0509 BACM 2007-1 OSAR

Operating Statement Review Worksheet

05/12/2009 8:28:40 AM Of 241

Tenant Improvements 0 0 0 0 0 0 0 0 0 0 -- --Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 0 0 0 0 6,118 14 0 0 6,118 14 -- --

Net Operating Income 190,615 428 0 0 158,926 357 123,728 123,728 112,615 253 (29%) (41%)

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 44% 0% 55% 65% 65% 68% 24% 56%Total Operating Expenses 147,331 331 0 0 192,297 432 226,295 226,295 237,408 534 23% 61%

Total Capital Items 0 0 0 0 6,118 14 0 0 6,118 14 -- --

DSCR (A,B) NOI/NCF 1.25 / 1.20 0.88 / 0.84DSCR (A) NOI/NCF 1.25 / 1.20 0.88 / 0.84

Occupancy 67% 70% 67%DSCR (A,B,C) NOI/NCF 1.25 / 1.20 0.88 / 0.84

Net Cash Flow After Debt Service 190,615 428 0 0 25,403 57 (3,677) (3,677) (20,908) (47) (182%) (111%)

Debt Service 0 0 0 0 127,405 286 127,405 127,405 127,405 286 -- --Net Cash Flow 190,615 428 0 0 152,808 343 123,728 123,728 106,497 239 (30%) (44%)

Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --Debt Service - B 0 0 0 0 0 0 0 0 0 0 -- --

Management 6.0% 6.0%

Other Income 0 0 0 0 17,948 40 15,133 15,133 15,133 34 (16%) --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 337,946 759 0 0 351,223 789 350,023 350,023 350,023 787 0% 4%Reimbursements 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 337,946 759 0 0 333,275 749 334,890 334,890 334,890 753 0% (1%)

Income

General & Administrative Expenses 147,331 331 0 0 22,912 51 25,294 25,294 25,294 57 10% (83%)

Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --Gross Potential Rent 0 0 0 0 0 0 0 0 0 0 -- --

Expenses

Advertising & Marketing 0 0 0 0 5,777 13 25,789 25,789 25,789 58 346% --Payroll & Benefits 0 0 0 0 66,901 150 64,007 64,007 64,007 144 (4%) --

Janitorial 0 0 0 0 0 0 0 0 0 0 -- --Professional Fees 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 21,074 47 18,314 18,314 21,001 47 0% --

Property Insurance 0 0 0 0 7,599 17 10,843 10,843 4,519 10 (41%) --Real Estate Taxes 0 0 0 0 30,824 69 31,692 31,692 46,442 104 51% --

Repairs and Maintenance 0 0 0 0 8,658 19 17,409 17,409 17,409 39 101% --Utilities Expense 0 0 0 0 28,552 64 32,947 32,947 32,947 74 15% --

Norm $ $/UNT Norm $ $/UNT Norm $ $/UNT Reported $ Actual $ Norm $ $/UNT 2007 % Base %

445 UNT Self-Storage

Baseline 2/28/2007 - 12 mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance

Special: CWCapital Asset Management LLC Portfolio:

Credit:

Primary Borrower Servicers Analysts

MIDDLEBORO LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned

Status: Performing Total: 125,660 125,660

Payment Amount

P & I (Current) 125,660 125,660 2,000,000Loan Property Balance

Expense: Property Insurance per Borrower’s reporting. Real Estate Taxes have been adjusted to 2007 Disbursement. Management Fees have been adjusted to 6% of EGI.

Income: Per 12/31/2007 rent roll, the property is 70% occupied with an average rental rate of $99/unit. Interest Only Loan.

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement Levels.

Base:

DSCR: Debt Service adjusted per Servicer Record.

2007:

Income: Per 12/31/2008 rent roll, property is 67% occupied with average monthly rents of $99/unit.

2008:

Expense: Property Insurance is per Borrower’s reporting. Real Estate Taxes have been adjusted to 2008 Disbursement. Management Fees have been adjusted to 6% of EGI. Real Estate Taxes have increased $16K over 2007 amount. Increase in Repair and Maintenance Expense is due to a $5K increase in outside services expense, a $2K increase in elevator maintenance expense and a $1.4K increase in repairs expense. Increase in advertising expense is due to a $16K increase in directory advertising expense and a $4K increase in advertising expense.

DSCR: Debt service payments are interest only; fixed rate. Loan originated 6/26/2006. Decrease in DSCR is due to a 23% increase in operating expenses.


Portfolio Contract ID / Name: 233 / BACM 2007-1 Loan / Collateral / Prospectus ID: 883401755 / 18985 / 150

MIDDLEBORO SELF STORAGE 104 WEST GROVE STREET, MIDDLEBORO, MA


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 670,299 10 0 0 0 0 755,727 755,727 738,914 11 -- 10%

Tenant Improvements 50,636 1 0 0 0 0 0 0 0 0 -- (100%)

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 6,763 0 0 0 0 0 0 0 10,145 0 -- 50%

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --

Management 4.0%

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 18% 0% 0% 18% 18% 20% -- 15%Total Operating Expenses 143,528 2 0 0 0 0 170,371 170,371 187,184 3 -- 30%

DSCR (A) NOI/NCF 1.39 / 1.27 1.78 / 1.75Net Cash Flow After Debt Service 132,072 2 0 0 0 0 339,951 339,951 312,993 5 -- 137%

DSCR (A,B) NOI/NCF 1.39 / 1.27 1.78 / 1.75

Occupancy 100%DSCR (A,B,C) NOI/NCF 1.39 / 1.27 1.78 / 1.75

Net Cash Flow 612,900 9 0 0 0 0 755,727 755,727 728,769 11 -- 19%Total Capital Items 57,399 1 0 0 0 0 0 0 10,145 0 -- (82%)

Debt Service 480,828 7 0 0 0 0 415,776 415,776 415,776 6 -- (14%)


Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --Expense Reimbursement 0 0 0 0 0 0 144,899 144,899 144,899 2 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 813,828 12 0 0 0 0 926,098 926,098 926,098 14 -- 14%Other Income 0 0 0 0 0 0 1,785 1,785 1,785 0 -- --

Income

General & Administrative Expenses 143,528 2 0 0 0 0 899 899 899 0 -- (99%)

Gross Potential Rent 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 813,828 12 0 0 0 0 779,414 779,414 779,414 12 -- (4%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 0 0 20,231 20,231 37,044 1 -- --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --

Professional Fees 0 0 0 0 0 0 0 0 0 0 -- --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --

Real Estate Taxes 0 0 0 0 0 0 67,258 67,258 67,258 1 -- --

Expenses

Property Insurance 0 0 0 0 0 0 8,050 8,050 8,050 0 -- --

Repairs and Maintenance 0 0 0 0 0 0 56,191 56,191 56,191 1 -- --Utilities Expense 0 0 0 0 0 0 17,742 17,742 17,742 0 -- --

Norm $ $/NRSF Norm $ $/NRSF Norm $ $/NRSF Reported $ Actual $ Norm $ $/NRSF % Base %

67,632 NRSF Shadow Anchored Retail


- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


Credit:


FOR 1031 BATTLEFIELD STATION LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

Charles Cochran 7,392.00 10.93 16.19 01/31/2015

Archer & Associates, LLC 5,200.00 7.69 11.25 07/31/2010

GFCGA, L.P. 22,560.00 33.36 8.75 10/31/2015

Three Largest Tenants Sq. Ft. % $/SF/Yr Expiration

Status: Performing

Total: 410,080 410,080

Payment Amount


Capital Expense: Capital Expenditures have been adjusted to $0.15/SF. Tenant Improvements / Leasing Commissions adjusted per UW.

Base:

Expense: Property Insurance per Borrower’s reporting. Real Estate Taxes have been adjusted to Loan Escrow Constant Amount. Management Fees have been adjusted to 4% of EGI.

2007:

Income: Per rent roll dated 6/30/2007, property is 100% occupied with an average monthly rental rate of $11.73/SF.


SENTRY STATION 2535-2645 BATTLEFIELD PKWY, FT OGLETHORPE, GA


EXPRESSWAY PLAZA II 1500 - 1512 LOWES BLVD, KILLEEN, TX


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 10,332 0 0 0 5,166 0 (50%) --Net Operating Income 526,668 9 0 0 476,867 8 316,069 316,069 255,708 4 (46%) (51%)

Tenant Improvements 31,348 1 0 0 20,977 0 0 0 10,489 0 (50%) (67%)

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 5,830 0 0 0 8,745 0 0 0 4,373 0 (50%) (25%)

Other Expenses 0 0 0 0 0 0 1,549 1,549 1,549 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 31% 0% 31% 13% 13% 29% (5%) (6%)Total Operating Expenses 240,718 4 0 0 213,251 4 46,523 46,523 106,884 2 (50%) (56%)

DSCR (A) NOI/NCF 1.31 / 1.21 1.18 / 1.08 1.27 / 1.17Net Cash Flow After Debt Service 86,456 1 0 0 33,780 1 114,552 114,552 34,163 1 1% (60%)

DSCR (A,B) NOI/NCF 1.31 / 1.21 1.18 / 1.08 1.27 / 1.17

Occupancy 100% 100% 100%DSCR (A,B,C) NOI/NCF 1.31 / 1.21 1.18 / 1.08 1.27 / 1.17

Net Cash Flow 489,490 8 0 0 436,813 7 316,069 316,069 235,680 4 (46%) (52%)Total Capital Items 37,178 1 0 0 40,054 1 0 0 20,028 0 (50%) (46%)

Debt Service 403,033 7 0 0 403,033 7 201,517 201,517 201,517 3 (50%) (50%)


Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --Expense Reimbursement 0 0 0 0 104,534 2 67,160 67,160 67,160 1 (36%) --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 767,385 13 0 0 690,118 12 362,592 362,592 362,592 6 (47%) (53%)Other Income 0 0 0 0 2,146 0 0 0 0 0 -- --

Income



Base Rent 767,385 13 0 0 583,438 10 295,432 295,432 295,432 5 (49%) (62%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 27,605 0 9,929 9,929 10,878 0 (61%) --Janitorial 0 0 0 0 21,055 0 10,609 10,609 10,609 0 (50%) --



Real Estate Taxes 0 0 0 0 95,446 2 0 0 49,632 1 (48%) --

Expenses

Property Insurance 0 0 0 0 19,927 0 0 0 9,780 0 (51%) --

Repairs and Maintenance 0 0 0 0 34,078 1 6,643 6,643 6,643 0 (81%) --Utilities Expense 0 0 0 0 13,096 0 12,778 12,778 12,778 0 (2%) --

Norm $ $/NRSF Norm $ $/NRSF Norm $ $/NRSF Reported $ Actual $ Norm $ $/NRSF 2007 % Base %

58,300 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:


EXPRESSWAY PLAZA MASTER LTD Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

Cato 8,100.00 13.89 9.75 01/31/2013

Anna's Linens 8,000.00 13.72 12.50 01/07/2018

Goodys 35,000.00 60.03 6.00 05/31/2012


Status: Performing

Total: 403,033 403,033

Payment Amount


Expense: Real Estate Taxes have been adjusted to 2007 Disbursements. Insurance per borrower. Management Fees have been adjusted to 4% of EGI. Repair and Maintenance Expense is down from 2006 due to a $36K decrease in painting expense. Professional Fees are down from 2006 due to a $68K decrease in legal and accounting fees.

Income: Per rent roll dated 01/01/2008, occupancy is 100% with average annual rents of $10.08/sf. Expense Reimbursements are up from 2006 due to an increase in CAM reimbursements, and also due to no electricity reimbursements reported for 2006.

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement Levels. TI has been adjusted to 67% and LC 33% of Reserve Replacement Levels.

Base:

DSCR: Low DSCR is due to low Rental Income.

Income: Per the 6/11/2008 rent roll, the property is 40% occupied with an average annual rental rate of $12.62/sf.

2008: Occupancy is updated as per the Rent Roll (100% Occupied). Adjustment for Management Fees is made as per CMSA Guidelines.Sangeetha--9/29/2008.

Expense: Real estate taxes and property insurance have been adjusted per the loan escrow constant. Management fees have been adjusted to 4% of EGI. General & administrative expense has increased due to higher fire alarm costs.

2007:

Capital Expense: Capital expenditures and TI/LC have been adjusted to the reserve amounts.


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 14,355 261 0 0 14,355 261 0 0 10,766 196 (25%) (25%)Net Operating Income 187,370 3,407 0 0 144,558 2,628 166,725 166,725 153,793 2,796 6% (18%)

Total Capital Items 14,355 261 0 0 14,355 261 0 0 10,766 196 (25%) (25%)Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 41% 0% 40% 32% 32% 37% (6%) (8%)

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --General & Administrative Expenses 127,737 2,322 0 0 1,973 36 3,082 3,082 3,082 56 56% (98%)

Total Operating Expenses 127,737 2,322 0 0 96,624 1,757 79,245 79,245 92,177 1,676 (5%) (28%)Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 173,015 3,146 0 0 34,879 634 71,401 71,401 47,703 867 37% (72%)

Debt Service 0 0 0 0 95,324 1,733 95,324 95,324 95,324 1,733 -- --Net Cash Flow 173,015 3,146 0 0 130,203 2,367 166,725 166,725 143,027 2,600 10% (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --Laundry/Vending 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 315,107 5,729 0 0 241,182 4,385 245,970 245,970 245,970 4,472 2% (22%)Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 315,107 5,729 0 0 241,182 4,385 245,970 245,970 245,970 4,472 2% (22%)

Income

Professional Fees 0 0 0 0 1,168 21 2,134 2,134 2,134 39 83% --


Management Fees 0 0 0 0 16,079 292 0 0 12,299 224 (24%) --Repairs and Maintenance 0 0 0 0 25,544 464 20,608 20,608 20,608 375 (19%) --

Advertising & Marketing 0 0 0 0 0 0 1,900 1,900 1,900 35 -- --Payroll & Benefits 0 0 0 0 7,857 143 10,550 10,550 10,550 192 34% --

Tenant Improvements 0 0 0 0 0 0 0 0 0 0 -- --

Real Estate Taxes 0 0 0 0 25,608 466 20,250 20,250 17,705 322 (31%) --

Expenses

Utilities Expense 0 0 0 0 5,857 106 7,149 7,149 7,149 130 22% --Property Insurance 0 0 0 0 12,538 228 13,571 13,571 16,750 305 34% --


55 UNT Multifamily


- mos 2007 9/30/2007 - 9 mos

2008 9/30/2008 - 9 mos

YTD Variance


Credit:


WEDGWOOD INVESTCO, LLC Primary: Grandbridge Real Estate Capital, LLC Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Capital Expense: Cap ex is per U/W

Expense: RET and insurance were adjusted using constants. A 5% management fee was used.

Base:

DSCR: 2007 normalized figures are annualized per version 4.1 of the CMSA IRP

Income: OSAR was normalized/annualized to reflect 9 months of operation. The Borrower only provided 4 months of activity.

Expense: Eliminated non-operating other expenses totalling $139,369.27. Tax and insurance adjusted using monthly constants. Management fee normalized to 5% EGI.

2008:

2007:

Capital Expense: Capital items normalized to 75% of UW amount.


WEDGEWOOD APARTMENTS 100 ROBERT JEMISON DRIVE, BIRMINGHAM, AL


TULSA RETAIL CENTER 9121 EAST 71ST STREET, TULSA, OK


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 30,282 0 0 0 30,282 0 -- --Net Operating Income 935,826 8 0 0 990,650 8 738,790 738,790 810,080 7 (18%) (13%)

Tenant Improvements 60,568 0 0 0 30,282 0 0 0 30,282 0 -- (50%)

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 18,566 0 0 0 18,566 0 0 0 18,566 0 -- --

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.36 / 1.25 1.44 / 1.33 1.18 / 1.06Net Cash Flow After Debt Service 170,337 1 0 0 225,165 2 52,434 52,434 44,594 0 (80%) (74%)

DSCR (A,B) NOI/NCF 1.36 / 1.25 1.44 / 1.33 1.18 / 1.06


Net Cash Flow 856,692 7 0 0 911,520 7 738,790 738,790 730,950 6 (20%) (15%)Total Capital Items 79,134 1 0 0 79,130 1 0 0 79,130 1 -- 0%

Debt Service 686,355 6 0 0 686,356 6 686,356 686,356 686,356 6 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,162,993 9 0 0 1,243,088 10 1,114,004 1,114,004 1,114,004 9 (10%) (4%)Other Income 0 0 0 0 704 0 0 0 0 0 -- --

Income



Base Rent 1,162,993 9 0 0 1,067,798 9 945,844 945,844 945,844 8 (11%) (19%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 49,724 0 80,650 80,650 44,560 0 (10%) --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --


Professional Fees 0 0 0 0 5,883 0 22,050 22,050 22,050 0 275% --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --

Real Estate Taxes 0 0 0 0 98,705 1 155,984 155,984 120,784 1 22% --

Expenses

Property Insurance 0 0 0 0 22,664 0 10,217 10,217 10,217 0 (55%) --

Repairs and Maintenance 0 0 0 0 46,581 0 72,840 72,840 72,840 1 56% --Utilities Expense 0 0 0 0 5,621 0 3,330 3,330 3,330 0 (41%) --


123,774 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


TRC ASSOCIATES, LLC Primary: Capstone Realty Advisors Surveillance: Leslie Rupracht

CIRCUIT CITY 31,377.00 25.35 11.11 02/28/2015

DOLLAR TREE 29,035.00 23.46 3.35 09/30/2018

LINENS N THINGS 34,800.00 28.12 10.55 01/31/2011


Status: Performing

Total: 686,356 686,356

Payment Amount


Expense: Expense items have been annualised for the missing 3 months. Real Estate Taxes and Insurance adjusted to actual amounts paid by Capstone in 2007. Management Fees adjusted to Underwritten amount of 4% income.

Income: Loan was assumed on 9/27/2007. The Previous Borrower did not provide a 3rd quarter statement, thus their Jan- June statement was combined with the new Borrower's 4th quarter statement. Base Rent has been annualized from the rent roll, and other income items were annualised for the missing 3 months.

Base:

Capital Expense: Capital items adjusted to Underwritten amounts.

2007:

Expense: Real Estate Taxes adjusted to amount paid by Capstone in 2008. Insurance reflects amount paid by Capstone in 2008. Management Fee adjusted to underwritten amount of 4% of income.

2008:

DSCR: Both Circuit City and Linens N Things have filed bankruptcy, stopped paying rent, and vacated. The loan has been transferred to the special servicer.

Capital Expense: Capital Items adjusted to underwritten amounts.


05/12/2009 8:28:40 AM Of 241






Total Capital Items 4,608 8 0 0 4,608 8 0 0 4,608 8 -- --

DSCR (A,B) NOI/NCF 1.23 / 1.21 1.81 / 1.79 1.34 / 1.32DSCR (A) NOI/NCF 1.23 / 1.21 1.81 / 1.79 1.34 / 1.32


Net Cash Flow After Debt Service 53,397 93 0 0 168,692 293 100,231 100,231 69,636 121 (59%) 30%

Debt Service 254,247 441 0 0 213,150 370 219,535 219,535 219,535 381 3% (14%)Net Cash Flow 307,644 534 0 0 381,842 663 319,766 319,766 289,171 502 (24%) (6%)



Other Income 0 0 0 0 0 0 0 0 0 0 -- --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 510,943 887 0 0 481,040 835 502,937 502,937 502,937 873 5% (2%)Reimbursements 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 510,943 887 0 0 481,040 835 502,937 502,937 502,937 873 5% (2%)

Income

General & Administrative Expenses 198,691 345 0 0 21,595 37 16,585 16,585 16,585 29 (23%) (92%)


Expenses

Advertising & Marketing 0 0 0 0 4,514 8 9,030 9,030 9,030 16 100% --Payroll & Benefits 0 0 0 0 0 0 10,324 10,324 10,324 18 -- --

Janitorial 0 0 0 0 0 0 0 0 0 0 -- --Professional Fees 0 0 0 0 7,415 13 40,967 40,967 40,967 71 452% --

Management Fees 0 0 0 0 28,862 50 0 0 30,176 52 5% --

Property Insurance 0 0 0 0 3,888 7 5,930 5,930 6,713 12 73% --Real Estate Taxes 0 0 0 0 6,212 11 76,284 76,284 71,312 124 1048% --

Repairs and Maintenance 0 0 0 0 15,046 26 14,741 14,741 14,741 26 (2%) --Utilities Expense 0 0 0 0 7,058 12 9,310 9,310 9,310 16 32% --




- mos 2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

YTD Variance


Credit:


RIGGINS SELF-STORAGE LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Income: Per the 2/16/2007 rent roll, the property is 70.83% occupied with an average monthly rental rate of $104/unit. Per 4/6/2007 inspection, occupancy has been increasing over the past year with 80% occupancy expected by the summer. Market vacancy is 15%.

2006:

Capital Expense: Cap ex has been adjusted to replacement reserve level.

Expense: Insurance and taxes per Borrower’s reporting. Management fees have been adjusted to 6% of EGI.

Base:

Income: Per 12/31/07 rent roll, property is 78% occupied with average rent of $95/unit.

2007:


Expense: Property Insurance and Real Estate Taxes have been adjusted to 2007 Disbursements. Management Fees have been adjusted to 6% of EGI. Professional Fees up due to a $33.6K increase in legal fees compared to YE 2006. Payroll & Benefits up due to an increase of $10K for payroll compared to YE 2006.


ARIZONA SELF STORAGE 5115 N 59TH AVE, GLENDALE, AZ


HALCYON VILLAGE 7825 - 7861 VAUGHN ROAD, MONTGOMERY, AL


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 20,277 1 0 0 0 0 0 0 -- --Net Operating Income 290,690 12 274,664 11 222,775 9 275,882 275,882 274,691 11 23% (6%)

Tenant Improvements 18,996 1 0 0 0 0 0 0 0 0 -- --

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 3,780 0 3,780 0 3,870 0 0 0 3,780 0 (2%) --

Other Expenses 0 0 0 0 0 0 2,400 2,400 2,400 0 -- --

Management 5.0% 5.0% 5.0%

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 25% 25% 41% 33% 33% 34% (19%) 37%Total Operating Expenses 94,452 4 92,223 4 156,656 6 137,723 137,723 138,915 6 (11%) 47%

DSCR (A) NOI/NCF 1.91 / 1.76 1.81 / 1.65 1.46 / 1.44 1.81 / 1.78Net Cash Flow After Debt Service 115,839 5 98,532 4 66,829 3 123,807 123,807 118,835 5 78% 3%

DSCR (A,B) NOI/NCF 1.91 / 1.76 1.81 / 1.65 1.46 / 1.44 1.81 / 1.78

Occupancy 95% 72% 100% 95%DSCR (A,B,C) NOI/NCF 1.91 / 1.76 1.81 / 1.65 1.46 / 1.44 1.81 / 1.78

Net Cash Flow 267,914 11 250,607 10 218,905 9 275,882 275,882 270,911 11 24% 1%Total Capital Items 22,776 1 24,057 1 3,870 0 0 0 3,780 0 (2%) (83%)

Debt Service 152,075 6 152,075 6 152,075 6 152,075 152,075 152,075 6 -- --


Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --Expense Reimbursement 0 0 58,396 2 52,677 2 0 0 0 0 (100%) --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 385,142 15 366,887 15 379,430 15 413,605 413,605 413,605 16 9% 7%Other Income 0 0 0 0 425 0 26,410 26,410 26,410 1 6114% --

Income

General & Administrative Expenses 94,452 4 1,911 0 6,452 0 10,386 10,386 10,286 0 59% (89%)

Gross Potential Rent 0 0 315,791 13 0 0 340,288 340,288 340,288 14 -- --

Base Rent 385,142 15 0 0 326,328 13 57,807 57,807 57,807 2 (82%) (85%)Vacancy/Collection Loss 0 0 (7,300) 0 0 0 (10,900) (10,900) (10,900) 0 -- --

Management Fees 0 0 18,344 1 18,972 1 19,672 19,672 20,680 1 9% --Janitorial 0 0 1,892 0 0 0 0 0 0 0 -- --


Professional Fees 0 0 2,668 0 2,178 0 7,409 7,409 7,409 0 240% --Advertising & Marketing 0 0 1,970 0 0 0 0 0 0 0 -- --

Real Estate Taxes 0 0 21,664 1 24,423 1 24,423 24,423 24,423 1 -- --

Expenses

Property Insurance 0 0 4,647 0 4,872 0 4,589 4,589 4,872 0 -- --

Repairs and Maintenance 0 0 18,568 1 85,540 3 44,155 44,155 44,155 2 (48%) --Utilities Expense 0 0 20,559 1 14,220 1 24,689 24,689 24,689 1 74% --


25,200 NRSF Unanchored Retail


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


HALCYON VILLAGE LLP Primary: Grandbridge Real Estate Capital, LLC Surveillance: Leslie Rupracht

CARRIAGE HILLS ANIMAL CLINIC 3,600.00 14.29 14.94 10/31/2013

ASIA BISTRO & SEAFOOD, LLC 2,400.00 9.52 14.50 11/30/2010

SINCLAIR'S 5,400.00 21.43 13.05 12/31/2011


Status: Performing

Total: 152,075 152,075

Payment Amount


Base:

Capital Expense: Cap ex is per U/W

2006: Loan securitized into the BACM 2007-1 portfolio; 2006 financial info (and RR) not reported for 2007 deals therefore analysis has been unchecked. RB 05/22/07

Capital Expense: Capex is per Underwriting.

Expense: Real estate taxes and Insurance are based on escrows at closing. Management fee adjusted to 5%.

Expense: RET and insurance were adjusted to actual amounts in 2007. management fee was adjusted to 5% of EGI. Repairs and maintenace were up due to new tenants moving in.

Income: Eliminated interest income of $3,778.33 from analysis.

2008:

Expense: Eliminated interest expense, state tax expense, depreciation and amoritization expenses. RET is actual 2008 bill paid from escrow. Insurance adjusted to 2008 bill. Management fee normalized to 5% EGI.

2007:

Capital Expense: Capital expenditures normalized to 100% of UW.


05/12/2009 8:28:40 AM Of 241


Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Net Operating Income 154,841 14 0 0 154,021 14 156,848 156,848 156,848 14 2% 1%



Total Capital Items 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 18,075 2 0 0 17,255 2 20,082 20,082 20,082 2 16% 11%

Debt Service 136,766 12 0 0 136,766 12 136,766 136,766 136,766 12 -- --Net Cash Flow 154,841 14 0 0 154,021 14 156,848 156,848 156,848 14 2% 1%



Expense Reimbursement 0 0 0 0 0 0 0 0 0 0 -- --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 156,405 14 0 0 157,367 14 160,273 160,273 160,273 15 2% 2%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 156,405 14 0 0 157,367 14 160,273 160,273 160,273 15 2% 2%

Income



Expenses

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --Management Fees 0 0 0 0 1,571 0 1,600 1,600 1,600 0 2% --


Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Property Insurance 0 0 0 0 0 0 0 0 0 0 -- --Real Estate Taxes 0 0 0 0 0 0 0 0 0 0 -- --

Repairs and Maintenance 0 0 0 0 0 0 0 0 0 0 -- --Utilities Expense 0 0 0 0 0 0 0 0 0 0 -- --


10,978 NRSF Industrial


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


LCM FUNDS IV, LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

US Bank 10,978.00 100.00 14.78 09/30/2020



Payment Amount


Income: Per the 1/1/2008 Rent Roll, the property is 100% occupied with an average rent of $14.51/SF.

Expense: Management Fees per borrower. Professional Fee are up $1.3K due to legal fee as compared to YE 2006

Base:

2007:

2008:

Income: Per the 1/1/09 rent roll, the property is 100% occupied by a single tenant, US Bank. The average annual rental rate is $14.78/SF.

Expense: Borrower did not report property insurance or real estate taxes. Management fees per borrower's reporting.


US BANK NATIONAL 601 LIVELY BLVD, ELK GROVE VILLAGE, IL


WOODLANDS ATRIUM 24900 PITKIN ROAD, THE WOODLANDS, TX


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 23,217 0 23,217 0 0 0 23,217 0 -- --Net Operating Income 417,913 8 381,022 7 405,298 7 374,328 374,328 375,431 7 (7%) (10%)

Tenant Improvements 70,358 1 47,139 1 47,139 1 2,009 2,009 47,138 1 0% (33%)

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 13,574 0 13,572 0 13,572 0 0 0 13,572 0 -- 0%

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 47% 54% 52% 58% 58% 58% 11% 23%Total Operating Expenses 374,152 7 438,982 8 446,857 8 516,773 516,773 521,104 10 17% 39%

DSCR (A) NOI/NCF 1.53 / 1.22 1.40 / 1.09 1.48 / 1.18 1.38 / 1.07Net Cash Flow After Debt Service 60,992 1 24,106 0 48,382 1 99,331 99,331 18,516 0 (62%) (70%)

DSCR (A,B) NOI/NCF 1.53 / 1.22 1.40 / 1.09 1.48 / 1.18 1.38 / 1.07


Net Cash Flow 333,981 6 297,094 5 321,370 6 372,319 372,319 291,504 5 (9%) (13%)Total Capital Items 83,932 2 83,928 2 83,928 2 2,009 2,009 83,927 2 0% 0%

Debt Service 272,989 5 272,988 5 272,988 5 272,988 272,988 272,988 5 -- --


Expense Reimbursement 0 0 22,317 0 6,159 0 7,587 7,587 7,587 0 23% --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 6,788 0 5,811 0 4,174 4,174 4,174 0 (28%) --

Effective Gross Income 792,065 15 820,004 15 852,155 16 891,101 891,101 896,535 17 5% 13%Other Income 0 0 10,611 0 2,446 0 672 672 6,106 0 150% --

Income



Base Rent 792,065 15 780,288 14 837,739 15 878,668 878,668 878,668 16 5% 11%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 32,800 1 34,026 1 29,123 29,123 35,862 1 5% --Janitorial 0 0 32,599 1 44,326 1 48,087 48,087 48,087 1 8% --

Payroll & Benefits 0 0 43,223 1 49,590 1 72,833 72,833 72,833 1 47% --

Professional Fees 0 0 9,745 0 4,257 0 4,159 4,159 4,159 0 (2%) --Advertising & Marketing 0 0 0 0 170 0 0 0 0 0 (100%) --

Real Estate Taxes 0 0 69,053 1 71,816 1 61,942 61,942 59,534 1 (17%) --

Expenses

Property Insurance 0 0 9,996 0 28,769 1 15,189 15,189 15,189 0 (47%) --

Repairs and Maintenance 0 0 100,454 2 49,918 1 64,040 64,040 64,040 1 28% --Utilities Expense 0 0 132,322 2 151,936 3 203,279 203,279 203,279 4 34% --


54,295 NRSF Office


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


24900 PITKIN, LP Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

PRO FORMANCE, INC 8,802.00 16.21 17.00 04/30/2010

FRONTIER MATERIALS CONCRETE 4,482.00 8.25 17.00 03/30/2011

MOODY INTERNATIONAL, INC. 11,043.00 20.34 14.11 08/31/2012


05/11/2009 - 1E - DSCR < 1.10. Loan is secured by a 54,295 sf office building in The Woodlands, TX, built in 1985. The 8/20/2008 inspection rated the Proeprty in Good condition. YE 12/31/2008 NCF DSCR is 1.07x (12.3% below U/W level of 1.22x) with 98% Occupancy. Total Operating Expenses at YE08 are a 39.3% increase from U/W, and 14.2% above YE07. U/W did not provide a detailed breakout of expenses, therefore a full line item comparison to YE08 cannot be made. Compared to PYE, the significant YE08 expenses increases that caused the DSCR decline as well as the 14.2% TOE increase were: 25.3% higher UTL, 22.1% higher R&M, and a 31.9% rise in P&B. According to the Primary Servicer, the Bwr indicated that P&B has risen due to increases in day porter and administration salaries and benefits; and UTL expenses increased due to higher electricity costs. No explanation as to R&M increase was given. Bank of America has requested further clarification from the Primary Servicer and will continue to monitor the loan.

Status: CMSA Watchlist

Total: 272,988 272,988

Payment Amount



05/12/2009 8:28:40 AM Of 241

2006: Loan was securitized into the BACM 2007-1 portfolio; 2006 financial info will not be reported out on 2007deals therefore analysis unchecked. RB 05/23/07

Base:

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement level. TI has been adjusted to 67% and LC 33% of the Reserve Replacement level

Capital Expense: Capital expenditures and TI/LC have been adjusted to the loan escrow amount.

Expense: Management fees have been adjusted to 4% of EGI. Real estate taxes and insurance per Borrower.

Income: Per December '06 rent roll, this property is 91% leased with annual rents of $15.60/SF.

Expense: Property Insurance per Borrower’s reporting. Real Estate Taxes have been adjusted to Loan Escrow Constant Amount. Management Fees have been adjusted to 4% of EGI. R&M down due to a decrease of $17.6K for tenant reimb exp.

Expense: Property Insurance is per Borrower’s reporting. Real Estate Taxes have been adjusted to 2008 Disbursement. Management Fees have been adjusted to 4% of EGI. G&A expense has increased due to auto/travel of $5.5k, miscellaneous expense of $1.1k, and elevator phone of $1k. Payroll is up due to increases in day porter and administrative salaries and benefits. The increase in utilities is attributed to electricity expenses.

Income: Bad Debt has been adjusted to zero. Per the 12/31/08 rent roll, the property is 98% occupied with an average annual rental rate of $17.69/SF. Expense reimbursement has increased due to tenant escalations. Other income has increased due to deposit income of $5.6k.

2008:

Income: Per the 12/31/2007 Rent Roll, the property is 97% occupied with an average rent of $16.90/SF. Bad debt has been adjusted to zero. Expense Reimbursement down due to a decrease of $16.1K for escalations compared to YE 2006.

2007: Borrower has not provided Rent Roll, Hence Tenant updates not done. Mahender 3/18/2008.


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 10,000 67 0 0 17,698 17,698 17,698 118 -- --

Total General/Unallocated 768,844 5,126 541,249 3,608 563,256 3,755 312,815 312,815 312,815 2,085 (44%) (59%)

Net Operating Income 459,041 3,060 449,743 2,998 350,566 2,337 124,346 124,346 124,346 829 (65%) (73%)Operating Expense Ratio 63% 63% 69% 77% 77% 77% 11% 23%

Payroll & Benefits 0 0 0 0 0 0 67,896 67,896 67,896 453 -- --Management Fees 0 0 48,265 322 45,042 300 26,824 26,824 26,824 179 (40%) --

Advertising & Marketing 0 0 32,493 217 32,975 220 13,221 13,221 13,221 88 (60%) --

General & Administrative Expenses 768,844 5,126 122,869 819 146,277 975 31,194 31,194 31,194 208 (79%) (96%)Professional Fees 0 0 0 0 12,496 83 7,400 7,400 7,400 49 (41%) --

Capital Expenditures 49,115 327 49,116 327 49,116 327 0 0 24,558 164 (50%) (50%)

Net Cash Flow After Debt Service 120,862 806 111,568 744 12,391 83 (20,184) (20,184) (44,742) (298) (461%) (137%)Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A) NOI/NCF 1.59 / 1.42 1.56 / 1.39 1.21 / 1.04 0.86 / 0.69

DSCR (A,B,C) NOI/NCF 1.59 / 1.42 1.56 / 1.39 1.21 / 1.04 0.86 / 0.69DSCR (A,B) NOI/NCF 1.59 / 1.42 1.56 / 1.39 1.21 / 1.04 0.86 / 0.69

Total Capital Items 49,115 327 49,116 327 49,116 327 0 0 24,558 164 (50%) (50%)Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Net Cash Flow 409,926 2,733 400,627 2,671 301,450 2,010 124,346 124,346 99,788 665 (67%) (76%)

Debt Service - B 0 0 0 0 0 0 0 0 0 0 -- --Debt Service 289,064 1,927 289,059 1,927 289,059 1,927 144,530 144,530 144,530 964 (50%) (50%)

Occupancy 76% 74% 70% 69%

Other Income 0 0 18,045 120 15,813 105 6,744 6,744 6,744 45 (57%) --Other Departmental Revenue 0 0 0 0 0 0 0 0 0 0 -- --

Departmental Revenue 1,227,885 8,186 1,206,626 8,044 1,126,058 7,507 535,669 535,669 535,669 3,571 (52%) (56%)

DepartmentalExpenses

Income

Franchise Fees 0 0 35,350 236 32,829 219 15,866 15,866 15,866 106 (52%) --

Room Revenue 1,227,885 8,186 1,110,883 7,406 1,083,093 7,221 528,900 528,900 528,900 3,526 (51%) (57%)

Telephone Revenue 0 0 77,698 518 27,152 181 25 25 25 0 (100%) --Food & Beverage Revenue 0 0 0 0 0 0 0 0 0 0 -- --

Room Expenses (Departmental) 0 0 189,368 1,262 186,367 1,242 88,207 88,207 88,207 588 (53%) --


General/Unallocated


Repairs and Maintenance 0 0 100,420 669 90,285 602 10,825 10,825 10,825 72 (88%) --Utilities Expense 0 0 114,070 760 117,567 784 67,036 67,036 67,036 447 (43%) --

Telephone (Departmental) 0 0 26,266 175 25,869 172 10,302 10,302 10,302 69 (60%) --

Food & Beverage Expense (Departmental)

0 0 0 0 0 0 0 0 0 0 -- --

Other Departmental Expense 0 0 0 0 0 0 0 0 0 0 -- --

Departmental Income 1,227,885 8,186 990,992 6,607 913,823 6,092 437,161 437,161 437,161 2,914 (52%) (64%)Departmental Expenses 0 0 215,634 1,438 212,236 1,415 98,509 98,509 98,509 657 (54%) --


150 UNT Limited Service Hotel


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


SUBURBAN LODGE ATLANTA 7465 DAVIDSON PARKWAY SOUTH, STOCKBRIDGE, GA


05/12/2009 8:28:40 AM Of 241


Credit:


SLD-STOCKBRIDGE LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Repair 0 0 22,500

Replacement 49,116 49,116 18,299Reserves:

Insurance 33,732 33,732 7,896

Tax 54,811 54,811 8,415

Total: 426,718 426,718

Payment AmountLoan Property Balance

P & I (Current) 289,059 289,059 3,888,241

2006:

DSCR: Low DSCR due to Low Room Revenue.

Capital Expense: The Borrower did not show any capital items on the Y-T-D 12/31/2007 operating statement. Adjustements were made to narmalize to the S amount paid into the Replacement Reserve Escrow($4,093.00/month).

Income: Income was taken from the Borrower's Y-T-D 12/31/06 Operating Statement. This loan closed on 11/07/06 with first payment due on 1/1/07.

Base:

Capital Expense: Replacement Reserve is escrowed at $4,093.00/month & is shown above as Capital Expenditures.

Expense: Expenses were taken from the Borrower's Y-T-D 12/31/06 Operating Statement.

Expense: Expenses were taken from the Borrowers Y-T-D 12/31/2007 Operating Statement. Adjustments were made to Real Estate Taxes to normalize to the $ amount paid. Adjustement were made to Management Fees to Normalize to 4% of EGI(.04 x S1,126,058.27)

Expense: Expenses were taken from the Borrower's Y-T-D 6/30/08 Operating Statement. RE. Taxes & Property lnaurance shown above were taken from the 1st & 2nd Qtr Escrow Activity Reports. Maintenance Wages were classified as Repairs & Maintanance on the previous Analysis but are more accurately classified as Payroll & Benefits.

Income: Income was taken from the Borrowers Y-T-D 6/30/08 Operating Statement.

2008:

Capital Expense: Replacement Reserves are escrowed at $4,093.00/month & is shown above as Capital expenditures. Capital expenditures shown on the Borrower's Operating Statement= $17,664.42.

Income: Income was taken from the Borrowers Y-T-D 12/31/07 Operating Statement.

2007:

DSCR: Low DSCR due to Low Room Revenue.

