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: December 14, 2004
(Date of earliest event reported)
Commission File No.: 333-53266-02
First Union Commercial Mortgage Trust
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)
52-2316404
52-2316405
52-2316406
52-7184008
(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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On December 14, 2004, a distribution was made to holders of First Union
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2001-C2.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Commercial Mortgage
Pass-Through Certificates, Series 2001-C2, relating to the
December 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 Trust
Commercial Mortgage Pass-Through Certificates
Series 2001-C2
(Registrant)
By: Wells Fargo Bank, N.A. as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: December 14, 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 December 14, 2004 distribution.
Wells Fargo Bank, 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: December 14, 2004
Record Date: November 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, 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 33736XBY4 6.204000% 190,553,000.00 146,817,508.87 2,670,797.68 759,046.52
A-2 33736XBZ1 6.663000% 590,647,000.00 590,647,000.00 0.00 3,279,567.47
B 33736XCA5 6.819000% 42,565,000.00 42,565,000.00 0.00 241,875.61
C 33736XCB3 6.922000% 12,520,000.00 12,520,000.00 0.00 72,219.53
D 33736XCC1 6.951000% 12,519,000.00 12,519,000.00 0.00 72,516.31
E 33736XCD9 7.003000% 20,031,000.00 20,031,000.00 0.00 116,897.58
F 33736XCE7 7.123000% 10,015,000.00 10,015,000.00 0.00 59,447.37
G 33736XCF4 7.388000% 15,023,000.00 15,023,000.00 0.00 92,491.60
H 33736XCG2 7.487000% 17,527,000.00 17,527,000.00 0.00 109,353.87
J 33736XCH0 7.607707% 12,519,000.00 12,519,000.00 0.00 79,367.41
K 33736XCJ6 6.460000% 15,023,000.00 15,023,000.00 0.00 80,873.82
L 33736XCK3 6.460000% 20,031,000.00 20,031,000.00 0.00 107,833.55
M 33736XCL1 6.460000% 5,008,000.00 5,008,000.00 0.00 26,959.73
N 33736XCM9 6.460000% 6,048,000.00 6,048,000.00 0.00 32,558.40
O 33736XCN7 6.460000% 5,908,000.00 5,908,000.00 0.00 31,804.73
P 33736XCP2 6.460000% 3,939,000.00 3,939,000.00 0.00 21,204.95
Q 33736XCQ0 6.460000% 21,663,038.00 21,584,648.57 0.00 111,765.94
V 33736XCS6 6.828000% 1,175,111.70 1,482,888.70 (8,437.64) 8,437.64
Z-I N/A 0.000000% 0.00 0.00 0.00 0.00
Z-II N/A 0.000000% 0.00 0.00 0.00 0.00
R-I N/A 0.000000% 0.00 0.00 0.00 0.00
R-II N/A 0.000000% 0.00 0.00 0.00 0.00
Totals 1,002,714,149.70 959,208,046.14 2,662,360.04 5,304,222.03
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 33736XBY4 0.00 0.00 3,429,844.20 144,146,711.19 23.14%
A-2 33736XBZ1 0.00 0.00 3,279,567.47 590,647,000.00 23.14%
B 33736XCA5 0.00 0.00 241,875.61 42,565,000.00 18.69%
C 33736XCB3 0.00 0.00 72,219.53 12,520,000.00 17.38%
D 33736XCC1 0.00 0.00 72,516.31 12,519,000.00 16.07%
E 33736XCD9 0.00 0.00 116,897.58 20,031,000.00 13.97%
F 33736XCE7 0.00 0.00 59,447.37 10,015,000.00 12.92%
G 33736XCF4 0.00 0.00 92,491.60 15,023,000.00 11.35%
H 33736XCG2 0.00 0.00 109,353.87 17,527,000.00 9.52%
J 33736XCH0 0.00 0.00 79,367.41 12,519,000.00 8.21%
K 33736XCJ6 0.00 0.00 80,873.82 15,023,000.00 6.64%
L 33736XCK3 0.00 0.00 107,833.55 20,031,000.00 4.54%
M 33736XCL1 0.00 0.00 26,959.73 5,008,000.00 4.02%
N 33736XCM9 0.00 0.00 32,558.40 6,048,000.00 3.39%
O 33736XCN7 0.00 0.00 31,804.73 5,908,000.00 2.77%
P 33736XCP2 0.00 0.00 21,204.95 3,939,000.00 2.36%
Q 33736XCQ0 0.00 544,997.72 111,765.94 21,039,650.85 0.16%
V 33736XCS6 0.00 0.00 0.00 1,491,326.34 0.00%
Z-I N/A 0.00 0.00 0.00 0.00 0.00%
Z-II N/A 0.00 0.00 0.00 0.00 0.00%
R-I N/A 0.00 0.00 0.00 0.00 0.00%
R-II N/A 0.00 0.00 0.00 0.00 0.00%
Totals 0.00 544,997.72 7,966,582.07 956,000,688.38
Class CUSIP Pass-Through Original Beginning Interest
Rate Notional Notional Distribution
Amount Amount
<s> <c> <c> <c> <c> <c>
IO 33736XCR8 0.966701% 1,001,539,038.00 957,725,157.44 771,528.01
Class CUSIP Prepayment Total Ending
Penalties Distribution Notional
Amount
<s> <c> <c> <c> <c>
IO 33736XCR8 0.00 771,528.01 954,509,362.04
<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 33736XBY4 770.48122501 14.01603585 3.98338793 0.00000000 0.00000000 756.46518916
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 6.33975637 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 996.38142028 0.00000000 5.15929206 0.00000000 25.15795430 971.22346598
V 33736XCS6 1,261.91297389 -7.18028763 7.18028763 0.00000000 0.00000000 1,269.09326152
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
Class CUSIP Beginning Interest Prepayment Ending
Notional Distribution Penalties Notional
Amount Amount
<s> <c> <c> <c> <c> <c>
IO 33736XCR8 956.25344705 0.77034242 0.00000000 953.04259327
