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Exhibit 99.1
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| KPMG LLP Suite 900 8350 Broad Street McLean, VA 22102 |
Independent Accountants’ Report on Applying Agreed-Upon Procedures
Ready Capital Corporation (the “Company”)
J.P. Morgan Securities LLC
Credit Suisse Securities (USA) LLC
Deutsche Bank Securities Inc.
Goldman Sachs & Co. LLC
Piper Sandler & Co.
Amherst Pierpont Securities LLC
Performance Trust
Capital Partners, LLC
(together, the “Specified Parties”):
Re: Ready Capital Mortgage Financing 2022-FL10, LLC – Data File Procedures
We have performed the procedures described below on the specified attributes in an electronic data file entitled ‘RCMF 2022-FL10 - Accounting Tape -09_30_2022.xlsx’ provided by the Company on September 30, 2022 (the “Data File”), containing information on 54 mortgage loans and the related 85 mortgaged properties as of September 15, 2022 (the “Cut-off Date”), which we were informed are intended to be included as collateral in the offering by Ready Capital Mortgage Financing 2022-FL10, LLC. The Company is responsible for the specified attributes identified by the Company in the Data File.
The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.
Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:
| · | The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold. |
| · | The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold. |
| · | The term “reporting threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively. |
| · | The term “Loan Files” means the copies of source documents provided by the Company and listed in Attachment A. We make no representation regarding the validity or accuracy of these documents. |
KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. |
| · | The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A. |
| · | The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures for and are listed in Attachment B. |
| · | The term “Calculation Methodology” means the formula listed in the Calculation Methodology field of the Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company. |
| · | The term “Assumed SOFR” means the Average SOFR rate of 2.2800% and the Term SOFR rate of 2.5200%, which we were instructed to use by the Company where applicable in the Calculation Methodology. |
| · | The term “Provided Information” means the Loan Files, Calculation Methodology, and Assumed SOFR. |
Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Specified Parties. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Specified Parties. We performed the procedures on the Data File, and the results of those procedures are reflected herein.
The procedures we were instructed by the Company to perform and the associated findings are as follows:
| A. | We compared the Compared Attributes in the Data File to the corresponding information included in the Loan Files. The Specified Parties indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The document priority is the order provided by the Company, which is listed in the “Source Document(s)” column in Attachment A, with the highest priority document listed first. |
| B. | We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File and (ii) the Calculation Methodology. |
We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.
We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the mortgage loans and related mortgage properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.
2
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the mortgage loans to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such mortgage loans being securitized, (iii) the compliance of the originator of the mortgage loans with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the mortgage loans and related mortgage properties that would be material to the likelihood that the issuer of the notes will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).
The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.
This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.
/s/ KPMG LLP
McLean, Virginia
September 30, 2022
3
ATTACHMENT A
COMPARED ATTRIBUTES
| Attribute | Source Document(s) |