80 UNT Multifamily


- mos - mos - mos YTD Variance


DESERT JEWEL APARTMENTS 800 N. ARIZONA AVE, CHANDLER, AZ


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 20,000 250 0 0 0 0 0 0 0 0 -- --Net Operating Income 501,828 6,273 0 0 0 0 0 0 0 0 -- --

Total Capital Items 20,000 250 0 0 0 0 0 0 0 0 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 36% 0% 0% 0% 0% 0% -- --

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --General & Administrative Expenses 287,878 3,598 0 0 0 0 0 0 0 0 -- --

Total Operating Expenses 287,878 3,598 0 0 0 0 0 0 0 0 -- --Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A,B) NOI/NCF 1.44 / 1.38DSCR (A) NOI/NCF 1.44 / 1.38

Occupancy 90%DSCR (A,B,C) NOI/NCF 1.44 / 1.38

Net Cash Flow After Debt Service 133,367 1,667 0 0 0 0 0 0 0 0 -- (100%)

Debt Service 348,461 4,356 0 0 0 0 0 0 0 0 -- --Net Cash Flow 481,828 6,023 0 0 0 0 0 0 0 0 -- (100%)


Management


Effective Gross Income 789,706 9,871 0 0 0 0 0 0 0 0 -- --Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 789,706 9,871 0 0 0 0 0 0 0 0 -- --

Income

Professional Fees 0 0 0 0 0 0 0 0 0 0 -- --


Management Fees 0 0 0 0 0 0 0 0 0 0 -- --Repairs and Maintenance 0 0 0 0 0 0 0 0 0 0 -- --

Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --


Real Estate Taxes 0 0 0 0 0 0 0 0 0 0 -- --

Expenses

Utilities Expense 0 0 0 0 0 0 0 0 0 0 -- --Property Insurance 0 0 0 0 0 0 0 0 0 0 -- --

Norm $ $/UNT Norm $ $/UNT Norm $ $/UNT Reported $ Actual $ Norm $ $/UNT % Base %


Credit:


DESERT JEWEL APARTMENTS, LLC Primary: Northmarq Capital, Inc. Surveillance: Leslie Rupracht

No tenants returned

05/11/2009 - 1E - DSCR < 1.10. Loan is secured by an 80-unit multifamily property in Chandler, AZ, built in 2003. The 9/18/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 0.86x with 82.5% Occupancy, as determined by the Primary Servicer. The DSCR decline appears to be the result of occupancy and base rent declines. Bank of America has requested further clarification from the Primary Servicer regarding reasons for DSCR and Occ declines, however, the Primary has long maintained that the Borrower is historically unresponsive and uncooperative. Bank of America will continue to monitor the Loan.

Status: CMSA Watchlist Total: 343,688 343,688

Payment Amount


Base:


14221 ARTESIA BOULEVARD 14221 ARTESIA BOULEVARD, LA MIRADA, CA


05/12/2009 8:28:40 AM Of 241

Tenant Improvements 41,329 0 0 0 41,329 0 0 0 41,329 0 -- --Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --


Net Operating Income 632,122 6 0 0 685,181 7 641,850 641,850 680,572 7 (1%) 8%


Operating Expense Ratio 14% 0% 11% 18% 18% 13% 17% (4%)Total Operating Expenses 103,335 1 0 0 89,014 1 144,371 144,371 105,648 1 19% 2%





Debt Service 412,384 4 0 0 339,389 3 340,319 340,319 340,319 3 0% (17%)Net Cash Flow 575,369 6 0 0 628,427 6 641,850 641,850 623,818 6 (1%) 8%



Expense Reimbursement 0 0 0 0 36,931 0 48,957 48,957 48,957 0 33% --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --


Base Rent 735,458 7 0 0 737,264 7 737,264 737,264 737,264 7 -- 0%

Income

General & Administrative Expenses 103,335 1 0 0 0 0 0 0 0 0 -- --


Expenses

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --Management Fees 0 0 0 0 23,226 0 0 0 23,587 0 2% --


Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Property Insurance 0 0 0 0 0 0 0 0 15,321 0 -- --Real Estate Taxes 0 0 0 0 65,788 1 144,371 144,371 66,741 1 1% --





- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ARTESIA CAPITAL II, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Suddath Relocation Systems 102,830.00 100.00 7.17 02/01/2011


Status: Performing

Tenant Improvements and Leasing Commissions

84,136 84,136 203,986Reserves:

Insurance 20,204 20,204 5,618

Tax 100,603 100,603 12,017

Total: 550,841 550,841


P & I (Current) 345,898 345,898 6,000,000

Expense: Real Estate Taxes adjusted per Servicer Record. Management Fees adjusted to 3% of EGI per UW.

Income: NNN Lease. Single Tenant. Interest Only Loan.

Capital Expense: Capital Expenditures and Tenant Improvements / Leasing Commissions adjusted per UW.

Base:


2007: NNN Lease. Single Tenant. Expenses in given YE'07 are considered as Real Estate Taxes (compared with Q307 financials).Please Check. Sangeetha - 4/28/2008.

Income: NNN Lease. Single Tenant. Interest only loan.

2008: Expenses given in Financials are considered as Real Estate Taxes as done in the previous analysis. Mitesh Shah 4/29/2009.

Expense: Real Estate Tax/Porperty Insurance adjusted per servicer record. Management Fee adjusted to 3% of EGI per UW.


Capital Expense: Capital Expenditure & Tenant Improvements / Leasing Commission adjusted per UW.


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 5,700 300 0 0 0 0 5,169 5,169 5,700 300 -- --Net Operating Income 189,202 9,958 0 0 0 0 208,377 208,377 208,366 10,967 -- 10%

Total Capital Items 5,700 300 0 0 0 0 5,169 5,169 5,700 300 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 25% 0% 0% 23% 23% 23% -- (7%)

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --General & Administrative Expenses 63,480 3,341 0 0 0 0 1,892 1,892 1,892 100 -- (97%)

Total Operating Expenses 63,480 3,341 0 0 0 0 63,494 63,494 63,505 3,342 -- 0%Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


Occupancy 100% 100%DSCR (A,B,C) NOI/NCF 1.25 / 1.21 1.38 / 1.34

Net Cash Flow After Debt Service 32,102 1,690 0 0 0 0 51,809 51,809 51,267 2,698 -- 60%

Debt Service 151,399 7,968 0 0 0 0 151,399 151,399 151,399 7,968 -- --Net Cash Flow 183,502 9,658 0 0 0 0 203,208 203,208 202,666 10,667 -- 10%


Management 5.0%


Effective Gross Income 252,682 13,299 0 0 0 0 271,871 271,871 271,871 14,309 -- 8%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 252,682 13,299 0 0 0 0 271,871 271,871 271,871 14,309 -- 8%

Income



Management Fees 0 0 0 0 0 0 13,554 13,554 13,594 715 -- --Repairs and Maintenance 0 0 0 0 0 0 12,092 12,092 12,092 636 -- --

Advertising & Marketing 0 0 0 0 0 0 989 989 989 52 -- --Payroll & Benefits 0 0 0 0 0 0 765 765 765 40 -- --



Expenses

Utilities Expense 0 0 0 0 0 0 13,638 13,638 13,638 718 -- --Property Insurance 0 0 0 0 0 0 4,764 4,764 5,664 298 -- --


19 UNT Multifamily


- mos - mos 2008 12/31/2008 - 12 mos

YTD Variance


Credit:


BELLINGHAM BROADWAY APARTMENTS LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount



Base:

Expense: Property Insurance and Real Estate Taxes have been adjusted to 2008 Disbursement. Management Fees have been adjusted to 5% of EGI.

2008:

Income: Per the 12/31/2008 rent roll, the property is 100% occupied with average rental rates of $1251/unit.


BROADWAY APARTMENTS 524 32ND STREET, BELLINGHAM, WA


TWENTIETH CENTER 14904 BEL-RED ROAD, BELLEVUE, WA


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 4,995 0 0 0 4,995 0 -- --Net Operating Income 228,028 17 0 0 199,864 15 273,140 273,140 243,623 19 22% 7%

Tenant Improvements 16,064 1 0 0 10,142 1 2,062 2,062 10,142 1 -- (37%)

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 1,952 0 0 0 1,956 0 0 0 1,956 0 -- 0%

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 20% 0% 31% 13% 13% 22% (29%) 10%Total Operating Expenses 58,584 4 0 0 91,885 7 40,954 40,954 70,471 5 (23%) 20%

DSCR (A) NOI/NCF 1.39 / 1.28 1.22 / 1.12 1.49 / 1.39Net Cash Flow After Debt Service 46,465 4 0 0 19,224 1 107,531 107,531 62,983 5 228% 36%

DSCR (A,B) NOI/NCF 1.39 / 1.28 1.22 / 1.12 1.49 / 1.39


Net Cash Flow 210,012 16 0 0 182,771 14 271,078 271,078 226,530 17 24% 8%Total Capital Items 18,016 1 0 0 17,093 1 2,062 2,062 17,093 1 -- (5%)

Debt Service 163,547 13 0 0 163,547 13 163,547 163,547 163,547 13 -- --


Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --Expense Reimbursement 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income

General & Administrative Expenses 58,584 4 0 0 108 0 1,622 1,622 1,622 0 1402% (97%)


Base Rent 286,612 22 0 0 291,749 22 314,094 314,094 314,094 24 8% 10%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 11,670 1 15,734 15,734 12,563 1 8% --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Payroll & Benefits 0 0 0 0 14,587 1 0 0 0 0 (100%) --

Professional Fees 0 0 0 0 4,415 0 3,187 3,187 3,187 0 (28%) --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --

Real Estate Taxes 0 0 0 0 21,859 2 0 0 24,271 2 11% --

Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


LEX ONE LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

WASH KARATE ASSOC INC 4,431.00 33.95 16.51 06/30/2010

KUMON LEARNING CENTER 1,590.00 12.18 20.00 11/30/2011

DVC/ESTATE FURNISHINGS 4,482.00 34.34 24.24 08/31/2011


Status: Performing

Total: 163,547 163,547

Payment Amount


Expense: Property Insurance and Real Estate Taxes per Borrower’s reporting. Management Fees have been adjusted to 4% of EGI.

Income: Per rent roll dated 12/31/2007, occupancy is 100% with average annual rents of $19.53/sf. Per borrower, Washington Karate (4,431 SF, 34% NRA, 6/30/2008) is expected to renew their lease at the current $15.00 PSF rate. Three tenant leses expiring on 11/30/2008 will not renew, and their replacements are being selected.

Base:

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement level. TI has been adjusted to 67% and LC 33% of the Reserve Replacement level.

2007:


2008:


Expense: Property Insurance and Real Estate Taxes have been adjusted to 2008 Disbursements. Management Fees have been adjusted to 4% of EGI.


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 25,200 50 0 0 25,200 50 0 0 25,200 50 -- --Net Operating Income 1,380,292 2,739 0 0 1,276,494 2,533 1,144,255 1,144,255 1,223,361 2,427 (4%) (11%)

Total Capital Items 25,200 50 0 0 25,200 50 0 0 25,200 50 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 28% 0% 33% 37% 37% 33% (1%) 17%

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Total Operating Expenses 541,791 1,075 0 0 632,531 1,255 678,516 678,516 599,409 1,189 (5%) 11%Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --




Debt Service 1,130,558 2,243 0 0 935,724 1,857 938,288 938,288 938,288 1,862 0% (17%)Net Cash Flow 1,355,092 2,689 0 0 1,251,294 2,483 1,144,255 1,144,255 1,198,161 2,377 (4%) (12%)



Effective Gross Income 1,922,083 3,814 0 0 1,909,025 3,788 1,822,771 1,822,771 1,822,771 3,617 (5%) (5%)Other Income 0 0 0 0 61,246 122 58,880 58,880 58,880 117 (4%) --

Base Rent 1,922,083 3,814 0 0 1,847,780 3,666 1,763,891 1,763,891 1,763,891 3,500 (5%) (8%)

Income

General & Administrative Expenses 541,791 1,075 0 0 45,961 91 53,503 53,503 53,503 106 16% (90%)


Payroll & Benefits 0 0 0 0 290,917 577 263,936 263,936 263,936 524 (9%) --Management Fees 0 0 0 0 57,271 114 133,276 133,276 54,683 108 (5%) --


Repairs and Maintenance 0 0 0 0 70,578 140 50,275 50,275 50,275 100 (29%) --


Expenses



504 UNT Baseline 2/28/2007 - 12 mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


OAKS HOLDING CO Primary: Capstone Realty Advisors Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Expense: Real Estate Taxes and Insurance adjusted to amounts paid by Capstone in 2007. Management fees adjusted to Underwritten amount of 3% of Income.

Capital Expense: Capital Expenditure adjusted to underwritten amount.

Base:

2007:

2008:

Expense: Real Estate Taxes and Insurance adjusted to amounts paid by Capstone in 2008. Management Fees adjusted to underwritten amount of 3% of income.

Capital Expense: Capital Expenditures adjusted to underwritten amount.


COLONIAL OAKS MOBILE HOME PARK

10425 MIDDLE AVE, ELYRIA, OH


CLARION INN CHESTER 2401 WEST HUNDRED RD, CHESTER, VA


05/12/2009 8:28:40 AM Of 241

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 4,720 29 25,200 25,200 25,200 153 434% --

Total General/Unallocated 1,563,859 9,478 0 0 1,594,685 9,665 1,091,169 1,091,169 1,170,219 7,092 (27%) (25%)

Net Operating Income 763,201 4,625 0 0 811,369 4,917 1,085,609 1,085,609 1,006,559 6,100 24% 32%Operating Expense Ratio 67% 0% 70% 54% 54% 57% (19%) (15%)

Payroll & Benefits 0 0 0 0 311,253 1,886 41,016 41,016 41,016 249 (87%) --Management Fees 0 0 0 0 96,242 583 7,401 7,401 86,451 524 (10%) --

Advertising & Marketing 0 0 0 0 297,011 1,800 171,677 171,677 171,677 1,040 (42%) --

General & Administrative Expenses 1,563,859 9,478 0 0 124,740 756 223,347 223,347 223,347 1,354 79% (86%)Professional Fees 0 0 0 0 28,294 171 42,784 42,784 42,784 259 51% --

Capital Expenditures 93,082 564 0 0 93,082 564 0 0 93,082 564 -- --

Net Cash Flow After Debt Service 114,243 692 0 0 162,410 984 529,733 529,733 357,600 2,167 120% 213%Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A) NOI/NCF 1.37 / 1.21 1.46 / 1.29 1.81 / 1.64

DSCR (A,B,C) NOI/NCF 1.37 / 1.21 1.46 / 1.29 1.81 / 1.64DSCR (A,B) NOI/NCF 1.37 / 1.21 1.46 / 1.29 1.81 / 1.64


Net Cash Flow 670,119 4,061 0 0 718,287 4,353 1,085,609 1,085,609 913,477 5,536 27% 36%

Debt Service - B 0 0 0 0 0 0 0 0 0 0 -- --Debt Service 555,876 3,369 0 0 555,876 3,369 555,876 555,876 555,876 3,369 -- --

Occupancy 61% 65% 54%

Other Income 0 0 0 0 6,280 38 195,653 195,653 195,653 1,186 3015% --Other Departmental Revenue 0 0 0 0 194,465 1,179 923 923 923 6 (100%) --

Departmental Revenue 2,327,060 14,103 0 0 2,748,798 16,659 2,356,928 2,356,928 2,356,928 14,284 (14%) 1%


Income

Franchise Fees 0 0 0 0 267,176 1,619 212,029 212,029 212,029 1,285 (21%) --

Room Revenue 2,327,060 14,103 0 0 2,546,618 15,434 2,160,052 2,160,052 2,160,052 13,091 (15%) (7%)

Telephone Revenue 0 0 0 0 1,435 9 300 300 300 2 (79%) --Food & Beverage Revenue 0 0 0 0 0 0 0 0 0 0 -- --

Room Expenses (Departmental) 0 0 0 0 315,361 1,911 113,876 113,876 113,876 690 (64%) --


General/Unallocated


Repairs and Maintenance 0 0 0 0 180,052 1,091 141,347 141,347 141,347 857 (21%) --Utilities Expense 0 0 0 0 172,537 1,046 120,827 120,827 120,827 732 (30%) --

Telephone (Departmental) 0 0 0 0 27,384 166 20,295 20,295 20,295 123 (26%) --


0 0 0 0 0 0 45,979 45,979 45,979 279 -- --


Departmental Income 2,327,060 14,103 0 0 2,406,053 14,582 2,176,778 2,176,778 2,176,778 13,193 (10%) (6%)Departmental Expenses 0 0 0 0 342,744 2,077 180,150 180,150 180,150 1,092 (47%) --




- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


DSRA, LLC Primary: Grandbridge Real Estate Capital, LLC Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Expense: Mangement fee normalized to 4% EGI. Tax expense adjusted to amount due per 2007 tax bills. Insurance not escrowed. Detailed UW unavailable. No adjustment made. Payroll expense includes management expense. Adjusted assumed management fee from P&B.

Capital Expense: Normalized to UW.

Base:

2007:

2008:

Expense: Management fee adjusted to 4% EGI. Borrower pays RET and Insurance.

Capital Expense: Normalized to U/W.


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 59,616 324 0 0 0 0 0 0 59,616 324 -- --Net Operating Income 456,300 2,480 0 0 0 0 543,171 543,171 571,272 3,105 -- 25%

Total Capital Items 59,616 324 0 0 0 0 0 0 59,616 324 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 67% 0% 0% 63% 63% 61% -- (9%)


Total Operating Expenses 935,430 5,084 0 0 0 0 919,957 919,957 891,856 4,847 -- (5%)Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --




Debt Service 128,242 697 0 0 0 0 128,242 128,242 128,242 697 -- --Net Cash Flow 396,684 2,156 0 0 0 0 543,171 543,171 511,656 2,781 -- 29%


Management 5.0%


Effective Gross Income 1,391,730 7,564 0 0 0 0 1,463,128 1,463,128 1,463,128 7,952 -- 5%Other Income 0 0 0 0 0 0 13,057 13,057 13,057 71 -- --

Base Rent 1,391,730 7,564 0 0 0 0 0 0 0 0 -- --

Income

Professional Fees 0 0 0 0 0 0 15,340 15,340 15,340 83 -- --

Vacancy/Collection Loss 0 0 0 0 0 0 (49,545) (49,545) (49,545) (269) -- --Gross Potential Rent 0 0 0 0 0 0 1,499,616 1,499,616 1,499,616 8,150 -- --

Management Fees 0 0 0 0 0 0 101,257 101,257 73,156 398 -- --Repairs and Maintenance 0 0 0 0 0 0 237,847 237,847 237,847 1,293 -- --

Advertising & Marketing 0 0 0 0 0 0 162 162 162 1 -- --Payroll & Benefits 0 0 0 0 0 0 56,921 56,921 56,921 309 -- --



Expenses

Utilities Expense 0 0 0 0 0 0 245,687 245,687 245,687 1,335 -- --Property Insurance 0 0 0 0 0 0 84,565 84,565 84,565 460 -- --


184 UNT Multifamily


- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


Credit:


GRR LLC Primary: Grandbridge Real Estate Capital, LLC Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Base:

Expense: Eliminated interest on mortgage, misc. financial expense, depreciation and amortization, and corporate expenses.Insurance not escrowed and detailed UW unavailable. No adjustment made.Normalized management fee to 5% EGI.

2007:


KEYSTONE APARTMENTS 145 SOUTH MCDONOUGH STREET, JONESBORO, GA


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 240,392 14 0 0 0 0 0 0 0 0 -- --


Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 5,333 0 0 0 0 0 0 0 0 0 -- --

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --

Management

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 31% 0% 0% 0% 0% 0% -- --Total Operating Expenses 110,142 7 0 0 0 0 0 0 0 0 -- --

DSCR (A) NOI/NCF 1.37 / 1.20Net Cash Flow After Debt Service 35,905 2 0 0 0 0 0 0 0 0 -- (100%)

DSCR (A,B) NOI/NCF 1.37 / 1.20


Net Cash Flow 211,870 13 0 0 0 0 0 0 0 0 -- (100%)Total Capital Items 28,522 2 0 0 0 0 0 0 0 0 -- --

Debt Service 175,964 11 0 0 0 0 0 0 0 0 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 350,533 21 0 0 0 0 0 0 0 0 -- --Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income



Base Rent 350,533 21 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 0 0 0 0 0 0 -- --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --




Expenses

Property Insurance 0 0 0 0 0 0 0 0 0 0 -- --



16,665 NRSF Office




Credit:


ROYER MANSION LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

Ndex 4,310.00 25.86 0.00 11/30/2008

RLG Group 4,023.00 24.14 0.00 09/30/2011

Madison Harbor 6,062.00 36.38 0.00 09/30/2018


Status: Performing

Total: 175,964 175,964

Payment Amount


Base:


ROYER MANSION 17702 MITCHELL NORTH, IRVINE, CA


VIRGINIA OFFICE BUILDING 2440 NORTH LITCHFIELD ROAD, GOODYEAR, AZ


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 6,238 0 27,208 27,208 6,238 0 -- --Net Operating Income 271,505 16 0 0 117,940 7 237,368 237,368 238,420 14 102% (12%)



Other Expenses 0 0 0 0 7,311 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 34% 0% 42% 37% 37% 36% (13%) 7%Total Operating Expenses 140,097 8 0 0 84,098 5 137,236 137,236 136,184 8 62% (3%)

DSCR (A) NOI/NCF 1.31 / 1.21 0.67 / 0.55 1.36 / 1.24Net Cash Flow After Debt Service 43,531 3 0 0 (78,303) (5) 35,302 35,302 42,166 3 (154%) (3%)

DSCR (A,B) NOI/NCF 1.31 / 1.21 0.67 / 0.55 1.36 / 1.24


Net Cash Flow 250,990 15 0 0 96,544 6 210,160 210,160 217,024 13 125% (14%)Total Capital Items 20,515 1 0 0 21,396 1 27,208 27,208 21,396 1 -- 4%

Debt Service 207,459 12 0 0 174,847 11 174,858 174,858 174,858 11 0% (16%)



Parking Income 0 0 0 0 1,653 0 3,234 3,234 3,234 0 96% --

Effective Gross Income 411,602 25 0 0 202,038 12 374,604 374,604 374,604 23 85% (9%)Other Income 0 0 0 0 11,861 1 12,253 12,253 12,253 1 3% --

Income



Base Rent 411,602 25 0 0 188,524 11 359,117 359,117 359,117 22 90% (13%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 6,004 0 16,036 16,036 14,984 1 150% --Janitorial 0 0 0 0 15,521 1 10,636 10,636 10,636 1 (31%) --


Professional Fees 0 0 0 0 360 0 7,140 7,140 7,140 0 1883% --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --


Expenses

Property Insurance 0 0 0 0 5,792 0 7,631 7,631 7,631 0 32% --

Repairs and Maintenance 0 0 0 0 17,359 1 26,594 26,594 26,594 2 53% --Utilities Expense 0 0 0 0 0 0 29,610 29,610 29,610 2 -- --


16,624 NRSF Office


- mos 2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

YTD Variance


Credit:


VIRGINIA GROUP, LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

Smith Law Office 3,755.00 22.59 25.46 02/28/2013

Common Wealth 2,520.00 15.16 27.64 06/30/2011

Enterprise Bank 5,546.00 33.36 28.00 03/30/2013


Status: Performing

Total: 207,459 207,459

Payment Amount


Expense: Taxes and insurance per borrower's reporting. Mangement fees have been adjsuted to 4% of EGI.

Income: Per the 12/31/2006 rent roll, the property is 76% occupied with average rents of $25.66/SF. The base rent is low due to the property being new constuction and still in the lease up period. Projected base rent for 2007 is $316193.

Base:

Capital Expense: Capex and TI/LC have been adjusted to loan reserve amounts.

2006: Loan was securitized in BACM 2007-1. DSCR based on YE 2006 which will not be reported out for BACM 2007-1 - analysis unchecked. JDW

Income: Per rent roll dated 12/31/2007, occupancy is 98% with average annual rents of $27.73/sf. Base rent is up due to the property being in lease up phase for the majority of 2006. Occupancy is up 22% from one year earlier.

2007:


Expense: Property Insurance and Real Estate Taxes per Borrower’s reporting. Management Fees have been adjusted to 4% of EGI. Professional Fees are down from 2006 due to a decrease in legal and accounting fees. Utilities expense is up due to occupancy increase. Repair and Maintenance is up due to increases in equipment leasing and elevator maintenance.


LINCOLN RIDGE RETAIL 1500 DEL WEBB BLVD, LINCOLN, CA


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 596,455 29 0 0 666,156 32 678,702 678,702 505,528 24 (24%) (15%)


Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 3,115 0 0 0 3,115 0 (38) (38) 3,114 0 0% 0%

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.35 / 1.28 1.51 / 1.50 1.14 / 1.14


Net Cash Flow 563,179 27 0 0 663,041 32 678,740 678,740 502,414 24 (24%) (11%)Total Capital Items 33,276 2 0 0 3,115 0 (38) (38) 3,114 0 0% (91%)

Debt Service 441,532 21 0 0 441,532 21 441,532 441,532 441,532 21 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 795,750 38 0 0 863,826 42 890,380 890,380 716,813 35 (17%) (10%)Other Income 0 0 0 0 463 0 173,567 173,567 0 0 (100%) --

Income




Management Fees 0 0 0 0 34,553 2 35,151 35,151 28,673 1 (17%) --Janitorial 0 0 0 0 1,908 0 2,111 2,111 2,111 0 11% --

Payroll & Benefits 0 0 0 0 4,802 0 3,965 3,965 3,965 0 (17%) --



Expenses

Property Insurance 0 0 0 0 6,014 0 0 0 6,085 0 1% --





- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


PACIFICA PARK APARTMENTS LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

THE PANTRY 2,100.00 10.11 31.47 02/28/2010

SUN RIDGE REAL ESTATE, INC. 1,980.00 9.54 31.83 02/28/2010

WELLS FARGO BANK 2,396.00 11.54 34.20 09/30/2015


Status: Performing

Total: 441,532 441,532

Payment Amount


Income: Per the 12/31/2007 rent roll, the property was 100% occupied with average rent of $31.35/sf. Prepaid Rent has been adjusted to zero.

2007:


Base:

Capital Expense: Capital Expenditures have been adjusted to .15/SF.

Income: Per the 12/31/2008 rent roll, the property is 100% occupied with an average annual rental rate of $31.52/sf. Lease termination income and prepaid rent have been adjusted to zero. Expense reimbursements have decreased due to lower cam income.

2008:

Expense: Real estate taxes and property insurance have been adjusted per actual 2008 disbursements. Management fees have been adjusted to 4% of EGI. Professional fees expense has increased due to higher legal costs.

DSCR: NOI and DSCR have fallen due to decreases in base rent and expense reimbursements along with an increase in total operating expenses.

Capital Expense: Capital expenditures have been adjusted to $0.15/sf.


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.30 / 1.20 1.68 / 1.56 1.72 / 1.60


Net Cash Flow 259,700 8 0 0 282,528 8 362,134 362,134 289,947 9 3% 12%Total Capital Items 21,405 1 0 0 21,550 1 0 0 21,550 1 -- 1%

Debt Service 216,982 6 0 0 181,451 5 181,451 181,451 181,451 5 -- (16%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income




Management Fees 0 0 0 0 17,056 1 0 0 17,125 1 0% --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --




Expenses




33,885 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


SUMMERHILL DEVELOPMENT LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

MID ATLANTIC ENTRY SYSTEMS, INC 6,000.00 17.71 9.76 06/30/2014

CANNON HYGIENE, INC 5,843.00 17.24 8.11 10/31/2011

COUNTY OF HENRICO (POLICE DEPT) 16,200.00 47.81 13.42 09/30/2014


Status: Performing

Total: 178,965 178,965

Payment Amount


Income: Per the 04/30/2008 rent roll, the property was 100% occupied with average rent of $11.14/sf.

2007:

Expense: Property Insurance per Borrower’s reporting. Real Estate Taxes have been adjusted to 2007 Disbursements. Management Fees have been adjusted to 4% of EGI.

Base:

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement Level. Tenant Improvements have been adjusted to 67% and Leasing Commissions to 33% of the Reserve Replacement Level.

Income: Per the 12/31/08 rent roll, the property is 100% occupied with an average annual rental rate of $10.98/SF.

2008:


DSCR: Debt service payments are interest only; fixed rate.



WOODLAND CENTER-RICHMOND

541-571 EASTPARK COURT, SANDSTONE, VA


05/12/2009 8:28:40 AM Of 241



Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 992 0 0 0 992 0 0 0 744 0 (25%) (25%)

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 26% 0% 41% 24% 24% 44% 7% 72%Total Operating Expenses 78,770 12 0 0 127,513 19 60,824 60,824 109,335 17 (14%) 39%

DSCR (A) NOI/NCF 1.33 / 1.27 1.05 / 0.98 1.08 / 1.01Net Cash Flow After Debt Service 46,023 7 0 0 (2,634) 0 58,648 58,648 1,224 0 (146%) (97%)

DSCR (A,B) NOI/NCF 1.33 / 1.27 1.05 / 0.98 1.08 / 1.01



Debt Service 173,542 26 0 0 173,542 26 130,156 130,156 130,156 20 (25%) (25%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 308,836 47 0 0 310,305 47 249,628 249,628 249,628 38 (20%) (19%)Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income




Management Fees 0 0 0 0 12,412 2 0 0 9,985 2 (20%) --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --




Expenses


Repairs and Maintenance 0 0 0 0 62,110 9 60,824 60,824 60,824 9 (2%) --Utilities Expense 0 0 0 0 0 0 0 0 0 0 -- --




- mos 2007 12/31/2007 - 12 mos

2008 9/30/2008 - 9 mos

YTD Variance


Credit:


4900 PALO VERDE BLVD LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

My Realty 1,332.00 20.14 0.00 10/31/2011

Advance America, Cash Adv. 1,262.00 19.08 0.00 10/31/2011

It's a Grind Coffee House 1,495.00 22.61 0.00 08/31/2016


02/10/2009 - 1E - DSCR < 1.10; previously 6A - Other (Financial Reporting Past Due). Loan is secured by a 6613 sf unanchored retail property in Lakewood, CA, built in 2006. The 7/24/2008 inspection rated the Property in Good condition. YTD 9/30/2008 NCF DSCR is 1.01x with 100% Occupancy as of 10/31/2008. Loan was U/W at 1.27x with 100% Occ. Per the Primary Servicer, higher CAM Income at YTD 9/30/2008 has led to increased in Expense Reimbursements, which has resulted in a slightly improved DSCR as compared to YE 2007. Bank of America has requested that the Primary Sevicer obtain Borrower's clarification for continued below-threshold DSCR; awaiting a response.


Total: 173,542 173,542

Payment Amount



DEL AMO SQUARE 4900 PALO VERDE, LAKEWOOD, CA


05/12/2009 8:28:40 AM Of 241

Income: Per rent roll dated 12/31/2007, property is 100% occupied with an average rental rate of $36.85/SF.

2007:

Expense: Adjusted taxes to the '07 disbursement amount. Adjusted Insurance to the loan escrow constant amount. Management fees have been adjusted to 4% of EGI. Excluded non-billable expenses.

Base:

Capital Expense: Capital Expenditures have been adjusted to the reserve replacement levels. TI has been adjusted to 67% and LC has been adjusted to 33% of loan escrow constant

Income: Per the 10/01/2008 rent roll, the property is 100% occupied with an average annual rental rate of $38.15/sf. Expense reimbursements have increased due to higher cam income.

2008:

Expense: Real estate taxes and property insurance have been adjusted per actual 2008 disbursements. Management fees have been adjusted to 4% of EGI. Repairs & maintenance expense has increased due to higher cam costs.

DSCR: No underwriting is available for comparison. The borrower did not provide a detailed operating statement.



05/12/2009 8:28:40 AM Of 241

Capital Expenditures 72,000 250 72,000 250 72,000 250 31,719 31,719 54,000 188 (25%) (25%)Net Operating Income 1,043,181 3,622 884,115 3,070 983,438 3,415 533,972 533,972 612,117 2,125 (38%) (41%)

Total Capital Items 72,000 250 72,000 250 72,000 250 31,719 31,719 54,000 188 (25%) (25%)Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 49% 55% 53% 62% 62% 57% 7% 15%

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --General & Administrative Expenses 1,012,760 3,517 215,159 747 206,013 715 86,723 86,723 86,723 301 (58%) (91%)

Total Operating Expenses 1,012,760 3,517 1,095,707 3,805 1,112,401 3,863 882,351 882,351 804,206 2,792 (28%) (21%)Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A,B) NOI/NCF 1.35 / 1.26 1.14 / 1.05 1.52 / 1.41 1.24 / 1.13DSCR (A) NOI/NCF 1.35 / 1.26 1.14 / 1.05 1.52 / 1.41 1.24 / 1.13


Net Cash Flow After Debt Service 197,508 686 38,441 133 265,693 923 8,655 8,655 64,520 224 (76%) (67%)

Debt Service 773,673 2,686 773,674 2,686 645,746 2,242 493,598 493,598 493,598 1,714 (24%) (36%)Net Cash Flow 971,181 3,372 812,115 2,820 911,438 3,165 502,253 502,253 558,117 1,938 (39%) (43%)




Effective Gross Income 2,055,941 7,139 1,979,822 6,874 2,095,839 7,277 1,416,323 1,416,323 1,416,323 4,918 (32%) (31%)Other Income 0 0 179,500 623 184,667 641 117,920 117,920 117,920 409 (36%) --

Base Rent 2,055,941 7,139 1,800,322 6,251 1,911,172 6,636 1,298,403 1,298,403 1,298,403 4,508 (32%) (37%)

Income



Management Fees 0 0 79,193 275 83,834 291 48,103 48,103 56,653 197 (32%) --Repairs and Maintenance 0 0 142,169 494 145,234 504 115,272 115,272 115,272 400 (21%) --

Advertising & Marketing 0 0 25,783 90 24,860 86 23,742 23,742 23,742 82 (4%) --Payroll & Benefits 0 0 280,370 974 288,886 1,003 325,199 325,199 325,199 1,129 13% --



Expenses

Utilities Expense 0 0 50,838 177 55,958 194 53,395 53,395 53,395 185 (5%) --Property Insurance 0 0 91,063 316 123,616 429 92,649 92,649 52,973 184 (57%) --


288 UNT Multifamily


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 9/30/2008 - 9 mos

YTD Variance


Credit:


VESTCOR FUND XXII LTD Primary: Grandbridge Real Estate Capital, LLC Surveillance: Leslie Rupracht

No tenants returned

05/11/2009 - 1E - DSCR < 1.10. Loan is secured by a 14-building, 288-unit multifamily property in Jacksonville, FL, built in 2003. The 10/15/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 1.04x with 80% Occ. According to the Primary Servicer, the YE08 DSCR decline is attributed primarily to increased vacancy, concessions, leases below market rent, and vacant unit UTL expenses when compared to PYE. YE08 A&M expenses such as road banners and newspaper ads increased with Borrower's efforts to improve occupancy. YE08 UTL expenses increased due to increased electric and water expenses for vacant units. Bank of America has requested a leasing/marketing update from the Primary Servicer and will continue to monitor the Loan.


Payment Amount


Base:

Capital Expense: Cap ex was adjusted to U/W

2006: Loan is in BACM 2007-1 - 2006 financials will not be reported on 2007 deals therefore analysis unchecked. RB

Capital Expense: Capex is per Underwriting in 2006.

Expense: Actual real estate taxes and insurance premiums paid by the Borrower in 2006 & were used in the analysis. A 4% management fee was added to the statement.

Expense: Real Estate Taxes and Property Insurance adjusted using monthly constants. Managment Fees adjusted to 4% EGI.

2008:

Capital Expense: Capital Expenditures normalized to 75% U/W.

Expense: RET and insurance were adjusted to actual amounts in 2007. management fee was adjusted to 4% of EGI

2007:


GREGORY COVE APARTMENTS

5601 EDENFIELD ROAD, JACKSONVILLE, FL


05/12/2009 8:28:40 AM Of 241

Ground Rent 0 0 0 0 0 0 6,250 6,250 6,250 0 -- --Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --

Total General/Unallocated 3,858,056 0 0 0 2,626,383 0 1,707,872 1,707,872 1,701,229 0 (35%) (56%)

Net Operating Income 2,223,018 0 0 0 2,243,290 0 1,297,799 1,297,799 1,304,442 0 (42%) (41%)Operating Expense Ratio 63% 0% 65% 61% 61% 61% (7%) (5%)

Payroll & Benefits 0 0 0 0 0 0 777,872 777,872 777,872 0 -- --Management Fees 0 0 0 0 301,946 0 154,910 154,910 154,910 0 (49%) --

Advertising & Marketing 0 0 0 0 633,858 0 197,051 197,051 197,051 0 (69%) --

General & Administrative Expenses 3,858,056 0 0 0 597,132 0 128,282 128,282 121,639 0 (80%) (97%)Professional Fees 0 0 0 0 19,051 0 0 0 0 0 (100%) --

Capital Expenditures 304,054 0 0 0 304,054 0 0 0 152,027 0 (50%) (50%)

Net Cash Flow After Debt Service 1,102,783 0 0 0 1,123,056 0 889,709 889,709 744,325 0 (34%) (33%)Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A) NOI/NCF 2.72 / 2.35 2.75 / 2.38 3.20 / 2.82



Net Cash Flow 1,918,964 0 0 0 1,939,236 0 1,297,799 1,297,799 1,152,415 0 (41%) (40%)

Debt Service - B 0 0 0 0 0 0 0 0 0 0 -- --Debt Service 816,181 0 0 0 816,181 0 408,090 408,090 408,090 0 (50%) (50%)


Other Income 0 0 0 0 88,020 0 33,195 33,195 33,195 0 (62%) --Other Departmental Revenue 0 0 0 0 362,280 0 191,026 191,026 191,026 0 (47%) --

Departmental Revenue 6,081,074 0 0 0 6,452,277 0 3,304,345 3,304,345 3,304,345 0 (49%) (46%)


Income

Franchise Fees 0 0 0 0 240,813 0 116,552 116,552 116,552 0 (52%) --

Room Revenue 6,081,074 0 0 0 5,997,996 0 3,078,761 3,078,761 3,078,761 0 (49%) (49%)

Telephone Revenue 0 0 0 0 3,981 0 1,363 1,363 1,363 0 (66%) --Food & Beverage Revenue 0 0 0 0 0 0 0 0 0 0 -- --

Room Expenses (Departmental) 0 0 0 0 1,254,349 0 196,381 196,381 196,381 0 (84%) --


General/Unallocated





0 0 0 0 0 0 0 0 0 0 -- --

Other Departmental Expense 0 0 0 0 300,757 0 88,990 88,990 88,990 0 (70%) --

Departmental Income 6,081,074 0 0 0 4,869,673 0 3,005,671 3,005,671 3,005,671 0 (38%) (51%)Departmental Expenses 0 0 0 0 1,582,604 0 298,674 298,674 298,674 0 (81%) --


UNT Limited Service Hotel


- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:


105 S MERIDIAN INC Primary: Grandbridge Real Estate Capital, LLC Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Expense: Real estate tax expense adjusted to 2007 tax bill amounts. Property insurance not escrowed. Detailed U/W unavailable. No adjustment made.

Capital Expense: Normalized to UW.

Base:

2007:

2008:

Expense: RET and insurance are actual amounts paid out in 6 month period; RET and insurance are not escrowed. Management Fees represents borrower's actuals @ 4.68% of Departmental Revenue.

Capital Expense: Cap Ex normalized to 50% of U/W.


HAMPTON INN-DOWNTOWN INDIANAPOLIS

105 S. MERIDIAN STREET, INDIANAPOLIS, IN


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 30,931 161 30,931 161 30,931 161 5,346 5,346 30,931 161 -- 0%Net Operating Income 643,646 3,352 524,163 2,730 596,044 3,104 876,662 876,662 712,607 3,711 20% 11%

Total Capital Items 30,931 161 30,931 161 30,931 161 5,346 5,346 30,931 161 -- 0%Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --


Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --General & Administrative Expenses 546,979 2,849 8,243 43 9,616 50 5,990 5,990 5,990 31 (38%) (99%)

Total Operating Expenses 546,979 2,849 503,007 2,620 510,247 2,658 341,378 341,378 505,433 2,632 (1%) (8%)Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 113,034 589 69,215 360 141,096 735 447,299 447,299 257,659 1,342 83% 128%

Debt Service 499,680 2,603 424,017 2,208 424,017 2,208 424,017 424,017 424,017 2,208 -- (15%)Net Cash Flow 612,715 3,191 493,232 2,569 565,113 2,943 871,316 871,316 681,676 3,550 21% 11%



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --Laundry/Vending 0 0 29,684 155 36,630 191 33,955 33,955 33,955 177 (7%) --

Effective Gross Income 1,190,625 6,201 1,027,170 5,350 1,106,291 5,762 1,218,040 1,218,040 1,218,040 6,344 10% 2%Other Income 0 0 230 1 8,218 43 9,418 9,418 9,418 49 15% --

Base Rent 1,190,625 6,201 997,256 5,194 1,061,443 5,528 1,174,667 1,174,667 1,174,667 6,118 11% (1%)

Income

Professional Fees 0 0 1,488 8 880 5 0 0 0 0 (100%) --


Management Fees 0 0 41,087 214 44,252 230 75,110 75,110 48,722 254 10% --Repairs and Maintenance 0 0 129,440 674 127,621 665 115,094 115,094 115,094 599 (10%) --

Advertising & Marketing 0 0 14,350 75 15,753 82 4,322 4,322 4,322 23 (73%) --Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --


Real Estate Taxes 0 0 163,817 853 164,999 859 0 0 169,403 882 3% --

Expenses

Utilities Expense 0 0 124,250 647 129,741 676 140,862 140,862 140,862 734 9% --Property Insurance 0 0 20,332 106 17,385 91 0 0 21,040 110 21% --


192 UNT Multifamily


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


PAGE BELLEVUE II LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Base:

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement Levels. Reported Cap Ex includes $5K of replacements, $1K of Property Improvements.