Reconciliation Detail
Advance Summary
<s> <c>
P & I Advances Outstanding 669,568.62
Servicing Advances Outstanding 952,736.72
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 42,846.73
Less Delinquent Servicing Fees 2,007.53
Less Reductions to Servicing Fees 0.00
Plus Servicing Fees for Delinquent Payments Received 291.88
Plus Adjustments for Prior Servicing Calculation 0.00
Total Servicing Fees Collected 41,131.08
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-1 759,046.52 0.00 0.00 759,046.52 0.00
A-2 3,279,567.47 0.00 0.00 3,279,567.47 0.00
IO 771,528.01 0.00 0.00 771,528.01 0.00
B 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
D 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
F 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
H 109,353.87 0.00 0.00 109,353.87 0.00
J 79,367.41 0.00 0.00 79,367.41 0.00
K 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
M 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
O 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
Q 116,197.36 0.00 0.00 116,197.36 0.00
V 8,437.64 0.00 8,437.64 8,437.64 0.00
Total 6,080,181.46 0.00 8,437.64 6,080,181.46 0.00
Class Additional Interest Remaining Unpaid
Trust Fund Distribution Distributable
Expenses Certificate Interest
<s> <c> <c> <c>
A-1 0.00 759,046.52 0.00
A-2 0.00 3,279,567.47 0.00
IO 0.00 771,528.01 0.00
B 0.00 241,875.61 0.00
C 0.00 72,219.53 0.00
D 0.00 72,516.31 0.00
E 0.00 116,897.58 0.00
F 0.00 59,447.37 0.00
G 0.00 92,491.60 0.00
H 0.00 109,353.87 0.00
J 0.00 79,367.41 0.00
K 0.00 80,873.82 0.00
L 0.00 107,833.55 0.00
M 0.00 26,959.73 0.00
N 0.00 32,558.40 0.00
O 0.00 31,804.73 0.00
P 0.00 21,204.95 0.00
Q 4,431.42 111,765.94 114,115.89
V 0.00 8,437.64 316,214.63
Total 4,431.42 6,075,750.04 430,330.52
Other Required Information
<s> <c>
Available Distribution Amount (1) 8,738,110.08
Aggregate Number of Outstanding Loans 106
Aggregate Stated Principal Balance of Loans Before Distribution 959,208,046.14
Aggregate Stated Principal Balance of Loans After Distribution 956,000,688.38
Aggregate Unpaid Principal Balance of Loans 956,093,910.73
Aggregate Amount of Servicing Fee 41,131.08
Aggregate Amount of Special Servicing Fee 1,857.63
Aggregate Amount of Trustee Fee 1,755.83
Aggregate Trust Fund Expenses 0.00
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>
Appraisal Reduction Amount
Loan Appraisal Cumulative Date Appraisal
Number Reduction ASER Reduction
Amount Amount Effected
<s> <c> <c> <c>
265950372 1,442,425.34 79,371.41 12/08/2004
Total 1,442,425.34 79,371.41
Cash Reconciliation Detail
<s>
Total Funds Collected
Interest:
Scheduled Interest 6,124,783.99
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 6,124,783.99
Principal:
Scheduled Principal 1,127,844.96
Unscheduled Principal 1,534,515.08
Principal Prepayments 1,534,515.08
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 2,662,360.04
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 8,787,144.03
Total Funds Distributed
Fees:
Master Servicing Fee 42,846.73
Trustee Fee 1,755.83
Certificate Administration Fee 0.00
Insurer Fee 0.00
Miscellaneous Fee 0.00
Total Fees 44,602.56
Additional Trust Fund Expenses:
Reimbursement for Interest on Advances 0.00
ASER Amount 2,573.79
Special Servicing Fee 1,857.63
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 4,431.42
Interest Reserve Deposit 0.00
Payments to Certificateholders & Others:
Interest Distribution 6,075,750.04
Principal Distribution 2,662,360.04
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 8,738,110.08
Total Funds Distributed 8,787,144.06
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 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
Scheduled # of Scheduled % of WAM WAC Weighted
Balance Loans Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Below 2,000,000 20 25,719,241.00 2.69 77 7.7683 1.222410
2,000,001 to 4,000,000 20 56,317,265.65 5.89 73 7.7045 1.369678
4,000,001 to 6,000,000 22 110,683,854.30 11.58 74 7.7016 1.252509
6,000,001 to 8,000,000 7 48,925,501.82 5.12 73 7.8575 1.703743
8,000,001 to 10,000,000 8 73,464,885.14 7.68 73 7.6306 1.328207
10,000,001 to 15,000,000 9 117,386,278.10 12.28 72 7.6257 1.229866
15,000,001 to 20,000,000 8 138,238,831.32 14.46 74 7.5434 1.334896
20,000,001 to 25,000,000 4 91,892,071.70 9.61 73 7.6816 2.136163
25,000,001 to 30,000,000 3 83,318,866.30 8.72 60 7.9499 1.074062
30,000,001 to 35,000,000 2 64,912,912.00 6.79 75 7.9027 1.131021
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 43,407,337.45 4.54 73 6.7940 1.760000
45,000,001 to 50,000,000 1 50,000,000.00 5.23 73 7.7500 1.180000
50,000,001 or greater 1 51,733,643.60 5.41 74 7.5800 1.740000
Totals 106 956,000,688.38 100.00 72 7.6620 1.403412
State (3)
State # of Scheduled % of WAM WAC Weighted
Props Balance Agg. (2) Avg DSCR (1)
Bal.