| Mortgage Loan Type | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Property Address | Appraisal |
| Property City | Appraisal |
| Property State | Appraisal |
| Property Zip Code | Appraisal |
| Property County | Appraisal |
| Year Built | Appraisal, Engineering Report |
| Year Renovated | Appraisal, Engineering Report |
| Property Type | Appraisal |
| Specific Property Type | Appraisal |
| No of Units | Certified Rent Roll, Underwritten Rent Roll, STR Report, Appraisal |
| Unit of Measure | Certified Rent Roll, Underwritten Rent Roll, STR Report, Appraisal |
| Occupancy % | Certified Rent Roll, Underwritten Rent Roll, STR Report |
| Occupancy Source Date | Certified Rent Roll, Underwritten Rent Roll, STR Report |
| Loan Purpose (Acquisition, Refinance, DPO) | Settlement Statement, Sale Purchase Agreement |
| Assumed Loan (Y/N) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Borrower Name | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Principals (Individuals) | Loan Agreement, Promissory Note, Guaranty Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Organization Chart |
A-1
| Attribute | Source Document(s) |
| Related Borrower (Y/N) | Loan Agreement, Promissory Note, Guaranty Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Note Date | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| First Payment Date | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Fully Funded Whole Loan Mortgage Original Balance ($) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Initial Funded Amount ($) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Future Funding Trigger / Requirements | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Current Fully Funded Whole Loan Mortgage Balance | Servicing Schedule provided by the Company |
| Whole Loan Mortgage Cut-off Date Balance ($) | Servicing Schedule provided by the Company |
| Mortgage Loan Cut-off Date Balance ($) | Servicing Schedule provided by the Company |
| Initial Maturity Date | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Extension Options | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Extension Options Description | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| 1st Extension Option Description | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
A-2
| Attribute | Source Document(s) |
| First Extension Fee % | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| First Extension Period (Months) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| First Extension Cap | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| 2nd Extension Option Description | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Second Extension Fee % | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Second Extension Period (Months) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Second Extension Cap | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| 3rd Extension Option Description | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Third Extension Fee % | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Third Extension Period (Months) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
A-3
| Attribute | Source Document(s) |
| Third Extension Cap | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| 4th Extension Option Description | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fourth Extension Fee % | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fourth Extension Period (Months) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fourth Extension Cap | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| 5th Extension Option Description | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fifth Extension Fee % | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fifth Extension Period (Months) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Fifth Extension Cap | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Exit Fee % | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-4
| Attribute | Source Document(s) |
| Exit Fee Balance | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Fully Extended Maturity Date | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Rate Type | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Extension Notice |
