% 7.214563% 86
12/12/2003 0 $0.00 1 $2,365,584.85 7.285194% 7.214594% 87
11/17/2003 0 $0.00 0 $0.00 7.287031% 7.215224% 88
10/15/2003 0 $0.00 0 $0.00 7.285648% 7.213553% 89
09/12/2003 0 $0.00 0 $0.00 7.285691% 7.213598% 90
08/14/2003 0 $0.00 0 $0.00 7.285720% 7.213629% 91
07/14/2003 0 $0.00 0 $0.00 7.285746% 7.213657% 92
06/13/2003 0 $0.00 0 $0.00 7.285784% 7.214135% 93
05/14/2003 0 $0.00 0 $0.00 7.285810% 7.218197% 94
<FN>
Note: Foreclosure and REO Totals are excluded from the delinquencies aging
categories.
</FN>
Delinquency Loan Detail
Offering # of Paid Through Current Outstanding Status of
Loan Number Document Months Date P & I P & I Mortgage
Cross- Delinq. Advances Advances ** Loan (1)
Reference
<s> <c> <c> <c> <c> <c> <c>
502694601 28 6 09/01/2003 61,969.10 437,936.84 3
265950659 38 0 03/01/2004 57,280.16 57,280.16 B
502676401 43 0 03/01/2004 50,430.91 50,430.91 B
502707510 76 0 03/01/2004 30,974.80 30,974.80 B
502701003 77 4 11/01/2003 32,767.45 163,835.64 3
502706203 88 0 03/01/2004 27,918.02 27,918.02 B
510000185 91 6 09/01/2003 28,033.14 196,226.35 9
510000193 106 0 03/01/2004 17,482.87 17,482.87 B
502682401 115 0 03/01/2004 13,889.08 13,889.08 B
528000129 129 0 03/01/2004 9,214.98 9,214.98 B
528000130 130 0 03/01/2004 8,015.71 8,015.71 B
265950586 133 0 03/01/2004 6,501.01 6,501.01 B
Totals 12 344,477.23 1,019,706.37
Resolution Servicing Actual Outstanding
Loan Strategy Transfer Foreclosure Principal Servicing Bankruptcy REO
Number Code (2) Date Date Balance Advances Date Date
<s> <c> <c> <c> <c> <c> <c> <c>
502694601 2 10/04/2002 9,840,796.50 12,439.96
265950659 8,043,062.59 0.00
502676401 7,231,958.26 0.00
502707510 4,492,686.95 0.00
502701003 2 05/30/2003 4,514,664.62 95,758.86
502706203 3,777,480.38 0.00
510000185 7 04/18/2003 3,189,375.83 38,856.10 01/13/2004
510000193 2,485,918.07 0.00
502682401 1,956,505.77 0.00
528000129 1,083,196.38 0.00
528000130 1,002,521.59 0.00
265950586 1 06/26/2003 834,071.97 420.00
Totals 48,452,238.91 147,474.92
Current Outstanding Actual Outstanding
P & I P & I Principal Servicing
Advances Advances** Balance Advances
<s> <c> <c> <c> <c>
Totals By Delinquency Code:
Total for Status Code = 3 (2 loans) 94,736.55 601,772.48 14,355,461.12 108,198.82
Total for Status Code = 9 (1 loan) 28,033.14 196,226.35 3,189,375.83 38,856.10
Total for Status Code = B (9 loans) 221,707.54 221,707.54 30,907,401.96 420.00
<FN>
(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.
</FN>
Specially Serviced Loan Detail - Part 1
Offering Servicing Resolution Scheduled Property Interest Actual
Loan Document Transfer Strategy Balance Type (2) State Rate Balance
Number Cross Date Code (1)
Reference
<s> <c> <c> <c> <c> <c> <c> <c> <c>
502694601 28 10/04/2002 2 9,775,145.21 MF NV 7.125% 9,840,796.50
502701003 77 05/30/2003 2 4,497,394.77 MF FL 7.750% 4,514,664.62
510000185 91 04/18/2003 7 3,145,495.39 RT UT 8.170% 3,189,375.83
265950586 133 06/26/2003 1 833,641.14 MF NJ 8.500% 834,071.97
Net Remaining
Loan Operating DSCR Note Maturity Amortization
Number Income Date DSCR Date Date Term
<s> <c> <c> <c> <c> <c> <c>
502694601 803,246.00 12/31/2001 0.99 09/01/2001 08/01/2006 327
502701003 1.21 08/01/2001 07/01/2006 326
510000185 421,072.80 12/31/2002 1.25 10/01/2001 09/01/2021 208
265950586 1.29 07/01/2001 06/01/2011 325
<FN>
(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
OF - Office
MU - Mixed Use
LO - Lodging
SS - Self Storage
OT - Other
</FN>
Specially Serviced Loan Detail - Part 2
Offering
Document Resolution Site Other REO
Loan Cross Strategy Inspection Phase 1 Appraisal Appraisal Property
Number Reference Code (1) Date Date Date Value Revenue
<s> <c> <c> <c> <c> <c> <c> <c>
502694601 28 2 01/13/2003 10,250,000.00
502701003 77 2 6,100,000.00
510000185 91 7 5,325,000.00
265950586 133 1
Loan
Number Comments from Special Servicer
<s> <c>
502694601 Foreclosure sale has been set for 4/6/04.
502701003 Lenders legal counsel is in the process of filing the foreclosure documents and filing a
motion for the appointment of a receiver. The borrower had indicated that he would bring
the P&I payments on the loan current, but has failed to do so. The borrower has also
indicated that all structure work to the property has been completed and the city has
issued a certificate of occupancy. In addition, the borrower has informed the lender that
the liens by the city against the property have been removed. Lende r is in the process
of obtaining document regarding all of the borrowers recent claims.
510000185 REO as of 1/13/04 vis DIL. Flemings rejected lease as of 9/30/03--Food4Less box is dark
(50,120sf). In-line space is occupied (4 tenants) + free standing Arbys pad.
Environmental finalized and acceptable. Installed Wilson Property Services as property ma
nager. Will use separate leasing team. Considering Colliers Int'l and CBRE local Salt
Lake City retail specialists. Property is in West Jordan, a southwest suburb of SLC, UT.
265950586 Borrower has sold the property. Loan is current and assumption is in process.
<FN>
(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
</FN>
Modified Loan Detail
No Modified Loans
Liquidated Loan Detail
No Liquidated Loans