<s> <c> <c> <c> <c> <c> <c>
Alabama 3 8,408,254.75 0.88 77 7.2200 1.126983
Arizona 1 1,496,634.77 0.16 74 7.8750 1.730000
Arkansas 1 874,500.47 0.09 74 7.8750 1.550000
California 26 215,439,900.79 22.54 72 7.9620 1.528744
Connecticut 4 12,747,822.94 1.33 73 7.8003 1.470085
Delaware 2 11,228,734.58 1.17 74 7.3263 1.183207
Florida 14 95,280,516.57 9.97 63 7.7824 1.070263
Georgia 3 18,015,321.86 1.88 74 7.7313 1.132240
Hawaii 1 19,890,910.68 2.08 73 8.0000 1.420000
Idaho 1 857,362.65 0.09 74 8.0000 1.020000
Illinois 2 7,342,902.09 0.77 74 7.4876 1.135637
Indiana 1 12,239,870.75 1.28 77 7.4400 1.190000
Maine 1 9,116,381.19 0.95 76 7.3000 0.880000
Maryland 2 23,937,986.33 2.50 71 8.3300 1.810000
Massachusetts 3 7,188,171.95 0.75 74 7.8433 1.483905
Michigan 3 4,733,919.84 0.50 89 7.2366 1.207996
Missouri 1 2,377,346.78 0.25 74 7.8750 1.730000
Nevada 4 47,948,807.33 5.02 74 7.3354 1.190329
New Jersey 5 32,727,566.99 3.42 73 7.5221 1.392449
New Mexico 1 1,652,764.60 0.17 71 8.7500 1.180000
New York 7 79,403,103.84 8.31 74 7.8249 1.623599
North Carolina 2 26,410,354.12 2.76 76 7.1773 1.372603
Oklahoma 1 7,147,492.20 0.75 77 7.4400 1.390000
Pennsylvania 6 82,006,072.14 8.58 73 7.2024 1.328414
South Carolina 1 11,491,127.74 1.20 76 7.2900 1.250000
Tennessee 3 7,583,505.47 0.79 74 8.0661 1.320787
Texas 26 117,690,284.93 12.31 71 7.5518 1.367784
Virginia 6 36,266,811.66 3.79 76 7.3347 1.455749
Washington,DC 1 51,733,643.60 5.41 74 7.5800 1.740000
Wisconsin 1 2,762,614.77 0.29 74 7.7500 1.380000
Totals 133 956,000,688.38 100.00 72 7.6620 1.403412
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>
1.04 or less 25 208,405,954.37 21.80 68 7.7142 0.814480
1.05 to 1.14 4 50,764,333.69 5.31 74 7.3807 1.124186
1.15 to 1.19 7 70,627,788.66 7.39 75 7.7154 1.180805
1.20 to 1.24 2 12,080,471.22 1.26 74 7.3149 1.232596
1.25 to 1.29 6 50,512,975.20 5.28 70 7.5683 1.265572
1.30 to 1.34 7 77,290,633.38 8.08 76 7.5271 1.320420
1.35 to 1.39 12 126,617,385.26 13.24 73 7.6236 1.374233
1.40 to 1.44 4 26,754,365.80 2.80 71 7.8952 1.422952
1.45 to 1.49 6 29,164,806.10 3.05 73 7.8175 1.475062
1.50 to 1.54 7 21,692,294.17 2.27 76 7.6394 1.523692
1.55 to 1.59 4 33,582,574.17 3.51 75 7.6556 1.556313
1.60 to 1.64 1 9,509,340.25 0.99 73 8.6500 1.620000
1.65 to 1.69 3 19,843,741.30 2.08 68 8.6000 1.661569
1.70 to 1.74 5 80,069,046.15 8.38 74 7.6488 1.734640
1.75 to 1.79 2 49,683,511.82 5.20 73 7.0348 1.763790
1.80 to 1.89 3 27,046,650.56 2.83 71 8.2915 1.812597
1.90 to 1.94 2 16,901,987.11 1.77 74 7.4885 1.925384
1.95 to 1.99 1 4,806,660.09 0.50 73 7.1400 1.990000
2.00 or greater 5 40,646,169.08 4.25 72 7.8196 3.546188
Totals 106 956,000,688.38 100.00 72 7.6620 1.403412
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 7 48,705,412.44 5.09 73 8.0953 1.146754
Lodging 8 61,233,401.58 6.41 73 7.9243 1.266000
Mixed Use 3 36,436,672.93 3.81 71 7.8701 3.118309
Mobile Home Park 1 874,604.57 0.09 13 8.5000 1.430000
Multi-Family 39 323,535,344.92 33.84 70 7.5012 1.157281
Office 28 269,841,617.77 28.23 73 7.7240 1.529842
Retail 27 181,617,700.98 19.00 76 7.5663 1.381700
Self Storage 20 33,755,933.19 3.53 74 7.8750 1.636437
Totals 133 956,000,688.38 100.00 72 7.6620 1.403412
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>
6.999% or less 7 53,341,327.45 5.58 78 6.8081 1.673759
7.000% to 7.249% 14 127,881,545.95 13.38 75 7.1756 1.234370
7.250% to 7.499% 22 223,346,525.25 23.36 73 7.3440 1.282562
7.500% to 7.749% 14 118,676,533.77 12.41 74 7.6058 1.433455
7.750% to 7.999% 17 187,841,932.19 19.65 74 7.8018 1.726917
8.000% to 8.249% 14 122,126,978.66 12.77 65 8.0515 1.057752
8.250% to 8.499% 8 44,439,253.73 4.65 67 8.3466 1.551150
8.500% to 8.749% 8 62,240,373.52 6.51 68 8.6570 1.438190
8.750% or greater 2 16,106,217.86 1.68 67 8.8577 1.610744
Totals 106 956,000,688.38 100.00 72 7.6620 1.403412
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 0 0.00 0.00 0 0.0000 0.000000
37 to 48 months 90 830,984,655.52 86.92 73 7.5350 1.393944