| Index for Floating Rate | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Whole Loan Mortgage Margin % | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Mortgage Loan Margin % | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Junior Participation Margin | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Rounding Factor | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Time of Rounding (Before Spread, After Spread) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Rounding Direction | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Lookback Period | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Benchmark Cap Provider | Rate Cap Agreement, Rate Cap Confirmation |
| Benchmark Cap Provider Rating (SP/Moody) | Bloomberg Screenshot |
| Benchmark Cap Termination Date | Rate Cap Agreement, Rate Cap Confirmation |
A-5
| Attribute | Source Document(s) |
| Benchmark Cap Notional Amount | Rate Cap Agreement, Rate Cap Confirmation |
| Benchmark Floor % | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Benchmark Cap Strike Price % | Rate Cap Agreement, Rate Cap Confirmation, Loan Agreement, Mezzanine Loan Agreement |
| B Note / Mezz Loan % | Loan Agreement, Subordinate Debt Loan Agreement, Mezzanine Debt Loan Agreement, Subordinate Promissory Note, Mezzanine Promissory Note |
| Interest Accrual Basis | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Interest Rate Change | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Interest Rate Change Amount | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Interest Rate Change Trigger | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Grace Period Default (Days) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Grace Period Late (Days) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Grace Period Balloon (Days) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Original Prepayment Provision | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Remaining Prepayment Provision | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-6
| Attribute | Source Document(s) |
| Original Yield Maintenance or Minimum Interest Term | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Rate for Prepayment Protection | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Partial Release and/or Partial Prepayment (Y/N) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Partial Release and/or Prepayment Description | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amortization Type During Initial Term | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amortization Type During Extensions | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amortization Type | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| IO Number of Months | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| IO Number of Months through Fully Extended Loan Term | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amortization Style | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amort Number of Months | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amortization Rate | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amortization Rate Mechanics | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-7
| Attribute | Source Document(s) |
| Amortization Basis | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Origination Date Appraisal Date | Appraisal |
| Origination Date Appraised Value | Appraisal |
| Appraisal Valuation Date | Appraisal |
| As-Is Appraised Value | Appraisal |
| Stabilized Appraised Value | Appraisal |
| Appraisal Anticipated Stabilization Date | Appraisal |
| USPAP Appraisal (Y/N) | Appraisal |
| FIRREA Appraisal (Y/N) | Appraisal |
| Third Most Recent As Of Date | Underwritten Cash Flow Statement |
| Third Most Recent Actual Revenues | Underwritten Cash Flow Statement |
| Third Most Recent Actual Expenses | Underwritten Cash Flow Statement |
| Third Most Recent Actual NOI | Underwritten Cash Flow Statement |
| Third Most Recent Actual NCF | Underwritten Cash Flow Statement |
| Second Most Recent As Of Date | Underwritten Cash Flow Statement |
| Second Most Recent Actual Revenues | Underwritten Cash Flow Statement |
| Second Most Recent Actual Expenses | Underwritten Cash Flow Statement |