2006:

Capital Expense: Capital expenditures have been adjusted to the Reserve Replacement Levels.

Expense: Taxes have been adjusted to loan escrow constant. Insurance per Borrower's reporting. Management fees have been adjusted to 4% of EGI.

Income: Per 1/3/2007 rent roll, this property is 92% occupied.

Expense: Real estate taxes and property insurance were adjusted to 2008 disbursements. Management fees have been adjusted to 4% of EGI.

Income: Per the 12/19/2008 rent roll, the property is 98% occupied. Base rent is up due to increased occupancy. Since 06/30/2007 occupancy has increased from 86% to 98%.

2008:

Capital Expense: Capital expenditures were adjusted to the reserve replacement amount. Actual expenditures include $5.1K of replacement expenses and $241 of property improvements.

Income: Per 12/24/07 rent roll, the property is 99% occupied.

2007:

DSCR: Debt service payments are interest only; fixed rate. DSCR and NOI are up due to increased base rent.


EAST PARK ESTATES 2420 SYCAMORE STREET, GREEN BAY, WI


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 10,901 0 8,175 0 11,300 11,300 9,084 0 11% --Net Operating Income 864,388 17 661,340 13 596,354 12 648,681 648,681 532,662 10 (11%) (38%)

Tenant Improvements 33,032 1 22,131 0 16,599 0 0 0 18,443 0 11% (44%)

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 7,451 0 7,451 0 5,588 0 0 0 6,209 0 11% (17%)

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.30 / 1.24 1.21 / 1.14 1.46 / 1.38 1.17 / 1.10Net Cash Flow After Debt Service 160,508 3 74,810 1 156,457 3 182,342 182,342 43,887 1 (72%) (73%)

DSCR (A,B) NOI/NCF 1.30 / 1.24 1.21 / 1.14 1.46 / 1.38 1.17 / 1.10


Net Cash Flow 823,905 16 620,857 12 565,992 11 637,381 637,381 498,926 10 (12%) (39%)Total Capital Items 40,483 1 40,483 1 30,362 1 11,300 11,300 33,736 1 11% (17%)

Debt Service 663,397 13 546,047 11 409,535 8 455,039 455,039 455,039 9 11% (31%)


Expense Reimbursement 0 0 445,581 9 263,252 5 0 0 0 0 (100%) --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,230,454 24 1,575,214 31 920,060 18 968,973 968,973 968,973 19 5% (21%)Other Income 0 0 12,329 0 0 0 750 750 750 0 -- --

Income



Base Rent 1,230,454 24 1,117,304 22 656,808 13 968,223 968,223 968,223 19 47% (21%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 63,008 1 36,803 1 0 0 38,759 1 5% --Janitorial 0 0 31,884 1 11,551 0 2,290 2,290 2,290 0 (80%) --


Professional Fees 0 0 25,423 1 6,143 0 6,830 6,830 6,830 0 11% --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --

Real Estate Taxes 0 0 151,999 3 70,209 1 0 0 77,260 2 10% --

Expenses




50,795 NRSF Office


2006 12/31/2006 - 12 mos

2007 9/30/2007 - 9 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


PROSPECT MEDICAL, LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

NAUGATUCK VALLEY RADIOLOGY 7,231.00 14.24 23.62 08/31/2016

CARLSON THERAPY NETWORK 5,000.00 9.84 23.50 07/30/2012

PRIMARY CARE PARTNERS, P.C. 13,600.00 26.77 19.25 02/28/2019


Status: Performing

Total: 663,397 663,397

Payment Amount



POND PLACE MEDICAL OFFICE

166 WATERBURY ROAD, PROSPECT, CT


05/12/2009 8:28:40 AM Of 241

No statement line items returned


Credit:


PROSPECT MEDICAL, LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned

Status: Performing Total: 663,397 0

Payment Amount

P & I (Current) 663,397 0 9,609,615Loan Property Balance

No footnotes returned


LETTER OF CREDIT

2006:


Expense: Real estate taxes have been adjusted per the loan escrow constant. Property insurance has been adjusted per actual 2007 disbursements. Management fees have been adjusted to 4% of EGI. Repairs & maintenance expense has decreased due to lower grounds maintenance and general repair costs. Professional fees expense has decreased due to lower accounting, legal, and other professional fee costs. General & administrative expense has decreased due to lower superintendent fees and state tax costs.

Income: Per the 2/7/2007 rent roll, the property was 82% occupied with average annual rents of $27.37/SF.

Base:

Capital Expense: Capital expenditures have been adjusted to reserve level. TI/LC have been adjusted to loan escrow requirements.

Expense: Taxes and insurance are per borrower's reporting. Management fees have been adjusted to 4% of EGI.

Expense: Property Insurance per borrower's reporting. Real Estate Taxes have been adjusted to the 2008 actual disbursement. Management Fees have been adjusted to 4% of EGI. G&A includes miscellaneous, office, and telephone expenses. R&M expense is for flower and garden, electrical repairs, and HVAC expenses.

Income: Per the 11/18/08 rent roll, the property is 83.5% occupied with an average annual rental rate of $22.07/SF. Per borrower, base rent has increased due to reimbursements being included with the rental income as one amount.

2008:


Income: Per the 10/01/2007 rent roll, the property is 83% occupied with average annual rents of $21.51/sf. Base rent is down due to a decline in the average in-place rental rate. Per the 10/01/2007 rent roll the average rental rate is $21.51/sf as compared to 2/01/2007 where the average rental rate was $27.37/sf.

2007: Borrower has not provided the rent roll, hence Tenant updates not done. Mahender 1/8/08

DSCR: Debt service payments are interest only; fixed rate. Borrower did not provide a YE 2007 financial statement for analysis comparison.

146 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


WELLINGTON PLACE 2801 WELLINGTON CIRCLE, ROGERS, AR


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 36,500 250 0 0 36,500 250 0 0 36,500 250 -- --Net Operating Income 618,774 4,238 0 0 661,133 4,528 679,532 679,532 539,764 3,697 (18%) (13%)







Net Cash Flow After Debt Service 99,566 682 0 0 141,924 972 196,823 196,823 20,555 141 (86%) (79%)

Debt Service 482,709 3,306 0 0 482,709 3,306 482,709 482,709 482,709 3,306 -- --Net Cash Flow 582,274 3,988 0 0 624,633 4,278 679,532 679,532 503,264 3,447 (19%) (14%)




Effective Gross Income 1,047,416 7,174 0 0 1,093,093 7,487 960,918 960,918 960,918 6,582 (12%) (8%)Other Income 0 0 0 0 2,927 20 12,507 12,507 12,507 86 327% --

Base Rent 1,047,416 7,174 0 0 1,090,166 7,467 948,411 948,411 948,411 6,496 (13%) (9%)

Income







Expenses

Utilities Expense 0 0 0 0 56,592 388 58,884 58,884 58,884 403 4% --Property Insurance 0 0 0 0 34,645 237 5,002 5,002 34,645 237 -- --



Credit:


WELLINGTON PLACE, LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned

04/09/2009 - 1E - DSCR < 1.10. Loan is secured by a 146-unit multifamily apartment complex in Rogers, AR, built in phases in 1996/2001. The 8/11/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 1.04x with 94.5% Occupancy, based on 8 vacant units as of 12/31/2008. Loan was U/W at 1.21x with 99.3% Occ. YE 2008 Base Rents are a 9.5% decline from U/W, and 13% below YE 2007. While Other Income jumped 327.3% since PYE, an increase of approx $10K, EGI still declined 12% in the last year, and 8.3% from U/W. Total Operating Expenses are 1.7% below U/W and 2.5% less than YE07. However, the resulting NCF is still a 13.6% decline from U/W, and 19.4% drop from YE07. According to the Primary Servicer, the average monthly rental rate at YE08 was $592 per unit, and Base Rent has decreased due to lower occupancy in the first half of 2008, when it ranged from 80-86%. Occ was 80.1% at YE07. Wal-Mart corporate leases a certain number of units, and occasionally pre-pays rent as much as three months in advance; this practice has become less of an issue since loan U/W, however, it may still be a factor to some extent in the DSCR decline. Bank of America has requested that the Primary Servicer obtain Borrower's clarification regarding decreased Rental Income while Occ has increased 15.2% in the last year; awaiting a response.


Payment Amount



Income: Per the 12/31/2007 rent roll, the property was 80% occupied with average monthly rental rates of $393/unit.

Base:


2007:

Income: Per 12/31/08 rent roll, the property is 97% occupied with an average rental rate of $592/unit. Base Rent is down due to lower occupancy in the first half of the year when it ranged from 80-86%.

2008:

Capital Expense: Capital Expenditures adjusted to reserve replacement escrow.

Expense: Taxes and insurance per 2008 disbursements. Management fees have been adjusted to 5% of EGI. P&B is down due to a $19K decrease in Salaries.


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 26,136 121 0 0 26,136 121 14,987 14,987 26,136 121 -- --Net Operating Income 1,347,608 6,239 0 0 1,291,322 5,978 1,314,755 1,314,755 1,299,662 6,017 1% (4%)

Total Capital Items 26,136 121 0 0 26,136 121 14,987 14,987 26,136 121 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --


Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --General & Administrative Expenses 894,640 4,142 0 0 78,662 364 51,513 51,513 51,513 238 (35%) (94%)

Total Operating Expenses 894,640 4,142 0 0 962,376 4,455 938,134 938,134 991,008 4,588 3% 11%Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 248,621 1,151 0 0 350,139 1,621 384,721 384,721 358,479 1,660 2% 44%

Debt Service 1,072,851 4,967 0 0 915,047 4,236 915,047 915,047 915,047 4,236 -- (15%)Net Cash Flow 1,321,472 6,118 0 0 1,265,186 5,857 1,299,768 1,299,768 1,273,526 5,896 1% (4%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --Laundry/Vending 0 0 0 0 1,160 5 345 345 345 2 (70%) --

Effective Gross Income 2,242,248 10,381 0 0 2,253,698 10,434 2,252,889 2,252,889 2,290,670 10,605 2% 2%Other Income 0 0 0 0 115,836 536 89,458 89,458 127,239 589 10% --

Base Rent 2,242,248 10,381 0 0 2,136,702 9,892 2,163,086 2,163,086 2,163,086 10,014 1% (4%)

Income



Management Fees 0 0 0 0 90,148 417 85,203 85,203 91,627 424 2% --Repairs and Maintenance 0 0 0 0 125,246 580 120,361 120,361 120,361 557 (4%) --

Advertising & Marketing 0 0 0 0 34,570 160 30,931 30,931 30,931 143 (11%) --Payroll & Benefits 0 0 0 0 212,796 985 212,151 212,151 212,151 982 0% --


Real Estate Taxes 0 0 0 0 238,582 1,105 239,004 239,004 285,454 1,322 20% --

Expenses

Utilities Expense 0 0 0 0 122,103 565 133,728 133,728 133,728 619 10% --Property Insurance 0 0 0 0 42,172 195 40,151 40,151 40,151 186 (5%) --


216 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


VILLAGE ON THE GREEN LIMITED PARTNERSHIP Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned

Status: Performing Total: 1,072,851 1,072,851

Payment Amount

P & I (Current) 1,072,851 1,072,851 14,632,196Loan Property Balance

Income: Bad debt has been adjusted to zero. Lease termination fees have been adjusted to zero. Per 12/31/07 rent roll, the property is 94% occupied with an average rental rate of $895/unit.

2007:


Base:

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement Level. Reported Cap Ex includes $3K of HVAC Replacement.

Income: Per 12/31/2008 rent roll, property is 90% occupied with average monthlyrents of $892/unit. Bad Debt and Lease Termination Income has been adjusted to zero.

2008:

Expense: Property Insurance and Real Estate Taxes have been adjusted to 2008 Disbursement. Management Fees have been adjusted to 4% if EGI.

DSCR: Debt Service payments are interest only, fixed rate.



VILLAGE ON THE GREEN APARTMENTS

2975 CONTINENTAL COLONY PARKWAY SW, ATLANTA, GA


05/12/2009 8:28:40 AM Of 241


INDIAN HILLS APARTMENTS 19101 EUCLID AVE, EUCLID, OH




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --

Management

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --





Net Cash Flow 258,738 13 0 0 0 0 0 0 0 0 -- (100%)Total Capital Items 11,753 1 0 0 0 0 0 0 0 0 -- --

Debt Service 189,672 9 0 0 0 0 0 0 0 0 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses




20,395 NRSF Anchored Shopping Center




Credit:


ARAN INVESTMENTS LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

Staples, Inc. 20,395.00 100.00 0.00 10/31/2016



Payment Amount


Base:


STAPLES - PENDLETON PIKE 10422 PENDLETON PIKE, LAWERENCE, IN


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 393,500 250 393,500 250 393,500 250 0 0 393,500 250 -- --Net Operating Income 4,296,858 2,730 5,179,138 3,290 5,503,272 3,496 6,113,837 6,113,837 5,710,176 3,628 4% 33%

Total Capital Items 393,500 250 393,500 250 393,500 250 0 0 393,500 250 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 51% 45% 42% 39% 39% 43% 3% (15%)

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --General & Administrative Expenses 4,539,592 2,884 174,893 111 172,515 110 172,633 172,633 172,633 110 0% (96%)

Total Operating Expenses 4,539,592 2,884 4,206,661 2,673 4,004,293 2,544 3,977,330 3,977,330 4,380,991 2,783 9% (3%)Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 682,029 433 2,121,427 1,348 2,445,560 1,554 3,442,327 3,442,327 2,645,165 1,681 8% 288%

Debt Service 3,221,329 2,047 2,664,211 1,693 2,664,211 1,693 2,671,510 2,671,510 2,671,510 1,697 0% (17%)Net Cash Flow 3,903,358 2,480 4,785,638 3,040 5,109,771 3,246 6,113,837 6,113,837 5,316,676 3,378 4% 36%



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --Laundry/Vending 0 0 222,607 141 233,065 148 238,584 238,584 238,584 152 2% --

Effective Gross Income 8,836,450 5,614 9,385,799 5,963 9,507,565 6,040 10,091,167 10,091,167 10,091,167 6,411 6% 14%Other Income 0 0 94,900 60 98,790 63 264,881 264,881 264,881 168 168% --

Base Rent 8,836,450 5,614 9,068,292 5,761 9,175,710 5,830 9,587,702 9,587,702 9,587,702 6,091 4% 9%

Income

Professional Fees 0 0 6,300 4 6,300 4 6,300 6,300 6,300 4 -- --


Management Fees 0 0 469,290 298 380,303 242 0 0 403,647 256 6% --Repairs and Maintenance 0 0 341,903 217 335,703 213 338,872 338,872 338,872 215 1% --

Advertising & Marketing 0 0 57,600 37 57,600 37 57,300 57,300 57,300 36 (1%) --Payroll & Benefits 0 0 968,496 615 968,496 615 971,040 971,040 971,040 617 0% --



Expenses

Utilities Expense 0 0 1,216,719 773 1,120,130 712 1,546,209 1,546,209 1,546,209 982 38% --Property Insurance 0 0 180,427 115 180,427 115 111,144 111,144 111,151 71 (38%) --


1,574 UNT Multifamily


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


NIEDERST INDIAN HILLS LLC Primary: Capstone Realty Advisors Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


2006:

DSCR: Debt Service adjusted per Servicer record.

Capital Expense: Capital Expenditure adjusted per UW.

Base:

Expense: Borrower took ownership of property in April 2006. Expense items have been annualized.

Income: Borrower took ownership of property in April 2006. Income items have been annualized.


Expense: Real Estate Taxes and Insurance adjusted to amount paid by Capstone in 2008. Management Fee adjusted to underwritten amount of 4% of income.

2008:

Expense: Real Estate Taxes and Insurance adjusted to amount paid by Capstone in 2007. Management Fees adjusted to 4% of EGI per UW.

Income: Interest only Loan.

2007:


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 40,069 40,069 8,316 1 -- --Net Operating Income 1,891,586 129 0 0 0 0 1,839,160 1,839,160 1,748,030 119 -- (8%)

Tenant Improvements 60,860 4 0 0 0 0 0 0 16,884 1 -- (72%)

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 17,755 1 0 0 0 0 0 0 15,504 1 -- (13%)

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --

Management 4.0%

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 32% 0% 0% 19% 19% 23% -- (27%)Total Operating Expenses 892,104 61 0 0 0 0 439,096 439,096 530,226 36 -- (41%)


DSCR (A,B) NOI/NCF 1.27 / 1.21 1.39 / 1.36

Occupancy 100%DSCR (A,B,C) NOI/NCF 1.27 / 1.21 1.39 / 1.36

Net Cash Flow 1,812,971 123 0 0 0 0 1,799,091 1,799,091 1,707,326 116 -- (6%)Total Capital Items 78,615 5 0 0 0 0 40,069 40,069 40,704 3 -- (48%)

Debt Service 1,494,704 102 0 0 0 0 1,256,208 1,256,208 1,256,208 85 -- (16%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 2,783,690 189 0 0 0 0 2,278,256 2,278,256 2,278,256 155 -- (18%)Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income

General & Administrative Expenses 892,104 61 0 0 0 0 8,972 8,972 8,972 1 -- (99%)


Base Rent 2,783,690 189 0 0 0 0 2,278,256 2,278,256 2,278,256 155 -- (18%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 0 0 0 0 91,130 6 -- --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --


Professional Fees 0 0 0 0 0 0 16,903 16,903 16,903 1 -- --Advertising & Marketing 0 0 0 0 0 0 65 65 65 0 -- --


Expenses






- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


Credit:


PINA CONSTRUCTION CORPORATION Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

East Diasability 2,200.00 14.97 18.45 12/14/2011

Mini Market 2,200.00 14.97 14.55 04/30/2011

AM Washing 2,300.00 15.65 15.99 05/31/2015


Status: Performing

Total: 1,494,704 153,905

Payment Amount

P & I (Current) 1,494,704 153,905 20,690,443Loan Property Balance

Capital Expense: Capital expenditures adjusted to Reserve amount. TI adjusted to 67% and LC 33% of Reserves level.

Base:

Expense: Taxes and Insurance per Borrower. Management fees have been adjusted to 4% of EGI.

2007: Borrower has not provided Rent Roll hence occupancy not updated.

Income: Borrower was unable to be contacted for current rent roll. Worked on Consolidated.


RIVERHEAD COMMONS 721 EAST MAIN STREET, RIVERHEAD, NY


05/12/2009 8:28:40 AM Of 241



Credit:



Law Office 1,100.00 16.92 29.15 05/31/2010

Pediatrician Silver 1,100.00 16.92 31.53 05/31/2007

Dentist Campisi 2,200.00 33.85 15.48 08/31/2011


Status: Performing

Total: 1,494,704 83,474

Payment Amount




DOGWOOD PROFESSIONAL CENTER

6302 ROUTE - 25A, WADING RIVER, NY



Credit:



McMillan Pizza 3,000.00 13.04 19.11 06/30/2021

A.D.A. Studio Photographic Services, Inc. 2,000.00 8.70 24.13 05/31/2010

My Butcher 4,000.00 17.39 16.20 10/31/2016


Status: Performing

Total: 1,494,704 318,244

Payment Amount




WADING RIVER SQUARE 6278 ROUTE - 25A, WADING RIVER, NY


MILLER PLACE 325 - 353 ROUTE 25A, MILLER PLACE, NY


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 1,891,586 29 0 0 0 0 0 0 0 0 -- --



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --

Management

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --





Net Cash Flow 1,812,971 28 0 0 0 0 0 0 0 0 -- (100%)Total Capital Items 78,615 1 0 0 0 0 0 0 0 0 -- --

Debt Service 1,494,704 23 0 0 0 0 0 0 0 0 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 2,783,690 42 0 0 0 0 0 0 0 0 -- --Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income



Base Rent 2,783,690 42 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses








Credit:



Applebee's 6,000.00 9.12 24.81 04/30/2024

Bank of Smithtown 4,275.00 6.50 0.00 09/01/2014

Rite Aids 10,800.00 16.42 4.41 12/31/2013


Status: Performing

Total: 1,494,704 746,048

Payment Amount


Base:


05/12/2009 8:28:40 AM Of 241



Credit:



Cablevision 15,000.00 100.00 22.59 05/31/2027


Status: Performing Total: 1,494,704 193,033

Payment Amount




CABLEVISION 254 ROUTE 58, RIVERHEAD, NY


Total General/Unallocated 1,377,518 0 0 0 1,481,842 0 280,942 280,942 322,805 0 (78%) (77%)

Net Operating Income 726,305 0 0 0 761,858 0 477,609 477,609 435,746 0 (43%) (40%)Operating Expense Ratio 65% 0% 67% 54% 54% 58% (13%) (11%)

Payroll & Benefits 0 0 0 0 390,960 0 0 0 0 0 (100%) --Management Fees 0 0 0 0 92,096 0 0 0 41,863 0 (55%) --


General & Administrative Expenses 1,377,518 0 0 0 255,841 0 70,695 70,695 70,695 0 (72%) (95%)Professional Fees 0 0 0 0 0 0 0 0 0 0 -- --

Capital Expenditures 84,153 0 0 0 92,096 0 24,078 24,078 42,076 0 (54%) (50%)

Net Cash Flow After Debt Service 193,718 0 0 0 221,328 0 229,314 229,314 169,453 0 (23%) (13%)Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A) NOI/NCF 1.62 / 1.43 1.70 / 1.49 1.94 / 1.76


Total Capital Items 84,153 0 0 0 92,096 0 24,078 24,078 42,076 0 (54%) (50%)Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Net Cash Flow 642,152 0 0 0 669,762 0 453,531 453,531 393,670 0 (41%) (39%)

Debt Service - B 0 0 0 0 0 0 0 0 0 0 -- --Debt Service 448,434 0 0 0 448,434 0 224,217 224,217 224,217 0 (50%) (50%)

Occupancy 71% 60%

Other Income 0 0 0 0 70,125 0 0 0 0 0 -- --Other Departmental Revenue 0 0 0 0 0 0 26,376 26,376 26,376 0 -- --



Income

Franchise Fees 0 0 0 0 0 0 0 0 0 0 -- --

Room Revenue 2,103,823 0 0 0 2,225,079 0 1,018,833 1,018,833 1,018,833 0 (54%) (52%)

Telephone Revenue 0 0 0 0 7,197 0 1,365 1,365 1,365 0 (81%) --Food & Beverage Revenue 0 0 0 0 0 0 0 0 0 0 -- --

Room Expenses (Departmental) 0 0 0 0 0 0 257,323 257,323 257,323 0 -- --


General/Unallocated

Property Insurance 0 0 0 0 28,844 0 0 0 0 0 (100%) --




0 0 0 0 5,193 0 2,560 2,560 2,560 0 (51%) --

Other Departmental Expense 0 0 0 0 34,304 0 20,438 20,438 20,438 0 (40%) --

Departmental Income 2,103,823 0 0 0 2,243,700 0 758,551 758,551 758,551 0 (66%) (64%)Departmental Expenses 0 0 0 0 58,701 0 288,023 288,023 288,023 0 391% --


0 UNT Hotel/Motel


- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


COMFORT SUITES DFW 4700 W JOHN CARPENTER FWY, IRVING, TX


05/12/2009 8:28:40 AM Of 241


Credit:


SAI-NORA INVESTMENT LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount



Income: Borrower did not submit YTD occupancy report.

Base:

Capital Expense: Capital Expenditures have been adjusted to 4% of EGI.

2007: Rent Roll not there hence occupancy not updated. Vimal Jain 26/6/2008.

Income: YTD occupancy was reported at 60% with ADR of $85.81 and RevPAR at $51.59.

2008:

Capital Expense: Capital Expenditures have been adjusted to 4% of EGI.



05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 25,779 0 0 0 0 0 (100%) --Net Operating Income 994,106 8 0 0 971,706 8 752,608 752,608 999,162 8 3% 1%

Tenant Improvements 48,092 0 0 0 25,779 0 0 0 36,069 0 40% (25%)

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 18,040 0 0 0 18,040 0 8,221 8,221 13,530 0 (25%) (25%)

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 35% 0% 34% 33% 33% 34% (1%) (4%)Total Operating Expenses 530,372 4 0 0 494,633 4 374,285 374,285 503,362 4 2% (5%)


DSCR (A,B) NOI/NCF 1.34 / 1.25 1.31 / 1.21 1.79 / 1.70


Net Cash Flow 927,974 8 0 0 902,109 8 744,387 744,387 949,563 8 5% 2%Total Capital Items 66,132 1 0 0 69,597 1 8,221 8,221 49,599 0 (29%) (25%)

Debt Service 743,272 6 0 0 743,272 6 557,454 557,454 557,454 5 (25%) (25%)


Percentage Rent 0 0 0 0 0 0 6,079 6,079 8,105 0 -- --Expense Reimbursement 0 0 0 0 347,103 3 267,086 267,086 356,115 3 3% --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,524,478 13 0 0 1,466,339 12 1,126,893 1,126,893 1,502,524 12 2% (1%)Other Income 0 0 0 0 0 0 205 205 273 0 -- --

Income



Base Rent 1,524,478 13 0 0 1,119,236 9 853,523 853,523 1,138,031 9 2% (25%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --



Professional Fees 0 0 0 0 0 0 0 0 0 0 -- --Advertising & Marketing 0 0 0 0 0 0 7,927 7,927 10,569 0 -- --


Expenses

Property Insurance 0 0 0 0 15,635 0 7,804 7,804 15,635 0 -- --



120,267 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 9/30/2008 - 9 mos

YTD Variance


Credit:


SHURMER STRONGSVILLE, LLC Primary: Capstone Realty Advisors Surveillance: Leslie Rupracht

Rite Aid 15,336.00 12.75 4.75 11/30/2009

Cleats Club St. Grill 6,000.00 4.99 13.23 08/31/2012

Office Depot (MC Sports) 29,936.00 24.89 6.85 12/31/2008


Status: Performing

Total: 743,272 743,272

Payment Amount


Expense: Real estate taxes adjusted to amount paid by Capstone in 2007. Insurance adjusted to underwritten amount. Management fee adjusted to underwritten amount to 5% of Income.

Capital Expense: Capital items adjusted to underwritten amounts. Borrower conducted major capital iimprovements in 2007 that were required with the loan closing. These improvements include roof replacement, parking lot resurfacing, HVAC upgrades, nad installation of fence.

Base:

2007:

2008:

Expense: Real Estate Taxes adjusted to amount paid by Capstone in 2008. Insurance adjusted to UW amount. Management Fee adjusted to UW amount of 5% of Income.

Capital Expense: Capital items adjusted to UW amounts. Borrower conducted major Capital Improvements in 2007 that were required with the loan closing. These improvements include: Roof replacement, Parking lot resurfacing, HVAC upgrades, and installation of a fence.


STRONGSVILLE TOWNE CENTER

15177- 15323, 15131-69, 14933-37 & 15135 & 63 PEARL ROAD, STRONGSVILLE, OH


CENTER AT SMITH VALLEY 1675 WEST SMITH VALLEY ROAD, GREENWOOD, IN


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.36 / 1.25 1.58 / 1.48 1.67 / 1.57


Net Cash Flow 575,138 10 0 0 563,742 9 585,928 585,928 599,602 10 6% 4%Total Capital Items 51,504 1 0 0 37,588 1 0 0 37,588 1 -- (27%)

Debt Service 460,836 8 0 0 381,213 6 381,213 381,213 381,213 6 -- (17%)


Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --Expense Reimbursement 0 0 0 0 149,096 2 179,580 179,580 179,580 3 20% --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 820,426 14 0 0 812,633 14 866,197 866,197 866,197 14 7% 6%Other Income 0 0 0 0 1,785 0 4,365 4,365 4,365 0 145% --

Income

General & Administrative Expenses 193,785 3 0 0 1,072 0 330 330 330 0 (69%) (100%)



Management Fees 0 0 0 0 32,505 1 85,910 85,910 34,648 1 7% --Janitorial 0 0 0 0 855 0 0 0 0 0 (100%) --




Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


HPG CENTER AT SMITH VALLEY LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

ORTHODOC.COM 6,722.00 11.21 16.54 10/01/2012

CLARIAN/OASIS 4,083.00 6.81 14.50 02/28/2009

CVS 7,850.00 13.09 7.50 10/31/2012


Status: Performing

Total: 460,836 460,836

Payment Amount


Income: Per 2/07/08 rent roll, the property is 95% occupied with an average rental rate of $13.00/SF.

2007:


Base:


Income: Per the 2/6/09 rent roll, the property is 70.8% occupied with an average annual rental rate of $13.16/SF. Per Borrower, the property's largest tenant, Diversions (13,326 SF; 22% NRA), vacated upon their 11/30/2008 lease expiration. Borrower stated their are a couple propective tenants for the vacant space which include The Dollar Store and a restaurant.

2008:



Capital Expense: Capital Expenditures have been adjusted to Reserve Replacement level. TI has been adjusted to 67% and LC 33% of the Reserve Replacement level.



05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 8,041 0 0 0 8,041 0 -- --Net Operating Income 304,053 7 0 0 626,201 15 387,317 387,317 324,685 8 (48%) 7%



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.34 / 1.21 2.76 / 2.63 1.43 / 1.30Net Cash Flow After Debt Service 46,738 1 0 0 369,055 9 160,638 160,638 67,539 2 (82%) 45%

DSCR (A,B) NOI/NCF 1.34 / 1.21 2.76 / 2.63 1.43 / 1.30


Net Cash Flow 273,418 7 0 0 595,734 15 387,317 387,317 294,218 7 (51%) 8%Total Capital Items 30,635 1 0 0 30,467 1 0 0 30,467 1 -- (1%)

Debt Service 226,680 6 0 0 226,679 6 226,679 226,679 226,679 6 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 454,986 11 0 0 812,633 20 496,606 496,606 496,606 12 (39%) 9%Other Income 0 0 0 0 1,785 0 8,497 8,497 8,497 0 376% --

Income




Management Fees 0 0 0 0 32,505 1 45,191 45,191 19,864 0 (39%) --Janitorial 0 0 0 0 855 0 560 560 560 0 (35%) --




Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


HPG CENTER AT STOP 11 LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

DOLLAR GENERAL 6,600.00 16.23 6.84 12/31/2009

DRIFTY'S SPORTS PUB 6,545.00 16.09 9.46 02/28/2010

TIENDA MEXICAN EL PASO 6,790.00 16.70 10.25 12/31/2012


Status: Performing

Total: 226,679 226,679

Payment Amount



Income: Per 2/9/08 rent roll, the property is 100% occupied with an average rental rate of $6.79/SF.

Base:

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement level. Tenant Improvement has been adjusted to 67% and Leasing Commision 33% of the Reserve Replacement level.

2007: Occupancy Updation is done based on Subservicer OSAR & Tenant Updates not done as Rent Roll is not provided.Sangeetha - 3/19/2008.

Income: Per 2/3/2009 rent roll, the property is 100% occupied with average rents of $6.91/SF.

2008:

Capital Expense: Capital Expenditures adjusted to reserve replacement amount. TI/LC adjusted to 67%/33% of reserve replacement level respectively.

Expense: Management fees have been adjusted to 4% of EGI. Real Estate Taxes and Insurance per 2008 disbursements. Utilities have increased from 2007 due to an $11.5k increase in trash removal. R&M has increased due to a $8.5k increase in utility repair and a $4.4k increase in snow removal.

CENTER AT STOP ELEVEN 2312 2372 EAST STOP ELEVEN ROAD, INDIANAPOLIS, IN


05/12/2009 8:28:40 AM Of 241

Tenant Improvements 24,629 0 0 0 0 0 0 0 0 0 -- --Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 12,428 0 0 0 37,057 0 9,264 9,264 37,057 0 -- 198%




Total Capital Items 37,056 0 0 0 37,057 0 9,264 9,264 37,057 0 -- 0%




Debt Service 327,091 4 0 0 327,091 4 327,091 327,091 327,091 4 -- --Net Cash Flow 451,013 5 0 0 573,534 7 543,818 543,818 426,025 5 (26%) (6%)




Effective Gross Income 710,316 9 0 0 845,036 10 699,159 699,159 699,159 8 (17%) (2%)Other Income 0 0 0 0 834 0 14,291 14,291 14,291 0 1613% --

Base Rent 710,316 9 0 0 844,202 10 684,868 684,868 684,868 8 (19%) (4%)

Income



Expenses

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --Management Fees 0 0 0 0 25,351 0 0 0 20,975 0 (17%) --


Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


2680 GATEWAY DRIVE LLC Primary: Grandbridge Real Estate Capital, LLC Surveillance: Leslie Rupracht

PENTAIR, INC. 15,000.00 18.11 6.42 04/30/2010

FIRST MAIL MARKETING 14,280.00 17.24 4.54 12/31/2009

ABC WAREHOUSE & STORAGE 17,000.00 20.52 8.00 01/31/2012


Status: Performing

Total: 327,091 327,091

Payment Amount


Expense: Real estate taxes adjusted to amount disbursed from escrow for payment of 2007 tax bills. Property insurance adjusted to amount disbursed for payment of 2007 premium. Management fee adjusted to 3% EGI.

2007:

Base:

Capital Expense: Detailed U/W unavailable. Normalized total capital items to total UW amount.

Income: Transfers were excluded from analysis as these are internal accounting movements by Borrower and are not operating income.

2008:

Capital Expense: Cap Ex normalized to U/W.

Expense: RET and Insurance were adjusted to total amounts paid from escrow during 2008. Mgmt fees normalized to 3% of EGI. Partner disbursements, sales taxes, tax escrow, insurance escrow, reserve escrow, escrow disbursement, 720 Corp transfers, and Gateway transfers were omitted from analysis.


SEVEN-TWENTY PORTFOLIO 720 750, 760, SW 12TH AVE & 2680 GATEWAY DR, POMPANO BEACH, FL


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 88,250 84 0 0 88,250 84 0 0 88,250 84 -- --Net Operating Income 5,642,338 5,343 0 0 6,004,370 5,686 6,359,262 6,359,262 6,442,446 6,101 7% 14%



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --General & Administrative Expenses 4,213,243 3,990 0 0 885,782 839 983,407 983,407 982,607 930 11% (77%)

Total Operating Expenses 4,213,243 3,990 0 0 4,460,164 4,224 4,715,700 4,715,700 4,661,131 4,414 5% 11%Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 1,020,043 966 0 0 1,382,075 1,309 1,812,795 1,812,795 1,807,728 1,712 31% 77%

Debt Service 4,534,045 4,294 0 0 4,534,045 4,294 4,546,467 4,546,467 4,546,467 4,305 0% 0%Net Cash Flow 5,554,088 5,260 0 0 5,916,120 5,602 6,359,262 6,359,262 6,354,196 6,017 7% 14%



Parking Income 0 0 0 0 310,255 294 310,305 310,305 310,305 294 0% --Laundry/Vending 0 0 0 0 5,114 5 4,630 4,630 4,630 4 (9%) --


Base Rent 9,855,581 9,333 0 0 0 0 0 0 0 0 -- --

Income

Professional Fees 0 0 0 0 36,973 35 30,277 30,277 30,277 29 (18%) --

Vacancy/Collection Loss 0 0 0 0 (145,951) (138) (194,363) (194,363) (194,363) (184) 33% --Gross Potential Rent 0 0 0 0 10,045,884 9,513 10,600,641 10,600,641 10,600,641 10,038 6% --


Advertising & Marketing 0 0 0 0 26,203 25 33,920 33,920 33,920 32 29% --Payroll & Benefits 0 0 0 0 479,952 455 525,925 525,925 525,925 498 10% --


Real Estate Taxes 0 0 0 0 1,000,404 947 1,146,799 1,146,799 1,119,310 1,060 12% --

Expenses

Utilities Expense 0 0 0 0 1,190,251 1,127 1,155,436 1,155,436 1,155,436 1,094 (3%) --Property Insurance 0 0 0 0 114,000 108 116,774 116,774 116,774 111 2% --


1,056 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


UNIVERSITY VIEW PARTNERS, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Replacement 0 0 0Reserves:

Tax 1,040,420 1,040,420 780,315

Total: 5,661,420 5,661,420


P & I (Current) 4,620,999 4,620,999 80,750,000

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance adjusted per Underwriting. Management Fees represents borrower actual @ 3.0469% of EGI. Carpet/Tile Replacement / Appliance Replacement and Non-Recurring Building Repairs & Web Site Development adjusted out.

Income: Interest only Loan. Write-off to Administration / Lease Termination Fee & Bad Debt Recovery adjusted out.

Capital Expense: Capital Expenditure adjusted per Underwriting.

Base:


2007:

Income: Interest Only Loan. Bad Debt Recovery, Write-Off To Administration and Lease Termination Fee adjusted out.

2008:

Expense: Real Estate Taxes adjusted per Servicer record. Property Insurance represents Borrower actual. Management Fee represents Borrower actual @3.03% of EGI. Contributions, Carpet/Tile Replacement, Signage Repair/Replacement, Appliance Replacement and Contributions adjusted out.




UNIVERSITY VIEW 8204 BALTIMORE AVE, COLLEGE PARK, MD


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 15,216 317 15,216 317 15,216 317 4,378 4,378 7,608 159 (50%) (50%)Net Operating Income 255,235 5,317 202,978 4,229 294,955 6,145 193,630 193,630 191,303 3,985 (35%) (25%)

Total Capital Items 15,216 317 15,216 317 15,216 317 4,378 4,378 7,608 159 (50%) (50%)Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --



Total Operating Expenses 175,301 3,652 129,989 2,708 177,921 3,707 95,924 95,924 101,294 2,110 (43%) (42%)Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 70,453 1,468 18,196 379 110,173 2,295 104,469 104,469 98,912 2,061 (10%) 40%

Debt Service 169,566 3,533 169,566 3,533 169,566 3,533 84,783 84,783 84,783 1,766 (50%) (50%)Net Cash Flow 240,019 5,000 187,762 3,912 279,739 5,828 189,252 189,252 183,695 3,827 (34%) (23%)



Parking Income 0 0 4,150 86 5,970 124 4,530 4,530 4,530 94 (24%) --Laundry/Vending 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 430,535 8,969 332,967 6,937 472,876 9,852 289,554 289,554 292,597 6,096 (38%) (32%)Other Income 0 0 22,507 469 36,973 770 24,883 24,883 27,926 582 (24%) --

Base Rent 430,535 8,969 306,310 6,381 429,933 8,957 260,141 260,141 260,141 5,420 (39%) (40%)

Income

Professional Fees 0 0 0 0 249 5 0 0 0 0 (100%) --


Management Fees 0 0 13,318 277 18,795 392 10,218 10,218 11,704 244 (38%) --Repairs and Maintenance 0 0 16,237 338 24,901 519 10,920 10,920 10,920 228 (56%) --

Advertising & Marketing 0 0 971 20 1,731 36 693 693 693 14 (60%) --Payroll & Benefits 0 0 30,359 632 44,789 933 28,871 28,871 28,871 601 (36%) --



Expenses

Utilities Expense 0 0 26,300 548 35,941 749 21,257 21,257 21,257 443 (41%) --Property Insurance 0 0 4,805 100 5,806 121 0 0 3,513 73 (39%) --


48 UNT Multifamily


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:


RIVER RIDGE APARTMENTS LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Income: Bad debt has been adjsuted to Zero. Prepaid rents have been adjusted to Zero. Prior year income has been adjusted to Zero. Per 12/31/2006 rentroll, the property is 100% occupied with average rents of $717 unit.

2006:

Capital Expense: Capital Expenditures have been adjusted to the Underwritten Level. Capital Expenditures include $11.5K for flooring, $4.2 for appliance and $237 for other capital exp.

Base:

Capital Expense: Capital expenditures were adjusted to Repalcement reserve. Capital expenditure include $4758 for flooring, $2346 for appliances, and $1551 for other improvements.

Expense: Taxes and insurance are per borrower's reporting. Mangement fees have been adjsuted to 4% of EGI.


Expense: Property Insurance and Real Estate Taxes have been adjusted to Loan Escrow Constant Amount. Management Fees have been adjusted to 4% of EGI. P&B is up due to an increase in admin salary compared to YE 2007.

Income: Delinquent rents, bad debt and prior year income have been adjusted to zero. Per the 6/30/2008 Rent Roll, the property is 100% occupied with an average rent of $850/unit. Base rent is up due to an increase in average in-place rental rates. Per the 6/30/2008 rent roll average rents are up $124 to $850 compared to $726 at YE 200. Other Income is up due to utilities reimbursement and fees compared to YE 2007.

2008:

Income: Bad debt, prior year income, delinquent income have been adjusted to zero. Per 01/19/08 rent roll, property is 97% occupied with average rent of $726/Unit.

2007:

Capital Expense: Capital Expenditures have been adjusted to the Underwritten Level. Capital Expenditures include 2K for appliances and 1K for flooring.