49 months and greater 16 125,016,032.86 13.08 68 8.5060 1.466347
Totals 106 956,000,688.38 100.00 72 7.6620 1.403412
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 4 43,421,210.46 4.54 40 7.9056 1.037341
61 to 84 months 87 853,525,753.32 89.28 73 7.6681 1.353865
85 to 108 months 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 months or greater 0 0.00 0.00 0 0.0000 0.000000
Totals 91 896,946,963.78 93.82 72 7.6796 1.338542
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>
108 months or less 15 59,053,724.60 6.18 79 7.3943 2.388703
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 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 59,053,724.60 6.18 79 7.3943 2.388703
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 7 61,250,000.00 6.41 73 7.3500 1.368939
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 12 245,736,249.47 25.70 73 7.5591 1.523625
301 to 348 months 71 582,051,571.79 60.88 71 7.7625 1.228783
349 to 360 months 0 0.00 0.00 0 0.0000 0.000000
361 months or greater 1 7,909,142.52 0.83 72 7.8800 3.430000
Totals 91 896,946,963.78 93.82 72 7.6796 1.338542
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>
1 year or less 98 932,431,715.95 97.53 72 7.6594 1.412020
1 to 2 years 6 15,204,115.09 1.59 76 7.5133 0.871121
2 years or greater 2 8,364,857.34 0.87 71 8.2249 1.411426
Totals 106 956,000,688.38 100.00 72 7.6620 1.403412
<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>
265950394 1 OF Washington DC 327,291.46 80,308.35 7.580%
265950357 2 LO Various Various 322,916.67 0.00 7.750%
510000162 3 OF Philadelphia PA 246,092.66 59,132.03 6.794%
265950334 4 MF La Jolla CA 221,819.26 29,843.84 8.030%
510000172 5 RT Islip NY 206,055.20 29,022.60 7.770%
603000006 6 MF Tallahassee FL 179,496.50 31,137.74 7.210%
603000007 7 MF Various FL 186,248.10 24,901.20 8.050%
603000008 8 OF Anaheim CA 186,743.77 21,139.48 8.700%
510000146 9 OF Gaithersburg MD 166,312.80 20,641.03 8.330%
265950525 10 MU Sacramento CA 154,375.00 0.00 7.800%
265950455 11 MF Las Vegas NV 138,187.50 0.00 7.370%
265950554 12 OF New York NY 129,635.19 22,483.38 7.160%
510000160 13 RT Kaneohe HI 132,801.27 29,280.14 8.000%
265950520 14 MF Las Vegas NV 116,796.47 20,831.88 7.090%
510000165 15 SS Various Various 115,318.54 26,122.20 7.875%
265950445 16 IN Lake Forest CA 111,371.03 16,248.84 7.700%
265950532 17 RT Asheboro NC 99,651.12 17,183.05 7.178%
510000166 18 SS Various Various 106,534.56 24,132.43 7.875%
265950489 19 MF Riverside CA 95,318.11 15,964.65 7.320%
265950448 20 MF Neptune City NJ 92,298.86 24,795.85 7.250%
265950378 21 MF Irving TX 91,875.00 0.00 7.350%
510000129 22 OF New York NY 106,920.68 11,577.00 8.870%
503000023 23 MF Moon Township PA 86,056.57 14,140.74 7.380%
265950381 24 MF Irving TX 87,281.25 0.00 7.350%
265950457 25 RT Woodbridge VA 75,215.39 12,537.69 7.300%
265950614 26 MF Bloomington IN 75,950.71 10,243.00 7.440%
265950322 27 OF Bensalem Township PA 81,545.38 10,654.52 8.140%
265950611 28 RT Los Angeles CA 71,765.96 11,401.49 7.410%
503000029 29 RT Bluffton SC 69,879.21 11,622.88 7.290%
265950533 30 RT Randleman NC 58,473.65 10,089.23 7.176%
510000153 31 IN Santa Cruz CA 68,601.29 7,601.59 8.650%
265950386 32 MF Dallas TX 58,187.50 0.00 7.350%
265950400 33 RT Chesapeake VA 57,311.38 9,114.00 7.500%
265950450 34 MF Wilmington DE 54,125.88 14,540.77 7.250%
510000169 35 RT Bangor ME 55,513.98 9,203.92 7.300%
265950449 36 MF Matawan NJ 52,986.38 14,234.66 7.250%
510000128 37 IN Sunnyvale CA 62,403.25 7,373.83 8.590%
265330988 38 MU Santa Monica CA 51,828.57 7,267.91 7.940%
510000151 39 OF New York NY 51,956.07 2,949.71 7.880%
265950566 40 OF Richmond VA 33,039.12 54,895.01 7.220%
265330998 41 OF Los Angeles CA 50,306.50 6,302.34 8.300%
265950562 43 OF Houston TX 32,158.08 53,431.14 7.220%
265950619 44 MF Norman OK 44,351.54 5,981.42 7.440%
265330972 45 LO Sabal Park FL 45,563.70 8,473.76 8.700%
265950561 46 OF Birmingham AL 28,633.90 47,575.68 7.220%
265950377 47 MF Richardson TX 38,281.25 0.00 7.350%