| Second Most Recent Actual NOI | Underwritten Cash Flow Statement |
| Second Most Recent Actual NCF | Underwritten Cash Flow Statement |
| Most Recent As Of Date | Underwritten Cash Flow Statement |
| Most Recent Actual Revenues | Underwritten Cash Flow Statement |
| Most Recent Actual Expenses | Underwritten Cash Flow Statement |
| Most Recent Actual NOI | Underwritten Cash Flow Statement |
| Most Recent Actual NCF | Underwritten Cash Flow Statement |
| Underwritten Occupancy % | Underwritten Cash Flow Statement |
| Underwritten Revenues | Underwritten Cash Flow Statement |
A-8
| Attribute | Source Document(s) |
| Underwritten Expenses | Underwritten Cash Flow Statement |
| Underwritten NOI | Underwritten Cash Flow Statement |
| Underwritten Reserves | Underwritten Cash Flow Statement |
| Underwritten NCF | Underwritten Cash Flow Statement |
| Appraisal Stabilized Occupancy % | Underwritten Cash Flow Statement |
| Appraisal Stabilized Revenues | Underwritten Cash Flow Statement |
| Appraisal Stabilized Expenses | Underwritten Cash Flow Statement |
| Appraisal Stabilized NOI | Underwritten Cash Flow Statement |
| Appraisal Stabilized Reserves | Underwritten Cash Flow Statement |
| Appraisal Stabilized NCF | Underwritten Cash Flow Statement |
| Lien Position | Title Policy |
| Full Recourse (Y/N/Partial) | Guaranty Agreement, Loan Agreement |
| Recourse Provisions | Guaranty Agreement, Loan Agreement |
| Recourse Carveout Guarantor | Guaranty Agreement, Loan Agreement |
| Title Vesting (Fee/Leasehold/Both) | Title Policy |
| Ground Lease Payment (Annual) | Ground Lease, Estoppel |
| Ground Lease Initial Expiration Date | Ground Lease, Estoppel |
| Ground Lease Extension (Y/N) | Ground Lease, Estoppel |
| # of Ground Lease Extension Options | Ground Lease, Estoppel |
| Ground Lease Expiration Date with Extension | Ground Lease, Estoppel |
| Type of Lockbox | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Cash Management (Springing/In-place) | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Cash Management Agreement, Tenant Direction Letter |
A-9
| Attribute | Source Document(s) |
| Cash Management Trigger Event | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Cash Management Agreement |
| Cash Sweep Trigger Event | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Cash Management Agreement |
| Upfront Engineering/Deferred Maintenance Escrow | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Engineering/Deferred Maintenance Escrow (Cut-off Date) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Upfront Environmental Escrow | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Environmental Escrow (Cut-off Date) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Upfront Tax Escrow | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Tax Escrow (Cut-off Date) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Tax Escrow (Monthly) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Tax Escrow Cap | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Springing Tax Escrow Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-10
| Attribute | Source Document(s) |
| Upfront Insurance Escrow | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Insurance Escrow (Cut-off Date) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Insurance Escrow (Monthly) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Insurance Cap | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Springing Insurance Escrow Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Upfront Replacement Reserve | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Replacement Reserve (Cut-off Date) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Replacement Reserve (Monthly) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Replacement Reserve Cap | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Springing Replacement Reserve Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
A-11
| Attribute | Source Document(s) |