NISQUALLY RIDGE APARTMENTS

110 RIVER RIDGE DRIVE SE, LACEY, WA


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 14,500 250 0 0 14,500 250 0 0 14,500 250 -- --Net Operating Income 279,215 4,814 0 0 259,554 4,475 359,970 359,970 322,317 5,557 24% 15%







Net Cash Flow After Debt Service 43,388 748 0 0 23,727 409 138,643 138,643 86,490 1,491 265% 99%

Debt Service 221,327 3,816 0 0 221,327 3,816 221,327 221,327 221,327 3,816 -- --Net Cash Flow 264,715 4,564 0 0 245,054 4,225 359,970 359,970 307,817 5,307 26% 16%




Effective Gross Income 456,362 7,868 0 0 417,708 7,202 501,684 501,684 501,684 8,650 20% 10%Other Income 0 0 0 0 9,790 169 48,787 48,787 48,787 841 398% --

Base Rent 456,362 7,868 0 0 407,918 7,033 452,897 452,897 452,897 7,809 11% (1%)

Income

Professional Fees 0 0 0 0 2,217 38 150 150 150 3 (93%) --


Management Fees 0 0 0 0 20,885 360 0 0 25,084 432 20% --Repairs and Maintenance 0 0 0 0 23,581 407 37,132 37,132 37,132 640 57% --

Advertising & Marketing 0 0 0 0 938 16 498 498 498 9 (47%) --Payroll & Benefits 0 0 0 0 21,700 374 21,600 21,600 21,600 372 0% --



Expenses



58 UNT Multifamily


- mos 2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

YTD Variance


Credit:


MADISON VILLAGE APARTMENTS, LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Expense: Management fees have been adjusted to 5% of the EGI. Taxes per borrower's reporting. Insurance per 2006 escrow.

Income: Per rent roll dated 12/31/2006, property is 100% occupied with an average monthly rental rate of $666/unit.

Base:

Capital Expense: Capital expenditures have been adjusted to the Reserve Replacement Levels.

2006:

Income: Per 12/30/07 rent roll, property is 98% occupied with average rent of $674/unit. Other Income up due to increase of $28.3K for water reimbursements and $10.7K for applications compared to YE 2006.

2007:




MADISON VILLAGE 1870 ATLANTA ROAD SE, SMYRNA, GA


LINDEN HEIGHTS PLAZA 2909 2939 LINDEN AVENUE, DAYTON, OH


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 41% 0% 27% 16% 16% 34% 26% (16%)Total Operating Expenses 126,882 6 0 0 77,775 4 42,528 42,528 91,052 4 17% (28%)

DSCR (A) NOI/NCF 1.66 / 1.45 1.39 / 1.19Net Cash Flow After Debt Service 160,376 7 0 0 57,134 3 98,175 98,175 24,136 1 (58%) (85%)

DSCR (A,B) NOI/NCF 1.66 / 1.45 1.39 / 1.19



Debt Service 0 0 0 0 125,793 6 125,793 125,793 125,793 6 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 312,514 14 0 0 286,217 13 266,496 266,496 266,496 12 (7%) (15%)Other Income 0 0 0 0 1,568 0 3,822 3,822 3,822 0 144% --

Income








Expenses




21,555 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


THE LINDEN CONSORTIUM, LTD Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

RENT A CENTER 4,000.00 18.56 11.98 08/31/2009

SHERWIN WILLIAMS 4,000.00 18.56 9.58 06/30/2013

WEST COAST VIDEO 6,600.00 30.62 12.00 02/28/2011


Status: Performing

Total: 125,793 125,793

Payment Amount



Income: Per 12/31/07 rent roll, property is 100% occupied with average rent of $10.79/SF.

Base:


2007:

Income: Per 12/31/2008 rent roll, the property is 100% occupied with average rents of $11.33/SF. Per borrower Rent-A-Center (21,539 SF; 19% NRA) will be vacating upon 8/31/2009 lease expiration. Borrower stated that the space is being aggressively marketed.

2008:


Expense: Property Insurance has been adjusted to Loan Escrow Constant Amount. Real Estate Taxes have been adjusted to 2008 Disbursements. Management Fees have been adjusted to 4% of EGI.


EISMA OFFICE #2 2704 SE OTIS CORLEY DRIVE, BENTONVILLE, AR


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 14,978 0 9,927 9,927 14,978 0 -- --Net Operating Income 373,048 10 0 0 431,309 12 483,007 483,007 453,655 12 5% 22%


Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 5,595 0 0 0 5,595 0 2,450 2,450 5,595 0 -- 0%

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.55 / 1.34 2.17 / 1.91 2.28 / 2.03


Net Cash Flow 323,698 9 0 0 380,327 10 470,630 470,630 402,673 11 6% 24%Total Capital Items 49,350 1 0 0 50,982 1 12,377 12,377 50,982 1 -- 3%

Debt Service 241,087 6 0 0 198,687 5 198,687 198,687 198,687 5 -- (18%)


Expense Reimbursement 0 0 0 0 6,545 0 0 0 0 0 (100%) --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 456,065 12 0 0 509,729 14 528,184 528,184 528,184 14 4% 16%Other Income 0 0 0 0 0 0 20,921 20,921 20,921 1 -- --

Income






Professional Fees 0 0 0 0 2,022 0 600 600 600 0 (70%) --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --


Expenses




37,303 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


D.E.I. REAL ESTATE HOLDINGS II, LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

PACKAGING CORP OF AMERICA 6,600.00 17.69 13.00 01/01/2015

DIAGEO NORTH AMERICA 6,275.00 16.82 14.20 01/01/2014

SPECTRUM BRANDS 14,603.00 39.15 14.10 12/01/2014


03/11/2009 - 4E - Bankruptcy of a Top 3 Tenant who occupies > 30% NRA. Loan is secured by a 37,332 sf office property in Bentonville, AR, built in 2005. The 8/11/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 2.03x with 100% Occupancy. The Loan is on the Watchlist due to tenant exposure resulting from bankruptcy filing. Spectrum Brands, Inc., who occupies 14,603 sf (39% NRA) and has a 11/30/2010 lease expiration, filed for Chapter 11 Bankruptcy ("BK") protection on 2/3/2009. The Atlanta, GA-based Spectrum Brands manufactures Rayovac batteries and Remington shavers, owns the Repel and Cutter insect repellent brands, and also owns pet supply and home/garden entities. Spectrum cited a heavy debt load of $2.6 billion at the time of their BK filing. According to initial press coverage on 2/3/2009, Spectrum filed a pre-negotiated BK plan intended to reduce Spectrum's debt and free up cash flow; this BK plan was reportedly pre-approved by a 70% majority of its shareholders. According to the Primary Servicer, the Borrower has indicated that "Spectrum will honor the lease under a different tenant name" and the "Borrower has no concerns about making the DS payments as the space will stay filled for the present lease." Bank of America will continue to monitor the Loan.


Total: 195,965 195,965

Payment Amount



05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 35,276 1 55,642 1 0 0 55,642 1 -- --Net Operating Income 1,083,602 18 742,786 12 1,053,457 17 1,108,118 1,108,118 1,057,212 17 0% (2%)

Tenant Improvements 106,890 2 71,620 1 51,247 1 0 0 51,247 1 -- (52%)

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 3,686 0 3,684 0 3,685 0 0 0 3,685 0 -- 0%

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 0.92 / 0.78 1.30 / 1.17 1.31 / 1.17Net Cash Flow After Debt Service 973,027 16 (176,238) (3) 134,439 2 299,674 299,674 138,194 2 3% (86%)

DSCR (A,B) NOI/NCF 0.92 / 0.78 1.30 / 1.17 1.31 / 1.17

Occupancy 100% 100% 100% 97%DSCR (A,B,C) NOI/NCF 0.92 / 0.78 1.30 / 1.17 1.31 / 1.17

Net Cash Flow 973,027 16 632,206 10 942,883 15 1,108,118 1,108,118 946,638 15 0% (3%)Total Capital Items 110,575 2 110,580 2 110,574 2 0 0 110,574 2 -- 0%

Debt Service 0 0 808,444 13 808,444 13 808,444 808,444 808,444 13 -- --


Expense Reimbursement 0 0 203,721 3 285,713 5 279,144 279,144 279,144 5 (2%) --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,403,505 23 1,046,363 17 1,452,330 24 1,442,802 1,442,802 1,452,876 24 0% 4%Other Income 0 0 0 0 678 0 (5,193) (5,193) 4,881 0 620% --

Income

General & Administrative Expenses 319,903 5 32,344 1 45,678 1 31,291 31,291 31,291 1 (31%) (90%)


Base Rent 1,403,505 23 842,642 14 1,165,939 19 1,168,851 1,168,851 1,168,851 19 0% (17%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 41,855 1 58,093 1 0 0 58,115 1 0% --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --




Expenses




61,422 NRSF Office


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


RAMSHORN EXECUTIVE CENTRE LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

AXA EQUITABLE LIFE INSURANCE CO. 9,003.00 14.66 19.00 01/21/2010

MELILLO & BAUER ASSOCIATES, INC. 6,955.00 11.32 20.00 12/01/2013

ATLANTIC MEDICAL IMAGING, LLC 15,357.00 25.00 18.15 08/01/2015


Status: Performing

Total: 808,444 808,444

Payment Amount



RAMSHORN EXECUTIVE CENTER

2399 NORTH HIGHWAY 34, MANASQUAN, NJ


Income: Per the 2/11/2008 rent roll, the property was 100% occupied with average rent of $13.35/sf. Interest only loan.

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement Level. Tenant Improvements have been adjusted to 67% and Leasing Commissions to 33% of the Reserve Replacement Level.

Base:


2007:

Income: Per 2/13/09 rent roll, the property is 100% occupied with an average annual rental rate of $13.49/SF.

2008:





05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 39,510 0 59,106 59,106 39,510 0 -- --Net Operating Income 1,023,994 8 0 0 914,075 7 987,373 987,373 975,465 7 7% (5%)

Tenant Improvements 79,020 1 0 0 38,510 0 0 0 39,510 0 3% (50%)


Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.33 / 1.20 1.43 / 1.27 1.52 / 1.36


Net Cash Flow 924,656 7 0 0 815,737 6 928,267 928,267 876,127 6 7% (5%)Total Capital Items 99,337 1 0 0 98,338 1 59,106 59,106 99,338 1 1% 0%

Debt Service 769,616 6 0 0 640,702 5 642,457 642,457 642,457 5 0% (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,336,035 10 0 0 1,151,316 8 1,266,681 1,266,681 1,266,681 9 10% (5%)Other Income 0 0 0 0 2,000 0 0 0 0 0 (100%) --

Income



Base Rent 1,336,035 10 0 0 979,413 7 1,084,118 1,084,118 1,084,118 8 11% (19%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 46,053 0 45,279 45,279 50,667 0 10% --Janitorial 0 0 0 0 0 0 1,850 1,850 1,850 0 -- --




Expenses




135,450 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


OAKLAND 2600/2700, LLC Primary: Capstone Realty Advisors Surveillance: Leslie Rupracht


BOLAND EASTPOINT 2600 -2700 STANLEY GAULT PARKWAY, LOUISVILLE, KY

2006: Loan securitized into the BACM 2007-1 portfolio; 2006 financial information will not be reported out thereforeanalysis has been unchecked. RB 05/22/07

Base:

Capital Expense: Capital Expenditures, Tenant Improvements and Leasing Commissions have been adjusted to the Underwritten Level.

Income: Per the 03/01/2007 rent roll occupancy is 100% with average annual rents of $18.02/SF.

DSCR: Low DSCR is due to low Rental Income.

Capital Expense: Cap ex and TI/LC have been adjusted to replacement reserve levels.

Expense: Insurance and taxes per borrower’s reporting. Management fees have been adjusted to 4% of EGI.


Income: Bad debt has been adjusted to zero. Per the 01/01/2009 rent roll, the property is 97% occupied with an average rent of $19.32/SF.

2008: OSAR/NOI

Capital Expense: Capital Expenditures, Tenant Improvements and Leasing Commissions have been adjusted to the Underwritten Level.


Income: Per 2/1/2008 rent roll, the property is 100% occupied with average rents of $19.00/SF.

2007:


05/12/2009 8:28:40 AM Of 241

UNITED STATES PHARMACEUTICAL 18,950.00 13.99 10.08 02/14/2014

OFFICE MAX CONTRACT INC 17,900.00 13.22 9.29 12/01/2011

TRIPLE M BUSINESS 20,937.00 15.46 11.12 12/31/2009


Status: Performing

Total: 769,616 769,616

Payment Amount


Expense: Real Estate Taxes reflect amount paid by Capstone in 2007. Insurance adjusted to underwritten amount. Manangement fee adjusted to 4% of income.

Capital Expense: Capital items adjusted to underwritten amounts.

Base:

2007:

2008:

Expense: Real Estate Taxes adjusted to amount paid by Capstone in 2008. Insurance adjusted to underwritten amount. Management Fee adjusted to underwritten amount of 4% of income.

Capital Expense: Capital Items adjusted to underwritten amounts.


05/12/2009 8:28:40 AM Of 241


WEST CONWAY MINI STORAGE

3715 WEST PRINCE STREET, CONWAY, AR

Capital Expenditures 51,833 332 0 0 51,833 332 0 0 51,833 332 -- 0%Net Operating Income 463,485 2,971 0 0 544,055 3,488 742,981 742,981 647,961 4,154 19% 40%

Total Capital Items 51,833 332 0 0 51,833 332 0 0 51,833 332 -- 0%Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --






Net Cash Flow After Debt Service 71,215 457 0 0 209,179 1,341 459,938 459,938 313,085 2,007 50% 340%

Debt Service 340,438 2,182 0 0 283,043 1,814 283,043 283,043 283,043 1,814 -- (17%)Net Cash Flow 411,652 2,639 0 0 492,222 3,155 742,981 742,981 596,128 3,821 21% 45%




Effective Gross Income 962,834 6,172 0 0 971,204 6,226 971,496 971,496 965,319 6,188 (1%) 0%Other Income 0 0 0 0 2,519 16 51,175 51,175 44,998 288 1686% --

Base Rent 962,834 6,172 0 0 968,685 6,210 920,321 920,321 920,321 5,899 (5%) (4%)

Income



Management Fees 0 0 0 0 38,848 249 10,650 10,650 48,266 309 24% --Repairs and Maintenance 0 0 0 0 175,143 1,123 70,129 70,129 70,129 450 (60%) --

Advertising & Marketing 0 0 0 0 0 0 2,456 2,456 2,456 16 -- --Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --



Expenses



156 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


THE ALICIAN LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Income: Bad debt has been adjusted to zero. Per 12/31/07 rent roll, the property is 86% occupied.

2007:


Base:


Income: Per the 12/31/2008 rent roll, the property is 100% occupied with an average rental rate of $529/unit. Bad debt and lease termination income have been adjusted to zero.

2008:



Capital Expense: Capital expenditures were adjusted to the reserve replacement amount.


COLONY BAY 3450 BROOKE COLONY DRIVE, CANAL WINCHESTER, OH


05/12/2009 8:28:40 AM Of 241


FAIRBANKS SHOPPING CENTER

6306 FAIRBANKS NORTH HOUSTON ROAD, HOUSTON, TX



Net Operating Income 363,997 582 0 0 285,323 457 (90,355) (90,355) 273,487 438 (4%) (25%)

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 1,053 2 360,301 360,301 614 1 (42%) --


Total Capital Items 4,063 7 0 0 4,382 7 0 0 4,382 7 -- 8%



Net Cash Flow After Debt Service 51,069 82 0 0 35,439 57 (335,857) (335,857) 23,603 38 (33%) (54%)

Debt Service 308,865 494 0 0 245,502 393 245,502 245,502 245,502 393 -- (21%)Net Cash Flow 359,934 576 0 0 280,941 450 (90,355) (90,355) 269,105 431 (4%) (25%)



Other Income 0 0 0 0 79,871 128 96,727 96,727 79,518 127 0% --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --


Base Rent 520,425 833 0 0 388,402 621 392,475 392,475 392,475 628 1% (25%)

Income



Expenses



Management Fees 0 0 0 0 23,414 37 42,989 42,989 42,989 69 84% --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


STORESMART OF CONWAY LLC Primary: Northmarq Capital, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Income: Interest Income for $7527.54 has been adjusted from income as required.

2007:

Expense: Taxes and Insurance have been adjusted to show the actual amount paid from Escrow for the time period. Management fee has been adjsuted to show 5% of EGI. Charity for $825 has been adjusted from expenses as required.

Base:

Capital Expense: Capital items have been adjusted to show the actual amount paid into Escrow for the time period.

Income: Interest Income for $17,209.11 has been adjusted from Income, as required.

2008:

Expense: Taxes and Insurance have been adjusted to show the actual amount paid out Escrow for the time period. Business Gifts for $64.49, Sales and Use Taxes for $409.38, Taxes Other for $153.00, and Charity for $26.72 have been adjusted from Expenses, as required.

DSCR: DSCR for YE 2008 was 1.10. Will remove from the watchlist for low DSCR.

Capital Expense: Capital Items have been adjusted to show the actual amount paid into Escrow for the time period.


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 72,000 5 60,000 60,000 60,000 5 (17%) --

Operating Expense Ratio 56% 0% 49% 33% 33% 62% 26% 11%Total Operating Expenses 165,822 13 0 0 124,498 9 63,743 63,743 118,995 9 (4%) (28%)

DSCR (A) NOI/NCF 1.33 / 1.19 1.00 / 0.86Net Cash Flow After Debt Service 116,874 9 0 0 18,482 1 55,187 55,187 (10,179) (1) (155%) (109%)

DSCR (A,B) NOI/NCF 1.33 / 1.19 1.00 / 0.86



Debt Service 0 0 0 0 96,919 7 72,689 72,689 72,689 6 (25%) --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses






- mos 2007 12/31/2007 - 12 mos

2008 9/30/2008 - 9 mos

YTD Variance


Credit:


BOZE ENTERPRISES LP Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

Pearie Vision 1,797.00 13.60 17.00 12/30/2011

Gentle Dentel 1,756.00 13.29 22.80 12/31/2011

Sprintoom, Inc. 3,224.00 24.40 20.00 10/31/2010


Status: Performing

Total: 96,919 96,919

Payment Amount



2007:

Expense: Property Insurance has been adjusted to 2007 Disbursements. Real Estate Taxes have been adjusted to Loan Escrow Constant Amount. Management Fees have been adjusted to 4% of EGI.

Base:



2008: Since there is no rent roll occupancy update from Osar/NOI.

Expense: Real estate taxes and property insurance have been adjusted per actual 2008 disbursements. Management fees have been adjusted to 4% of EGI.

DSCR: NOI and DSCR have fallen due to higher real estate tax costs. The property's performance continues to suffer due to normalization per CMSA standards.



05/12/2009 8:28:40 AM Of 241

Capital Expenditures 25,500 250 0 0 25,500 250 0 0 25,500 250 -- --Net Operating Income 528,193 5,178 0 0 549,191 5,384 634,898 634,898 480,238 4,708 (13%) (9%)




Total Operating Expenses 388,680 3,811 0 0 247,824 2,430 189,023 189,023 337,811 3,312 36% (13%)Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 83,435 818 0 0 175,116 1,717 286,323 286,323 106,163 1,041 (39%) 27%

Debt Service 419,258 4,110 0 0 348,575 3,417 348,575 348,575 348,575 3,417 -- (17%)Net Cash Flow 502,693 4,928 0 0 523,691 5,134 634,898 634,898 454,738 4,458 (13%) (10%)




Effective Gross Income 916,873 8,989 0 0 797,015 7,814 823,921 823,921 818,049 8,020 3% (11%)Other Income 0 0 0 0 2,081 20 35,550 35,550 29,678 291 1326% --

Base Rent 916,873 8,989 0 0 794,934 7,793 788,371 788,371 788,371 7,729 (1%) (14%)

Income




Advertising & Marketing 0 0 0 0 4,494 44 3,475 3,475 3,475 34 (23%) --Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --


Real Estate Taxes 0 0 0 0 58,344 572 0 0 116,586 1,143 100% --

Expenses



102 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


CASA SIMONE, LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount



2007:

Expense: Property Insurance has been adjusted to Loan Escrow Constant Amount. Real Estate Taxes have been adjusted to 2007 Disbursements. Management Fees have been adjusted to 5% of EGI.

Base:


Income: Per the 12/31/2008 rent roll, the property is 100% occupied with an average rental rate of $675/unit. Bad debt and lease termination income have been adjusted to zero. Other income is up due to the addition of water reimbursements, trash reimbursements, and late fee income.

2008: OSAR/NOI

Expense: Real estate taxes were adjusted to 2008 disbursements. Property insurance was adjusted per borrower's reported amount. . Management fees have been adjusted to 5% of EGI. Utility expenses are up due to increased water, gas, and electric expenses.




OAK BEND COMMONS 6680 OAK BEND COMMONS WAY, CANAL WINCHESTER, OH


05/12/2009 8:28:40 AM Of 241


PARAMOUNT PLACE 1420-1426 & 1430 PARAMOUNT DRIVE, HUNTSVILLE, AL

Capital Expenditures 85,504 334 0 0 85,504 334 0 0 85,504 334 -- --Net Operating Income 902,993 3,527 0 0 725,039 2,832 891,763 891,763 829,582 3,241 14% (8%)








Debt Service 679,757 2,655 0 0 565,156 2,208 565,156 565,156 565,156 2,208 -- (17%)Net Cash Flow 817,489 3,193 0 0 639,535 2,498 891,763 891,763 744,078 2,907 16% (9%)




Effective Gross Income 1,679,722 6,561 0 0 1,604,609 6,268 1,554,513 1,554,513 1,554,513 6,072 (3%) (7%)Other Income 0 0 0 0 2,483 10 57,793 57,793 57,793 226 2228% --

Base Rent 1,679,722 6,561 0 0 1,602,126 6,258 1,496,720 1,496,720 1,496,720 5,847 (7%) (11%)

Income



Management Fees 0 0 0 0 64,184 251 0 0 62,181 243 (3%) --Repairs and Maintenance 0 0 0 0 284,307 1,111 113,213 113,213 113,213 442 (60%) --




Expenses



256 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


EDGEWATER APARTMENTS LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount



2007:


Base:


Income: Per the 12/31/2008 rent roll, the property is 95% occupied with an average rental rate of $1,091/unit.

2008:





PENDLETON LAKE EAST 2727 GRAND HAVEN DRIVE, REYNOLDSBURG, OH


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 5,699 0 8,000 8,000 5,699 0 -- --Net Operating Income 462,850 14 0 0 308,441 9 392,873 392,873 375,787 11 22% (19%)



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 21% 0% 28% 26% 26% 26% (5%) 25%Total Operating Expenses 123,564 4 0 0 118,700 3 135,204 135,204 134,492 4 13% 9%

DSCR (A) NOI/NCF 0.84 / 0.79 1.02 / 0.98Net Cash Flow After Debt Service 445,662 13 0 0 (75,604) (2) 17,296 17,296 (8,258) 0 (89%) (102%)

DSCR (A,B) NOI/NCF 0.84 / 0.79 1.02 / 0.98


Net Cash Flow 445,662 13 0 0 291,973 9 384,873 384,873 359,319 11 23% (19%)Total Capital Items 17,187 1 0 0 16,468 0 8,000 8,000 16,468 0 -- (4%)

Debt Service 0 0 0 0 367,577 11 367,577 367,577 367,577 11 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 586,413 17 0 0 427,141 13 528,077 528,077 510,279 15 19% (13%)Other Income 0 0 0 0 1,941 0 18,104 18,104 306 0 (84%) --

Income




Management Fees 0 0 0 0 17,085 1 21,123 21,123 20,411 1 19% --Janitorial 0 0 0 0 3,135 0 3,535 3,535 3,535 0 13% --


Professional Fees 0 0 0 0 5,441 0 6,400 6,400 6,400 0 18% --Advertising & Marketing 0 0 0 0 5,205 0 3,000 3,000 3,000 0 (42%) --


Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


PARAMOUNT PLACE LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

TERRANOVA'S ITALIAN RESTAURANT 5,700.00 16.80 18.06 07/31/2015

DAY SPA BY MIMI & TOM 5,110.00 15.06 15.50 05/31/2015

GIGAPARTS, INC. 7,970.00 23.49 12.53 05/31/2016


02/10/2009 - 1E - DSCR < 1.10. Loan is secured by a 33,934 sf three-building retail center in Huntsville, AL, built in 2006. The 11/18/2008 inspection rated the Property in Good condition. YTD 9/30/2008 NCF DSCR is improved to 1.03x with 86% Occ. Based on Annualized YTD 9/30/2008 figures, the DSCR remains below U/W and threshold due to decreased EGI caused by decreased Exp Reimbursements. Occ has remained virtually unchanged since U/W. A discrepancy is noted from the 12/07 to 3/08 (and 6/08) rent rolls with tenant Terranova's Italian Restaurant, in Unit B1A. The 12/07 RR reports this unit at 6200 sf, while the 3/08 and 6/08 rent rolls indicate 5700 sf, which artificially raises Occ to 86.1%. The lease of the largest tenant, GigaParts, did not take effect until 5/1/07. Per U/W, the Property totals 35,364 sf, which is not consistent with 12/07 and subsequent rent rolls. Property was under development and construction at time of U/W; as of 3/31/2008, the same three units totaling 4800 sf are reported as vacant. Per Primary Svcr, the Bwr indicated in 5/2008 that the Property was in lease-up and had several prospects for vacant spaces. DSCR decline from U/W to YE-07 was attributed to not-yet-stabilized Rental Income; YE-07 Base Rents were 34% below U/W; EGI was 27% below U/W. Bank of America asked the Primary Servicer to obtain from the Bwr: a) Nov 2008 update on tenant prospects; b) Bwr's marketing plan/advertising methods, current asking rates; and c) explanation of square footage discrepancies on rent rolls. Primary Svcr reported that, per the Borrower on 12/5/2008, there have been no new leases or tenants signed at the property. BofA is awaiting further clarification and will continue to monitor the loan.


Total: 367,577 367,577

Payment Amount



05/12/2009 8:28:40 AM Of 241


2007:


Base:

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement level. TI has been adjusted to 67% and LC 33% of the Reserve Replacement level. Capital Expenditures include $217K for land improvements and $2 mil for buildings.

Income: Prior Year Income has been adjusted to zero. Per the 1/1/09 rent roll, the property is 85.9% occupied with an average annual rental rate of $15.39/SF. Base rent has increased from 2007 due to the property being in lease up through 2007. Giga Parts, Inc. (7,979 SF; 24% NRA; 5/31/2016 exp) signed a lease commencing on 5/1/2007. In addition, the average rental rate has increased $0.69/SF since 2007. Per borrower conversation, there are currently no propective tenants for the vacant space at the property. Expense reimbursement is up due to increases in CAM, property taxes, and insurance. Other income has decreased due to late fees.

2008:

Expense: Property Insurance is per Borrower’s reporting. Real Estate Taxes have been adjusted to 2008 Disbursement. Management Fees have been adjusted to 4% of EGI. Advertising has declined due to no reported signage services. G&A is down from 2007 due to a $3.3k decrease in bank fees.

DSCR: DSCR has risen since 2007 due to increases in rental and reimbursement income.

Capital Expense: Capital Expenditures, Tenant Improvements and Leasing Commissions have been adjusted to Underwritten Levels.


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 44,800 200 0 0 56,000 250 0 0 33,600 150 (40%) (25%)Net Operating Income 1,645,901 7,348 0 0 1,469,455 6,560 1,244,688 1,244,688 1,151,658 5,141 (22%) (30%)







Net Cash Flow After Debt Service 294,788 1,316 0 0 337,615 1,507 438,205 438,205 311,575 1,391 (8%) 6%

Debt Service 1,306,313 5,832 0 0 1,075,840 4,803 806,483 806,483 806,483 3,600 (25%) (38%)Net Cash Flow 1,601,101 7,148 0 0 1,413,455 6,310 1,244,688 1,244,688 1,118,058 4,991 (21%) (30%)




Effective Gross Income 2,519,210 11,246 0 0 2,449,755 10,936 1,937,644 1,937,644 1,937,644 8,650 (21%) (23%)Other Income 0 0 0 0 94,448 422 80,055 80,055 80,055 357 (15%) --

Base Rent 2,519,210 11,246 0 0 2,355,307 10,515 1,857,589 1,857,589 1,857,589 8,293 (21%) (26%)

Income




Advertising & Marketing 0 0 0 0 8,259 37 3,692 3,692 3,692 16 (55%) --Payroll & Benefits 0 0 0 0 242,034 1,081 190,705 190,705 190,705 851 (21%) --


Real Estate Taxes 0 0 0 0 350,948 1,567 266,598 266,598 280,622 1,253 (20%) --

Expenses

Utilities Expense 0 0 0 0 82,237 367 63,831 63,831 63,831 285 (22%) --Property Insurance 0 0 0 0 54,883 245 41,561 41,561 43,061 192 (22%) --


224 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 9/30/2008 - 9 mos

YTD Variance


Credit:


BAY VILLAGE LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Expense: Property Insurance has been adjusted to 2007 Disbursements. Real Estate Taxes per Borrower’s reporting. Management Fees have been adjusted to 4% of EGI.

Income: Per 1/4/2008 rent roll, the property is 99% occupied with an average rental rate of $935/unit.

Base:

Capital Expense: Capital Expenditures have been adjusted to $250/unit.

2007:

Income: Per the 10/09/2008 rent roll, the property is 98% occupied with an average rental rate of $958/unit.

2008:




WHITEFISH BAY TOWNHOMES 240 EAST CHATEAU PLACE, MILWAUKEE, WI


05/12/2009 8:28:40 AM Of 241


GEORGETOWN SOUTH APARTMENTS

1855 SHOSHONE DRIVE, LAFAYETTE, IN

Capital Expenditures 46,464 242 0 0 0 0 0 0 46,464 242 -- --Net Operating Income 1,579,502 8,227 0 0 0 0 1,466,589 1,466,589 1,433,336 7,465 -- (9%)


Operating Expense Ratio 26% 0% 0% 26% 26% 28% -- 8%


Total Operating Expenses 556,818 2,900 0 0 0 0 525,220 525,220 558,473 2,909 -- 0%Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --




Debt Service 1,261,616 6,571 0 0 0 0 1,050,835 1,050,835 1,050,835 5,473 -- (17%)Net Cash Flow 1,533,038 7,985 0 0 0 0 1,466,589 1,466,589 1,386,872 7,223 -- (10%)


Management 4.0%

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --Laundry/Vending 0 0 0 0 0 0 19,953 19,953 19,953 104 -- --

Effective Gross Income 2,136,319 11,127 0 0 0 0 1,991,809 1,991,809 1,991,809 10,374 -- (7%)Other Income 0 0 0 0 0 0 19,991 19,991 19,991 104 -- --

Base Rent 2,136,319 11,127 0 0 0 0 1,951,865 1,951,865 1,951,865 10,166 -- (9%)

Income



Management Fees 0 0 0 0 0 0 59,795 59,795 79,672 415 -- --Repairs and Maintenance 0 0 0 0 0 0 76,569 76,569 76,569 399 -- --

Advertising & Marketing 0 0 0 0 0 0 16,164 16,164 16,164 84 -- --Payroll & Benefits 0 0 0 0 0 0 131,292 131,292 131,292 684 -- --



Expenses

Utilities Expense 0 0 0 0 0 0 96,284 96,284 96,284 501 -- --Property Insurance 0 0 0 0 0 0 42,911 42,911 47,717 249 -- --


192 UNT Multifamily


- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


Credit:


AAPI FUND VIII CASA ROYALE LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned

06/03/2008 - Loan Transferred to Special Servicer (CW Capital) effective 6/3/2008.


Payment Amount


Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement Level. No capital expenditures were reported per borrower.

Base:

Expense: Property Insurance and Real Estate Taxes have been adjusted to 2007 Disbursements. Management Fees have been adjusted to 4% of EGI. Utilities expenses are down from YE 2006 due to a $23.7K decrease in trash expenses and a $2.5K decrease in power expenses.

2007:

Income: Per the 12/31/2007 rent roll, the property is 94% occupied with an average rental rate of $909/unit. Base rent is up from YE 2006 due to a $58/unit increase in average rents.


MARINA BAY APARTMENTS-06 939 EAST FLAMINGO ROAD, LAS VEGAS, NV


05/12/2009 8:28:40 AM Of 241


BUCKNER MEDICAL 4801 SOUTH BUCKNER BOULEVARD, DALLAS, TX

Capital Expenditures 54,000 250 0 0 54,000 250 0 0 54,000 250 -- --Net Operating Income 509,689 2,360 0 0 620,889 2,874 623,840 623,840 613,677 2,841 (1%) 20%







Net Cash Flow After Debt Service 76,012 352 0 0 251,761 1,166 307,849 307,849 243,686 1,128 (3%) 221%

Debt Service 379,678 1,758 0 0 315,128 1,459 315,991 315,991 315,991 1,463 0% (17%)Net Cash Flow 455,689 2,110 0 0 566,889 2,624 623,840 623,840 559,677 2,591 (1%) 23%



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --Laundry/Vending 0 0 0 0 20,783 96 26,289 26,289 26,289 122 26% --


Base Rent 1,099,922 5,092 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (230,162) (1,066) (178,730) (178,730) (178,730) (827) (22%) --Gross Potential Rent 0 0 0 0 1,368,390 6,335 1,361,040 1,361,040 1,361,040 6,301 (1%) --

Management Fees 0 0 0 0 52,063 241 51,661 51,661 51,661 239 (1%) --Repairs and Maintenance 0 0 0 0 63,041 292 80,857 80,857 80,857 374 28% --




Expenses



216 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


GREATER VISION VIII LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing


Insurance 40,173 40,173 23,262

Tax 115,928 115,928 62,186

Total: 572,715 572,715


P & I (Current) 379,678 379,678 5,425,880

Expense: Real Estate Taxes / Property Insurance adjusted per Servicer Record. Management fee represents borrower's actual @ 4.289% of EGI. Prior year tax adjusted out.

Income: Interest Only loan. Lease Termination Fees / Write off adjusted out.


Base:


2007: Unable to generate Osar, analysis has been saved.

Income: Interest Only Loan. Lease Termination Fees and Write Offs adjusted out.

2008:

Expense: Real Estate Taxes and Property Insurance adjusted per Servicer Record. Management fee represents Borrower actuals @ 4.0533% of EGI. prior year tax adjusted out.




05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.38 / 1.25 1.30 / 1.14 1.05 / 0.89Net Cash Flow After Debt Service 80,353 3 0 0 46,501 2 19,820 19,820 (35,666) (1) (177%) (144%)

DSCR (A,B) NOI/NCF 1.38 / 1.25 1.30 / 1.14 1.05 / 0.89



Debt Service 326,776 12 0 0 326,776 12 326,776 326,776 326,776 12 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income




Management Fees 0 0 0 0 22,779 1 16,028 16,028 21,371 1 (6%) --Janitorial 0 0 0 0 0 0 8,090 8,090 8,090 0 -- --




Expenses




27,942 NRSF Medical Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


MEDICAL BROTHERS LP Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

LYMH THY PHAM, D.D.S. 2,289.00 8.19 19.00 07/31/2009

MUHAMMAD KHAN, M.D. 1,927.00 6.90 19.00 07/31/2009

BUCKNER FAMILY MEDICAL ASSOCIATION, P.A.

10,444.00 37.38 19.00 11/30/2011


02/10/2009 - 1E - DSCR < 1.10; 4B - EGI < U/W EGI & < 1.10 DSCR; previously 1F - DSCR < 1.40 & < or = 75% U/W and 4A - Occ < 80% of U/W. Loan is secured by a 27,942 sf medical office building in Dallas, TX, built in 2004. The 10/28/2008 inspection rated the Property in Excellent condition. YTD 9/30/2008 NCF DSCR is somewhat improved to 1.0x (relieving the loan of 1F), with 81.4% Occ as of 11/14/2008; YTD 6/30/2008 NCF DSCR was 0.89x with 81.4% Occ; and YE 12/31/2007 NCF DSCR was 1.14x with 76% Occ as of 2/4/2008. Loan was U/W at 1.25x and 100% Occ. All tenants have NNN leases, and all continue to pay an average rate of $19 psf/year as per the 11/14/2008 rent roll. Based on Annualized 3Q-2008 figures, Base Rents are 5.6% below PYE; rent concessions may have been given in an effort to boost occupancy. Annualized 3Q-2008 EGI is a 23.7% decline from U/W. EGI at U/W was determined solely upon Base Rents. Bank of America has requested that the Primary obtain Borrower's current marketing plan and a leasing update; awaiting a response.


Total: 326,776 326,776

Payment Amount



05/12/2009 8:28:40 AM Of 241

Income: Per the 2/4/2008 rent roll, the property was 76% occupied with average rent of $14.43/sf.

2007:


Base:


Income: Per the 1/29/09 rent roll, the property is 76.4% occupied with an average annual rental rate of $19.00/SF. Occupancy has declined since 2007 due to lower average occupancy. Tenet Hospitals vacated a portion of their total space on 10/31/2008; however, the tenant still occupies 1,434 SF at the property. Per borrower, there are no prospective tenants for the vacant space at this time.

2008:

Expense: Property Insurance per Borrower’s reporting. Real Estate Taxes have been adjusted to 2008 Disbursement. Management Fees have been adjusted to 4% of EGI. R&M has increased since 2007 due to equipment lease expense of $30.9k. Borrower did not provide a breakdown for the $8.4k increase in professional fees.

DSCR: DSCR remains at its low level due to the occupancy level and an increase in total operating expenses.



05/12/2009 8:28:40 AM Of 241





Operating Expense Ratio 27% 0% 31% 26% 26% 26% (14%) (2%)Total Operating Expenses 150,618 294 0 0 209,038 407 168,701 168,701 169,453 330 (19%) 13%





Debt Service 327,020 637 0 0 276,690 539 276,690 276,690 276,690 539 -- (15%)Net Cash Flow 399,119 778 0 0 461,810 900 475,563 475,563 462,247 901 0% 16%




Effective Gross Income 562,297 1,096 0 0 683,412 1,332 644,264 644,264 644,264 1,256 (6%) 15%Reimbursements 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 562,297 1,096 0 0 591,757 1,154 607,757 607,757 607,757 1,185 3% 8%

Income



Expenses

Advertising & Marketing 0 0 0 0 9,825 19 8,032 8,032 8,032 16 (18%) --Payroll & Benefits 0 0 0 0 45,172 88 36,977 36,977 36,977 72 (18%) --


Management Fees 0 0 0 0 41,005 80 34,677 34,677 38,656 75 (6%) --

Property Insurance 0 0 0 0 6,665 13 7,515 7,515 7,515 15 13% --Real Estate Taxes 0 0 0 0 33,318 65 34,017 34,017 30,790 60 (8%) --





- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


INFINITY REAL ESTATE GROUP LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Income: Per 12/31/2007 rent roll, the property is 86% occupied with an average rental rate of $114/unit.

2007: Occupancy updation is done based on Subservicer OSAR.

Expense: Taxes adjusted per disbursements. Insurance per borrower's reporting. Management fees have been adjusted to 6%.

Base:

Capital Expense: Capital Expenditures adjusted to reserve replacement escrow.

Income: Per the 12/31/2008 rent roll, the property is 83% occupied with average rental rates of $112/unit. Other Income is down due to a $60K decrease in budget commission.

2008:

Expense: Property Insurance is per Borrower’s reporting. Real Estate Taxes have been adjusted to 2008 Disbursement. Management Fees have been adjusted to 6% of EGI. G&A is down due to a $31K decrease budget expense.




AUTOMALL MINI STORAGE 1825 SW COOPER POINT ROAD SW, OLYMPIA, WA


05/12/2009 8:28:40 AM Of 241


CYPRESS MINI STORAGE 8882 WATSON STREET, CYPRESS, CA

Capital Expenditures 29,750 250 0 0 29,750 250 26,960 26,960 29,750 250 -- --Net Operating Income 265,000 2,227 0 0 227,025 1,908 219,666 219,666 224,128 1,883 (1%) (15%)








Debt Service 175,129 1,472 0 0 175,130 1,472 175,130 175,130 175,130 1,472 -- --Net Cash Flow 235,250 1,977 0 0 197,275 1,658 192,706 192,706 194,377 1,633 (1%) (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --Laundry/Vending 0 0 0 0 1,419 12 2,912 2,912 2,912 24 105% --


Base Rent 603,947 5,075 0 0 623,836 5,242 644,434 644,434 644,434 5,415 3% 7%

Income

Professional Fees 0 0 0 0 4,875 41 948 948 948 8 (81%) --


Management Fees 0 0 0 0 25,766 217 26,597 26,597 27,124 228 5% --Repairs and Maintenance 0 0 0 0 96,337 810 110,178 110,178 110,178 926 14% --




Expenses

Utilities Expense 0 0 0 0 74,154 623 87,299 87,299 87,299 734 18% --Property Insurance 0 0 0 0 30,629 257 34,629 34,629 30,629 257 -- --


119 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


WILLOWBROOK INVESTMENTS LLC Primary: Capstone Realty Advisors Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Expense: Management Fee adjusted to underwritteen amount of 4% of income. Real Estate Taxes and insurance adjusted to amounts paid by Capstone in 2007.