265950384 48 MF Bedford TX 38,281.25 0.00 7.350%
510000168 49 RT Jacksonville FL 35,693.18 5,767.78 7.380%
510000148 50 OF Parsippany NJ 40,396.94 4,808.60 8.480%
510000144 51 RT Los Angeles CA 39,339.26 4,610.06 8.530%
265950348 52 OF Austin TX 33,730.14 4,956.12 7.750%
265950458 53 MF Safety Harbor FL 33,594.64 4,879.16 7.770%
265950395 54 IN Augusta GA 33,336.40 4,812.55 7.750%
265950387 55 MF Dallas TX 32,156.25 0.00 7.350%
510000163 56 MF Joliet IL 31,695.36 5,013.40 7.500%
265950456 57 OF Alexandria VA 31,177.01 4,968.74 7.440%
265330973 58 LO Tallahassee FL 35,988.42 6,692.98 8.700%
265950321 59 MU Las Vegas NV 32,840.45 4,345.08 8.100%
510000156 60 MF Lafayette Hills PA 28,630.01 5,106.55 7.140%
265950435 61 RT Morrow GA 30,762.05 4,596.41 7.680%
510000152 62 MF Monterey CA 30,390.53 4,645.26 7.625%
265950390 63 RT Cupertino CA 30,418.56 4,516.49 7.700%
265950444 64 OF San Clemente CA 30,300.39 4,420.77 7.700%
265950382 65 MF San Antonio TX 29,093.75 0.00 7.350%
510000159 66 RT Austin TX 30,363.17 4,123.76 8.000%
265950349 67 OF Austin TX 28,108.45 4,130.10 7.750%
265950565 68 OF Richmond VA 18,501.91 30,741.20 7.220%
510000145 69 RT Jacksonville FL 27,224.52 3,570.82 8.170%
503000070 70 OF Pittsburgh PA 25,976.63 3,640.69 7.900%
603000071 71 MF Patton Township PA 24,472.59 3,770.40 7.600%
265950317 72 IN Memphis TN 24,306.48 3,100.68 8.140%
825999645 73 RT Galt CA 15,197.81 18,728.77 6.942%
265950370 74 MF Pasadena TX 22,106.51 2,778.15 8.290%
510000164 75 MF Farmers Branch TX 19,620.93 3,103.54 7.500%
265950372 76 MF Arlington TX 21,242.57 2,640.67 8.180%
265950560 77 OF Birmingham AL 13,215.65 21,958.00 7.220%
265950563 78 OF Houston TX 13,215.65 21,958.00 7.220%
265950459 79 RT Palm Beach Gardens FL 18,044.71 2,739.13 7.630%
265950422 80 IN Green Bay WI 17,868.93 4,186.67 7.750%
510000161 81 OF Healdsburg CA 18,423.25 2,489.04 8.000%
825999649 82 RT Palm Desert CA 11,896.14 14,983.86 6.828%
265950365 83 MF Newark DE 14,530.19 2,209.13 7.625%
265950328 84 RT Sterling IL 14,167.34 2,269.53 7.460%
265950481 85 MF Detroit MI 14,182.57 2,120.43 7.640%
265950431 86 RT Stamford CT 14,352.22 2,000.90 7.900%
510000158 87 MF Johnson Ciy TN 13,954.14 1,895.17 8.000%
265330960 88 MF Clarksville TN 13,659.47 1,536,444.60 7.875%
265950559 89 OF Birmingham AL 9,250.95 15,370.61 7.220%
265950369 90 MF Woburn MA 12,708.33 0.00 7.625%
265330945 91 OF San Francisco CA 12,529.11 1,799.13 7.750%
510000157 92 MF Johnson Ciy TN 12,758.99 1,732.86 8.000%
825999532 93 RT Portage MI 7,894.95 9,640.88 6.990%
510000154 94 IN Plano TX 10,982.42 1,491.58 8.000%
510000149 95 RT Albuquerque NM 12,060.98 1,312.93 8.750%
825999737 96 RT Roanoke VA 7,156.31 9,027.71 6.820%
825999799 97 RT Warren MI 6,587.54 8,423.68 6.750%
265950312 98 OF Encino CA 10,089.98 1,204.81 8.470%
265950564 99 OF San Antonio TX 6,167.30 10,247.07 7.220%
265950440 100 MF Naples FL 8,137.46 1,143.43 7.875%
265950353 101 OF White Plains NY 8,417.36 1,071.14 8.250%
265950367 102 MF Stuart FL 8,200.22 987.54 8.400%
265330909 103 MH Roanoke TX 6,200.22 720.00 8.500%
265950423 104 RT Meridian ID 5,720.90 772.92 8.000%
265950429 105 MF Carson City NV 5,434.30 798.49 7.750%
265950409 106 RT Long Beach CA 4,583.68 529.59 8.500%
265950428 107 MF Brookline MA 3,532.67 419.14 8.415%
825999649 108 RT Palm Desert CA 8,437.64 (8,437.64) 6.828%
Totals 6,124,783.99 2,662,360.04
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>
265950394 N/A 02/01/2011 N 51,813,951.95 51,733,643.60 12/01/2004
265950357 N/A 01/01/2011 N 50,000,000.00 50,000,000.00 12/01/2004
510000162 01/31/2011 01/01/2029 N 43,466,469.48 43,407,337.45 12/01/2004
265950334 N/A 01/01/2011 N 33,148,581.50 33,118,737.66 12/01/2004
510000172 06/01/2011 06/01/2031 N 31,823,196.94 31,794,174.34 12/01/2004
603000006 02/01/2011 02/01/2031 N 29,874,590.78 29,843,453.04 12/01/2004
603000007 N/A 01/01/2008 N 27,763,692.65 27,738,791.45 12/01/2004
603000008 07/01/2010 07/01/2030 N 25,757,761.29 25,736,621.81 12/01/2004