| Upfront TI/LC Reserve | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| TI/LC Reserve (Cut-off Date) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Monthly TI/LC Reserve ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| TI/LC Reserve Cap ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Springing TI/LC Reserve Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Upfront Other Reserve 1 ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement, Settlement Statement |
| Cut-off Other Reserve 1 ($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Other Escrow 1 (Monthly) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Other Escrow 1 Cap | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Other (Springing) Escrow Reserve 1 Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Upfront Other Reserve 2 ($) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-12
| Attribute | Source Document(s) |
| Cut-off Other Reserve 2 ($) | Settlement Statement, Servicing Tape provided by the Company, Servicing Screenshot |
| Other Escrow 2 (Monthly) | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Other Escrow 2 Cap | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Other (Springing) Escrow Reserve 2 Description | Loan Agreement, Cash Management Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Engineering Report Date | Engineering Report |
| Environmental Report Date (Phase I) | Environmental Report |
| Environmental Report Date (Phase II) | Environmental Report |
| Environmental Insurance (Y/N) | Insurance Binder |
| Seismic Report Date | Seismic Report, Engineering Report |
| Seismic PML % | Seismic Report, Engineering Report |
| Seismic Insurance Obtained if PML >= 20% (Y/N) | Seismic Report, Engineering Report |
| Single-Tenant (Y/N) | Underwritten Rent Roll Statement |
| Property Manager | Management Agreement, Loan Agreement |
| TIC (Y/N) | Loan Agreement, TIC Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Max Number of TICs | Loan Agreement, TIC Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Single Purpose Borrower (Y/N) | Loan Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Independent Director (Y/N) | Loan Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-13
| Attribute | Source Document(s) |
| Borrower Non Consolidation Opinion (Y/N) | Non Consolidation Opinion |
| DST (Y/N) | Loan Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| IDOT (Y/N) | Loan Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Largest Tenant Name | Underwritten Rent Roll Statement |
| Largest Tenant SqFt | Underwritten Rent Roll Statement |
| Largest Tenant Exp Date | Underwritten Rent Roll Statement |
| 2nd Largest Tenant Name | Underwritten Rent Roll Statement |
| 2nd Largest Tenant SqFt | Underwritten Rent Roll Statement |
| 2nd Largest Tenant Exp Date | Underwritten Rent Roll Statement |
| 3rd Largest Tenant Name | Underwritten Rent Roll Statement |
| 3rd Largest Tenant SqFt | Underwritten Rent Roll Statement |
| 3rd Largest Tenant Exp Date | Underwritten Rent Roll Statement |
| 4th Largest Tenant Name | Underwritten Rent Roll Statement |
| 4th Largest Tenant Sqft | Underwritten Rent Roll Statement |
| 4th Largest Tenant Exp Date | Underwritten Rent Roll Statement |
| 5th Largest Tenant Name | Underwritten Rent Roll Statement |
| 5th Largest Tenant Sqft | Underwritten Rent Roll Statement |
| 5th Largest Tenant Exp Date | Underwritten Rent Roll Statement |
| Senior Debt Amount | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Senior Debt Holder | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Rate | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-14
| Attribute | Source Document(s) |
| Floor | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Maturity | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Amort | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| In-place Senior Debt Service | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| As Stabilized Senior Debt Service | Loan Agreement, Promissory Note, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Cut-off Date Subordinate Debt/Mezz Loan Bal ($) | Loan Agreement, Mezzanine Loan Agreement, Subordinate Debt Loan Agreement, Servicing Tape provided by the Company, Servicing Screenshot |
| Subordinate Debt Type | Loan Agreement, Mezzanine Loan Agreement, Subordinate Debt Loan Agreement, B Note |
| Subordinate Debt Type Interest Rate | Loan Agreement, Mezzanine Loan Agreement, Subordinate Debt Loan Agreement, Servicing Tape provided by the Company, Servicing Screenshot |