Base:

2007:

2008:

Expense: Management Fee adjusted to underwritten amount of 4% of income. Real Estate Taxes and insurance adjusted to amounts paid by Capstone in 2008.



WILLOWBROOK APARTMENTS 2106 BUCCHEL BANK ROAD, LOUISVILLE, KY


05/12/2009 8:28:40 AM Of 241


STOR-IN MINI STORAGE 7321 44TH AVE NE, MARYSVILLE, WA






Total Capital Items 8,070 22 0 0 3,572 10 0 0 1,786 5 (50%) (78%)




Debt Service 163,141 454 0 0 136,839 381 68,419 68,419 68,419 191 (50%) (58%)Net Cash Flow 205,574 573 0 0 206,450 575 121,860 121,860 118,637 330 (43%) (42%)




Effective Gross Income 386,300 1,076 0 0 405,279 1,129 205,622 205,622 205,622 573 (49%) (47%)Reimbursements 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 386,300 1,076 0 0 384,581 1,071 197,744 197,744 197,744 551 (49%) (49%)

Income



Expenses



Management Fees 0 0 0 0 24,317 68 10,676 10,676 12,337 34 (49%) --

Property Insurance 0 0 0 0 4,006 11 2,310 2,310 2,011 6 (50%) --Real Estate Taxes 0 0 0 0 25,589 71 13,127 13,127 13,202 37 (48%) --





- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:


GAK LLC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Expense: Property Insurance is per Borrower’s reporting. Real Estate Taxes have been adjusted to 2007 Disbursement. Management Fees have been adjusted to 6% of EGI.

Income: Interest only loan.

Capital Expense: Capital Expenditures have been adjusted to $0.10/SF.

Base:

DSCR: Debt Service adjusted per servicer record.

Income: Per the 05/31/2008 rent roll, the property is 83% occupied with an average rental rate of $108/unit.

2008:

Expense: Property Insurance and Real Estate Taxes have been adjusted to Loan Escrow Constant Amount. Management Fees have been adjusted to 6% of EGI. G&A is down due to decrease in Outside Service of $10K.

2007: Occupancy updated per Subservicer OSAR - Shruti 3/18/08.

Capital Expense: Capital Expenditures have been adjusted to .10/SF.


05/12/2009 8:28:40 AM Of 241






Total Capital Items 6,356 13 0 0 4,770 10 0 0 4,240 9 (11%) (33%)



Net Cash Flow After Debt Service 37,637 79 0 0 9,409 20 63,117 63,117 23,386 49 149% (38%)

Debt Service 173,240 365 0 0 129,930 274 115,493 115,493 115,493 243 (11%) (33%)Net Cash Flow 210,877 444 0 0 139,339 293 178,610 178,610 138,879 292 0% (34%)



Other Income 0 0 0 0 0 0 0 0 0 0 -- --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 323,318 681 0 0 284,677 599 258,268 258,268 258,268 544 (9%) (20%)Reimbursements 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 323,318 681 0 0 284,677 599 258,268 258,268 258,268 544 (9%) (20%)

Income



Expenses


Janitorial 0 0 0 0 0 0 0 0 0 0 -- --Professional Fees 0 0 0 0 6,048 13 525 525 525 1 (91%) --

Management Fees 0 0 0 0 17,081 36 0 0 15,496 33 (9%) --

Property Insurance 0 0 0 0 3,443 7 647 647 4,209 9 22% --Real Estate Taxes 0 0 0 0 18,995 40 0 0 16,433 35 (13%) --





- mos 2007 9/30/2007 - 9 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


STOR-IN MINI STORAGE, INC Primary: Midland Loan Services, Inc. Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Expense: Property Insurance and Real Estate Taxes have been adjusted to the 2007 disbursements. Management Fees have been adjusted to 6% of EGI. Professional Fees have been stabilized to Q3 2007 figure for analysis purpose. Advertising and Marketing is down due to a decrease in property advertising. Payroll & Benefits are up due to an increase for medical insurance and gross wages.

Income: Per the 11/19/2007 Rent Roll, the property is 77% occupied. Base Rent is up due to an increase in average occupancy.

Base:

Capital Expense: Capital Expenditures have been adjusted to the Reserve Replacement Levels. Capital Expenditures includes $12K for asphault repair and $2K for building repairs.

2007:

Income: Per the 08/31/2008 rent roll, the property is 95% occupied with an average monthly rental rate of $71/unit.

2008:


Expense: Property Insurance has been adjusted to 2008 Disbursements. Real Estate Taxes have been adjusted to Loan Escrow Constant Amount. Management Fees have been adjusted to 6% of EGI. Advertising and marketing has decreased due to a $12.2K decrease in general advertising.


05/12/2009 8:28:40 AM Of 241


HOLLYWOOD SELF STORAGE 5900 HOLLYWOOD BLVD, HOLLYWOOD, CA




Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 70,859 97 96,410 96,410 96,410 132 36% --










Effective Gross Income 794,331 1,087 0 0 932,114 1,275 1,057,744 1,057,744 1,057,744 1,447 13% 33%Reimbursements 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 794,331 1,087 0 0 855,059 1,170 1,048,017 1,048,017 1,048,017 1,434 23% 32%

Income


Vacancy/Collection Loss 0 0 0 0 0 0 (84,907) (84,907) (84,907) (116) -- --Gross Potential Rent 0 0 0 0 0 0 0 0 0 0 -- --

Expenses


Janitorial 0 0 0 0 0 0 0 0 0 0 -- --Professional Fees 0 0 0 0 5,200 7 4,900 4,900 4,900 7 (6%) --

Management Fees 0 0 0 0 37,285 51 0 0 42,310 58 13% --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


WHITNEY STORAGE LLC Primary: Grandbridge Real Estate Capital, LLC Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Expense: Property insurance adjusted to amount disbursed for 2007 premium payment. Management fee assumed at 4% EGI. Real estate taxes adjusted to amount due per 2007 tax bill. Adjusted out bad debt expense of $66,444.93.

Income: New Loan. Loan originated on 11/30/2006.

Base:

Capital Expense: Normalized total capital items to U/W.

Expense: Excluded non-operational travel expense. RET and Insurance adjusted using monthly constants. Added 4% management fee.

2008:

2007: As no Rent Roll provided, Occuonacy has been updated as per Subservicer OSAR. Radhika 2/13/08.

Capital Expense: Normalized to U/W.


WHITNEY PLACE SELF STORAGE

2700 WHITNEY PLACE, DISTRICT HEIGHTS, MD


05/12/2009 8:28:40 AM Of 241


Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 8,381 8 4,017 4 8,381 8 0 0 8,381 8 -- --

Net Operating Income 1,470,715 1,452 601,719 594 1,477,131 1,458 1,628,053 1,628,053 1,681,952 1,660 14% 14%

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 10,004 10 9,650 9,650 9,650 10 (4%) --


Total Capital Items 8,381 8 4,017 4 8,381 8 0 0 8,381 8 -- --



Net Cash Flow After Debt Service 245,478 242 134,916 133 422,864 417 579,300 579,300 624,818 617 48% 155%

Debt Service 1,216,856 1,201 462,787 457 1,045,887 1,032 1,048,753 1,048,753 1,048,753 1,035 0% (14%)Net Cash Flow 1,462,334 1,444 597,703 590 1,468,751 1,450 1,628,053 1,628,053 1,673,571 1,652 14% 14%



Other Income 0 0 19,912 20 58,492 58 64,493 64,493 64,895 64 11% --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 2,099,196 2,072 941,165 929 2,303,693 2,274 2,468,304 2,468,304 2,468,706 2,437 7% 18%Reimbursements 0 0 15,232 15 11,059 11 23,078 23,078 23,078 23 109% --

Base Rent 2,099,196 2,072 906,021 894 2,234,142 2,205 2,380,733 2,380,733 2,380,733 2,350 7% 13%

Income



Expenses

Advertising & Marketing 0 0 22,151 22 68,048 67 52,404 52,404 52,404 52 (23%) --Payroll & Benefits 0 0 74,952 74 167,808 166 174,257 174,257 174,257 172 4% --

Janitorial 0 0 0 0 0 0 0 0 0 0 -- --Professional Fees 0 0 14,092 14 27,024 27 19,536 19,536 19,536 19 (28%) --

Management Fees 0 0 56,470 56 115,185 114 170,671 170,671 123,435 122 7% --

Property Insurance 0 0 5,948 6 9,688 10 21,722 21,722 21,722 21 124% --Real Estate Taxes 0 0 72,539 72 153,663 152 170,648 170,648 170,648 168 11% --



1,013 UNT Self-Storage


2006 6/30/2006 - 6 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


HOLLYWOOD & BRONSON SELF STORAGE, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Replacement 2,670 2,670 446Reserves:

Tax 259,567 259,567 26,842

Total: 1,328,182 1,328,182


P & I (Current) 1,065,945 1,065,945 16,400,000

2006:

DSCR: Debt Service adjusted per servicer Record.


Income: New loan. Interest only loan. Interest Income adjusted out.

Base:

Capital Expense: Debt Service adjusted per servicer record. Capital Expenditure adjusted per UW.

Expense: Real Estate Taxes / Property Insurance represents borrower actual. Management Fee adjusted to 6% of EGI per UW. Contributions adjusted out.

Expense: Real Estate Taxes represents borrowers actual. Property Insurance adjusted per UW. Management Fees adjusted to 5% of EGI per UW. Contributions adjusted out.

Expense: Real Estate Taxes / Property Insurance represents borrowres actual. Management fee adjusted to 5% of EGI per UW. Contributions adjusted out.

Income: Interest Only Loan. Rental Refunds adjusted out.

2008:


Income: Interest Only Loan.

2007:

DSCR: Debt Service adjusted per servicer Record.


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 1,462,275 12 0 0 1,714,921 15 1,667,436 1,667,436 1,718,674 15 0% 18%

Tenant Improvements 165,624 1 0 0 165,624 1 0 0 165,624 1 -- --


Other Expenses 0 0 0 0 18,603 0 3,059 3,059 3,059 0 (84%) --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 42% 0% 44% 46% 46% 44% 0% 5%Total Operating Expenses 1,056,620 9 0 0 1,343,286 11 1,394,080 1,394,080 1,342,841 11 0% 27%


DSCR (A,B) NOI/NCF 1.49 / 1.31 1.75 / 1.57 1.75 / 1.57


Net Cash Flow 1,282,482 11 0 0 1,535,128 13 1,667,436 1,667,436 1,538,882 13 0% 20%Total Capital Items 179,792 2 0 0 179,792 2 0 0 179,792 2 -- --

Debt Service 980,221 8 0 0 980,221 8 980,221 980,221 980,221 8 -- --


Expense Reimbursement 0 0 0 0 1,103,212 9 1,129,065 1,129,065 1,129,065 10 2% --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 31,946 0 32,680 32,680 32,680 0 2% --

Effective Gross Income 2,518,895 21 0 0 3,058,207 26 3,061,516 3,061,516 3,061,516 26 0% 22%Other Income 0 0 0 0 (33,213) 0 9,134 9,134 9,134 0 (128%) --

Income

General & Administrative Expenses 1,056,620 9 0 0 54,978 0 37,650 37,650 37,650 0 (32%) (96%)

Gross Potential Rent 0 0 0 0 1,972,275 17 0 0 0 0 -- --

Base Rent 2,518,895 21 0 0 0 0 1,890,637 1,890,637 1,890,637 16 -- (25%)Vacancy/Collection Loss 0 0 0 0 (16,014) 0 0 0 0 0 -- --


Payroll & Benefits 0 0 0 0 88,580 1 175,733 175,733 175,733 1 98% --

Professional Fees 0 0 0 0 9,113 0 3,346 3,346 3,346 0 (63%) --Advertising & Marketing 0 0 0 0 14,732 0 10,778 10,778 10,778 0 (27%) --

Real Estate Taxes 0 0 0 0 451,484 4 495,851 495,851 451,484 4 -- --

Expenses




118,072 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


GENEVA EXCHANGE FUND XLVIII, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

new cingular wireless 16,364.00 13.86 17.53 01/31/2011

virchnow krause corn 13,810.00 11.70 19.58 12/31/2009

Virchow 29,010.00 24.57 19.15 12/31/2009


Status: Performing

Replacement 14,169 14,169 35,539

Repair 0 0 0


216,667 216,667 451,372

Reserves:

Insurance 18,383 18,383 20,616

Tax 469,543 469,543 306,101

Total: 1,698,982 1,698,982


P & I (Current) 980,221 980,221 13,557,877

Expense: Real Estate Taxes represents borrowers actual. Property Insurance adjusted per servicer record. Management Fees represents borrowers actual @3.92% of EGI . Write off adjusted out.

Capital Expense: Capital Expenditures / Tenant Improvements & Leasing Commissions adjusted per UW.

Base:

2007:

2008:

Expense: Real Estate Taxes and Property Insurance adjusted as per Servicer record. Management Fees represents borrowers actual @ 3.7818% of EGI.

Capital Expense: Capital Expenditure and Tenant Improvements / Leasing Commission adjusted as per UW.


HONEY CREEK 115 SOUTH 84TH STREET, MILWAUKEE, WI


05/12/2009 8:28:40 AM Of 241



Credit:


GENEVA EXCHANGE FUND XLVIII, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Replacement 14,169 0 35,539

Repair 0 0 0


216,667 0 451,372

Reserves:

Insurance 18,383 0 20,616

Tax 469,543 0 306,101

Total: 1,698,982 0


P & I (Current) 980,221 0 13,557,877



LETTER OF CREDIT


05/12/2009 8:28:40 AM Of 241

Tenant Improvements 1,356 0 0 0 1,356 0 0 0 1,356 0 -- 0%Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --



Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 850 0 (75) (75) (75) 0 (109%) --






Debt Service 33,399 1 0 0 28,305 1 28,305 28,305 28,305 1 -- (15%)Net Cash Flow 44,136 1 0 0 40,172 1 45,135 45,135 38,883 1 (3%) (12%)





Base Rent 51,522 1 0 0 54,573 1 55,590 55,590 55,590 1 2% 8%

Income

General & Administrative Expenses 2,061 0 0 0 3,800 0 9,233 9,233 9,233 0 143% 348%


Expenses

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --Management Fees 0 0 0 0 2,729 0 1,297 1,297 2,224 0 (19%) --


Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


METALS SUPPLY PROPERTY, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Metals Supply Company, Ltd. 39,500.00 101.28 1.41 08/09/2021


Status: Performing Tax 6,202 6,202 5,514Total: 34,507 34,507


P & I (Current) 28,305 28,305 337,308

Expense: Tenant is resposible for Taxes , Insurance & CAM Charges. Management Fees adjusted to 5% of EGI. Income Tax adjusted out.

Income: NNN Lease. Single Tenanat.

Base:

Capital Expense: Capital Expenditure and Tenant Improvement/Leasing Commission adjusted per Underwriting.

2007:

Income: NNN Lease. Single Tenant.

2008:


Expense: Tenant is responsible for Taxes , Insurance & CAM Charges. Management Fees adjusted to 4% of EGI per UW. Income Taxes adjusted out. 23% variance in TOE is due to increase in General & Administrative Expences from $3799 in YE07 to $ 9233 in YE08.


PNA-METALS SUPPLY 526 MOCKINGBIRD LANE, CLUTE, TX


05/12/2009 8:28:40 AM Of 241















Base Rent 817,487 9 0 0 865,891 9 882,026 882,026 882,026 9 2% 8%

Income



Expenses


Professional Fees 0 0 0 0 884 0 32 32 32 0 (96%) --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --

Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


DELNOR PROPERTY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Environmental 0 0 0Reserves:

Tax 166,954 42,089 70,996

Total: 740,289 186,628


P & I (Current) 573,335 144,538 6,832,275

Expense: Tenant is responsible for all operating expenses. Management Fees adjusted to 5% of EGI. Income Taxes adjusted out.

Income: NNN Lease. Single Tenant. Borrower provided consolidated statement hence worked on same.

Base:

Capital Expense: Capital Expenditure ,Tenant Improvement & Leasing Commission adjusted per Underwriting.

2007:

Income: NNN Lease. Single Tenant. Borrower provided Consolidated Financial Statement, hence worked on the same.

2008:

Capital Expense: Capital Expenditure and Tenant Improvements/Leasing Commissions adjusted per Underwriting.

Expense: -33% Variance Total operating expenses is due to decrease in General & Administrative expenses by $8855. Tenant is responsible for all operating expenses. Management Fees adjusted to 4% of EGI per UW. Income Taxes adjusted out.


PNA DELNOR CORP 2000 NORTH 170TH EAST AVENUE, TULSA, OK


05/12/2009 8:28:40 AM Of 241



Net Operating Income 784,788 5 0 0 0 0 0 0 0 0 -- --



Total Capital Items 53,720 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 177,840 1 0 0 0 0 0 0 0 0 -- (100%)

Debt Service 553,228 3 0 0 0 0 0 0 0 0 -- --Net Cash Flow 731,068 4 0 0 0 0 0 0 0 0 -- (100%)


Management



Base Rent 817,487 5 0 0 0 0 0 0 0 0 -- --

Income



Expenses

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --Management Fees 0 0 0 0 0 0 0 0 0 0 -- --


Janitorial 0 0 0 0 0 0 0 0 0 0 -- --








Credit:



Delta Steel LLC 165,000.00 100.12 2.08


Status: Performing


Tax 166,954 65,063 70,996

Total: 740,289 288,495


P & I (Current) 573,335 223,432 6,832,275

Base:


PNA-DELNOR CORP 9217 SOUTH FREEWAY, FORT WORTH, TX


05/12/2009 8:28:40 AM Of 241



Credit:



Delta Steel LLC 106,000.00 99.99 2.98


Status: Performing


Tax 166,954 59,802 70,996

Total: 740,289 265,167


P & I (Current) 573,335 205,365 6,832,275



PNA-DELNOR CORP 1840 ACKERMAN ROAD, SAN ANTONIO, TX


05/12/2009 8:28:40 AM Of 241










Debt Service 416,948 2 0 0 427,592 2 427,592 427,592 427,592 2 -- 3%Net Cash Flow 550,980 3 0 0 573,222 3 560,617 560,617 595,316 3 4% 8%





Base Rent 609,681 3 0 0 645,780 3 657,813 657,813 657,813 3 2% 8%

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


SMITH PIPE & STEEL PROPERTY, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Ave. phoenix 201,000.00 100.25 2.95 08/09/2021




P & I (Current) 427,592 385,435 5,095,499

Expense: Borrower is resposible for Taxes & Insurance. Management Fees adjusted to 5% of EGI. Incone Taxes adjusted out.

Income: NNN lease.

Base:

Capital Expense: Capital Expenditure,Tenant improvement , Leasing commission adjusted per Underwriting.

2007:

Income: NNN Lease. Worked on consolidated statement as provided by the borrower.

2008:

Capital Expense: Capital Expenditure and Tenant Improvements / Leasing commission adjusted per UW.

Expense: -26% variance in Total Operating Expenses is due to decrease in General & Administration & Professional fees by $1571 & 852 when compared with YE07. Management fee reduced by $5976 when compared with YE07.Borrower is resposible for Taxes & Insurance. Management Fees adjusted to 4% of EGI per UW. Income Taxes adjusted out.


PNA- SMITH PIPE 735 NORTH 19TH AVE, PHOENIX, AZ


05/12/2009 8:28:40 AM Of 241



Credit:


SMITH PIPE & STEEL PROPERTY, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Euclid 20,000.00 86.40 3.24 08/09/2021




P & I (Current) 427,592 42,157 5,095,499



PNA- SMITH PIPE 1501 S EUCLID AVE, TUCSON, AZ


05/12/2009 8:28:40 AM Of 241















Base Rent 628,572 23 0 0 665,790 24 678,196 678,196 678,196 25 2% 8%

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


DELTA STEEL PROPERTY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Delta Steel LLC 27,000.00 98.36 2.81 08/09/2021




P & I (Current) 440,842 49,384 5,253,388

Expense: Tenant pays all operating expenses. Management Fees adjusted to 5% of EGI. Income Taxes adjusted out.


Base:


2007:

Income: NNN Lease. Single Tenant. Borrower has reported a Consolidated Operating Statement, hence Worked on the same.

2008:


Expense: -39% variance in Total Operating Expenses is due to decrease in General & Administration expenses by $11544 when compared with YE07. Management Fee adjusted to 4% of EGI per Underwriting. Income Taxes adjusted out.


PNA-DELTA STEEL 303 NAVIGATION, CORPUS CHRISTI, TX


05/12/2009 8:28:40 AM Of 241


PNA-CLINTON & LOCKWOOD 5311 CLINTON DRIVE, HOUSTON, TX












Management



Base Rent 628,572 2 0 0 0 0 0 0 0 0 -- --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --








Credit:


DELTA STEEL PROPERTY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Delta Steel LLC 258,000.00 98.23 2.33 08/09/2021




P & I (Current) 440,842 391,458 5,253,388

Base:


PNA-DELTA STEEL 7355 ROUNDHOUSE LANE, HOUSTON, TX


05/12/2009 8:28:40 AM Of 241










Debt Service 348,232 1 0 0 264,987 1 264,987 264,987 264,987 1 -- (24%)Net Cash Flow 460,175 2 0 0 481,011 2 480,140 480,140 499,346 2 4% 9%





Base Rent 558,158 2 0 0 591,207 2 602,223 602,223 602,223 2 2% 8%

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


CLINTON & LOCKWOOD LTD Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Metals Supply Company, Ltd. 280,000.00 100.00 2.15 07/31/2021


Status: Performing

Miscellaneous 0 0 112,500

Repair 0 0 857,500


Reserves:

Tax 124,491 124,491 62,481

Total: 389,478 389,478


P & I (Current) 264,987 264,987 3,157,774


Income: NNN Lease. Single Tenant. Worked on consolidated statement.

Base:

Capital Expense: Capital Expenditure & Tenant Improvement/Leasing Commission adjusted per UW.

2007: Occupancy updated as per Annexure. Radhika 3/10/08.


2008: Tenant is responsible for Real estate taxes and Insurance.please check.

Capital Expense: Capital Expenditure & Tenant Improvement/Leasing Commission adjusted per UW.

Expense: -21% Variance in total operating expenses is due to decrease in Professional fee by $1147. Tenant is responsible for all operating expenses. Management Fees adjusted to 4% of EGI per UW. Income Taxes adjusted out.


05/12/2009 8:28:40 AM Of 241



Net Operating Income 1,433,145 8 0 0 1,484,698 9 1,336,654 1,336,654 1,544,515 9 4% 8%







Debt Service 1,046,999 6 0 0 1,046,999 6 1,046,999 1,046,999 1,046,999 6 -- --Net Cash Flow 1,341,740 8 0 0 1,393,293 8 1,336,654 1,336,654 1,453,110 8 4% 8%




Effective Gross Income 1,492,859 9 0 0 1,581,255 9 1,610,720 1,610,720 1,610,720 9 2% 8%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 1,492,859 9 0 0 1,581,255 9 1,610,720 1,610,720 1,610,720 9 2% 8%

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


FERALLOY PROPERTY, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Red Hat Rd. Decatur 175,000.00 101.26 2.29 10/09/2021


Status: Performing


Tax 426,226 106,035 168,341

Total: 1,473,225 366,505


P & I (Current) 1,046,999 260,470 12,476,796



Base:


2007:


2008:

Capital Expense: Capital Expenditure / Tenant Improvement & Leasing Commission adjusted per Underwriting.

Expense: -31% variance in Total Operating Expenses is due to decrease in Professional Fees.Tenant is responsible for all operating expenses. Management Fees adjusted to 4% of EGI per UW. Income Taxes adjusted out.


PNA- FERALLOY PROPERTY 1435 RED HAT ROAD, DECATUR, AL


05/12/2009 8:28:40 AM Of 241



Net Operating Income 1,433,145 9 0 0 0 0 0 0 0 0 -- --







Debt Service 1,015,347 7 0 0 0 0 0 0 0 0 -- --Net Cash Flow 1,341,740 9 0 0 0 0 0 0 0 0 -- (100%)


Management



Base Rent 1,492,859 10 0 0 0 0 0 0 0 0 -- --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --








Credit:



Performance Drive Stockton 175,000.00 113.40 3.44 08/09/2021


Status: Performing


Tax 426,226 159,360 168,341

Total: 1,473,225 550,817


P & I (Current) 1,046,999 391,458 12,476,796

Base:


PNA-FERALLOY PROPERTY 936 PERFORMANCE DRIVE, STOCKTON, CA


05/12/2009 8:28:40 AM Of 241



Credit:



N.Steel Circle Huger 136,000.00 94.59 2.55 08/09/2021


Status: Performing


Tax 426,226 91,693 168,341

Total: 1,473,225 316,932


P & I (Current) 1,046,999 225,239 12,476,796



PNA- FERALLOY PROPERTY 1020 NORTH STEEL CIRCLE, HUGER, SC



Credit:



Century Drive Granite City 140,000.00 100.00 1.87 08/09/2021


Status: Performing


Tax 426,226 69,138 168,341

Total: 1,473,225 238,970


P & I (Current) 1,046,999 169,832 12,476,796



PNA- FERALLOY PROPERTY 2500 CENTURY DRIVE, GRANITE CITY, IL


PNA-INFRA-METALS 200 N E 7TH STREET, HALLANDALE, FL


05/12/2009 8:28:40 AM Of 241

Tenant Improvements 34,567 1 0 0 34,568 1 0 0 0 0 (100%) (100%)Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 61,493 2 0 0 61,493 2 0 0 0 0 (100%) (100%)




Total Capital Items 96,060 3 0 0 96,061 3 0 0 0 0 (100%) (100%)




Debt Service 1,232,891 36 0 0 1,232,417 36 1,232,417 1,232,417 1,232,417 36 -- 0%Net Cash Flow 1,615,175 47 0 0 1,708,748 49 1,866,681 1,866,681 1,867,818 54 9% 16%





Base Rent 2,018,266 58 0 0 1,910,055 55 1,945,646 1,945,646 1,945,646 56 2% (4%)

Income

General & Administrative Expenses 307,031 9 0 0 2,250 0 78,965 78,965 2 0 (100%) (100%)


Expenses


Professional Fees 0 0 0 0 6,679 0 0 0 0 0 -- --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --

Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


INFRA-METALS PROPERTY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Infra-Metals-Hallandale, FL 34,650.00 100.00 2.67 07/31/2021


Status: Performing


Tax 749,509 36,612 436,956

Total: 1,981,926 96,813


P & I (Current) 1,232,417 60,201 14,693,246

Expense: Tenant is responsible for all Operating Expenses. Management fees adjusted to 5% of EGI. Income tax adjusted out.

Income: NNN Lease . Single Tenant. Worked on Consolidated statement.

Base:

Capital Expense: Tenant Improvements / Leasing Commissions and Capital Expenditure adjusted per UW.

2007:

Income: NNN Lease . Single Tenant. Worked on Consolidated statement.

2008:

Capital Expense: Tenant Improvements / Leasing Commissions and Capital Expenditure adjusted per UW.

Expense: Tenant is responsible for all Operating Expenses. Management fees adjusted @ 4% of EGI per UW. Income tax adjusted out.


05/12/2009 8:28:40 AM Of 241



Credit:



Infra-metals-tampa,fl 128,500.00 100.00 4.18 07/31/2021


Status: Performing


Tax 749,509 212,350 436,956

Total: 1,981,926 561,516


P & I (Current) 1,232,417 349,166 14,693,246



PNA-INFRA-METALS 5208 24TH AVE SOUTH, TAMPA, FL


05/12/2009 8:28:40 AM Of 241



Net Operating Income 1,711,236 11 0 0 0 0 0 0 0 0 -- --







Debt Service 1,222,265 8 0 0 0 0 0 0 0 0 -- --Net Cash Flow 1,615,175 11 0 0 0 0 0 0 0 0 -- (100%)


Management



Base Rent 2,018,266 13 0 0 0 0 0 0 0 0 -- --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --








Credit:



Infra-Metals-marselles,il 152,000.00 100.00 3.66 07/31/2021


Status: Performing


Tax 749,509 219,672 436,956

Total: 1,981,926 580,879


P & I (Current) 1,232,417 361,207 14,693,246

Base:


PNA-INFRA-METALS 1601 BROADWAY STREET, MARSELLIES, IL


05/12/2009 8:28:40 AM Of 241



Credit:



infra metals wallingford, ct 150,710.00 100.00 2.24 07/31/2021


Status: Performing


Tax 749,509 114,290 436,956

Total: 1,981,926 302,218


P & I (Current) 1,232,417 187,928 14,693,246



PNA_Infra-Metals 35 Pent Way, Wallingford, CT



Credit:



infra-metals-petersburg,va 149,074.00 100.00 2.83 07/31/2021


Status: Performing


Tax 749,509 166,585 436,956

Total: 1,981,926 440,500


P & I (Current) 1,232,417 273,915 14,693,246



PNA-INFRA-METALS 1900 BESSEMER ROAD, PETERSBURG, VA



Credit:



No tenants returned

Status: Performing


Tax 749,509 0 436,956

Total: 1,981,926 0


P & I (Current) 1,232,417 0 14,693,246



LETTER OF CREDIT


05/12/2009 8:28:40 AM Of 241



Credit:



No tenants returned

Status: Performing


Tax 749,509 0 436,956

Total: 1,981,926 0


P & I (Current) 1,232,417 0 14,693,246



LETTER OF CREDIT



Credit:



No tenants returned

Status: Performing


Tax 749,509 749,509 436,956

Total: 1,981,926 1,981,926


P & I (Current) 1,232,417 1,232,417 14,693,246



LETTER OF CREDIT


575 LEXINGTON AVENUE 575 LEXTINGTON AVENUE, NEW YORK, NY


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 953,639 1 -- --Net Operating Income 21,560,411 34 0 0 12,814,413 20 13,562,588 13,562,588 12,996,926 20 1% (40%)

Tenant Improvements 0 0 0 0 953,639 1 0 0 0 0 -- --

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 1,091,166 2 0 0 137,527 0 0 0 137,527 0 -- (87%)

Other Expenses 0 0 0 0 0 0 43,825 43,825 43,825 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.14 / 1.08 0.68 / 0.62 0.69 / 0.63Net Cash Flow After Debt Service 1,594,360 3 0 0 (7,151,639) (11) (5,364,009) (5,364,009) (7,020,838) (11) (2%) (540%)

DSCR (A,B) NOI/NCF 1.14 / 1.08 0.68 / 0.62 0.69 / 0.63


Net Cash Flow 20,469,245 32 0 0 11,723,246 18 13,562,588 13,562,588 11,905,759 19 2% (42%)Total Capital Items 1,091,166 2 0 0 1,091,166 2 0 0 1,091,166 2 -- --

Debt Service 18,874,885 30 0 0 18,874,885 30 18,926,597 18,926,597 18,926,597 30 0% 0%


Expense Reimbursement 0 0 0 0 5,382,477 8 4,910,818 4,910,818 4,910,818 8 (9%) --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 35,065,700 55 0 0 26,939,552 42 29,891,117 29,891,117 29,891,117 47 11% (15%)Other Income 0 0 0 0 95,545 0 336,599 336,599 336,599 1 252% --

Income

General & Administrative Expenses 13,505,289 21 0 0 213,310 0 692,489 692,489 691,007 1 224% (95%)


Base Rent 35,065,700 55 0 0 21,461,530 34 24,643,700 24,643,700 24,643,700 39 15% (30%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 942,884 1 747,278 747,278 1,046,189 2 11% --Janitorial 0 0 0 0 1,619,663 3 1,633,132 1,633,132 1,633,132 3 1% --

Payroll & Benefits 0 0 0 0 1,367,057 2 1,033,529 1,033,529 1,033,529 2 (24%) --


Real Estate Taxes 0 0 0 0 4,598,588 7 4,720,367 4,720,367 4,988,600 8 8% --

Expenses

Property Insurance 0 0 0 0 656,110 1 1,247,742 1,247,742 1,247,742 2 90% --

Repairs and Maintenance 0 0 0 0 772,384 1 1,283,527 1,283,527 1,283,527 2 66% --Utilities Expense 0 0 0 0 3,474,867 5 4,344,075 4,344,075 4,344,075 7 25% --


637,685 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


575 LEXINGTON AVENUE ACQUISITION LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Boies schiller & flexner, LLP 65,045.00 10.20 42.25 06/30/2019

Palestrini post production 39,620.00 6.21 60.00 06/30/2017

Cornell university 86,315.00 13.54 41.07 03/31/2018


04/20/2009 - 1E - DSCR < 1.10; 1F - DSCR < 1.40 & < or = 75% U/W. Loan is secured by a 637,685 sf office bldg in New York, NY, built 1958/renov 1990; inspected 2/24/09 and rated in Fair condition. Debt consists of a $325MM whole loan split btwn a $162.5MM A-1 Note (BACM 2007-1) & a $162.5MM A-2 Note (BACM 2007-2), Pari Passu. YE 12/31/2008 NCF DSCR is 0.63x with 89.9% Occ; YE 12/31/2007 NCF DSCR was 0.62x with 92% Occ. NCF decline is due to lack of loan stabilization as of YE08 & YE07. Stabilized rents per U/W: Floors 2-9, $62.50 psf; Fls 10-20, $67.50 psf; Fls 21-28, $71 psf; Fls 29-35, $75 psf; Garage, $35 per space; Street Retail, $125 psf; and Ave Retail, $180 psf. Bwr rep's update on tenants whose leases expire in the next 12 months: Kodashana will vacate upon 4/30/09 lease expiration; Mid Town Parking's lease expires 8/31/09; and 575 Lex Garage LLC has signed a 10-year renewal at a rate of $28.70 psf for the first 3 years. Regent's lease will expire 12/31/09, however, Bwr does not yet have a renewal proposal out to this tenant. As per the 12/31/08 rent roll, there are 65,328 sf sitting vacant at the Property, with no prospects. Bwr rep further stated that these vacant spaces are being actively and aggressively marketed. Asking rates: $70-72 psf for years 1-5; $76-79 psf for years 6-10; per the Bwr rep, rates are comparable to market and most new leases or proposed renewals have rent steps every 5 years. Bwr's $10MM Guarantee was required to cover future DS shortfalls/mitigate below-mkt rents. Bank of America will continue to monitor the Loan.

Status: CMSA WatchlistReplacement 127,536 127,536 335,657

Tenant Improvements 0 0 0


0 0 9,285,345

Reserves:

Tax 5,177,570 5,177,570 2,559,753

Total: 14,923,541 14,923,541


P & I (Current) 9,618,435 9,618,435 162,500,000


05/12/2009 8:28:40 AM Of 241

Expense: Real Estate Taxes adjusted per servicer record. Property Insurance adjusted per UW. Management Fee adjusted to 3.5% of EGI per UW.

Income: Interest only loan. Fixed Rate. " The Debt Service consists of a $325MM whole loan split between a $162.5MM A-1 Note (BACM 2007-1), and a $162.5MM A-2 Note ( BACM 2007-2 ) which are Pari Passu. Debt Service includes the A-1 and A-2 notes." Pari Passu loan # 3226313. Very high Lease Cancellation Fee adjusted out.

Capital Expense: Tenant Improvements / Leasing Commission & Capital Expenditure adjusted per UW.

Base:

DSCR: Debt Service adjusted per Servicer record. The NCF decline is due to loan is not stabilized as of Q3-07. According to the U/W RR current rents are below mkt. Stabilized rents per U/W are: Floors 2-9 are $62.50 psf; Floors 10-20 are $67.50 psf; Floors 21-28 are $71.00 psf; Floors 29-35 are $75.00 psf; Garage is $35.00 per parking space; Street Retail is $125.00 psf; & Avenue Retail is $180.00 psf. The 11/07 RR indicates current rents for all floors are approx. $20 - $30 below stabilized U/W rents. Low DSCR due to high Repairs & Maintenance, Utilities, Janitorial and Advertising & Marketing expenses.

2007:

Income: The Debt Service consists of a $325MM whole loan split between a $162.5MM A-1 Note (BACM 2007-1), and a $162.5MM A-2 Note ( BACM 2007-2 ) which are Pari Passu. Debt Service includes the A-1 and A-2 notes." Pari Passu loan # 3226313". Interest only loan.

2008:

Expense: +20% variance in Total Operating Expenses is due to increase in Utilities / Repairs & Maintenance and General & Administrative Expenses and have also contributed in a low DSCR. Utilities Expenses as per YE08 is $4344075 when compared with YE07 was $3474867. Repairs & Maintenance as per YE08 is $1283527 when compared with YE07 was $772384. General & Administrative expenses as per YE07 is $691007 when compared with YE07 was $213310. Real Estate Taxes adjusted per Servicer Record. Property Insurance represents Borrower Actuals. Management Fee adjusted to 3.5% of EGI per Underwriting. Contributions adjusted out.

DSCR: YE08 NCF DSCR is 0.63x with 89.86% occupancy


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 27,087 120 0 0 9,794 9,794 0 0 -- --

Total General/Unallocated 6,024,552 26,776 3,039,286 13,508 3,213,853 14,284 3,501,569 3,501,569 3,466,525 15,407 8% (42%)

Net Operating Income 2,513,681 11,172 2,507,695 11,145 2,333,545 10,371 1,917,374 1,917,374 1,952,418 8,677 (16%) (22%)Operating Expense Ratio 71% 71% 74% 80% 80% 80% 8% 13%

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --Management Fees 0 0 257,024 1,142 267,333 1,188 305,348 305,348 305,348 1,357 14% --

Advertising & Marketing 0 0 415,367 1,846 513,545 2,282 541,789 541,789 541,789 2,408 6% --

General & Administrative Expenses 6,024,552 26,776 555,241 2,468 615,927 2,737 776,244 776,244 776,244 3,450 26% (87%)Professional Fees 0 0 15,054 67 19,119 85 18,822 18,822 18,822 84 (2%) --

Capital Expenditures 341,529 1,518 341,529 1,518 341,529 1,518 0 0 341,529 1,518 -- --

Net Cash Flow After Debt Service 604,240 2,686 598,255 2,659 424,104 1,885 349,462 349,462 42,977 191 (90%) (93%)Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A) NOI/NCF 1.60 / 1.39 1.60 / 1.38 1.49 / 1.27 1.25 / 1.03


Total Capital Items 341,529 1,518 341,529 1,518 341,529 1,518 0 0 341,529 1,518 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Net Cash Flow 2,172,152 9,654 2,166,166 9,627 1,992,016 8,853 1,917,374 1,917,374 1,610,889 7,160 (19%) (26%)

Debt Service - B 0 0 0 0 0 0 0 0 0 0 -- --Debt Service 1,567,912 6,968 1,567,912 6,968 1,567,912 6,968 1,567,912 1,567,912 1,567,912 6,968 -- --

Occupancy 90% 88% 86% 83%

Other Income 0 0 149,858 666 359,448 1,598 0 0 0 0 -- --Other Departmental Revenue 0 0 203,206 903 0 0 373,740 373,740 373,740 1,661 -- --

Departmental Revenue 8,538,233 37,948 8,561,909 38,053 8,911,109 39,605 9,747,273 9,747,273 9,747,273 43,321 9% 14%


Income

Franchise Fees 0 0 478,143 2,125 491,638 2,185 502,277 502,277 502,277 2,232 2% --

Room Revenue 8,538,233 37,948 8,016,679 35,630 8,346,723 37,097 9,187,055 9,187,055 9,187,055 40,831 10% 8%

Telephone Revenue 0 0 18,105 80 14,384 64 11,003 11,003 11,003 49 (24%) --Food & Beverage Revenue 0 0 174,061 774 190,554 847 175,475 175,475 175,475 780 (8%) --

Room Expenses (Departmental) 0 0 2,841,895 12,631 3,173,860 14,106 4,142,119 4,142,119 4,142,119 18,409 31% --

Real Estate Taxes 0 0 256,572 1,140 247,480 1,100 253,822 253,822 272,104 1,209 10% --

General/Unallocated

Property Insurance 0 0 89,917 400 79,414 353 92,480 92,480 83,103 369 5% --

Repairs and Maintenance 0 0 470,794 2,092 573,675 2,550 572,574 572,574 538,419 2,393 (6%) --Utilities Expense 0 0 474,087 2,107 405,722 1,803 428,419 428,419 428,419 1,904 6% --

Telephone (Departmental) 0 0 16,206 72 15,222 68 15,614 15,614 15,614 69 3% --


0 0 126,454 562 109,223 485 103,902 103,902 103,902 462 (5%) --

Other Departmental Expense 0 0 30,373 135 65,406 291 66,695 66,695 66,695 296 2% --

Departmental Income 8,538,233 37,948 5,546,981 24,653 5,547,398 24,655 5,418,943 5,418,943 5,418,943 24,084 (2%) (37%)Departmental Expenses 0 0 3,014,928 13,400 3,363,711 14,950 4,328,330 4,328,330 4,328,330 19,237 29% --


225 UNT Hotel/Motel


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


QUALITY SUITES MAINGATE EAST

5876 WEST IRIO BRONSON MEMORIAL HIGHWAY, KISSIMMEE, FL


05/12/2009 8:28:40 AM Of 241


Credit:


TIBURON SUITES LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

04/09/2009 - 1E - DSCR < 1.20 healthcare/lodging. Loan is secured by a 225-room full-service hotel in Kissimmee, FL, built in 1989 and most recently renovated in 2007. The 3/8/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 1.03x with 82.62% Occupancy, $110.09 ADR, and $90.96 RevPAR as of 12/31/2008. The Loan was U/W at 1.39x with 89.8% Occ. Formerly a Royale Parc Suites, the property took on the Quality Suites brand under the Choice Hotels International flag in 2004. The Borrower purchased the Property with the goal of a major renovation, which was completed in 2007, substantially upgrading the hotel's appearance, amenities and services. The Property has a New Orleans French Quarter theme and serves the tourism industry of Kissimmee/Orlando. Due to the economic slump, tourist traffic declined in 2008, resulting in the decreased Occ and revenues, which lowered the DSCR. Generally, the demand for lodging in the Orlando market is strongest from mid-Feb to Aug, and during the last two weeks of Dec; a slight Occ decline is usually experienced in May. Bank of America has requested a performance update from the Borrower and will continue to monitor the Loan.