510000146 11/01/2010 11/01/2030 N 23,958,627.36 23,937,986.33 12/01/2004
265950525 N/A 11/10/2010 N 23,750,000.00 23,750,000.00 12/10/2004
265950455 N/A 01/01/2011 N 22,500,000.00 22,500,000.00 12/01/2004
265950554 04/01/2011 04/01/2031 N 21,726,568.75 21,704,085.37 12/01/2004
510000160 N/A 01/01/2011 N 19,920,190.82 19,890,910.68 12/01/2004
265950520 N/A 03/01/2011 N 19,768,090.61 19,747,258.73 12/01/2004
510000165 02/01/2011 02/01/2026 N 17,572,349.52 17,546,227.32 12/01/2004
265950445 N/A 04/01/2011 N 17,356,523.98 17,340,275.14 12/01/2004
265950532 N/A 04/01/2011 N 16,659,424.21 16,642,241.16 11/01/2004
510000166 02/01/2011 02/01/2026 N 16,233,838.29 16,209,705.86 12/01/2004
265950489 N/A 02/01/2011 N 15,625,919.52 15,609,954.87 12/01/2004
265950448 N/A 02/01/2011 N 15,277,053.41 15,252,257.56 12/01/2004
265950378 N/A 01/01/2011 N 15,000,000.00 15,000,000.00 12/01/2004
510000129 N/A 06/01/2010 N 14,465,030.26 14,453,453.26 12/01/2004
503000023 N/A 02/01/2011 N 13,992,938.52 13,978,797.78 12/01/2004
265950381 N/A 01/01/2011 N 14,250,000.00 14,250,000.00 12/01/2004
265950457 N/A 03/01/2011 N 12,364,173.51 12,351,635.82 12/01/2004
265950614 N/A 05/01/2011 N 12,250,113.75 12,239,870.75 12/01/2004
265950322 N/A 12/01/2010 N 12,021,431.57 12,010,777.05 12/01/2004
265950611 N/A 11/01/2009 N 11,622,017.19 11,610,615.70 12/01/2004
503000029 N/A 04/01/2011 N 11,502,750.62 11,491,127.74 12/01/2004
265950533 N/A 04/01/2011 N 9,778,202.19 9,768,112.96 11/01/2004
510000153 N/A 01/01/2011 N 9,516,941.84 9,509,340.25 12/01/2004
265950386 N/A 01/01/2011 N 9,500,000.00 9,500,000.00 12/01/2004
265950400 N/A 01/01/2011 N 9,169,821.07 9,160,707.07 12/01/2004
265950450 N/A 02/01/2011 N 8,958,765.95 8,944,225.18 12/01/2004
510000169 N/A 04/01/2011 N 9,125,585.11 9,116,381.19 12/01/2004
265950449 N/A 02/01/2011 N 8,770,160.13 8,755,925.47 12/01/2004
510000128 N/A 06/01/2010 N 8,717,566.85 8,710,193.02 12/01/2004
265330988 N/A 11/01/2010 N 7,833,033.59 7,825,765.68 12/01/2004
510000151 N/A 12/01/2010 N 7,912,092.23 7,909,142.52 12/01/2004
265950566 N/A 05/01/2011 N 5,491,266.65 5,436,371.64 12/01/2004
265330998 11/01/2010 11/01/2030 N 7,273,229.39 7,266,927.05 12/01/2004
265950562 N/A 05/01/2011 N 5,344,832.88 5,291,401.74 12/01/2004
265950619 N/A 05/01/2011 N 7,153,473.62 7,147,492.20 12/01/2004
265330972 N/A 11/01/2010 N 6,284,648.13 6,276,174.37 12/01/2004
265950561 N/A 05/01/2011 N 4,759,097.76 4,711,522.08 12/01/2004
265950377 N/A 01/01/2011 N 6,250,000.00 6,250,000.00 12/01/2004
265950384 N/A 01/01/2011 N 6,250,000.00 6,250,000.00 12/01/2004
510000168 N/A 04/01/2011 N 5,803,769.23 5,798,001.45 12/01/2004
510000148 N/A 10/01/2010 N 5,716,548.48 5,711,739.88 12/01/2004
510000144 N/A 10/01/2010 N 5,534,244.87 5,529,634.81 12/01/2004
265950348 N/A 01/01/2011 N 5,222,731.35 5,217,775.23 12/01/2004
265950458 N/A 02/01/2011 N 5,188,361.63 5,183,482.47 12/01/2004
265950395 N/A 03/01/2011 N 5,161,765.89 5,156,953.34 12/01/2004
265950387 N/A 01/01/2011 N 5,250,000.00 5,250,000.00 12/01/2004
510000163 N/A 02/01/2011 N 5,071,256.91 5,066,243.51 08/01/2004
265950456 N/A 03/01/2011 N 5,028,549.70 5,023,580.96 12/01/2004
265330973 N/A 11/01/2010 N 4,963,920.19 4,957,227.21 12/01/2004
265950321 N/A 12/01/2010 N 4,865,252.33 4,860,907.25 12/01/2004
510000156 N/A 01/01/2011 N 4,811,766.64 4,806,660.09 12/01/2004
265950435 N/A 02/01/2011 N 4,806,570.17 4,801,973.76 12/01/2004
510000152 N/A 01/01/2011 N 4,782,771.33 4,778,126.07 12/01/2004
265950390 N/A 02/01/2011 N 4,740,554.62 4,736,038.13 12/01/2004
265950444 N/A 04/01/2011 N 4,722,138.12 4,717,717.35 12/01/2004
265950382 N/A 01/01/2011 N 4,750,000.00 4,750,000.00 12/01/2004
510000159 N/A 01/01/2011 N 4,554,475.05 4,550,351.29 12/01/2004
265950349 N/A 01/01/2011 N 4,352,276.14 4,348,146.04 12/01/2004
265950565 N/A 05/01/2011 N 3,075,109.46 3,044,368.26 12/01/2004
510000145 10/01/2010 10/01/2030 N 3,998,706.06 3,995,135.24 11/01/2004
503000070 N/A 01/01/2011 N 3,945,817.71 3,942,177.02 12/01/2004