| Permitted Future Debt (Y/N) | Loan Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| Recycle SPE | Loan Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
| GeoTier | Underwritten Cash Flow Statement |
| Lender | Loan Agreement, Deed of Trust, Indenture, Mezzanine Loan Agreement, Mezzanine Promissory Note, Amended Loan Agreement |
A-15
ATTACHMENT B
RECOMPUTED ATTRIBUTES
| Attribute | Calculation Methodology |
| Whole Loan Mortgage Annual Debt Service Payment (IO) | Whole Loan Mortgage Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Fully Funded Whole Loan Mortgage Rate % |
| Whole Loan Mortgage Annual Debt Service Payment (P&I) | Whole Loan Mortgage Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Fully Funded Whole Loan Mortgage Rate % |
| Whole Loan Mortgage Annual Debt Service Payment (Cap) | Whole Loan Mortgage Cut-off Date Balance ($) multiplied by Interest Accrual Basis multiplied by Whole Loan Mortgage Rate Cap |
| Mortgage Loan Annual Debt Service Payment (IO) | Product of i) Mortgage Loan Cut-off Date Balance ($) divided by Whole Loan Mortgage Cut-off Date Balance ($), and ii) Whole Loan Mortgage Annual Debt Service Payment (IO) |
| Mortgage Loan Annual Debt Service Payment (P&I) | Product of i) Mortgage Loan Cut-off Date Balance ($) divided by Whole Loan Mortgage Cut-off Date Balance ($), and ii) Whole Loan Mortgage Annual Debt Service Payment (P&I) |
| Mortgage Loan Annual Debt Service Payment (Cap) | Product of i) Mortgage Loan Cut-off Date Balance ($) divided by Whole Loan Mortgage Cut-off Date Balance ($), and ii) Whole Loan Mortgage Annual Debt Service Payment (Cap) |
| Origination Date Future Funding Commitment ($) | Fully Funded Whole Loan Mortgage Original Balance ($) minus Initial Funded Amount ($) |
| Cut-off Date Future Funding Remaining Balance ($) | Current Fully Funded Whole Loan Mortgage Balance minus Whole Loan Mortgage Cut-off Date Balance ($) |
| Whole Loan Mortgage % of Total Cut-off Date Balance | Whole Loan Mortgage Cut-off Date Balance ($) divided by the aggregate Whole Loan Mortgage Cut- off Date Balance ($) of all loans related to the Mortgage Loans |
| Whole Loan Mortgage Cut-off Date Balance (At Risk) ($) | Whole Loan Mortgage Cut-off Date Balance ($) minus the sum of TI/LC Reserve (Cut-off Date) and the Cut-off Date reserve balances of earnout and capital expenditures reserves |
| Whole Loan Mortgage Balloon Payment ($) | Set to equal Current Fully Funded Whole Loan Mortgage Balance |
| Mortgage Loan Cut-off Date Balance ($) | Provided by the Company |
B-1
| Attribute | Calculation Methodology |
| Mortgage Loan % of Total Cut-off Date Balance | Mortgage Loan Cut-off Date Balance ($) divided by the aggregate Mortgage Loan Cut-off Date Balance ($) of all Mortgage Loans |
| Mortgage Loan Cut-off Date Balance (At Risk) ($) | Mortgage Loan Cut-off Date Balance ($) minus the sum of TI/LC Reserve (Cut-off Date) and the Cut-off Date reserve balances of earnout and capital expenditures reserves |
| Mortgage Loan Future Funding Cut-off Date Balance ($) | Current Fully Funded Whole Loan Mortgage Balance minus Mortgage Loan Cut-off Date Balance ($) |
| Mortgage Loan Balloon Balance ($) | Product of i) Whole Loan Mortgage Balloon Payment ($) divided by Current Fully Funded Whole Loan Mortgage Balance, and ii) Whole Loan Mortgage Balloon Payment ($) |
| Pari Passu | Whole Loan Mortgage Cut-off Date Balance ($) minus Mortgage Loan Cut-off Date Balance ($) |
| Whole Loan Mortgage Cut-off Date Balance / Unit ($) | Whole Loan Mortgage Cut-off Date Balance ($) divided by No of Units |
| Whole Loan Mortgage Cut-off Date Balance / Unit (at Risk) ($) | Whole Loan Mortgage Cut-off Date Balance (At Risk) ($) divided by No of Units |
| Fully Funded Whole Loan Mortgage Cut-off Date Balance / Unit ($) | Current Fully Funded Whole Loan Mortgage Balance divided by No of Units |
| Whole Loan Mortgage Balloon Payment / Unit ($) | Whole Loan Mortgage Balloon Payment ($) divided by No of Units |
| Mortgage Loan Cut-off Date Balance / Unit | Set to equal Whole Loan Mortgage Balloon Payment / Unit ($) |