Miscellaneous 0 0 0

Replacement 62,049 62,049 41,722

Debt Service 0 0 275,716


Reserves:

Insurance 91,413 91,413 19,589

Tax 286,596 286,596 177,842

Total: 2,007,970 2,007,970


P & I (Current) 1,567,912 1,567,912 21,235,287

2006:


Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrower actuals. Management Fees represents borrower actuals @3% of Departmental Revenue per UW. Bad Debt / Sale Proceeds / Owner's Expense / Renovation & Remodeling expenses adjusted out.

Base:


Expense: Real Estate Taxes / Property Insurance adjusted per servicer record. Management Fees adjusted to 3% of Departmental Revenue per Underwriting. Badedbts adjusted out.

Expense: +37% Variance in Total operating expenses is due to increase in Room expenses. Real Estate Taxes represents borrowers actual. Property Insurance adjusted per year end 2007 figures. Management Fees represents borrowers actual @ 3.13265% of Departmental Revenue. Bad Debt / Renovation / Remodeling adjusted out.

2008:


2007: Done By Farheen

DSCR: Low DSCR due to increase in operating expenses.

180 UNT Multifamily


- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


UNIVERSITY COMMONS-LEXINGTON

845 RED MILE ROAD, LEXINGTON, KY


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 78,615 437 0 0 0 0 0 0 78,615 437 -- --Net Operating Income 1,539,651 8,554 0 0 0 0 1,059,805 1,059,805 1,063,344 5,907 -- (31%)


Operating Expense Ratio 44% 0% 0% 58% 58% 58% -- 32%

Other Expenses 0 0 0 0 0 0 74,269 74,269 0 0 -- --General & Administrative Expenses 1,224,425 6,802 0 0 0 0 328,342 328,342 328,342 1,824 -- (73%)

Total Operating Expenses 1,224,425 6,802 0 0 0 0 1,490,259 1,490,259 1,486,720 8,260 -- 21%Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 462,704 2,571 0 0 0 0 61,473 61,473 (13,603) (76) -- (103%)

Debt Service 998,332 5,546 0 0 0 0 998,332 998,332 998,332 5,546 -- --Net Cash Flow 1,461,036 8,117 0 0 0 0 1,059,805 1,059,805 984,729 5,471 -- (33%)


Management 4.0%


Effective Gross Income 2,764,076 15,356 0 0 0 0 2,550,064 2,550,064 2,550,064 14,167 -- (8%)Other Income 0 0 0 0 0 0 91,870 91,870 91,870 510 -- --

Base Rent 2,764,076 15,356 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 0 0 (826,641) (826,641) (826,641) (4,592) -- --Gross Potential Rent 0 0 0 0 0 0 3,284,835 3,284,835 3,284,835 18,249 -- --

Management Fees 0 0 0 0 0 0 94,368 94,368 102,003 567 -- --Repairs and Maintenance 0 0 0 0 0 0 188,565 188,565 188,565 1,048 -- --

Advertising & Marketing 0 0 0 0 0 0 70,258 70,258 70,258 390 -- --Payroll & Benefits 0 0 0 0 0 0 232,047 232,047 232,047 1,289 -- --


Real Estate Taxes 0 0 0 0 0 0 163,700 163,700 226,796 1,260 -- --

Expenses

Utilities Expense 0 0 0 0 0 0 296,000 296,000 296,000 1,644 -- --Property Insurance 0 0 0 0 0 0 40,635 40,635 40,635 226 -- --



Credit:


COURTYARDS UK, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

01/09/2009 - 1E - DSCR <1.10; 1F - DSCR < 1.40 & < or = 75% U/W; and previously 4A - Occupancy < 80% U/W. Loan is secured by a 677-unit (bed) multi-family housing property in Lexington, KY, built in 1996. Loan was Assumed on 7/16/2008. The 3/27/2008 inspection rated the Property in Good condition. The property is primarily, but not exclusively, used for student housing for the University of Kentucky. YE 12/31/2007 NCF DSCR was 0.99x with 64% Occupancy. The Loan was U/W at 1.46x with 85.4% Occ. Bank of America recently received Borrower-reported 3Q 2008 financials, which are under review. Occupancy has increased to 72.5% as of 10/2/2008, which is 15.1% below U/W. The Assumptor's rent rolls are based on bed-count rather than the previous 182-unit count. Loan has cured for CMSA code 4A only at this time. DSCR decline is attributed to Occupancy decline and increased Vacancy/Collection Loss. Bank of America will continue to monitor this loan.


Replacement 0 0 0Excess Rent 0 0 0

Reserves:

Tax 166,318 166,318 97,019

Total: 1,183,796 1,183,796


P & I (Current) 1,017,478 1,017,478 16,875,000


DSCR: Debt Service adjusted per Servicer Record. Low DSCR is due to low occupancy at 64.05% due to which rental income has declined.

Base:

2007: Transferred to Special Servicer on 2/28/2008 - Farheen 6/6/2008.Analysis done as per the request. Soumya

Income: Interest Only Loan

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents Borrower actual. Management Fees adjusted to 4% of EGI per UW. Bad Debt Expenses / Bad Debt Allowance adjustement / Bad Debt Recovery adjusted out.


05/12/2009 8:28:40 AM Of 241



Credit:


COURTYARDS UK, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

01/09/2009 - 1E - DSCR <1.10; 1F - DSCR < 1.40 & < or = 75% U/W; and previously 4A - Occupancy < 80% U/W. Loan is secured by a 677-unit (bed) multi-family housing property in Lexington, KY, built in 1996. Loan was Assumed on 7/16/2008. The 3/27/2008 inspection rated the Property in Good condition. The property is primarily, but not exclusively, used for student housing for the University of Kentucky. YE 12/31/2007 NCF DSCR was 0.99x with 64% Occupancy. The Loan was U/W at 1.46x with 85.4% Occ. Bank of America recently received Borrower-reported 3Q 2008 financials, which are under review. Occupancy has increased to 72.5% as of 10/2/2008, which is 15.1% below U/W. The Assumptor's rent rolls are based on bed-count rather than the previous 182-unit count. Loan has cured for CMSA code 4A only at this time. DSCR decline is attributed to Occupancy decline and increased Vacancy/Collection Loss. Bank of America will continue to monitor this loan.


Replacement 0 0 0Excess Rent 0 0 0

Reserves:

Tax 166,318 166,318 97,019

Total: 1,183,796 1,183,796


P & I (Current) 1,017,478 1,017,478 16,875,000



LETTER OF CREDIT


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 909,914 13 0 0 792,898 11 938,861 938,861 896,635 13 13% (1%)

Tenant Improvements 27,131 0 0 0 27,134 0 0 0 27,135 0 0% 0%


Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.54 / 1.47 1.34 / 1.27 1.51 / 1.45


Net Cash Flow 872,224 12 0 0 755,205 11 938,861 938,861 858,941 12 14% (2%)Total Capital Items 37,690 1 0 0 37,693 1 0 0 37,694 1 0% 0%

Debt Service 592,719 8 0 0 592,719 8 594,343 594,343 594,343 8 0% 0%



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income



Base Rent 1,305,923 19 0 0 919,734 13 933,180 933,180 933,180 13 1% (29%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses




70,396 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


NORTHERN CROSSING LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Petsmart, Inc. 19,984.00 28.39 12.50 08/31/2020

The Clothing Co. 5,626.00 7.99 17.50 11/30/2010

Ross Store 30,187.00 42.88 9.95 01/31/2017


Status: PerformingTenant Improvements and Leasing Commissions

0 0 0


0 0 0

Reserves:

Total: 604,087 604,087


P & I (Current) 604,087 604,087 10,000,000

Expense: Real estate taxes adjusted per servicer record. Property Insurance adjusted per UW. Management Fees adjusted to 3.25 % of EGI per UW.



Base:


2007: Done By Farheen 2/5/08


2008:

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Management Fee adjusted to 3.25% of EGI per UW.




NORTHERN CROSSING 5790 NORTHERN AVENUE, GLENDALE, AZ


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 3,763 0 6,129 6,129 0 0 (100%) --Net Operating Income 3,077,794 9 0 0 3,539,392 11 3,366,966 3,366,966 3,235,410 10 (9%) 5%

Tenant Improvements 485,165 1 0 0 481,402 1 0 0 485,165 1 1% --


Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.46 / 1.20 2.02 / 1.70 1.81 / 1.50Net Cash Flow After Debt Service 421,038 1 0 0 1,233,409 4 1,576,083 1,576,083 898,195 3 (27%) 113%

DSCR (A,B) NOI/NCF 1.46 / 1.20 2.02 / 1.70 1.81 / 1.50


Net Cash Flow 2,525,332 8 0 0 2,986,930 9 3,360,837 3,360,837 2,682,948 8 (10%) 6%Total Capital Items 552,462 2 0 0 552,462 2 6,129 6,129 552,462 2 -- --

Debt Service 2,104,294 6 0 0 1,753,521 5 1,784,754 1,784,754 1,784,754 5 2% (15%)


Expense Reimbursement 0 0 0 0 582,574 2 362,889 362,889 362,889 1 (38%) --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 91,560 0 109,409 109,409 109,409 0 19% --

Effective Gross Income 5,928,140 18 0 0 6,511,647 19 6,389,416 6,389,416 6,389,416 19 (2%) 8%Other Income 0 0 0 0 12,520 0 97,794 97,794 97,794 0 681% --

Income






Professional Fees 0 0 0 0 44,885 0 59,132 59,132 59,132 0 32% --Advertising & Marketing 0 0 0 0 151 0 6,391 6,391 6,391 0 4132% --


Expenses




336,483 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


WEST ESPLANADE CAUSEWAY ASSOCIATES LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

JACOBS ENGINEERING GROUP INC 39,503.00 11.74 19.50 11/30/2017

DEPT OF SOCIAL SERVICE DDC 36,768.00 10.93 17.00 01/12/2013

BELL SOUTH BUSINESS SYSTEMS 45,339.00 13.47 20.68 03/31/2011


Status: PerformingReplacement 100,945 100,945 8,451Tenant Improvements and Leasing Commissions

0 0 0

Reserves:

Tax 391,985 391,985 251,438

Total: 2,597,224 2,597,224


P & I (Current) 2,104,294 2,104,294 29,847,223

Expense: Real Estate Taxes represents borrowers actuals. Property Insurance adjusted per UW. Management Fees adjusted to 4% of EGI per UW.


Capital Expense: Capital Expenditure and Tenant Improvements / Leasing Commission adjusted per UW.

Base:


2007:

Income: Interest only Loan till 11/30/2008

2008:

Expense: Real Estate Taxes / Property Insurance represents Borrowers actual. Management fees adjusted to 4% of EGI per UW.

DSCR: Debt Service adjusted per Servicer Record. The Amortizing Debt Service for the whole Year is 1.27x

Capital Expense: Capital Expenditures / Tenant Improvements & Leasing Commission adjusted per UW.


CAUSEWAY PLAZA 3230, 3300, 3330 W ESPLANADE AVE &, METAIRIE, LA


05/12/2009 8:28:40 AM Of 241



Credit:


WEST ESPLANADE CAUSEWAY ASSOCIATES LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Replacement 100,945 0 8,451Tenant Improvements and Leasing Commissions

0 0 0

Reserves:

Tax 391,985 0 251,438

Total: 2,597,224 0


P & I (Current) 2,104,294 0 29,847,223



LETTER OF CREDIT

0 UNT Hotel/Motel


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


BEST WESTERN GEORGETOWN

1121 NEW HAMPSHIRE AVENUE NW, WASHINGTON, DC


05/12/2009 8:28:40 AM Of 241

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 92,863 0 0 0 0 0 (100%) --

Total General/Unallocated 1,798,405 0 0 0 2,131,441 0 2,416,620 2,416,620 2,092,760 0 (2%) 16%

Net Operating Income 1,516,067 0 0 0 963,969 0 581,099 581,099 904,959 0 (6%) (40%)Operating Expense Ratio 54% 0% 71% 82% 82% 71% 1% 32%

Payroll & Benefits 0 0 0 0 630,259 0 656,778 656,778 656,778 0 4% --Management Fees 0 0 0 0 131,862 0 0 0 126,978 0 (4%) --


General & Administrative Expenses 1,798,405 0 0 0 439,037 0 395,669 395,669 394,266 0 (10%) (78%)Professional Fees 0 0 0 0 17,949 0 5,180 5,180 5,180 0 (71%) --


Net Cash Flow After Debt Service 355,446 0 0 0 (196,652) 0 (504,946) (504,946) (255,662) 0 30% (172%)Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A) NOI/NCF 1.40 / 1.33 0.89 / 0.82 0.83 / 0.76



Net Cash Flow 1,441,491 0 0 0 889,393 0 581,099 581,099 830,383 0 (7%) (42%)

Debt Service - B 0 0 0 0 0 0 0 0 0 0 -- --Debt Service 1,086,045 0 0 0 1,086,045 0 1,086,045 1,086,045 1,086,045 0 -- --


Other Income 0 0 0 0 63,059 0 72,861 72,861 72,861 0 16% --Other Departmental Revenue 0 0 0 0 0 0 0 0 0 0 -- --



Income

Franchise Fees 0 0 0 0 0 0 0 0 0 0 -- --

Room Revenue 3,314,472 0 0 0 3,229,356 0 3,095,477 3,095,477 3,095,477 0 (4%) (7%)

Telephone Revenue 0 0 0 0 4,146 0 6,123 6,123 6,123 0 48% --Food & Beverage Revenue 0 0 0 0 0 0 0 0 0 0 -- --

Room Expenses (Departmental) 0 0 0 0 195,553 0 176,742 176,742 176,742 0 (10%) --


General/Unallocated



Telephone (Departmental) 0 0 0 0 0 0 0 0 0 0 -- --


0 0 0 0 0 0 0 0 0 0 -- --

Other Departmental Expense 0 0 0 0 5,598 0 0 0 0 0 (100%) --

Departmental Income 3,314,472 0 0 0 3,095,410 0 2,997,719 2,997,719 2,997,719 0 (3%) (10%)Departmental Expenses 0 0 0 0 201,151 0 176,742 176,742 176,742 0 (12%) --



Credit:


GEORGETOWN SUITES, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

01/09/2009 - 1E - DSCR < 1.10; 6A - Other (Delinquent Financials). Loan is secured by a 76-unit hotel in Washington, D.C., built in 1925 and first renovated in 1985. The 3/28/2008 inspection rated the Property in Excellent condition, and also noted that interior renovations were performed in 2007. YE 12/31/2007 NCF DSCR is .082x with 70.5% Occupancy. DSCR decline appears to be a result of an 18.5% increase in Operating Expenses, primarily P&B and feasibly GA. Bank of America has requested Borrower's clarification regarding the nature of these increased expenses, but has not received a response. As of 1/9/2009, the Borrower remains delinquent with all 2008 Quarterly reporting. CMSA code 6A has been added for this reason. Bank of America maintains efforts to collect, and will continue to monitor the loan.


Replacement 0 0 100,863Repair 0 0 0

Reserves:

Tax 273,647 273,647 75,181

Total: 1,359,692 1,359,692


P & I (Current) 1,086,045 1,086,045 13,537,011


Expense: Real Estate Taxes adjusted per Servicer record. Property Insurance represents Borrowers actuals. Management Fees adjusted to 4% of Depart mental revenue per UW. Guest Refunds adjusted out.

Base:

DSCR: Low DSCR is due to high payroll & General and Administration expenses.

2007:

Expense: Real Estate Taxes adjusted per Servicer record. Property Insurance represents Borrowers actuals. Management Fees adjusted to 4% of Departmental revenue per UW. Guest Refunds adjusted out.

2008:

DSCR: Low DSCR is due to Low Room Revenue combined with increase in Repairs and Maintenance from YE07 $240009.8 to YE08 $303233.13.




05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 107,446 1 107,446 1 45,349 45,349 0 0 (100%) --Net Operating Income 1,472,130 9 2,048,697 13 1,322,591 8 1,458,526 1,458,526 1,446,978 9 9% (2%)

Tenant Improvements 107,446 1 0 0 0 0 0 0 107,446 1 -- --


Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.41 / 1.28 2.32 / 2.17 1.50 / 1.35 1.63 / 1.49Net Cash Flow After Debt Service 296,693 2 1,034,008 7 307,903 2 527,055 527,055 429,868 3 40% 45%

DSCR (A,B) NOI/NCF 1.41 / 1.28 2.32 / 2.17 1.50 / 1.35 1.63 / 1.49


Net Cash Flow 1,341,142 9 1,917,709 12 1,191,603 8 1,413,177 1,413,177 1,315,990 8 10% (2%)Total Capital Items 130,988 1 130,988 1 130,988 1 45,349 45,349 130,988 1 -- --

Debt Service 1,044,449 7 883,700 6 883,700 6 886,122 886,122 886,122 6 0% (15%)


Expense Reimbursement 0 0 47,924 0 0 0 0 0 0 0 -- --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 2,110,369 13 3,040,200 19 2,296,047 15 2,265,126 2,265,126 2,265,126 14 (1%) 7%Other Income 0 0 1,332,454 8 0 0 0 0 0 0 -- --

Income



Base Rent 2,110,369 13 1,659,822 11 2,296,047 15 2,265,126 2,265,126 2,265,126 14 (1%) 7%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 163,563 1 123,527 1 108,000 108,000 121,864 1 (1%) --Janitorial 0 0 28,749 0 17,645 0 14,643 14,643 14,643 0 (17%) --


Professional Fees 0 0 79,927 1 10,300 0 18,000 18,000 18,000 0 75% --Advertising & Marketing 0 0 0 0 0 0 8,355 8,355 8,355 0 -- --

Real Estate Taxes 0 0 262,946 2 279,944 2 323,601 323,601 320,874 2 15% --

Expenses

Property Insurance 0 0 23,400 0 26,859 0 30,075 30,075 30,486 0 14% --

Repairs and Maintenance 0 0 187,031 1 227,738 1 126,113 126,113 126,113 1 (45%) --Utilities Expense 0 0 218,726 1 224,266 1 160,254 160,254 160,254 1 (29%) --


156,948 NRSF Office


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ORCHARD RIDGE ASSOCIATES LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Casafina 27,564.00 17.56 9.97 12/31/2010

Micro-Macinazione USA Inc 14,865.00 9.47 16.50

Akzo Nobel 66,619.00 42.45 15.67 10/14/2021


Status: Performing

Replacement 25,112 25,112 60,948

Miscellaneous 0 0 0Miscellaneous 0 0 0

Tenant Improvements 0 0 0

Leasing 0 0 0

Reserves:

Insurance 35,696 35,696 20,395

Tax 335,585 335,585 230,092

Total: 1,297,041 1,297,041


P & I (Current) 900,648 900,648 14,500,000

ORCHARD RIDGE CORPORATE PARK

281 & 301 FIELDS LANE, BREWSTER, NY


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 45,920 328 45,920 328 45,920 328 90,531 90,531 45,920 328 -- --Net Operating Income 1,094,035 7,815 979,265 6,995 1,031,806 7,370 954,352 954,352 1,110,129 7,929 8% 1%

Total Capital Items 45,920 328 45,920 328 45,920 328 90,531 90,531 45,920 328 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --



Total Operating Expenses 681,411 4,867 805,591 5,754 749,497 5,354 861,635 861,635 705,858 5,042 (6%) 4%Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 380,596 2,719 265,826 1,899 318,367 2,274 194,473 194,473 394,861 2,820 24% 4%

Debt Service 667,519 4,768 667,520 4,768 667,519 4,768 669,348 669,348 669,348 4,781 0% 0%Net Cash Flow 1,048,115 7,487 933,345 6,667 985,886 7,042 863,821 863,821 1,064,209 7,601 8% 2%




Effective Gross Income 1,775,446 12,682 1,784,856 12,749 1,781,303 12,724 1,815,987 1,815,987 1,815,987 12,971 2% 2%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 1,775,446 12,682 1,784,856 12,749 1,781,303 12,724 1,815,987 1,815,987 1,815,987 12,971 2% 2%

Income

Professional Fees 0 0 1,200 9 3,611 26 4,686 4,686 4,686 33 30% --


Management Fees 0 0 89,243 637 89,065 636 271,139 271,139 90,799 649 2% --Repairs and Maintenance 0 0 74,226 530 135,155 965 110,230 110,230 110,230 787 (18%) --

Advertising & Marketing 0 0 24,687 176 11,082 79 9,920 9,920 9,920 71 (10%) --Payroll & Benefits 0 0 291,913 2,085 228,581 1,633 201,375 201,375 201,375 1,438 (12%) --



Expenses

Utilities Expense 0 0 124,239 887 80,558 575 87,333 87,333 87,333 624 8% --Property Insurance 0 0 54,363 388 59,600 426 31,475 31,475 57,237 409 (4%) --


140 UNT Multifamily


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


APPLETON SQUARE, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht


APPLETON SQUARE 171 EAST STREET, METHUEN, MA

Base:

2006:

Capital Expense: Capital Expenditures / Tenant Improvements & Leasing Commissions adjusted per UW.


Capital Expense: Capital expenditure / Tenant improvements & Leasing commission adjusted per UW.

DSCR: Debt service adjusted per servicer record.

Income: New loan. Interest only loan.

Expense: Real estate taxes / Property Insurance adjusted per UW. Management fee adjusted to 5.38% of EGI per UW.

Expense: Real Estate Taxes and Property Insurance adjusted per Servicer record. Management Fee adjusted to 5.38% of EGI per Underwriting.


2008:


Income: -35% & -38% variance in NOI / NCF DSCR respectively and -24% variance in Effective Gross Income is due to decrease in Other Income. (In YE 06 it was $1,332,454.05 and in YE 07 Other Income is not reported). Interest only loan.

Expense: Real Estate Taxes / Property Insurance adjusted per servicer record. Management Fees adjusted to 5.38% of EGI per UW.


2007:


05/12/2009 8:28:40 AM Of 241

235 UNT Hotel/Motel


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


HOTEL SOLAMAR 435 6TH AVENUE, SAN DIEGO, CA

No tenants returned

Status: Performing

Miscellaneous 0 0 0


Insurance 65,560 65,560 87,485

Tax 125,143 125,143 28,040

Total: 916,944 916,944


P & I (Current) 680,321 680,321 11,500,000

2006:

Income: New Loan. Interest only Loan.


DSCR: Debt service adjusted per Servicer record.


Base:

Expense: Real Estate Taxes represents borrowers actuals. Property Insurance adjusted per servicer record. Management Fee adjusted to 5% of EGI per UW.


Expense: Real Estate taxes / Property Insurance adjusted per Servicer Record. Management fees adjusted to 5% of EGI per UW.


2008:



Expense: Real Estate taxes represents Borrowers Actuals. Property Insurance adjusted per Servicer Record. Management fees adjusted to 5% of EGI per UW.


2007:


05/12/2009 8:28:40 AM Of 241

Ground Rent 387,831 1,650 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --

Total General/Unallocated 14,538,110 61,864 5,062,131 21,541 5,996,951 25,519 4,848,664 4,848,664 5,811,525 24,730 (3%) (60%)

Net Operating Income 6,900,931 29,366 6,066,925 25,817 7,930,837 33,748 8,199,965 8,199,965 7,237,104 30,796 (9%) 5%Operating Expense Ratio 68% 66% 64% 60% 60% 65% 1% (4%)

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --Management Fees 0 0 538,377 2,291 785,737 3,344 620,424 620,424 620,424 2,640 (21%) --

Advertising & Marketing 0 0 924,778 3,935 1,096,552 4,666 1,091,144 1,091,144 1,091,144 4,643 0% --

General & Administrative Expenses 14,150,279 60,214 1,469,570 6,253 2,088,615 8,888 2,116,832 2,116,832 2,116,832 9,008 1% (85%)Professional Fees 0 0 0 0 0 0 0 0 0 0 -- --

Capital Expenditures 643,171 2,737 643,171 2,737 643,171 2,737 0 0 643,171 2,737 -- --

Net Cash Flow After Debt Service 2,113,548 8,994 2,036,995 8,668 3,900,907 16,600 4,803,927 4,803,927 3,197,895 13,608 (18%) 51%Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A) NOI/NCF 1.67 / 1.51 1.79 / 1.60 2.34 / 2.15 2.13 / 1.94


Total Capital Items 643,171 2,737 643,171 2,737 643,171 2,737 0 0 643,171 2,737 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Net Cash Flow 6,257,760 26,629 5,423,754 23,080 7,287,666 31,011 8,199,965 8,199,965 6,593,933 28,059 (10%) 5%

Debt Service - B 0 0 0 0 0 0 0 0 0 0 -- --Debt Service 4,144,212 17,635 3,386,759 14,412 3,386,759 14,412 3,396,038 3,396,038 3,396,038 14,451 0% (18%)

Occupancy 74% 72% 80% 83%

Other Income 0 0 0 0 0 0 0 0 0 0 -- --Other Departmental Revenue 0 0 1,793,310 7,631 1,075,373 4,576 331,294 331,294 331,294 1,410 (69%) --

Departmental Revenue 21,439,041 91,230 17,945,902 76,366 22,185,060 94,405 20,675,959 20,675,959 20,675,959 87,983 (7%) (4%)


Income

Franchise Fees 0 0 0 0 0 0 0 0 0 0 -- --

Room Revenue 21,439,041 91,230 11,041,316 46,984 14,853,342 63,206 14,435,171 14,435,171 14,435,171 61,426 (3%) (33%)

Telephone Revenue 0 0 37,228 158 40,871 174 32,291 32,291 32,291 137 (21%) --Food & Beverage Revenue 0 0 5,074,048 21,592 6,215,474 26,449 5,877,203 5,877,203 5,877,203 25,009 (5%) --

Room Expenses (Departmental) 0 0 2,436,006 10,366 3,484,230 14,827 3,241,623 3,241,623 3,241,623 13,794 (7%) --

Real Estate Taxes 0 0 991,000 4,217 759,970 3,234 0 0 962,861 4,097 27% --

General/Unallocated


Repairs and Maintenance 0 0 442,320 1,882 460,298 1,959 408,447 408,447 408,447 1,738 (11%) --Utilities Expense 0 0 468,992 1,996 578,685 2,462 565,068 565,068 565,068 2,405 (2%) --

Telephone (Departmental) 0 0 62,438 266 61,305 261 64,215 64,215 64,215 273 5% --


0 0 3,192,152 13,584 4,217,082 17,945 4,050,374 4,050,374 4,050,374 17,236 (4%) --

Other Departmental Expense 0 0 1,126,250 4,793 494,655 2,105 271,118 271,118 271,118 1,154 (45%) --

Departmental Income 21,439,041 91,230 11,129,056 47,358 13,927,788 59,267 13,048,629 13,048,629 13,048,629 55,526 (6%) (39%)Departmental Expenses 0 0 6,816,846 29,008 8,257,272 35,137 7,627,330 7,627,330 7,627,330 32,457 (8%) --



Credit:


SOULDRIVER LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

FF&E 0 0 0Reserves:

Tax 1,004,926 1,004,926 197,854

Total: 4,456,637 4,456,637


P & I (Current) 3,451,710 3,451,710 60,900,000


05/12/2009 8:28:40 AM Of 241

Base:

2006: Room Revenue as per the Borrower reported financials is $5,520,658 and as per the UW it is $13,620,041. It seems to be financials of some other property owned by the same borrower has been imaged. Please check. - Suneel Konjeti - 2/2/2007. Wrong financials imaged. Kandalam Deepa. 2/2/2007.Correct stmnts available, incorrect were removed. Loan orignated 11/15/06, so no previous stmnts available rlb 2/8/2007Loan origination on 11/15/2006. Borrower reported 6 months figure hence normalized to 12 months. Loan of 60MM but loan agreement is not available to find TTM condition. Raghunath Goud. 5/30/2007

Capital Expense: Capital Expenditures adjusted per UW.

DSCR: +31% & +34% variance in NOI / NCF respectively and +24% Variance in Departmental Revenue is due to increase in Room / Food & Beverage Revenue.Debt Service adjusted per Servicer Record.



Income: New Loan. Loan origination on 11/15/2006. Borrower reported 6 months figure hence normalized to 12 months.

Expense: Real Estate Taxes / Property Insurance adjusted per UW. Management Fees adjusted to 3% of EGI per UW.

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Management Fees represents borrowers actual @ 3.0007024% of Departmental Revenue.


2008:



Expense: +20% variance in Total Departmental expenses is due to increase in Food & Beverage / Room Expenses. Real Estate Taxes adjusted per Servicer Record. Property Insurance adjusted per UW. Management Fees represents Borrowers actuals @3.541739% of EGI.

DSCR: Debt Service adjusted per Servicer Record. In YE 08 NCF DSCR is 1.94x with occupancy of 82.72%. In YE 07 NCF DSCR is 2.15 with occupancy of 80.10%.

2007:


05/12/2009 8:28:40 AM Of 241


1412 BROADWAY 1412 BROADWAY, NEW YORK, NY



Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 7,569 0 0 0 3,785 0 0 0 7,569 0 100% --

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.26 / 1.22 2.12 / 2.09 1.65 / 1.61


Net Cash Flow 1,642,166 21 0 0 1,401,346 18 2,256,571 2,256,571 2,162,069 28 54% 32%Total Capital Items 48,985 1 0 0 24,492 0 0 0 48,984 1 100% 0%

Debt Service 1,343,833 18 0 0 671,917 9 1,343,833 1,343,833 1,343,833 18 100% --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income

General & Administrative Expenses 34,513 0 0 0 5,063 0 0 0 0 0 -- --


Base Rent 1,725,664 23 0 0 1,461,041 19 2,264,774 2,264,774 2,264,774 30 55% 31%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses




76,383 NRSF Office


- mos 2007 6/30/2007 - 6 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


LSAC MORRIS COUNTY LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

CAE Simuflite Inc 76,383.00 100.00 2.50 11/30/2021



Payment Amount


Expense: Tenant is responsible for all Operating Expenses. Management Fees adjusted to 2% of EGI per Underwriting.

Income: New Loan. NNN Lease. Single Tenant. Loan originated on 11/15/2006.

Base:

Capital Expense: Capital Expenditure and Tenant Improvements / Leasing Commission adjusted per Underwriting.

2007:


2008:

Capital Expense: Capital Expenditure, Tenant Improvements and Leasing commission adjusted per UW.

Expense: Tenant is responsible for all Operating Expenses. Management fee adjusted to 2% of EGI per UW.


CAE INC 29 SOUTH JEFFERSON ROAD, WHIPPANY, NJ


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 7,954,294 20 0 0 6,552,457 16 5,867,628 5,867,628 5,353,151 13 (18%) (33%)



Other Expenses 0 0 0 0 0 0 10,753 10,753 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.32 / 1.21 1.09 / 0.98 0.89 / 0.78Net Cash Flow After Debt Service (4,118) 0 0 0 (1,405,955) (4) (1,450,339) (1,450,339) (2,625,255) (7) 87% 63647%

DSCR (A,B) NOI/NCF 1.09 / 1.00 0.90 / 0.81 0.73 / 0.64


Net Cash Flow 7,293,854 18 0 0 5,892,017 15 5,867,628 5,867,628 4,692,711 12 (20%) (36%)Total Capital Items 660,440 2 0 0 660,440 2 0 0 660,440 2 -- --

Debt Service 6,022,419 15 0 0 6,022,419 15 6,038,919 6,038,919 6,038,919 15 0% 0%

Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --Debt Service - B 1,275,553 3 0 0 1,275,553 3 1,279,048 1,279,048 1,279,048 3 0% 0%

Expense Reimbursement 2,828,013 7 0 0 1,438,975 4 1,606,588 1,606,588 1,606,588 4 12% (43%)Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 15,246,987 38 0 0 14,447,463 36 14,118,515 14,118,515 14,118,515 35 (2%) (7%)Other Income 110,046 0 0 0 725,275 2 894,918 894,918 894,918 2 23% 713%

Income


Gross Potential Rent 14,106,365 35 0 0 12,733,829 32 12,488,021 12,488,021 12,488,021 31 (2%) (11%)

Base Rent 0 0 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss (1,797,437) (5) 0 0 (450,617) (1) (871,012) (871,012) (871,012) (2) 93% (52%)

Management Fees 457,410 1 0 0 433,424 1 139,756 139,756 423,555 1 (2%) (7%)Janitorial 874,468 2 0 0 114,838 0 130,308 130,308 130,308 0 13% (85%)

Payroll & Benefits 0 0 0 0 1,094,598 3 1,423,298 1,423,298 1,423,298 4 30% --

Professional Fees 56,000 0 0 0 60,673 0 12,825 12,825 12,825 0 (79%) (77%)Advertising & Marketing 0 0 0 0 47,609 0 140,619 140,619 140,619 0 195% --

Real Estate Taxes 3,343,831 8 0 0 3,233,759 8 3,243,320 3,243,320 3,484,750 9 8% 4%

Expenses

Property Insurance 199,761 1 0 0 199,761 1 127,726 127,726 127,726 0 (36%) (36%)

Repairs and Maintenance 365,779 1 0 0 587,162 1 919,226 919,226 919,226 2 57% 151%Utilities Expense 1,556,933 4 0 0 1,811,834 5 1,747,244 1,747,244 1,747,244 4 (4%) 12%


397,710 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


1412 BROADWAY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

One Step Up, LTD 40,679.00 10.23 30.00 12/31/2014

Escada (USA 33,384.00 8.39 32.00 12/31/2020

Jones Apparel Group LLC 49,385.00 12.42 42.78 08/31/2018


02/10/2009 - 1E - DSCR < 1.10; 1F - DSCR < 1.40 & < or = 75% U/W. This Interest-Only Loan is secured by a 24-story 397,710 sf office property in Midtown Manhattan (New York), NY, built in 1927/renovated in 2000. The 3/26/2008 inspection rated the Property in Good condition. YTD 9/30/2008 NCF DSCR (A Note) is 0.71x; All-In Combined YTD 9/30/2008 NCF DSCR (A+B Notes) is 0.59x, with 83% Occ; YE 12/31/2007 NCF DSCR (A Note) was 0.98x, the All-in Combined YE-2007 NCF DSCR (A+B Notes) was 0.81x, and Occ was 89.3%. Loan was U/W at NCF DSCR of 1.21x (A Note), and 1.0x (All-in), with 86.3% Occ. DSCR further declined due to decreased Occ and Rental Income, combined with increased R&M and A&E expenses. Based on Annualized 3Q-08 figures, DSCR remains below threshold due to higher than U/W Vacancy/Collection Loss, and declines in Expense Reimbursements, combined with increased R&M and A&E expenses when compared to PYE. Bank of America requested a leasing/marketing update from Borrower; awaiting a response.

Status: CMSA WatchlistReplacement 0 0 1,055,737Tenant Improvements and Leasing Commissions

0 0 0

Reserves:

Tax 3,552,627 3,552,627 1,480,261

Total: 9,690,545 9,690,545


P & I (Current) 6,137,917 6,137,917 102,000,000


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 500 500 500 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 0% 0% 4% 0% 0% 3% (12%) --Total Operating Expenses 0 0 0 0 96,094 1 10,090 10,090 85,002 0 (12%) --


DSCR (A,B) NOI/NCF 1.44 / 1.27 1.45 / 1.29 1.46 / 1.30



Debt Service 1,651,585 9 0 0 1,651,585 9 1,651,585 1,651,585 1,651,585 9 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 2,372,212 13 0 0 2,497,065 14 2,497,065 2,497,065 2,497,065 14 -- 5%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income

General & Administrative Expenses 0 0 0 0 7,873 0 7,840 7,840 7,840 0 0% --


Base Rent 2,372,212 13 0 0 2,497,065 14 2,497,065 2,497,065 2,497,065 14 -- 5%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 74,912 0 0 0 74,912 0 -- --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --




Expenses




176,471 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


MSI CROSSPOINT INDIANAPOLIS GROCERY, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht


MARSH STORES- # 886 9800 CROSSPOINT BLVD, INDIANAPOLIS, IN

Expense: Real Estate Taxes adjusted per Servicer record. Property Insurance adjusted per UW. Management Fee adjusted to 3% of EGI per UW.

Income: Lease Cancelation adjusted out. Interest only loan. Note B # 3224995


Base: Underwriting revised.

DSCR: Low DSCR is due to low Rental Income as low occupancy of 89.30%. Debt Service adjusted per servicer record. the YE 07 NCF DSCR is 0.81x with 89.30% occupancy. there is a decline in YE 07 EGI from UW and also increase in Utilities / Payroll expenses.

2007: Percentage Rent is not flowing in Rollups, hence i coded to Other Income.

Income: Interest Only Loan. Note B #3224995.

2008: Percentage Rent has been coded to Other Income because if it is coded to Percentage Rent, then the amount is not flowing in the Normalized Net Operating Income.

Expense: Real Estate Taxes adjusted per Servicer record. Property Insurance represents Borrower actual. Management Fee adjusted to 3% of EGI per Underwriting. Bad Debt Expense adjusted out.

DSCR: Debt Service adjusted per Servicer record. -19% & -21% Variance in DSCR @ NOI and NCF is due to the increase in Total Operating Expenses from $7,895,005.54 of 12/31/07 to $8,765,363.74 of 12/31/08, an increase of $870,358.00 (+11%), combined with a decrease in Effective Gross Income from $14,447,462.69 to $14,118,515.05, a decrease of $328,948.00 (-2%), together contributing to a decrease in Net Cash Flow by $1,199,306.00 (-20%). The increase in Total Operating Expenses is due to the increase in Repairs and Maintenance Expenses by $332,064.00 (+57%), Payroll & Benefits Expenses by $328,700.00 (+30%) and Advertising & Marketing Expenses by $93,010.00 (+195%). The decrease in EGI is primarily due to the increase in Vacancy/Collection Loss by $420,395.00 (+93%), combined with a decrease in Gross Potential Rent by $245,808.00 (-2%). Low DSCR is due to low rental income and high Total Operating Expenses.



05/12/2009 8:28:40 AM Of 241



Credit:


MSI CROSSPOINT INDIANAPOLIS GROCERY, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Hold Back 0 0 624,266

Repair 0 0 0

Miscellaneous 0 0 0

Leasing 0 0 0

Reserves:

Total: 1,651,585 0


P & I (Current) 1,651,585 0 22,566,500



LETTER OF CREDIT

Marsh Corporate Offices 176,471.00 100.00 14.15 11/21/2026


Status: Performing

Hold Back 0 0 624,266

Repair 0 0 0

Miscellaneous 0 0 0

Leasing 0 0 0

Reserves:

Total: 1,651,585 1,651,585


P & I (Current) 1,651,585 1,651,585 22,566,500

Expense: Management fees adjusted to 3% of EGI.

Income: NNN Lease. Single tenant.

Base:

Capital Expense: Tenant improvements / Leasing commission and Capital expenditure adjusted per UW.

2007:

Income: NNN Lease. Single tenant.

2008:

Capital Expense: Tenant improvements / Leasing commission and Capital expenditure adjusted per Underwriting.

Expense: Management Fees adjusted to 3% of EGI.