603000071 N/A 01/01/2011 N 3,864,093.15 3,860,322.75 12/01/2004
265950317 N/A 03/01/2011 N 3,583,265.09 3,580,164.41 11/01/2004
825999645 N/A 06/01/2013 N 2,627,106.87 2,608,378.10 12/01/2004
265950370 N/A 11/01/2005 N 3,199,976.89 3,197,198.74 12/01/2004
510000164 N/A 02/01/2011 N 3,139,349.58 3,136,246.04 12/01/2004
265950372 N/A 11/01/2010 N 3,116,270.13 3,113,629.46 09/01/2003
265950560 N/A 05/01/2011 N 2,196,506.77 2,174,548.77 12/01/2004
265950563 N/A 05/01/2011 N 2,196,506.77 2,174,548.77 12/01/2004
265950459 N/A 02/01/2011 N 2,837,961.66 2,835,222.53 12/01/2004
265950422 N/A 02/01/2011 N 2,766,801.44 2,762,614.77 12/01/2004
510000161 N/A 02/01/2011 N 2,763,487.99 2,760,998.95 12/01/2004
825999649 N/A 06/01/2013 N 2,090,710.09 2,075,726.23 12/01/2004
265950365 N/A 02/01/2011 N 2,286,718.53 2,284,509.40 12/01/2004
265950328 N/A 02/01/2011 N 2,278,928.11 2,276,658.58 12/01/2004
265950481 N/A 03/01/2011 N 2,227,628.85 2,225,508.42 12/01/2004
265950431 N/A 02/01/2011 N 2,180,084.70 2,178,083.80 12/01/2004
510000158 N/A 01/01/2011 N 2,093,120.58 2,091,225.41 12/01/2004
265330960 N/A 01/01/2011 N 2,081,442.32 0.00 09/01/2003
265950559 N/A 05/01/2011 N 1,537,554.51 1,522,183.90 12/01/2004
265950369 N/A 01/01/2011 N 2,000,000.00 2,000,000.00 12/01/2004
265330945 N/A 04/01/2011 N 1,939,991.03 1,938,191.90 12/01/2004
510000157 N/A 01/01/2011 N 1,913,848.51 1,912,115.65 12/01/2004
825999532 N/A 06/01/2013 N 1,355,357.07 1,345,716.19 12/01/2004
510000154 N/A 01/01/2011 N 1,647,363.09 1,645,871.51 12/01/2004
510000149 N/A 11/01/2010 N 1,654,077.53 1,652,764.60 12/01/2004
825999737 N/A 06/01/2013 N 1,259,175.62 1,250,147.91 12/01/2004
825999799 N/A 06/01/2013 N 1,171,118.91 1,162,695.23 11/01/2004
265950312 N/A 10/01/2010 N 1,429,513.45 1,428,308.64 12/01/2004
265950564 N/A 05/01/2011 N 1,025,036.51 1,014,789.44 12/01/2004
265950440 N/A 02/01/2011 N 1,239,993.98 1,238,850.55 12/01/2004
265950353 N/A 11/01/2010 N 1,224,343.90 1,223,272.76 12/01/2004
265950367 N/A 12/01/2010 N 1,171,459.87 1,170,472.33 12/01/2004
265330909 N/A 01/01/2006 N 875,324.57 874,604.57 12/01/2004
265950423 N/A 02/01/2011 N 858,135.57 857,362.65 12/01/2004
265950429 N/A 01/01/2011 N 841,439.84 840,641.35 12/01/2004
265950409 N/A 02/01/2011 N 647,107.07 646,577.48 12/01/2004
265950428 N/A 02/01/2011 N 503,767.14 503,348.00 12/01/2004
825999649 N/A 06/01/2013 N 1,482,888.70 1,491,326.34 12/01/2004
Totals 959,208,046.14 956,000,688.38
Loan Appraisal Appraisal Res. Mod.
Number Reduction Reduction Strat. Code
Date Amount (2) (3)
<s> <c> <c> <c> <c>
510000163 3
265950372 12/08/2004 1,442,425.34 7
265330960 7
Totals 1,442,425.34
<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
Loan Number Offering Principal Prepayment Amount Prepayment Penalties
Document Payoff Curtailment Prepayment Yield Maintenance
Cross-Reference Amount Amount Premium Premium
<s> <c> <c> <c> <c> <c>
265330960 88 1,534,515.08 0.00 0.00 0.00
Totals 1,534,515.08 0.00 0.00 0.00
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>
12/14/2004 0 $0.00 0 $0.00 1 $5,066,243.51
11/15/2004 0 $0.00 1 $5,071,256.91 0 $0.00
10/15/2004 0 $0.00 0 $0.00 0 $0.00
09/14/2004 0 $0.00 0 $0.00 0 $0.00
08/13/2004 0 $0.00 0 $0.00 0 $0.00
07/14/2004 0 $0.00 0 $0.00 0 $0.00
06/14/2004 0 $0.00 0 $0.00 0 $0.00
05/14/2004 0 $0.00 0 $0.00 0 $0.00
04/14/2004 0 $0.00 0 $0.00 1 $2,092,828.05
03/12/2004 0 $0.00 0 $0.00 1 $2,094,215.64
02/13/2004 0 $0.00 0 $0.00 1 $2,096,504.93
01/14/2004 0 $0.00 0 $0.00 1 $2,097,867.75
Distribution Foreclosure REO Modifications
Date # Balance # Balance # Balance
<s> <c> <c> <c> <c> <c> <c>
12/14/2004 0 $0.00 2 $3,113,629.46 0 $0.00
11/15/2004 0 $0.00 2 $5,197,712.45 0 $0.00
10/15/2004 0 $0.00 2 $5,201,095.79 0 $0.00
09/14/2004 0 $0.00 2 $5,205,612.98 0 $0.00
08/13/2004 0 $0.00 2 $5,208,941.93 0 $0.00
07/14/2004 0 $0.00 2 $5,212,247.97 0 $0.00
06/14/2004 1 $2,089,563.66 1 $3,127,127.20 0 $0.00
05/14/2004 1 $2,090,973.24 1 $3,128,970.32 0 $0.00
04/14/2004 0 $0.00 1 $3,131,507.12 0 $0.00