| Mortgage Loan Cut-off Date Balance (At Risk) / Unit | Mortgage Loan Cut-off Date Balance (At Risk) ($) divided by No of Units |
| Mortgage Loan Balloon / Unit | Set to equal Whole Loan Mortgage Balloon Payment / Unit ($) |
| Initial Loan Term (Original) | Number of payments between the Initial Maturity Date and First Payment Date |
| Cut-off Date Initial Loan Term (Remaining) | Initial Loan Term (Original) minus Cut-off Date Seasoning |
| Cut-off Date Seasoning | Number of payments between the First Payment Date and Cut-off Date |
B-2
| Attribute | Calculation Methodology |
| First Extension Fee ($) | First Extension Fee % multiplied by Current Fully Funded Whole Loan Mortgage Balance |
| First Extension Floor | Set to equal Mortgage Loan Rate Floor if applicable |
| Second Extension Fee ($) | Second Extension Fee % multiplied by Current Fully Funded Whole Loan Mortgage Balance |
| Second Extension Floor | Set to equal Mortgage Loan Rate Floor if applicable |
| Third Extension Fee ($) | Third Extension Fee % multiplied by Current Fully Funded Whole Loan Mortgage Balance |
| Third Extension Floor | Set to equal Mortgage Loan Rate Floor if applicable |
| Fourth Extension Fee ($) | Fourth Extension Fee % multiplied by Current Fully Funded Whole Loan Mortgage Balance |
| Fourth Extension Floor | Set to equal Mortgage Loan Rate Floor if applicable |
| Fifth Extension Fee ($) | Fifth Extension Fee % multiplied by Current Fully Funded Whole Loan Mortgage Balance |
| Fifth Extension Floor | Set to equal Mortgage Loan Rate Floor if applicable |
| Exit Fee ($) | Exit Fee % multiplied by Current Fully Funded Whole Loan Mortgage Balance |
| Fully Extended Loan Term (Original) | Number of payments between the First Payment Date and Fully Extended Maturity Date |
| Fully Extended Loan Term (Remaining) | Fully Extended Loan Term (Original) minus Cut-off Date Seasoning |
| Whole Loan Mortgage Rate Floor | Whole Loan Mortgage Margin % plus the greater of i) Benchmark Floor % and ii) Assumed SOFR |
| Whole Loan Mortgage Rate Cap | Whole Loan Mortgage Margin % plus Benchmark Cap Strike Price % if applicable |
| Mortgage Loan Rate Floor | Set to equal Whole Loan Mortgage Rate Floor |
| Mortgage Loan Rate Cap | Set to equal Whole Loan Mortgage Rate Cap |
| Fully Funded Whole Loan Mortgage Rate % | The sum of the Whole Loan Mortgage Margin % and Assumed SOFR rounded by the respective rounding factor subject to (i) Whole Loan Mortgage Rate Floor and (ii) Whole Loan Mortgage Rate Cap |
B-3
| Attribute | Calculation Methodology |
| Fully Funded Mortgage Loan Rate % | Set to equal Fully Funded Whole Loan Mortgage Rate % |
| Origination Date LTV Ratio | Initial Funded Amount ($) divided by Origination Date Appraised Value |
| Whole Loan Mortgage Cut-off Date (As-Is) LTV Ratio | Whole Loan Mortgage Cut-off Date Balance ($) divided by As-Is Appraised Value |
| Whole Loan Mortgage Cut-off Date (At Risk) (As-Is) LTV Ratio | Whole Loan Mortgage Cut-off Date Balance (At Risk) ($) divided by As-Is Appraised Value |
| Mortgage Loan Cut-off Date (As-Is) LTV Ratio | Set to equal Whole Loan Mortgage Cut-off Date (As- Is) LTV Ratio |
| Mortgage Loan Cut-off Date (As-Is) (At Risk) LTV Ratio | Set to equal Whole Loan Mortgage Cut-off Date (At Risk) (As-Is) LTV Ratio |
| Fully Funded Whole Loan Mortgage (Stabilized) LTV Ratio | Current Fully Funded Whole Loan Mortgage Balance divided by Stabilized Appraised Value |
| Fully Funded Mortgage Loan (Stabilized) LTV Ratio | Set to equal Fully Funded Whole Loan Mortgage (Stabilized) LTV Ratio |
| Whole Loan Mortgage Maturity Date Stabilized LTV Ratio | Whole Loan Mortgage Balloon Payment ($) divided by Stabilized Appraised Value |
| Mortgage Loan Maturity Date Stabilized LTV Ratio | Set to equal Whole Loan Mortgage Maturity Date Stabilized LTV Ratio |
| Whole Loan Mortgage Most Recent NOI DSCR | Most Recent Actual NOI divided by Whole Loan Mortgage Annual Debt Service Payment (P&I) |
| Whole Loan Mortgage Most Recent NCF DSCR | Most Recent Actual NCF divided by Whole Loan Mortgage Annual Debt Service Payment (P&I) |
| Cut-off Date Whole Loan Mortgage Most Recent NOI Debt Yield | Most Recent Actual NOI divided by Whole Loan Mortgage Cut-off Date Balance ($) |