MARSH STORES- #14 2140 EAST 116TH STREET, CARMEL, IN


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 0% 0% 13% 13% 13% 15% 13% --Total Operating Expenses 0 0 0 0 178,838 2 193,352 193,352 206,857 3 16% --


DSCR (A,B) NOI/NCF 1.42 / 1.32 1.44 / 1.35 1.44 / 1.34



Debt Service 793,415 10 0 0 793,415 10 793,415 793,415 793,415 10 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income



Base Rent 1,127,950 14 0 0 1,187,316 15 1,317,850 1,317,850 1,187,316 15 -- 5%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --



Professional Fees 0 0 0 0 135 0 200 200 200 0 48% --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --


Expenses




80,640 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


MSI EAST 116TH STREET CARMEL PORTFOLIO LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Marsh Supermarket 80,640.00 100.00 14.72 11/24/2011


Status: Performing

Hold Back 0 0 0Leasing 0 0 0

Reserves:

Total: 793,415 793,415


P & I (Current) 793,415 793,415 10,840,860

Expense: Real estate taxes represents borrowers actual. Management fee adjusted to 3% of EGI

Income: NNN Lease. Single tenant. Rent Smoothing adjusted out.

Base:

Capital Expense: Capital Expenditure & Tenant Improvements / Leasing Commissions adjusted per UW.

2007:

Income: NNN Lease. Single Tenant. rent smoothing adjusted out.

2008:


Expense: Real estate taxes represents borrowers actual. Management fee adjusted to 3% of EGI


05/12/2009 8:28:40 AM Of 241



- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


HAMPTON INN- MIAMI DADELAND

8200 SOUTHWEST 70TH AVE, MIAMI, FL



Credit:


MSI EAST 116TH STREET CARMEL PORTFOLIO LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Hold Back 0 0 0Leasing 0 0 0

Reserves:

Total: 793,415 0


P & I (Current) 793,415 0 10,840,860



LETTER OF CREDIT


05/12/2009 8:28:40 AM Of 241

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 0 0 9,644 9,644 0 0 -- --

Total General/Unallocated 2,538,751 19,380 0 0 1,680,047 12,825 1,723,032 1,723,032 1,689,485 12,897 1% (33%)

Net Operating Income 1,536,415 11,728 0 0 2,146,077 16,382 1,744,850 1,744,850 1,793,779 13,693 (16%) 17%Operating Expense Ratio 62% 0% 55% 61% 61% 60% 8% (4%)

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --Management Fees 0 0 0 0 239,349 1,827 224,230 224,230 221,939 1,694 (7%) --


General & Administrative Expenses 2,538,751 19,380 0 0 337,288 2,575 367,033 367,033 367,033 2,802 9% (86%)Professional Fees 0 0 0 0 0 0 0 0 0 0 -- --


Net Cash Flow After Debt Service 341,580 2,607 0 0 951,242 7,261 672,270 672,270 598,944 4,572 (37%) 75%Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A) NOI/NCF 1.43 / 1.32 2.00 / 1.89 1.67 / 1.56



Net Cash Flow 1,414,160 10,795 0 0 2,023,822 15,449 1,744,850 1,744,850 1,671,524 12,760 (17%) 18%

Debt Service - B 0 0 0 0 0 0 0 0 0 0 -- --Debt Service 1,072,580 8,188 0 0 1,072,580 8,188 1,072,580 1,072,580 1,072,580 8,188 -- --


Other Income 0 0 0 0 33,152 253 (15,382) (15,382) 0 0 (100%) --Other Departmental Revenue 0 0 0 0 0 0 0 0 0 0 -- --

Departmental Revenue 4,075,166 31,108 0 0 4,786,975 36,542 4,423,389 4,423,389 4,438,771 33,884 (7%) 9%


Income

Franchise Fees 0 0 0 0 192,492 1,469 177,449 177,449 177,449 1,355 (8%) --

Room Revenue 4,075,166 31,108 0 0 4,753,824 36,289 4,438,771 4,438,771 4,438,771 33,884 (7%) 9%

Telephone Revenue 0 0 0 0 0 0 0 0 0 0 -- --Food & Beverage Revenue 0 0 0 0 0 0 0 0 0 0 -- --

Room Expenses (Departmental) 0 0 0 0 960,851 7,335 955,507 955,507 955,507 7,294 (1%) --


General/Unallocated


Repairs and Maintenance 0 0 0 0 181,547 1,386 195,907 195,907 195,907 1,495 8% --Utilities Expense 0 0 0 0 184,383 1,408 188,860 188,860 188,860 1,442 2% --

Telephone (Departmental) 0 0 0 0 0 0 0 0 0 0 -- --


0 0 0 0 0 0 0 0 0 0 -- --


Departmental Income 4,075,166 31,108 0 0 3,826,125 29,207 3,467,882 3,467,882 3,483,264 26,590 (9%) (15%)Departmental Expenses 0 0 0 0 960,851 7,335 955,507 955,507 955,507 7,294 (1%) --



Credit:


KELCO DADELAND ASSOCIATES LTD Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Miscellaneous 0 0 301

Replacement 122,135 122,135 145,500

Debt Service 0 0 354,190

Repair 0 0 79,759

Reserves:

Insurance 133,700 133,700 100,266

Tax 133,385 133,385 77,808

Total: 1,461,801 1,461,801


P & I (Current) 1,072,580 1,072,580 14,927,587

Expense: Real Estate Taxes / Property Insurance adjusted per Servicer record. Management Fees adjusted to 5% of Departmental Revenue. Prior year expense adjusted out.

2007: analysed by Shilpa

Base:


Income: Negative other revenue adjusted out.

2008:


Expense: Real Estate Taxes / Property Insurance adjusted per Servicer Record. Management fee adjusted to 5% of Departmental Revenue. Prior year expense adjusted out.


05/12/2009 8:28:40 AM Of 241


PACIFIC SHORES 1100-2100 SEAPORT BOULEVARD, REDWOOD CITY, CA

Capital Expenditures 28,452 316 0 0 28,452 316 0 0 28,452 316 -- --Net Operating Income 925,259 10,281 0 0 919,728 10,219 990,249 990,249 1,004,210 11,158 9% 9%



Other Expenses 0 0 0 0 1,700 19 10,812 10,812 0 0 (100%) --General & Administrative Expenses 696,108 7,735 0 0 60,879 676 51,451 51,451 51,451 572 (15%) (93%)

Total Operating Expenses 696,108 7,735 0 0 720,337 8,004 692,754 692,754 678,793 7,542 (6%) (2%)Ground Rent 0 0 0 0 112,783 1,253 115,468 115,468 115,468 1,283 2% --




Debt Service 768,954 8,544 0 0 646,379 7,182 648,149 648,149 648,149 7,202 0% (16%)Net Cash Flow 896,807 9,965 0 0 891,276 9,903 990,249 990,249 975,758 10,842 9% 9%



Parking Income 0 0 0 0 58,528 650 58,759 58,759 58,759 653 0% --Laundry/Vending 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,621,366 18,015 0 0 1,640,065 18,223 1,683,003 1,683,003 1,683,003 18,700 3% 4%Other Income 0 0 0 0 167,272 1,859 140,840 140,840 140,840 1,565 (16%) --

Base Rent 1,621,366 18,015 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (25,566) (284) (23,340) (23,340) (23,340) (259) (9%) --Gross Potential Rent 0 0 0 0 1,439,831 15,998 1,506,745 1,506,745 1,506,745 16,742 5% --


Advertising & Marketing 0 0 0 0 13,558 151 22,665 22,665 22,665 252 67% --Payroll & Benefits 0 0 0 0 101,601 1,129 129,664 129,664 129,664 1,441 28% --



Expenses

Utilities Expense 0 0 0 0 100,043 1,112 94,480 94,480 94,480 1,050 (6%) --Property Insurance 0 0 0 0 58,239 647 56,396 56,396 56,396 627 (3%) --


90 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


WELCH PLAZA EAST LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Miscellaneous 21,517 21,517 7,174Reserves:

Tax 32,786 32,786 2,732

Total: 713,078 713,078


P & I (Current) 658,775 658,775 10,800,000

Expense: Real Estate Taxes represents Borrower Actuals. Property Insurance adjusted per UW. Management Fees represents Borrower Actuals @4.028% of EGI . Bad Debts adjusted out.



Base:

DSCR: Debt Service adjusted per Service Record.

2007:


2008:

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Management Fees adjusted to 4% of EGI per UW. Bad Debt/Theft Loss adjusted out.

DSCR: Debt Service adjusted per Service Record.



WELCH PLAZA 421 23RD AVE SOUTH, SEATTLE, WA


05/12/2009 8:28:40 AM Of 241


Tenant Improvements 1,241,801 1 0 0 1,241,801 1 0 0 1,241,801 1 -- --


Other Expenses 0 0 0 0 168,681 0 (23,388) (23,388) 0 0 (100%) --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 34% 0% 34% 29% 29% 31% (9%) (9%)Total Operating Expenses 16,133,648 13 0 0 16,082,453 13 14,590,191 14,590,191 15,277,148 12 (5%) (5%)

DSCR (A) NOI/NCF 1.73 / 1.65 3.18 / 3.03 3.74 / 3.58Net Cash Flow After Debt Service 11,966,837 10 0 0 11,872,419 10 17,069,163 17,069,163 14,562,992 12 23% 22%

DSCR (A,B) NOI/NCF 1.73 / 1.65 1.73 / 1.64 1.87 / 1.79


Net Cash Flow 30,389,145 25 0 0 30,294,727 25 35,541,943 35,541,943 33,035,772 27 9% 9%Total Capital Items 1,486,667 1 0 0 1,486,667 1 0 0 1,486,667 1 -- --

Debt Service 18,422,308 15 0 0 9,993,471 8 9,236,390 9,236,390 9,236,390 8 (8%) (50%)

Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --Debt Service - B 0 0 0 0 8,428,837 7 9,236,390 9,236,390 9,236,390 8 10% --


Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 48,009,459 39 0 0 47,863,846 39 50,132,134 50,132,134 49,799,586 41 4% 4%Other Income 0 0 0 0 1,377,136 1 1,092,989 1,092,989 1,092,989 1 (21%) --

Income




Management Fees 0 0 0 0 966,850 1 256,435 256,435 1,005,952 1 4% --Janitorial 0 0 0 0 235,919 0 231,364 231,364 231,364 0 (2%) --


Professional Fees 0 0 0 0 581,809 0 352,508 352,508 352,508 0 (39%) --Advertising & Marketing 0 0 0 0 53,123 0 68,935 68,935 68,935 0 30% --


Expenses

Property Insurance 0 0 0 0 2,907,533 2 1,684,315 1,684,315 1,684,315 1 (42%) --

Repairs and Maintenance 0 0 0 0 1,761,413 1 1,943,012 1,943,012 1,943,012 2 10% --Utilities Expense 0 0 0 0 1,765,554 1 1,740,864 1,740,864 1,740,864 1 (1%) --


1,224,326 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


VII PAC SHORES INVESTORS LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Informatica Corp 141,180.00 11.53 1.21 07/14/2013

Nuance Communication 141,180.00 11.53 1.49 07/31/2012

Informatica Corp 149,125.00 12.18 1.21 07/14/2013


Status: Performing


1,224,324 1,224,324 306,203

Miscellaneous 0 0 0

Replacement 0 0 0

Repair 0 0 0

Operating Expense 0 0 0

Miscellaneous 0 0 0

Reserves:

Tax 7,095,826 7,095,826 1,510,378

Total: 17,707,956 17,707,956


P & I (Current) 9,387,806 9,387,806 165,875,000


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 1,173,554 22 0 0 1,092,614 21 896,533 896,533 917,344 17 (16%) (22%)



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.17 / 1.14 1.31 / 1.27 1.10 / 1.06


Net Cash Flow 1,141,301 22 0 0 1,060,362 20 896,533 896,533 885,092 17 (17%) (22%)Total Capital Items 32,252 1 0 0 32,252 1 0 0 32,252 1 -- --

Debt Service 1,000,975 19 0 0 833,090 16 835,373 835,373 835,373 16 0% (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income



Base Rent 1,548,540 29 0 0 1,181,574 22 1,068,996 1,068,996 1,068,996 20 (10%) (31%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses




52,713 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


CHMP NO 1 LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht


CANYON HILLS MARKETPLACE PHASE I

25341, 25331, 25381 RAILROAD CANYON RD, LAKE ELSINORE, CA

Expense: Real Estate Taxes adjusted per servicer record. Property Insurance represents borrower actual. Management Fee adjusted to 2.02% of EGI per UW.

Income: Interest only loan. Debt B # 3226305


Base:


2007: Analysis Revised as per the mail stated by Howlett, Robert D. Dated 4/24/08. Harish Kumar.Y 4/24/08

Income: Interest only loan. Debt B # 3226305. Op Exp Recovery PY / Tax Recovery PY / Insurance PY adjusted out.

2008:

Expense: Real Estate Taxes adjusted per servicer record. Property Insurance represents borrower actual. Management Fee adjusted to 2.02% of EGI per UW. Negative other expense adjusted out.




05/12/2009 8:28:40 AM Of 241



Credit:



No tenants returned

Status: Performing


0 0 176,440


Insurance 0 0 0

Tax 134,454 0 43,801

Total: 983,521 0


P & I (Current) 849,067 0 14,300,000



CANYON HILLS MARKETPLACE PHASE 1

25331 RAILROAD CANYON ROAD, LAKE ELSINORE, CA

Carl's Jr 4,500.00 8.54 18.89 10/31/2026

Jack in the Box 3,000.00 5.69 23.33 05/30/2026

Longs Drug #148 15,508.00 29.42 8.38 02/29/2032


Status: Performing


0 0 176,440


Insurance 0 0 0

Tax 134,454 134,454 43,801

Total: 983,521 983,521


P & I (Current) 849,067 849,067 14,300,000

Expense: Real estate taxes adjusted per servicer record. Property insurance represents borrower's actual. Management fees represents borrowers actual @3.26% of EGI. State income tax adjusted out.

Income: Interest only loan

Capital Expense: Capital expenditure / Tenant improvement & Leasing commission adjusted per UW.

Base:


2007:

Income: Interest only loan. Worked on consolidated basis.

2008:

Expense: +26% variance in Total operating expenses is due to increase in Professional fees expense by $64,890 & General & Administrative expense by $28,646. Real Estate Taxes adjusted per servicer record. Property Insurance represents borrower actual. Management fee adjusted to 3% of EGI per UW. Contributions / State Income Tax adjusted out.

DSCR: Low DSCR is due to low rental income combined with high professional fees and general & administrative expenses reported by the borrower if compared with YE 07. Debt service adjusted per servicer record.




Credit:



No tenants returned

Status: Performing


0 0 176,440


Insurance 0 0 0

Tax 134,454 0 43,801

Total: 983,521 0


P & I (Current) 849,067 0 14,300,000




25381 RAILROAD CANYON ROAD, LAKE ELSINORE, CA


05/12/2009 8:28:40 AM Of 241



Credit:



No tenants returned

Status: Performing


0 0 176,440


Insurance 0 0 0

Tax 134,454 0 43,801

Total: 983,521 0


P & I (Current) 849,067 0 14,300,000




29985 CANYON HILLS ROAD, LAKE ELSINORE, CA



Credit:



No tenants returned

Status: Performing


0 0 176,440


Insurance 0 0 0

Tax 134,454 0 43,801

Total: 983,521 0


P & I (Current) 849,067 0 14,300,000




NONE-PARKING LOT , LAKE ELSINORE, CA


05/12/2009 8:28:40 AM Of 241



Credit:



No tenants returned

Status: Performing


0 0 176,440


Insurance 0 0 0

Tax 134,454 0 43,801

Total: 983,521 0


P & I (Current) 849,067 0 14,300,000







Credit:



No tenants returned

Status: Performing


0 0 176,440


Insurance 0 0 0

Tax 134,454 0 43,801

Total: 983,521 0


P & I (Current) 849,067 0 14,300,000






MERRYMEETING PLAZA 147 BATH ROAD-ROUTE 24, BRUNSWICK, ME


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 14,270 0 912 912 0 0 (100%) --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.67 / 1.61 1.78 / 1.71 1.65 / 1.58


Net Cash Flow 2,238,902 14 0 0 2,387,349 15 2,294,390 2,294,390 2,204,181 14 (8%) (2%)Total Capital Items 97,155 1 0 0 97,155 1 0 0 97,155 1 -- --

Debt Service 1,394,883 9 0 0 1,394,883 9 1,398,705 1,398,705 1,398,705 9 0% 0%


Percentage Rent 0 0 0 0 91,060 1 50,480 50,480 50,480 0 (45%) --Expense Reimbursement 0 0 0 0 691,951 4 530,734 530,734 530,734 3 (23%) --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 3,037,394 19 0 0 3,229,008 20 3,033,433 3,033,433 3,033,433 19 (6%) 0%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income






Professional Fees 0 0 0 0 29,252 0 495 495 495 0 (98%) --Advertising & Marketing 0 0 0 0 1,145 0 1,669 1,669 1,669 0 46% --


Expenses




157,839 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


W/S BRUNSWICK PROPERTIES II LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Borders #327 22,202.00 14.07 15.00 01/31/2017

Old Navy #5014 17,472.00 11.07 13.50 01/31/2017

Shaw's Supermarket#497/7628 61,954.00 39.25 18.11 02/28/2025


Status: Performing


0 0 0

Repair 0 0 61,250Excess Rent 0 0 0

Replacement 31,568 31,568 73,658

Excess Rent 0 0 0

Reserves:

Tax 285,884 285,884 53,612

Total: 1,739,086 1,739,086


P & I (Current) 1,421,634 1,421,634 24,350,000


05/12/2009 8:28:40 AM Of 241

Expense: Real Estate Taxes represents borrowers actual. Property Insurance adjusted per Underwriting. Management Fees adjusted to 5% of EGI per Underwriting. Provision for doubtful accounts adjusted out.

Income: NNN Lease. Interest only.

Capital Expense: Tenant Improvement / Leasing Commission / Capital Expenditure adjusted per Underwriting.

Base:


2007: Analyzed by Sucharitha.


2008:

Expense: Real Estate Taxes and Property Insurance represents Borrower actual. Management Fee adjusted to 5% of EGI per Underwriting. Provision For Doubtful Accounts adjusted out.




05/12/2009 8:28:40 AM Of 241

Capital Expenditures 0 0 0 0 137,248 254 0 0 137,248 254 -- --Net Operating Income 0 0 0 0 3,768,721 6,979 4,123,077 4,123,077 3,930,253 7,278 4% --

Total Capital Items 0 0 0 0 137,248 254 0 0 137,248 254 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 0% 0% 35% 31% 31% 35% 0% --

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --General & Administrative Expenses 0 0 0 0 1,521 3 41,186 41,186 41,186 76 2608% --

Total Operating Expenses 0 0 0 0 1,993,291 3,691 1,890,204 1,890,204 2,076,169 3,845 4% --Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 0 0 0 0 753,952 1,396 1,237,673 1,237,673 907,601 1,681 20% --

Debt Service 0 0 0 0 2,877,520 5,329 2,885,404 2,885,404 2,885,404 5,343 0% --Net Cash Flow 0 0 0 0 3,631,473 6,725 4,123,077 4,123,077 3,793,005 7,024 4% --




Effective Gross Income 0 0 0 0 5,762,012 10,670 6,013,281 6,013,281 6,006,422 11,123 4% --Other Income 0 0 0 0 324,162 600 403,850 403,850 396,991 735 22% --

Base Rent 0 0 0 0 0 0 0 0 0 0 -- --

Income

Professional Fees 0 0 0 0 4,683 9 0 0 0 0 -- --

Vacancy/Collection Loss 0 0 0 0 (474,619) (879) (613,669) (613,669) (613,669) (1,136) 29% --Gross Potential Rent 0 0 0 0 5,912,469 10,949 6,223,100 6,223,100 6,223,100 11,524 5% --


Advertising & Marketing 0 0 0 0 57,666 107 82,750 82,750 82,750 153 43% --Payroll & Benefits 0 0 0 0 562,599 1,042 544,716 544,716 544,716 1,009 (3%) --



Expenses



540 UNT Garden Apartment

Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


MAGAZINE PORTFOLIO HOLDINGS LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Repair 0 0 2,866,592Reserves:

Tax 1,510,583 236,861 1,691,499

Total: 11,345,157 1,778,932


P & I (Current) 9,834,574 1,542,071 167,000,000


2007:

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents Borrowers actual. Management fees adjusted @ 4% of EGI per UW.



Income: Interest only Loan. Bad Debt Expense adjusted out.

2008:

Expense: Real Estate Taxes adjusted as per Servicer Record. Property Insurance represents borrowers actual. Management Fees adjusted to 4% of EGI per UW.

DSCR: YE-2008 NCF DSCR is 1.31x with an occupancy of 94.63%. Debt Service adjusted as per Servicer Record.

Capital Expense: Capital Expenditure adjusted as per UW.


HIRSCHFELD PORTFOLIO-STEEPLECHASE

10337 SOCIETY PARK DRIVE, COCKEYSVILLE, MD


05/12/2009 8:28:40 AM Of 241



Operating Expense Ratio 0% 0% 45% 37% 37% 43% (5%) --


Total Operating Expenses 0 0 0 0 999,919 3,891 845,057 845,057 981,108 3,818 (2%) --Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 0 0 0 0 78,438 305 336,760 336,760 176,118 685 125% --






Base Rent 0 0 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (199,784) (777) (376,921) (376,921) (376,921) (1,467) 89% --Gross Potential Rent 0 0 0 0 2,270,910 8,836 2,462,961 2,462,961 2,462,961 9,584 8% --


Advertising & Marketing 0 0 0 0 35,500 138 58,202 58,202 58,202 226 64% --Payroll & Benefits 0 0 0 0 261,577 1,018 197,459 197,459 197,459 768 (25%) --



Expenses




Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



No tenants returned

Status: Performing


Tax 1,510,583 93,222 1,691,499

Total: 11,345,157 700,142


P & I (Current) 9,834,574 606,920 167,000,000


2007:


DSCR: Low DSCR is due to high operating expenses. Debt Service adjusted per Servicer Record.


Income: Interest only Laon. Bad Debt Expense adjusted out.

2008:


DSCR: YE-2008 NCF DSCR is 1.16x with an occupancy of 87.55%. YE-2007 NCF DSCR was 1.07x with an occupancy of 91.44%. The increase in NCF DSCR is due to increase in Rental Income and Other Income combined with decrease in Utilities and Payroll & Benefits expenses. Debt Service adjusted as per Servicer Record.



HIRSCHFELD PORTFOLIO-RIDGE VIEW

109 ASPINWOOD WAY, ROSEDALE, MD


05/12/2009 8:28:40 AM Of 241



Credit:



No tenants returned

Status: Performing


Tax 1,510,583 701,546 1,691,499

Total: 11,345,157 5,268,926


P & I (Current) 9,834,574 4,567,380 167,000,000



HIRSCHFELD PORTFOLIO-HOWARD CROSSING (PROPERTY SPLIT SEE LN#3403856 in BACM 2007-2)

8732 TOWN & COUNTRY BLVD, ELLICOT CITY, MD



Operating Expense Ratio 0% 0% 43% 39% 39% 42% (1%) --


Total Operating Expenses 0 0 0 0 2,469,979 3,569 2,481,621 2,481,621 2,709,752 3,916 10% --Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 0 0 0 0 (116,045) (168) 529,430 529,430 242,216 350 (309%) --






Base Rent 0 0 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (1,156,259) (1,671) (1,284,279) (1,284,279) (1,284,279) (1,856) 11% --Gross Potential Rent 0 0 0 0 6,612,684 9,556 7,167,603 7,167,603 7,167,603 10,358 8% --





Expenses



692 UNT Multifamily

Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


HIRSCHFELD PORTFOLIO-EAGLES WALK

7429D TEMPEST COURT, ROSEDALE, MD


05/12/2009 8:28:40 AM Of 241


Credit:



No tenants returned

Status: Performing


Tax 1,510,583 279,667 1,691,499

Total: 11,345,157 2,100,426


P & I (Current) 9,834,574 1,820,759 167,000,000


2007:


DSCR: Low DSCR is due to huge operating expenses. Debt Service adjusted per Servicer Record.



2008:


DSCR: YE-2008 NCF DSCR is 1.07x with an occupancy of 86.42%. YE-2007 NCF DSCR was 0.96x with an occupancy of 87.28%. The DSCR continues to be low but has improved from 0.96x in YE-2007 to 1.07x in YE-2008 due to increase in Rental Income and Other Income. Low DSCR is due to high Operating Expenses particularly due to high Repairs and Maintenance, General & Administrative Expenses and Advertising & Marketing expenses. Debt Service adjusted as per Servicer Record.


Capital Expenditures 797,750 2,266 0 0 115,476 328 0 0 115,476 328 -- (86%)Net Operating Income 21,991,752 62,477 0 0 1,970,322 5,598 2,187,056 2,187,056 2,295,258 6,521 16% (90%)

Total Capital Items 797,750 2,266 0 0 115,476 328 0 0 115,476 328 -- (86%)Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --



Total Operating Expenses 11,881,173 33,753 0 0 1,793,419 5,095 1,772,995 1,772,995 1,859,824 5,284 4% (84%)Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service (1,090,941) (3,099) 0 0 (566,200) (1,609) (240,623) (240,623) (247,897) (704) (56%) (77%)

Debt Service 22,284,943 63,309 0 0 2,421,046 6,878 2,427,679 2,427,679 2,427,679 6,897 0% (89%)Net Cash Flow 21,194,002 60,210 0 0 1,854,846 5,269 2,187,056 2,187,056 2,179,782 6,193 18% (90%)




Effective Gross Income 33,872,925 96,230 0 0 3,763,741 10,692 3,960,051 3,960,051 4,155,082 11,804 10% (88%)Other Income 0 0 0 0 169,409 481 90,136 90,136 285,167 810 68% --

Base Rent 33,872,925 96,230 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (656,827) (1,866) (882,537) (882,537) (882,537) (2,507) 34% --Gross Potential Rent 0 0 0 0 4,251,159 12,077 4,752,452 4,752,452 4,752,452 13,501 12% --

Management Fees 0 0 0 0 184,447 524 112,212 112,212 166,203 472 (10%) --Repairs and Maintenance 0 0 0 0 266,023 756 265,629 265,629 265,629 755 0% --

Advertising & Marketing 0 0 0 0 60,778 173 96,813 96,813 96,813 275 59% --Payroll & Benefits 0 0 0 0 591,980 1,682 571,624 571,624 571,624 1,624 (3%) --



Expenses

Utilities Expense 0 0 0 0 367,061 1,043 343,713 343,713 343,713 976 (6%) --Property Insurance 0 0 0 0 73,524 209 50,309 50,309 50,309 143 (32%) --


352 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


HIRSCHFELD PORTFOLIO-TALL OAKS

3519 LESLIE WAY, LAUREL, MD


05/12/2009 8:28:40 AM Of 241


Credit:



No tenants returned

Status: Performing


Tax 1,510,583 199,287 1,691,499

Total: 11,345,157 1,496,732


P & I (Current) 9,834,574 1,297,445 167,000,000

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents Borrowers actual. Management fees represents Borrower's actual @ 4.900629% of EGI.



Base:

DSCR: The 12/31/2007 NCF DSCR is 0.77x with an occupancy of 84.99%. U/W combined DSCR was 1.25x with occupancy of 86.8%.The primary reason for a decrease in the NCF DSCR is larger vacancy loss and rental concessions taken at all 4 properties.Low DSCR is due to high operating expenses. Debt Service adjusted per Servicer Record.

2007: Borrower has not provided Financials for individual properties(5) and reported Consolidated Statement of Operations for YE'07. Please Check - Sangeetha - 5/16/2008.Borrower provided separate financials for each property - 7/7/08 Nancy ChurchHirschfeld Portfolio is a Multi Property of 5 but property no.4 has splitted into another loan #3403856. Occupancy Updation for all the 4 properties is done based on the latest (Dec) rent roll--Sangeetha-7/9/2008.


2008:


DSCR: YE-2008 NCF DSCR is 0.90x with an occupancy of 92.92%. YE-2007 NCF DSCR was 0.77x with an occupancy of 85.23%. The DSCR continues to be low but has improved from 0.77x in YE-2007 to 0.90x in YE-2008 due to increase in Rental Income and Other Income. Low DSCR is due to high Operating Expenses particularly due to high Advertising & Marketing and General & Administrative Expenses. The UW combined DSCR is 0.95x with occupancy of 88.70%. The primary reason for a decrease in the NCF DSCR is larger vacancy loss and rental concessions taken at all the 4 properties. Debt Service adjusted as per Servicer Record.


232 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


BROOKS LANDING 3055 FLOYD AVENUE, MODESTO, CA


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 52,200 225 0 0 52,200 225 0 0 52,200 225 -- --Net Operating Income 1,786,999 7,703 0 0 1,449,395 6,247 1,499,475 1,499,475 1,503,934 6,482 4% (16%)








Debt Service 1,561,907 6,732 0 0 1,275,574 5,498 1,279,068 1,279,068 1,279,068 5,513 0% (18%)Net Cash Flow 1,734,799 7,478 0 0 1,397,195 6,022 1,499,475 1,499,475 1,451,734 6,257 4% (16%)




Effective Gross Income 2,870,572 12,373 0 0 2,655,473 11,446 2,830,388 2,830,388 2,830,388 12,200 7% (1%)Other Income 0 0 0 0 181,614 783 255,426 255,426 255,426 1,101 41% --

Base Rent 2,870,572 12,373 0 0 2,463,288 10,618 2,560,362 2,560,362 2,560,362 11,036 4% (11%)

Income







Expenses




Credit:


BROOKS LANDING APARTMENT ASSOCIATES LLC, ETAL

Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing


Insurance 47,508 47,508 33,249

Tax 404,120 404,120 97,865

Total: 2,054,134 2,054,134


P & I (Current) 1,561,907 1,561,907 22,898,035

Expense: Real Estate Taxes & Property Insurance adjusted per Servicer Record. Management Fees adjusted to 5% of EGI.



Base:


2007:

Income: Interest Only Loan till 12/31/2008.

2008:

Expense: Real Estate Taxes and Property Insurance adjusted per Servicer record. Management Fee represents Borrower actual @4.99% of EGI.




CAPITOL PLACE APARTMENTS

840-890 SACRAMENTO AVENUE, SACRAMENTO, CA


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 43,200 225 0 0 43,200 225 34,969 34,969 43,200 225 -- --Net Operating Income 1,490,272 7,762 0 0 654,584 3,409 873,766 873,766 907,140 4,725 39% (39%)



Other Expenses 0 0 0 0 36,407 190 33,458 33,458 33,458 174 (8%) --General & Administrative Expenses 849,066 4,422 0 0 34,017 177 87,913 87,913 87,913 458 158% (90%)

Total Operating Expenses 849,066 4,422 0 0 1,312,306 6,835 1,336,748 1,336,748 1,303,374 6,788 (1%) 54%Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 88,892 463 0 0 (497,810) (2,593) (273,436) (273,436) (248,293) (1,293) (50%) (379%)

Debt Service 1,358,180 7,074 0 0 1,109,194 5,777 1,112,233 1,112,233 1,112,233 5,793 0% (18%)Net Cash Flow 1,447,072 7,537 0 0 611,384 3,184 838,797 838,797 863,940 4,500 41% (40%)




Effective Gross Income 2,339,338 12,184 0 0 1,966,890 10,244 2,210,514 2,210,514 2,210,514 11,513 12% (6%)Other Income 0 0 0 0 122,079 636 162,524 162,524 162,524 846 33% --

Base Rent 2,339,338 12,184 0 0 1,814,997 9,453 2,011,777 2,011,777 2,011,777 10,478 11% (14%)

Income




Advertising & Marketing 0 0 0 0 132,647 691 102,973 102,973 102,973 536 (22%) --Payroll & Benefits 0 0 0 0 270,518 1,409 273,202 273,202 273,202 1,423 1% --



Expenses

Utilities Expense 0 0 0 0 200,280 1,043 186,412 186,412 186,412 971 (7%) --Property Insurance 0 0 0 0 44,077 230 45,050 45,050 42,200 220 (4%) --


192 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


CAPITOL PLACE APARTMENT ASSOCIATES, LLC ET AL

Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

02/10/2009 - 1E - DSCR < 1.10; 1F - DSCR <1.40 & < or = 75% U/W. Loan is secured by a 192-unit multifamily apartment complex in Sacramento, CA, built in 2005. The 4/21/2008 inspection rated the Property in Excellent condition. YTD 9/30/2008 NCF DSCR is improved slightly to 0.76x with 88.5% Occupancy as of 9/25/2008; YTD 6/30/2008 NCF DSCR was 0.70x with 84% Occ; and YE 12/31/2007 NCF DSCR was 0.55x with 81% Occ. The Loan was U/W at 1.07x with 86.5% Occ. Borrower remains unresponsive to Bank of America's requests for clarification of the DSCR decline at YE-2007, 2Q-2008, however the Property has shown some improvement as of 3Q 2008. BofA will maintain efforts to reach Borrower and will continue to monitor the Loan.



Insurance 46,420 46,420 43,091

Tax 351,651 351,651 82,204

Total: 1,789,851 1,789,851


P & I (Current) 1,358,180 1,358,180 19,911,335

Expense: Real Estate Taxes / Property Insurance adjusted per Servicer Record. Management Fees adjusted to 5% of EGI. Major Repairs adjusted out from Repairs & Maintenance.



Base:

DSCR: Debt Service adjusted per Servicer Record. Low DSCR is due to Low Rental Income combined with high Repairs & Maintenance, Advertising & Marketing and Utillity expenses when compared with UW.

2007: Analyzed by Radhika on 2/1/08.


2008:

Expense: Real Estate Taxes / Property Insurance adjusted per Servicer Record. Management Fees represents borrower actual @4.9537% of EGI. Major Repairs adjusted out from Repairs & Maintenance.

DSCR: +39% & +42% variance in NOI/NCF DSCR is due to increase in Rental Income and Other Income. Rental Income as per YE08 is $2011777 when compared with YE07 was $1814997. Other Income as per YE08 is $162524 when compared with YE07 was $122079. The DSCR continues to remain low, due to low Rental Income when compared with UW. DSCR has improved from 0.55x in YE07 to 0.78x in YE08. Debt Service adjusted per Servicer Record



05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 11,250 11,250 11,250 0 -- --

Operating Expense Ratio 56% 0% 60% 48% 48% 51% (14%) (9%)Total Operating Expenses 1,835,346 11 0 0 1,967,656 12 1,696,605 1,696,605 1,817,466 11 (8%) (1%)


DSCR (A,B) NOI/NCF 1.36 / 1.23 1.53 / 1.37 1.96 / 1.81

Occupancy 84% 91%DSCR (A,B,C) NOI/NCF 1.36 / 1.23 1.53 / 1.37 1.96 / 1.81


Debt Service 1,051,117 7 0 0 875,392 5 877,790 877,790 877,790 5 0% (16%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 3,261,259 20 0 0 3,304,144 21 3,540,722 3,540,722 3,540,722 22 7% 9%Other Income 0 0 0 0 0 0 60,652 60,652 60,652 0 -- --

Income








Expenses




159,796 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ISLANDIA PAVILION, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

UNITED PET GROUP INC 25,267.00 15.81 19.63 03/31/2012

ROYAL HEALTHCARE OF LONG ISLAND, LLC 23,000.00 14.39 24.94 11/30/2010

U.S POSTAL SERVICE 37,345.00 23.37 20.08 01/31/2012


Status: PerformingMiscellaneous 0 0 132,052Reserves:

Total: 1,051,117 1,051,117


P & I (Current) 1,051,117 1,051,117 14,936,975

Expense: Real Estate Taxes represent Borrower actual Property Insurance adjusted per UW. Management fees adjusted to 3% of EGI per UW.


Capital Expense: Capital Expenditure/Tenant Improvements & Leasing Commission adjusted per UW.

Base:


2007:


2008: Rent Roll is not Legible . Hence Occupancy not Updated. Annapurna - 4/20/2009.

Expense: Real Estate Taxes adjusted per Servicer record. Property Insurance represents borrower's actuals. Management fee adjusted to 3% of EGI per UW.

DSCR: +28% & +32% variance in NOI / NCF DSCR respectively is due to increase in Rental Income by ($196,698)& decrease in Operating Expenses in Particular Utilities Expense by ($ 59,892) & Repairs & Maintenance Expense by ($ 37,643).Debt service adjusted per servicer record.

Capital Expense: Capital Expenditure/Tenant Improvements & Leasing Commission adjusted per UW.


ISLANDIA PAVILION 1377 MOTOR PARKWAY, HAUPPAUGE, NY


05/12/2009 8:28:40 AM Of 241









Net Cash Flow After Debt Service 638,695 2 0 0 644,689 2 1,497,579 1,497,579 1,110,072 4 72% 74%

Debt Service 2,242,803 7 0 0 2,242,803 7 2,248,948 2,248,948 2,248,948 7 0% 0%Net Cash Flow 2,881,498 9 0 0 2,887,492 9 3,746,527 3,746,527 3,359,020 11 16% 17%




Effective Gross Income 3,877,372 12 0 0 3,996,610 13 4,569,563 4,569,563 4,390,754 14 10% 13%Other Income 0 0 0 0 3,627 0 94,062 94,062 18,400 0 407% --

Base Rent 3,877,372 12 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (15,210) 0 (15,795) (15,795) (15,795) 0 4% --Gross Potential Rent 0 0 0 0 3,345,543 11 3,651,214 3,651,214 3,651,214 12 9% --

Expenses

Payroll & Benefits 0 0 0 0 91,456 0 75,413 75,413 75,413 0 (18%) --Management Fees 0 0 0 0 122,678 0 134,101 134,101 134,101 0 9% --

Professional Fees 0 0 0 0 19,237 0 27,544 27,544 27,544 0 43% --Advertising & Marketing 0 0 0 0 11,632 0 16,010 16,010 16,010 0 38% --

Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


LOWE 6TH STREET PROPERTIES LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Valley fruit & produce company, Inc. 30,866.00 9.75 14.40 02/28/2018

HOP FU PROCDURE 30,820.00 9.73 11.99 09/30/2009

AMERICAN PRODUCER, INC 46,996.00 14.84 9.14 12/31/2010


Status: PerformingReplacement 31,663 31,663 74,094Tenant Improvements and Leasing Commissions

100,000 100,000 43,063

Reserves:

Tax 297,504 297,504 58,555

Total: 2,714,983 2,714,983


P & I (Current) 2,285,816 2,285,816 39,000,000

Expense: Real estate taxes / Property Insurance represents borrowers actuals. Mfee represents borrower actual @ 3.06955 % of EGI.

Income: New loan. Interest Only loan. Operating Expenses-Prior Yr adjusted out.

Capital Expense: Tenant improvement / Leasing commission & Capital Expenditure adjusted per UW.

Base:


2007:

Income: Interest Only loan. Lease Cancellations/ Operating expense prior year adjusted out.

2008:

Expense: Real Estate Taxes / Property Insurance represents borrower's actuals. Management fee represents borrower actual @3.05% of EGI


Capital Expense: Tenant improvement / Leasing commission & Capital Expenditure adjusted per UW.


LOWE 6TH STREET PROPERTIES

1206 -1338 E SIXTH ST & 1205-1321 E WHOLESALE ST, LOS ANGELES, CA


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 19% 0% 18% 16% 16% 18% (1%) (6%)Total Operating Expenses 301,549 7 0 0 303,219 7 281,502 281,502 308,598 7 2% 2%


DSCR (A,B) NOI/NCF 1.48 / 1.38 1.92 / 1.80 1.97 / 1.85



Debt Service 866,992 19 0 0 717,580 16 719,546 719,546 719,546 16 0% (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income

General & Administrative Expenses 301,549 7 0 0 13,111 0 4,159 4,159 902 0 (93%) (100%)


Base Rent 1,585,982 34 0 0 1,683,794 37 1,723,868 1,723,868 1,723,868 37 2% 9%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 0 0 50,514 1 19,500 19,500 51,716 1 2% --Janitorial 0 0 0 0 575 0 223 223 223 0 (61%) --




Expenses




46,000 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


2700 FULTON AVENUE LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Sacramento County DHA Facility 46,000.00 100.00 37.48 04/30/2024


Status: Performing

Insurance 29,217 29,217 24,150

Tax 156,501 156,501 32,565

Total: 917,059 917,059


P & I (Current) 731,342 731,342 12,500,000

Expense: Real Estate Taxes / Property Insurance adjusted per Servicer Record. Management Fees adjusted to 3% of EGI per UW. State Income Tax Fee adjusted out.

Income: Interest Only Loan. Single Tenant.


Base:


2007:

Income: Interest only Loan. Single Tenant.

2008: YE 2008 Rent Roll is not provided, since the loan is a Single Tenant we have updated occupancy % and Tental Details as per annexure. Radhika -2/20/09

Expense: Real Estate Taxes represents borrowers actual. Property Insurance adjusted as per Servicer Record. Management Fees adjusted to 3% of EGI per UW. State Income Tax Fee adjusted out.

DSCR: Debt Service adjusted as per Servicer Record.