03/12/2004 0 $0.00 1 $3,133,319.60 0 $0.00
02/13/2004 0 $0.00 1 $3,136,534.82 0 $0.00
01/14/2004 0 $0.00 1 $3,138,312.14 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>
12/14/2004 0 $0.00 1 $1,534,515.08 7.662001% 7.604055% 72
11/15/2004 0 $0.00 0 $0.00 7.662301% 7.605147% 73
10/15/2004 0 $0.00 0 $0.00 7.662129% 7.604975% 74
09/14/2004 0 $0.00 0 $0.00 7.661969% 7.604816% 75
08/13/2004 0 $0.00 0 $0.00 7.661799% 7.604646% 76
07/14/2004 0 $0.00 1 $7,194,782.93 7.661630% 7.604478% 77
06/14/2004 0 $0.00 0 $0.00 7.664011% 7.605022% 78
05/14/2004 0 $0.00 0 $0.00 7.663844% 7.604857% 79
04/14/2004 0 $0.00 0 $0.00 7.663691% 7.604704% 80
03/12/2004 0 $0.00 0 $0.00 7.663528% 7.604542% 81
02/13/2004 0 $0.00 0 $0.00 7.663388% 7.604403% 82
01/14/2004 0 $0.00 0 $0.00 7.663227% 7.606650% 83
<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>
265950532 17 0 11/01/2004 116,140.03 116,140.03 A
265950533 30 0 11/01/2004 68,155.46 68,155.46 A
510000163 56 3 08/01/2004 36,434.07 145,734.88 3
510000145 69 0 11/01/2004 30,578.74 30,578.74 B
265950317 72 0 11/01/2004 27,257.86 27,257.86 A
265950372 76 14 09/01/2003 12,698.58 266,739.23 9
825999799 97 0 11/01/2004 14,962.42 14,962.42 A
Totals 7 306,227.15 669,568.62
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>
265950532 16,659,424.21 0.00
265950533 9,778,202.19 0.00
510000163 3 11/09/2004 5,084,020.72 5,601.65
510000145 3,998,706.06 0.00
265950317 3,583,265.09 0.00
265950372 7 08/01/2003 3,146,707.14 947,135.07 10/07/2003
825999799 1,171,118.91 0.00
Totals 43,421,444.32 952,736.72
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 (1 loan) 36,434.07 145,734.88 5,084,020.72 5,601.65
Total for Status Code = 9 (1 loan) 12,698.58 266,739.23 3,146,707.14 947,135.07
Total for Status Code = A (4 loans) 226,515.77 226,515.77 31,192,010.40 0.00
Total for Status Code = B (1 loan) 30,578.74 30,578.74 3,998,706.06 0.00
<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>
510000163 56 11/09/2004 3 5,066,243.51 MF IL 7.500% 5,084,020.72
265950372 76 08/01/2003 7 3,113,629.46 MF TX 8.180% 3,146,707.14
265330960 88 01/12/2004 7 0.00 MF TN 7.875% 0.00
Net Remaining
Loan Operating DSCR Note Maturity Amortization
Number Income Date DSCR Date Date Term
<s> <c> <c> <c> <c> <c> <c>
510000163 266,079.34 09/30/2004 0.90 03/01/2001 02/01/2011 313
265950372 454,425.95 12/31/2003 1.67 12/01/2000 11/01/2010 316
265330960 223,858.50 12/31/2003 1.18 02/01/2001 01/01/2011 312
<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>
510000163 56 3 11/28/2000 6,700,000.00
265950372 76 7 09/23/2003 3,250,000.00
265330960 88 7 07/15/2004 2,000,000.00
Loan
Number Comments from Special Servicer
<s> <c>
510000163 Loan was transferred 11/12/04 due to the loan being 60 days past due. Borrower has not
responded to our initial attempts to contact.
265950372 Occupancy @ 89%. Obtaining revised BOV's in December 04.
265330960 Liquidated as of 12/8/2004.
<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
Loan Final Offering Appraisal Appraisal Actual Gross Gross Proceeds
Number Recovery Document Date Value Balance Proceeds as a % of
Determination Cross Actual Balance
Date Reference
<s> <c> <c> <c> <c> <c> <c> <c>
265330995 06/30/2004 42 07/17/2000 16,000,000.00 7,284,523.61 7,455,125.29 102.342%
265330960 12/08/2004 88 07/15/2004 2,000,000.00 2,104,135.42 2,179,061.62 103.561%
Current Total 2,000,000.00 2,104,135.42 2,179,061.62
Cumulative Total 18,000,000.00 9,388,659.03 9,634,186.91
Liquidated Loan Detail
Loan Aggregate Net Net Proceeds Realized Repurchased
Number Liquidation Liquidation as a % of Loss by Seller
Expenses * Proceeds ctual Balance (Y/N)
<s> <c> <c> <c> <c> <c>
265330995 126,920.59 7,328,204.70 100.600% 78,389.43 N
265330960 321,308.51 1,857,753.11 88.291% 544,997.72 N
Current Total 321,308.51 1,857,753.11 544,997.72
Cumulative Total 448,229.10 9,185,957.81 623,387.15
<FN>
* Aggregate liquidation expenses also include outstanding P & I advances
and unpaid fees (servicing, trustee, etc.).
</FN>