| Cut-off Date Whole Loan Mortgage Most Recent NCF Debt Yield | Most Recent Actual NCF divided by Whole Loan Mortgage Cut-off Date Balance ($) |
| Mortgage Loan Most Recent NOI DSCR | Set to equal Whole Loan Mortgage Most Recent NOI DSCR |
| Mortgage Loan Most Recent NCF DSCR | Set to equal Whole Loan Mortgage Most Recent NCF DSCR |
B-4
| Attribute | Calculation Methodology |
| Cut-off Date Mortgage Loan Most Recent NOI Debt Yield | Set to equal Cut-off Date Whole Loan Mortgage Most Recent NOI Debt Yield |
| Cut-off Date Mortgage Loan Most Recent NCF Debt Yield | Set to equal Cut-off Date Whole Loan Mortgage Most Recent NCF Debt Yield |
| Whole Loan Mortgage Underwritten NOI DSCR | Underwritten NOI divided by Whole Loan Mortgage Annual Debt Service Payment (P&I) |
| Whole Loan Mortgage Underwritten NCF DSCR | Underwritten NCF divided by Whole Loan Mortgage Annual Debt Service Payment (P&I) |
| Cut-off Date Whole Loan Mortgage Underwritten NOI Debt Yield | Underwritten NOI divided by Whole Loan Mortgage Cut-off Date Balance ($) |
| Cut-off Date Whole Loan Mortgage (At Risk) Underwritten NOI Debt Yield | Underwritten NOI divided by Whole Loan Mortgage Cut-off Date Balance (At Risk) ($) |
| Cut-off Date Whole Loan Mortgage Underwritten NCF Debt Yield | Underwritten NCF divided by Whole Loan Mortgage Cut-off Date Balance ($) |
| Cut-off Date Whole Loan Mortgage (At Risk) Underwritten NCF Debt Yield | Underwritten NCF divided by Whole Loan Mortgage Cut-off Date Balance (At Risk) ($) |
| Mortgage Loan Underwritten NOI DSCR | Set to equal Whole Loan Mortgage Underwritten NOI DSCR |
| Mortgage Loan Underwritten NCF DSCR | Set to equal Whole Loan Mortgage Underwritten NCF DSCR |
| Cut-off Date Mortgage Loan Underwritten NOI Debt Yield | Set to equal Cut-off Date Whole Loan Mortgage Underwritten NOI Debt Yield |
| Cut-off Date Mortgage Loan (At Risk) Underwritten NOI Debt Yield | Set to equal Cut-off Date Whole Loan Mortgage (At Risk) Underwritten NOI Debt Yield |
| Cut-off Date Mortgage Loan Underwritten NCF Debt Yield | Set to equal Cut-off Date Whole Loan Mortgage Underwritten NCF Debt Yield |
| Cut-off Date Mortgage Loan (At Risk) Underwritten NCF Debt Yield | Set to equal Cut-off Date Whole Loan Mortgage (At Risk) Underwritten NCF Debt Yield |
| Fully Funded Whole Loan Mortgage Appraisal Stabilized NOI DSCR | Appraisal Stabilized NOI divided by the product of i) Fully Funded Whole Loan Mortgage Rate %, ii) Whole Loan Mortgage Balloon Payment ($), and Interest Accrual Basis |
B-5
| Attribute | Calculation Methodology |
| Fully Funded Whole Loan Mortgage Appraisal Stabilized NCF DSCR | Appraisal Stabilized NCF divided by the product of i) Fully Funded Whole Loan Mortgage Rate %, ii) Whole Loan Mortgage Balloon Payment ($), and Interest Accrual Basis |
| Fully Funded Whole Loan Mortgage Appraisal Stabilized NOI Debt Yield | Appraisal Stabilized NOI divided by Whole Loan Mortgage Balloon Payment ($) |
| Fully Funded Whole Loan Mortgage Appraisal Stabilized NCF Debt Yield | Appraisal Stabilized NCF divided by Whole Loan Mortgage Balloon Payment ($) |
| Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR | Set to equal Fully Funded Whole Loan Mortgage Appraisal Stabilized NOI DSCR |
| Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR | Set to equal Fully Funded Whole Loan Mortgage Appraisal Stabilized NCF DSCR |
| Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield | Set to equal Fully Funded Whole Loan Mortgage Appraisal Stabilized NOI Debt Yield |
| Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield | Set to equal Fully Funded Whole Loan Mortgage Appraisal Stabilized NCF Debt Yield |
| Cut-off Date Total Debt Balance | Whole Loan Mortgage Cut-off Date Balance ($) plus Cut-off Date Subordinate Debt/Mezz Loan Bal ($) |
| Cut-off Date Total Debt As-Is LTV | Cut-off Date Total Debt Balance divided by As-Is Appraised Value |
| Cut-off Date Total Debt Ann Debt Service ($) | Whole Loan Mortgage Annual Debt Service Payment (P&I) plus the product of i) Cut-off Date Subordinate Debt/Mezz Loan Bal ($), ii) Subordinate Debt Type Interest Rate, and iii) Interest Accrual Basis |
| Cut-off Date Total Debt UW NCF DSCR | Underwritten NCF divided by Cut-off Date Total Debt Ann Debt Service ($) |
B-6