2700 FULTON AVENUE 2700 FULTON AVENUE, SACRAMENTO, CA



05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 88,884 0 0 0 0 0 -- --Net Operating Income 1,015,320 5 0 0 1,082,373 6 964,937 964,937 991,789 5 (8%) (2%)

Tenant Improvements 88,884 0 0 0 0 0 63,865 63,865 88,884 0 -- --


Other Expenses 0 0 0 0 0 0 27,057 27,057 205 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.39 / 1.23 1.78 / 1.58 1.62 / 1.43


Net Cash Flow 897,471 5 0 0 964,523 5 901,073 901,073 873,940 5 (9%) (3%)Total Capital Items 117,850 1 0 0 117,850 1 63,865 63,865 117,850 1 -- --

Debt Service 731,800 4 0 0 609,220 3 610,890 610,890 610,890 3 0% (17%)


Percentage Rent 0 0 0 0 26,961 0 11,184 11,184 11,184 0 (59%) --Expense Reimbursement 0 0 0 0 188,876 1 165,572 165,572 165,572 1 (12%) --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income


Gross Potential Rent 0 0 0 0 1,209,335 6 1,197,746 1,197,746 1,197,746 6 (1%) --

Base Rent 1,355,247 7 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 0 0 (2,395) (2,395) (2,395) 0 -- --





Expenses




193,105 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


EAGLE-NORTH HILLS SHOPPING CENTRE, LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Goody's Family Clothing 22,560.00 11.68 6.00 10/31/2012

Hastings Entertainment 21,000.00 10.87 7.00 07/31/2011

Specialty Retailers, Inc. 29,822.00 15.44 0.00 12/31/2020


Status: Performing


84,972 84,972 22,463


Insurance 28,874 28,874 20,328

Tax 91,901 91,901 50,900

Total: 883,174 883,174


P & I (Current) 620,904 620,904 10,450,000

NORTH HILLS SHOPPING CENTER

1004 -1298 LONNIE ABBOTT BLVD, ADA, OK


05/12/2009 8:28:40 AM Of 241

Expense: Real Estate Taxes represents borrowers actual.Property Insurance adjusted per servicer record.. Management fees Represents borrowers actual @ 4% of EGI. Bad Debt Exp/ Prior Period Exp adjusted out.


Capital Expense: Tenant Improvements/ Leasing Commission & Capital Expenditure adjusted per UW.

Base:


2007:


2008:

Expense: Real Estate Taxes / Property Insurance represents borrower actual. Management fee represents Borrower actual @4% of EGI per UW. Bad debt exp adjusted out.

DSCR: YE08 NCF DSCR is 1.43x with an occupancy of 89.08%. YE07 NCF DSCR is 1.58x with an occupancy of 76.35%. Debt service adjusted per servicer record.

Capital Expense: Tenant Improvements/ Leasing Commission & Capital Expenditure adjusted per UW.


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 11,963 11,963 0 0 -- --Net Operating Income 3,033,236 13 0 0 2,986,973 13 2,893,276 2,893,276 3,066,518 13 3% 1%



Other Expenses 0 0 0 0 0 0 96,433 96,433 0 0 -- --


Ground Rent 0 0 0 0 125,903 1 125,903 125,903 125,903 1 -- --

Operating Expense Ratio 32% 0% 36% 38% 38% 35% (4%) 10%Total Operating Expenses 1,403,209 6 0 0 1,695,639 7 1,801,780 1,801,780 1,628,538 7 (4%) 16%

DSCR (A) NOI/NCF 1.64 / 1.54 1.61 / 1.52 1.65 / 1.56Net Cash Flow After Debt Service 1,008,986 4 0 0 962,722 4 1,022,180 1,022,180 1,037,187 4 8% 3%

DSCR (A,B) NOI/NCF 1.64 / 1.54 1.61 / 1.52 1.65 / 1.56


Net Cash Flow 2,863,040 12 0 0 2,816,776 12 2,881,314 2,881,314 2,896,321 12 3% 1%Total Capital Items 170,196 1 0 0 170,197 1 11,963 11,963 170,197 1 -- --

Debt Service 1,854,054 8 0 0 1,854,054 8 1,859,134 1,859,134 1,859,134 8 0% 0%


Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --Expense Reimbursement 0 0 0 0 1,001,765 4 1,032,174 1,032,174 1,032,174 4 3% --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses




237,537 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


2335 ROUTE 10 HAMDEN - CT INC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

The TJX companies 44,000.00 18.52 13.50 04/30/2009

Staples office super 25,249.00 10.63 16.68 03/31/2011

Stop & Shop Supermar 70,332.00 29.61 23.00 11/30/2015


Status: Performing

Total: 1,889,611 1,889,611

Payment Amount


Expense: Real Estate Taxes adjusted per servicer record. Property Insurance adjusted per UW. Management Fee adjusted to 5% of EGI. Prior year CAM expense / Bad debt expense adjusted out.

Income: Interest only loan


Base:


2007:


2008:

Expense: Real Estate Taxes adjusted per servicer record. Property Insurance adjusted per UW.Management Fees adjusted to 5% of EGI. Bad Debt Expense adjusted out.


Capital Expense: Capital Expenditures and Tenant Improvements/Leasing Commissions adjusted per UW.


MARKETPLACE AT HAMDEN 2335 DIXWELL AVENUE, HAMDEN, CT


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 2,495,657 11 0 0 2,311,556 10 2,544,575 2,544,575 2,307,323 10 0% (8%)



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.21 / 1.14 1.33 / 1.24 1.33 / 1.24


Net Cash Flow 2,342,967 11 0 0 2,158,866 10 2,544,575 2,544,575 2,154,633 10 0% (8%)Total Capital Items 152,690 1 0 0 152,690 1 0 0 152,691 1 -- --

Debt Service 2,062,825 9 0 0 1,734,426 8 1,739,178 1,739,178 1,739,178 8 0% (16%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses

Property Insurance 0 0 0 0 24,996 0 0 0 24,996 0 -- --

Repairs and Maintenance 0 0 0 0 1,359,314 6 1,534,606 1,534,606 1,534,606 7 13% --Utilities Expense 0 0 0 0 0 0 0 0 0 0 -- --


220,966 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


LEXINGTON HILLIARD LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Duke Realty 25,314.00 11.46 11.50 12/19/2009

BMW financial services 195,652.00 88.54 10.99 02/28/2021


Status: Performing Tenant Improvements and Leasing Commissions

0 0 0Reserves:

Total: 1,767,689 1,767,689


P & I (Current) 1,767,689 1,767,689 28,960,000

Expense: Real Estate Taxes adjusted per servicer record. Property Insurance adjusted per UW. Management fees adjusted to 3% of EGI per UW.


Capital Expense: Capital Expenditure/Tenant Improvements & Leasing Commissions adjusted per UW.

Base:


2007:


2008: Borrwer did not provide the Current Rent Roll for YE 2008, hence occupancy not updated-Shilpa-1/29/2009

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance adjusted per UW. Management Fees adjusted to 3% of EGI per UW.


Capital Expense: Capital Expenditure and Tenant Improvements / Leasing Commissions adjusted per UW.


BMW FINANCIAL SERVICES BUILDING

5550 BRITTON PARKWAY, HILLIARD , OH


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 1,377,921 9 0 0 0 0 1,431,019 1,431,019 1,381,130 9 -- 0%

Tenant Improvements 37,472 0 0 0 0 0 0 0 37,472 0 -- 0%

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 14,591 0 0 0 0 0 0 0 14,591 0 -- --

Other Expenses 0 0 0 0 0 0 2,811 2,811 2,811 0 -- --

Management 3.0%

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.25 / 1.20 1.25 / 1.20


Net Cash Flow 1,325,858 9 0 0 0 0 1,431,019 1,431,019 1,329,067 9 -- 0%Total Capital Items 52,063 0 0 0 0 0 0 0 52,063 0 -- 0%

Debt Service 1,103,692 8 0 0 0 0 1,103,692 1,103,692 1,103,692 8 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,597,416 11 0 0 0 0 1,687,947 1,687,947 1,687,947 12 -- 6%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income



Base Rent 1,597,416 11 0 0 0 0 1,440,161 1,440,161 1,440,161 10 -- (10%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses


Repairs and Maintenance 0 0 0 0 0 0 103,334 103,334 103,334 1 -- --Utilities Expense 0 0 0 0 0 0 0 0 0 0 -- --


145,958 NRSF Retail


- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


Credit:


PUTNAM DOWNTOWN LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Brooks Drug 12,600.00 8.63 11.12 04/30/2017

Family Dollar 6,720.00 4.60 5.73 12/31/2008

The Price Chopper 57,122.00 39.14 10.04 08/31/2026


Status: Performing

Capital Improvements 0 0 0


0 0 0

Miscellaneous 0 0 0

Replacement 11,672 11,672 26,334

Hold Back 0 0 0

Reserves:

Insurance 56,046 56,046 19,910

Tax 201,426 201,426 18,920

Total: 1,372,836 1,372,836


P & I (Current) 1,103,692 1,103,692 16,075,352

DSCR: The YE 12/31/2007 NCF DSCR is 1.20x with an occupancy of 96.06%. The YE07 EGI is $1687947.32 a 5.4% increase from UW. The YE07 Operating Expenses are $306817.24 a 28% increase from UW.

Base:


2007: Analysed by Tahura.

Expense: Real Estate Taxes represents Borrower actuals. Property Insurance adjusted per servicer record. Management Fees adjusted to 3% of EGI per UW.


PUTNAM SHOPPING CENTER 200 KENNEDY DRIVE, PUTNAM, CT


05/12/2009 8:28:40 AM Of 241


8230 AGORA PARKWAY, SELMA, TX

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 864,727 8 0 0 864,727 8 884,237 884,237 865,052 8 0% 0%



Other Expenses 0 0 0 0 18,039 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 2% 0% 4% 0% 0% 2% (47%) --Total Operating Expenses 19,178 0 0 0 37,217 0 0 0 19,185 0 (48%) 0%


DSCR (A,B) NOI/NCF 1.28 / 1.26 1.28 / 1.26 1.28 / 1.26



Debt Service 675,007 6 0 0 675,006 6 676,856 676,856 676,856 6 0% 0%


Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --Expense Reimbursement 0 0 0 0 17,707 0 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 883,905 8 0 0 901,944 8 884,237 884,237 884,237 8 (2%) 0%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income


Gross Potential Rent 0 0 0 0 884,237 8 0 0 0 0 -- --

Base Rent 883,905 8 0 0 0 0 884,237 884,237 884,237 8 -- 0%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses

Property Insurance 0 0 0 0 1,500 0 0 0 1,500 0 -- --



110,668 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


HD NFNY, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Home Depot 110,668.00 100.00 4.66


Status: Performing


0 0 0

Replacement 0 0 0

Repair 0 0 0

Reserves:

Total: 687,952 687,952


P & I (Current) 687,952 687,952 12,000,000


2007:

Base:


2008:

Income: Loan assumed on 5/16/2008. The new borrower reported 7 months rental Income. Hence normailsed the same to 12 months. NNN Lease. Single Tenant. Interest Only Loan.

Expense: Tenant is responsible for Real Estate Taxes. Property Insurance is paid directly by the Tenant, with the exception of $1,500 to be Reimbursed by the Landlord annually. Management fee adjsuted to 2% of EGI per UW.


HOME DEPOT NIAGARA FALLS 750 BUILDERS WAY, NIAGARA FALLS, NY


05/12/2009 8:28:40 AM Of 241



Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 19,546 0 0 0 19,546 0 81,208 81,208 19,546 0 -- --

Other Expenses 0 0 0 0 200 0 78 78 78 0 (61%) --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.21 / 1.16 1.52 / 1.46 1.29 / 1.24


Net Cash Flow 2,509,113 13 0 0 2,606,102 13 2,222,141 2,222,141 2,207,741 11 (15%) (12%)Total Capital Items 105,477 1 0 0 105,477 1 81,208 81,208 105,477 1 -- --

Debt Service 2,157,622 11 0 0 1,782,538 9 1,787,422 1,787,422 1,787,422 9 0% (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income




Management Fees 0 0 0 0 165,827 1 157,734 157,734 157,734 1 (5%) --Janitorial 0 0 0 0 4,028 0 0 0 0 0 -- --




Expenses




195,525 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ROSE-FORUM ASSOCIATES LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

BEALLS 24,937.00 12.75 8.75 01/31/2014

ENGLAND CUSTOM FURNITURE 12,500.00 6.39 0.00 12/31/2015

HOBBY LOBBY STORES 55,000.00 28.13 7.25 04/30/2018


Status: PerformingReplacement 19,553 19,553 45,758Reserves:

Tax 864,946 864,946 362,651

Total: 2,701,223 2,701,223


P & I (Current) 1,816,724 1,816,724 31,200,000

Expense: Real Estate Taxes / Property Insurance represents borrower's actual. Management Fees represents borrowers actual @4.020% of EGI. Donations adjusted out.


Capital Expense: Capital Expenditure and Tenant Improvements / Leasing Commissions adjusted per Underwriting.

Base:


2007:


2008:

Expense: Real Estate Taxes adjusted as per Servicer Record. Property Insurance represents borrowers actual. Management Fees represents borrowers actual @ 4.0144% of EGI.

DSCR: YE-2008 NCF DSCR is 1.24x with an occupancy of 96.73%. Debt Service adjusted as per Servicer Record.

Capital Expense: Capital Expenditure and Tenant Improvements / Leasing Commision adjusted as per UW.

FORUM IV AT OLYMPIA PARKWAY


05/12/2009 8:28:40 AM Of 241

Tenant Improvements 675,419 3 0 0 76,506 0 0 0 38,253 0 (50%) (94%)Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --


Net Operating Income 14,134,834 70 0 0 1,345,856 7 696,194 696,194 698,870 3 (48%) (95%)


Operating Expense Ratio 2% 0% 18% 11% 11% 16% (10%) 563%Total Operating Expenses 349,188 2 0 0 292,662 1 89,665 89,665 133,035 1 (55%) (62%)

Total Capital Items 1,472,340 7 0 0 95,348 0 0 0 47,674 0 (50%) (97%)



Net Cash Flow After Debt Service 5,166,635 26 0 0 646,408 3 394,144 394,144 349,147 2 (46%) (93%)

Debt Service 7,495,859 37 0 0 604,099 3 302,050 302,050 302,050 1 (50%) (96%)Net Cash Flow 12,662,494 63 0 0 1,250,507 6 696,194 696,194 651,196 3 (48%) (95%)




Effective Gross Income 14,484,022 72 0 0 1,638,518 8 785,859 785,859 831,906 4 (49%) (94%)Other Income 0 0 0 0 13,769 0 6,885 6,885 6,885 0 (50%) --

Base Rent 14,484,022 72 0 0 1,418,248 7 730,398 730,398 730,398 4 (49%) (95%)

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --


Repairs and Maintenance 0 0 0 0 491 0 12 12 12 0 (98%) --Utilities Expense 0 0 0 0 0 0 0 0 0 0 -- --


202,000 NRSF Manufacturing Facility


- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:


MB BP PORTFOLIO LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Oce usa Inc 202,000.00 100.00 7.23 06/30/2017



Payment Amount


Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fees adjusted to 5% of EGI.

Income: NNN Lease. Interest only Loan. Ret prior year adjusments,CAM prior year adjustement adjusted out.

Capital Expense: Capital Expenditure / Tenant improvements / Leasing commission adjusted per UW.

Base:


2007:

Income: NNN Lease. Single Tenant. Interest only Loan. RET / CAM prior year adjustement adjusted out.

2008:

Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fees represents borowers actual @4.54% of EGI. RET Exp Prior Year Adjusted out.




1800 BRUNING DR, LLC 1800 BRUNING DRIVE, ITASCA, IL


05/12/2009 8:28:40 AM Of 241


125,135 AND 145 E. ARMY TRAIL ROAD

125,135 AND 145 E ARMY TRAIL ROAD, GLENDALE HEIGHTS, IL

Tenant Improvements 0 0 0 0 44,143 0 0 0 22,072 0 (50%) --Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 0 0 0 0 10,872 0 0 0 5,436 0 (50%) --

Net Operating Income 0 0 0 0 690,706 5 354,656 354,656 354,656 3 (49%) --



Total Capital Items 0 0 0 0 55,015 0 0 0 27,508 0 (50%) --



Net Cash Flow After Debt Service 0 0 0 0 287,130 2 180,376 180,376 152,868 1 (47%) --

Debt Service 0 0 0 0 348,560 3 174,280 174,280 174,280 1 (50%) --Net Cash Flow 0 0 0 0 635,691 5 354,656 354,656 327,149 2 (49%) --




Effective Gross Income 0 0 0 0 727,451 5 369,049 369,049 369,049 3 (49%) --Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 0 0 0 0 727,451 5 369,049 369,049 369,049 3 (49%) --

Income

General & Administrative Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Property Insurance 0 0 0 0 341 0 258 258 258 0 (25%) --Real Estate Taxes 0 0 0 0 0 0 0 0 0 0 -- --




Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



AMK holdings 134,210.00 100.00 6.22 08/25/2022



Payment Amount


Income: NNN Lease. Interest only Loan.

2007:

Expense: Property Insurance represents Borrower actual. Management fees adjusted to 5% of EGI.



Income: NNN Lease. Single Tenant. Interest only Loan.

2008:

Expense: Property Insurance represents Borrower actual. Management fees represents borrower's actual @ 3.82% of EGI.




500 NORTH SHORE DRIVE 500 NORTH SHORE DRIVE, HARTLAND, WI


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 0 0 0 0 671,820 16 326,033 326,033 295,721 7 (56%) --

Tenant Improvements 0 0 0 0 35,440 1 0 0 17,720 0 (50%) --


Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 0% 0% 31% 36% 36% 38% 22% --Total Operating Expenses 0 0 0 0 300,090 7 181,775 181,775 178,674 4 (40%) --

DSCR (A) NOI/NCF 2.40 / 2.24 2.11 / 1.96Net Cash Flow After Debt Service 0 0 0 0 347,818 8 186,116 186,116 133,720 3 (62%) --

DSCR (A,B) NOI/NCF 2.40 / 2.24 2.11 / 1.96


Net Cash Flow 0 0 0 0 627,652 15 326,033 326,033 273,637 7 (56%) --Total Capital Items 0 0 0 0 44,168 1 0 0 22,084 1 (50%) --

Debt Service 0 0 0 0 279,834 7 139,917 139,917 139,917 3 (50%) --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 0 0 0 0 971,910 23 507,809 507,809 474,394 11 (51%) --Other Income 0 0 0 0 2,327 0 939 939 939 0 (60%) --

Income

General & Administrative Expenses 0 0 0 0 875 0 0 0 0 0 (100%) --


Base Rent 0 0 0 0 706,285 17 327,710 327,710 327,710 8 (54%) --Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --



Professional Fees 0 0 0 0 5,130 0 638 638 638 0 (88%) --Advertising & Marketing 0 0 0 0 155 0 823 823 823 0 431% --


Expenses





Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



cardinal fitness 10,000.00 23.81 13.50 12/31/2016

Ulta 3 # 17 8,820.00 21.00 15.57 03/31/2009

Sportman 42,000.00 100.00 10.05 01/31/2015


Status: Performing

Total: 6,231,761 279,834

Payment Amount


Income: NNN Lease. Interest only loan. Ret PY adjustments, CAM prior year adj adjusted out.

2007:

Expense: Real Estate taxes / Property Insurance represents Borrower actual. Management fees represents Borrower actual @ 3.541% of EGI.


Capital Expense: Capital expenditure / Tenant Improvement / Leasing commission adjusted per UW.

Income: NNN Lease. Interest only loan. RET / CAM prior year adj adjusted out.

2008:

Expense: Real Estate taxes / Property Insurance represents Borrower actual. Management fees represents borrower's actual @4.98% of EGI. RET Prior Year Adjusted out.




05/12/2009 8:28:40 AM Of 241















Base Rent 0 0 0 0 192,763 4 97,499 97,499 97,499 2 (49%) --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --





Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



AMK holdings 43,500.00 100.12 4.56 05/31/2018



Payment Amount



2007:

Expense: Property Insurance represents Borrower actual. Management fees represents borrowers actual @ 4.49% of EGI.




2008:

Expense: Property Insurance represents Borrower actual. Management fees represents borrowers actual @ 4.50% of EGI.




21875 DORAL ROAD 21875 DORAL ROAD, WAUKESHA, WI


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 0 0 0 0 1,343,769 17 774,308 774,308 741,659 10 (45%) --



Other Expenses 0 0 0 0 0 0 23 23 23 0 -- --


Ground Rent 0 0 0 0 204,348 3 119,203 119,203 119,203 2 (42%) --

Operating Expense Ratio 0% 0% 53% 52% 52% 50% (6%) --Total Operating Expenses 0 0 0 0 1,501,948 20 834,409 834,409 733,715 10 (51%) --


DSCR (A,B) NOI/NCF 1.88 / 1.72 2.07 / 1.92


Net Cash Flow 0 0 0 0 1,230,899 16 774,308 774,308 685,225 9 (44%) --Total Capital Items 0 0 0 0 112,870 1 0 0 56,435 1 (50%) --

Debt Service 0 0 0 0 715,110 9 357,555 357,555 357,555 5 (50%) --


Expense Reimbursement 0 0 0 0 1,166,848 15 769,283 769,283 635,940 8 (45%) --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 0 0 0 0 2,845,716 37 1,608,718 1,608,718 1,475,375 19 (48%) --Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income

General & Administrative Expenses 0 0 0 0 160,578 2 74,319 74,319 74,319 1 (54%) --


Base Rent 0 0 0 0 1,678,868 22 839,434 839,434 839,434 11 (50%) --Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --



Professional Fees 0 0 0 0 455 0 638 638 638 0 40% --Advertising & Marketing 0 0 0 0 32 0 14 14 14 0 (58%) --


Expenses




77,000 NRSF Suburban Office

Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



Hartford fire ins co 76,977.00 99.97 21.81 10/31/2010



Payment Amount


Income: NNN Lease. Interest only loan. CAM prior year adj adjusted out.

2007:

Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fees represents borrowers actual @4.613% of EGI.


Capital Expense: Capital Expenditure / Tenant Improvements / Leasing commission adjusted per UW.

Income: NNN Lease. Interest only loan. RET PY adjustement / CAM prior year adj adjusted out.

2008:

Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fees represents borrower's actual @ 4.39% of EGI. RET Prior Year adjusted out.




101 CIVIC CENTER DRIVE 101 CIVIC CENTER DRIVE, SANTEE, CA


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 172 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 2.04 / 1.88 2.01 / 1.86



Debt Service 0 0 0 0 324,392 6 162,196 162,196 162,196 3 (50%) --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses

Property Insurance 0 0 0 0 1,679 0 924 924 924 0 (45%) --

Repairs and Maintenance 0 0 0 0 5,133 0 834 834 834 0 (84%) --Utilities Expense 0 0 0 0 0 0 3,832 3,832 3,832 0 -- --



Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



eastwynn theatres 46,000.00 86.81 16.56 06/30/2023



Payment Amount


Income: NNN Lease. Interest only loan.

2007:





2008:

Expense: Real Estate taxes / Property Insurance represents Borrower actual. Management represents borrower's actual @ 4.90% of EGI.




1575 LEXINGTON DRIVE 1575 LEXINGTON DRIVE, ATHENS, GA


05/12/2009 8:28:40 AM Of 241



Net Operating Income 0 0 0 0 1,029,053 3 472,209 472,209 472,209 2 (54%) --











Effective Gross Income 0 0 0 0 1,353,910 4 646,480 646,480 646,480 2 (52%) --Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 0 0 0 0 1,097,976 4 548,988 548,988 548,988 2 (50%) --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --





Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



Dopaco inc 299,176.00 96.54 3.67 12/31/2015



Payment Amount


Income: NNN Lease. Interest only Loan. RET Py adjustments adjusted out.

2007:

Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fees represents Borrower actual @ 4.43% of EGI.




2008:





315 KIRK ROAD 315 KIRK ROAD, ST CHARLES, IL


05/12/2009 8:28:40 AM Of 241



Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 0 0 0 0 1,795 0 0 0 898 0 (50%) --

Other Expenses 0 0 0 0 0 0 24,113 24,113 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 2.28 / 2.12 1.49 / 1.34Net Cash Flow After Debt Service 0 0 0 0 64,657 9 (21,987) (21,987) 9,648 1 (85%) --

DSCR (A,B) NOI/NCF 2.28 / 2.12 1.49 / 1.34



Debt Service 0 0 0 0 57,565 8 28,782 28,782 28,782 4 (50%) --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses

Property Insurance 0 0 0 0 210 0 114 114 114 0 (45%) --

Repairs and Maintenance 0 0 0 0 8 0 12,255 12,255 190 0 2157% --Utilities Expense 0 0 0 0 0 0 888 888 888 0 -- --



Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



No tenants returned


Payment Amount



2007:





2008:

Expense: Real Estate taxes / Property Insurance represents Borrower actual. Management fees represents Borrower actual @ 2.88% of EGI. Huge Non rec repairs & maintenance / Bad debts expenses adjusted out.




629 NEWTOWN ROAD 629 NEWTOWN ROAD, VIRGINIA BEACH, VA


05/12/2009 8:28:40 AM Of 241















Base Rent 0 0 0 0 442,881 3 227,786 227,786 227,786 2 (49%) --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Property Insurance 0 0 0 0 430 0 243 243 243 0 (43%) --Real Estate Taxes 0 0 0 0 117,787 1 43,053 43,053 60,500 0 (49%) --




Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



Electronic Data Systems Corporation 126,900.00 100.00 3.59 12/31/2009



Payment Amount


Income: NNN Lease. Interest only Loan. CAM prior year adj adjusted out.

2007:

Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fees represents borrowers actual @ 4.64% of EGI.



Income: NNN Lease. Single Tenant. Interest only Loan. RET prior year adjusments,CAM prior year adjustement adjusted out.

2008:

Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fee represents borrower's actual @ 4.29% of EGI. RET prior year adjusted out.




300 10TH STREET SW 300 10TH STREET SW, CLARION, IA


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 596 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 2.32 / 2.17 2.31 / 2.15



Debt Service 0 0 0 0 516,220 5 258,110 258,110 258,110 2 (50%) --


Expense Reimbursement 0 0 0 0 22,820 0 (10,838) (10,838) 1,418 0 (94%) --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income




Management Fees 0 0 0 0 57,020 1 23,358 23,358 23,358 0 (59%) --Janitorial 0 0 0 0 3,300 0 0 0 0 0 -- --


Professional Fees 0 0 0 0 0 0 1,950 1,950 1,950 0 -- --Advertising & Marketing 0 0 0 0 32 0 14 14 14 0 (58%) --


Expenses





Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



EDS info ser LLC 113,526.00 100.00 10.68 08/31/2008



Payment Amount


Income: NNN Lease. Interest only loan

2007:

Expense: Negative Property Insurance adjusted out. Management fees represents Borrower actual @ 4.51% of EGI.


Capital Expense: Capital expenditure / Tenant Improvements / Leasing commission adjusted per UW.

Income: NNN Lease. Interest only loan. CAM PY adjustements adjusted out.

2008:

Expense: Property Insurance represents borrowers actual. Management fees represents Borrower actual @ 3.75% of EGI.


Capital Expense: Capital expenditure / Tenant Improvements / Leasing commission adjusted per UW.


725 REGIONAL ROAD N 725 REGIONAL ROAD N, GREENSBORO, NC


05/12/2009 8:28:40 AM Of 241




Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 0 0 11,661 11,661 0 0 -- --










Effective Gross Income 0 0 0 0 836,938 5 765,493 765,493 728,542 4 (13%) --Other Income 0 0 0 0 0 0 11,661 11,661 11,661 0 -- --

Base Rent 0 0 0 0 566,162 3 284,867 284,867 284,867 2 (50%) --

Income

General & Administrative Expenses 0 0 0 0 1,275 0 767 767 767 0 (40%) --


Expenses

Payroll & Benefits 0 0 0 0 0 0 15,181 15,181 15,181 0 -- --Management Fees 0 0 0 0 29,533 0 25,676 25,676 25,676 0 (13%) --


Janitorial 0 0 0 0 0 0 0 0 0 0 -- --





Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



FMC corp 178,600.00 100.00 3.19 06/30/2014



Payment Amount


Income: Interest only Loan. CAM prior year adj adjusted out.

2007:




Income: Interest only Loan. REY prior year / CAM prior year adj adjusted out.

2008:

Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fees represents Borrower actual @ 3.52% of EGI. Bad debt adjusted out.




4500 WESTPORT DRIVE 4500 WESTPORT DRIVE, MECHANICSBURG, PA


05/12/2009 8:28:40 AM Of 241















Base Rent 0 0 0 0 414,012 18 207,006 207,006 207,006 9 (50%) --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Property Insurance 0 0 0 0 6,072 0 10,289 10,289 10,289 0 69% --Real Estate Taxes 0 0 0 0 0 0 0 0 0 0 -- --



23,218 NRSF Flex/R&D

Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



Intertek testing ser 23,218.00 100.00 17.83 08/31/2014



Payment Amount


Income: NNN Lease. Interest only loan. CAM prior year adjustement adjusted out.

2007:

Expense: Property Insurance represents Borrower actual. Management fees represents Borrower actual @ 4.53% of EGI.


Capital Expense: Capital Expenditure / Tenant Improvement / Leasing commission adjusted per UW.

Income: NNN Lease. Interest only loan. CAM prior year adjustement adjusted out.

2008:

Expense: Property Insurance represents Borrower actual. Management fees represents Borrower actual @ 4.26% of EGI.


Capital Expense: Capital Expenditure / Tenant Improvement / Leasing commission adjusted per UW.


1114 SEACO AVE 1114 SEACO AVE, DEER PARK, TX


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 2.16 / 2.01 2.04 / 1.88



Debt Service 0 0 0 0 534,578 4 267,289 267,289 267,289 2 (50%) --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income






Professional Fees 0 0 0 0 1,943 0 638 638 638 0 (67%) --Advertising & Marketing 0 0 0 0 32 0 7,821 7,821 7,821 0 24136% --


Expenses


Repairs and Maintenance 0 0 0 0 25,807 0 34,294 34,294 34,294 0 33% --Utilities Expense 0 0 0 0 0 0 0 0 0 0 -- --



Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



Kelsey seybold clinic 119,527.00 100.00 10.50 01/12/2010



Payment Amount


Income: NNN Lease. Interest only loan. CAM prior year adjustment adjusted out.

2007:

Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fees represents borrowers actual @ 4.34% of EGI.



Income: NNN Lease. Interest only loan. CAM Prior Year adjusted out.

2008:

Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fees adjusted to 5% of EGI.




8900 LAKES AT 610 DRIVE 8900 LAKES AT 610 DRIVE, HOUSTON, TX


05/12/2009 8:28:40 AM Of 241



Net Operating Income 0 0 0 0 1,829,610 15 941,308 941,308 941,308 8 (49%) --







Debt Service 0 0 0 0 822,277 7 411,139 411,139 411,139 3 (50%) --Net Cash Flow 0 0 0 0 1,699,826 14 941,308 941,308 876,416 7 (48%) --





Base Rent 0 0 0 0 1,930,465 16 989,363 989,363 989,363 8 (49%) --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Property Insurance 0 0 0 0 6,419 0 3,484 3,484 3,484 0 (46%) --Real Estate Taxes 0 0 0 0 0 0 0 0 0 0 -- --




Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



Millennium inorganic 120,000.00 100.00 16.49 12/31/2021



Payment Amount



2007:

Expense: Property Insurance represents Borrower actual. Management fees represents borrowers actual 4.89% of EGI.




2008:

Expense: Property insurance represents borrowers actual. Management fees represents borrowers actual 4.50% of EGI.




BAYMEADOW HOLDINGS LLC 6752 BAYMEADOW DRIVE, GLEN BURNIE, MD


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 124,592 124,592 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 2.85 / 2.70 2.92 / 2.76



Debt Service 0 0 0 0 217,851 4 108,925 108,925 108,925 2 (50%) --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 0 0 0 0 791,174 13 406,910 406,910 405,364 7 (49%) --Other Income 0 0 0 0 1,032 0 2,178 2,178 2,178 0 111% --

Income






Professional Fees 0 0 0 0 1,092 0 1,167 1,167 1,167 0 7% --Advertising & Marketing 0 0 0 0 32 0 14 14 14 0 (58%) --


Expenses


Repairs and Maintenance 0 0 0 0 2,969 0 0 0 0 0 -- --Utilities Expense 0 0 0 0 0 0 0 0 0 0 -- --



Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



BRK brands inc 30,000.00 49.98 12.39 06/30/2010



Payment Amount


Income: NNN Lease. Interest only loan. Ret Py adjusments adjusted out.

2007:




Income: NNN Lease. Interest only loan. CAM PY adjusments adjusted out.

2008:

Expense: Real Estate Taxes / Property Insurance represents Borrower actual. Management fees represents Borrower actual @ 3.97% of EGI. Bad debts expenses.




COMMONS DRIVE LP 3901 LIBERTY STREET, AURORA, IL


05/12/2009 8:28:40 AM Of 241















Base Rent 0 0 0 0 573,081 4 286,541 286,541 286,541 2 (50%) --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Property Insurance 0 0 0 0 2,342 0 1,278 1,278 1,278 0 (45%) --Real Estate Taxes 0 0 0 0 0 0 0 0 0 0 -- --




Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



Metals USA realty co 139,000.00 100.00 4.12 01/31/2021



Payment Amount



2007:

Expense: Property Insurance represents Borrower actual. Management fees represent Borrower actual @ 4.124% of EGI.




2008:

Expense: Property Insurance represents Borrower actual. Management fees represent Borrower actual @ 4.50% of EGI.




INDUSTRIAL DRIVE LLC 301 INDUSTRIAL DRIVE, HORICON, WI


05/12/2009 8:28:40 AM Of 241


UNITED SOLAR OVONIC 2705 COMMERCE PARKWAY, AUBURN HILLS, MI




Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 1,500 0 0 0 0 0 -- --





Net Cash Flow After Debt Service 0 0 0 0 (17,837) 0 (5,418) (5,418) (41,398) 0 132% --






Base Rent 0 0 0 0 0 0 222,097 222,097 222,097 1 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (43,763) 0 0 0 0 0 -- --Gross Potential Rent 0 0 0 0 564,173 3 0 0 0 0 -- --

Expenses


Professional Fees 0 0 0 0 3,050 0 (1,475) (1,475) 0 0 (100%) --Advertising & Marketing 0 0 0 0 31 0 0 0 0 0 -- --

Janitorial 0 0 0 0 0 0 0 0 0 0 -- --





Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:



IEA Inc 175,052.00 100.00 2.58 01/31/2013



Payment Amount


Income: NNN Lease. Interest only Loan. Huge Termination fee adjusted out.

2007:

Expense: Property Insurance represents Borrower actual. Management fees adjusted to 5% of EGI.

DSCR: Debt service adjusted per servicer record. Low DSCR due to low rental income.



2008:

Expense: Property Insurance represents borrowers actual. Management Fees represents borrowers actual @ 4.52% of EGI. Negative Professional fee adjusted out.

DSCR: Debt Service adjusted per Servicer Record. Low DSCR due to Low Rental Income.

Capital Expense: Tenant Improvement / Leasing Commission / Capital Expenditure adjusted per Underwriting


55TH STREET INVESTMENTS LLC

9625 55TH STREET, KENOSHA, WI


05/12/2009 8:28:40 AM Of 241

Tenant Improvements 66,389 0 0 0 66,389 0 0 0 0 0 -- --Leasing Commissions 0 0 0 0 0 0 0 0 66,390 0 -- --


Net Operating Income 1,474,522 9 0 0 1,453,351 8 1,444,180 1,444,180 1,444,153 8 (1%) (2%)

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 55 0 0 0 0 0 (100%) --


Total Capital Items 83,589 0 0 0 83,589 0 0 0 83,590 0 0% 0%




Debt Service 1,099,159 6 0 0 919,925 5 922,445 922,445 922,445 5 0% (16%)Net Cash Flow 1,390,933 8 0 0 1,369,762 8 1,444,180 1,444,180 1,360,563 8 (1%) (2%)




Effective Gross Income 1,535,960 9 0 0 1,523,957 9 1,514,266 1,514,266 1,514,266 9 (1%) (1%)Other Income 0 0 0 0 0 0 666 666 666 0 -- --

Base Rent 1,535,960 9 0 0 1,523,957 9 1,513,600 1,513,600 1,513,600 9 (1%) (1%)

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


COLUMBUS-AUBURN HILLS, LLC ET AL Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

United Solar Ovonic 172,000.00 100.00 9.60 12/31/2016


Status: Performing

Replacement 5,160 5,160 11,642Tenant Improvements and Leasing Commissions

0 0 0

Reserves:

Total: 942,727 942,727


P & I (Current) 937,567 937,567 15,555,000

Expense: Tenant is responsible for all Taxes, Insurance and other expenses. Property Insurance represents Borrower actual. Management Fees represents borrower's actuals @ 4.361% of EGI.

Income: Interest Only Loan. NNN Lease. Single Tenant.


Base:


2007:


2008:

Expense: Tenant is responsible for all Taxes, Insurance and other expenses. Property Insurance represents Borrower actual. Management Fees adjusted to 4% of EGI per UW.

DSCR: Debt service adjusted as per Servicer record.



05/12/2009 8:28:40 AM Of 241



Net Operating Income 0 0 0 0 3,319,729 5 2,615,711 2,615,711 2,604,871 4 (22%) --






Net Cash Flow After Debt Service 0 0 0 0 1,469,901 2 1,480,407 1,480,407 1,217,499 2 (17%) --

Debt Service 0 0 0 0 1,513,738 2 1,135,305 1,135,305 1,135,305 2 (25%) --Net Cash Flow 0 0 0 0 2,983,639 4 2,615,711 2,615,711 2,352,803 3 (21%) --




Effective Gross Income 0 0 0 0 3,473,961 5 2,738,556 2,738,556 2,738,556 4 (21%) --Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 0 0 0 0 3,473,961 5 2,738,556 2,738,556 2,738,556 4 (21%) --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Property Insurance 0 0 0 0 10,712 0 (2,806) (2,806) 8,034 0 (25%) --Real Estate Taxes 0 0 0 0 0 0 0 0 0 0 -- --




Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 9/30/2008 - 9 mos

YTD Variance


Credit:



Deluxe Media Services, llc 712,000.00 100.00 5.13 12/31/2021


Status: Performing Total: 3,060,818 0

Payment Amount

P & I (Current) 3,060,818 0 51,836,100Loan Property Balance


2007:

Expense: Property Insurance represents borrowers actual. Management Fees represents borrowers actual @ 4.1135735% of EGI.




2008: For the Property # 7- Property Name - MOUNT ZION ROAD the occupancy and tenant information is updated from the Annexure as current rent roll for this property is not provided.--Shilpa-12/9/2008

Expense: Property Insurance adjusted per YE 07 figures. Management Fees represents borrowers actual @ 4.49019% of EGI.




PROPERTY RELEASED 9201 FAULKNER LAKE ROAD, NORTH LITTLE ROCK, AR


05/12/2009 8:28:40 AM Of 241

Tenant Improvements 0 0 0 0 49,001 0 0 0 72,092 1 47% --Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 0 0 0 0 15,177 0 0 0 22,329 0 47% --

Net Operating Income 0 0 0 0 644,171 5 740,143 740,143 740,143 5 15% --


Operating Expense Ratio 0% 0% 5% 4% 4% 4% (4%) --Total Operating Expenses 0 0 0 0 31,266 0 34,494 34,494 34,494 0 10% --

Total Capital Items 0 0 0 0 64,178 0 0 0 94,421 1 47% --




Debt Service 0 0 0 0 289,054 2 425,270 425,270 425,270 3 47% --Net Cash Flow 0 0 0 0 579,994 4 740,143 740,143 645,722 5 11% --




Effective Gross Income 0 0 0 0 675,437 5 774,638 774,638 774,638 6 15% --Other Income 0 0 0 0 6,516 0 7,108 7,108 7,108 0 9% --

Base Rent 0 0 0 0 668,750 5 767,530 767,530 767,530 6 15% --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --





Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



Entegra Fastener Corporation 137,607.00 100.00 5.17 01/31/2022



Payment Amount



2007:

Expense: Management Fees represents borrowers actual @ 4.5% of EGI.




2008:

Expense: Management Fee represents Borrower actual @4.44% of EGI.

DSCR: Debt Service adjusted per Servicer record. -22% & -24% Variance in DSCR @ NOI and NCF is due to increase in Debt Service payment by $136,216.00 (+47%), as compared to 12/31/07. This increase is due to the release of one of the properties kept as collateral with the Lender. As a result, the Debt Service payment which was shared between seven (7) properties earlier is now shared between six (6) properties with revised Current Allocated Loan Percentages.

Capital Expense: Capital Expenditure and Tenant Improvements/Leasing Commissions adjusted per Underwriting. +47% Variance in Total Capital Items is due to the change in the Allocated Loan Percentage as of 12/31/07 and Allocated Loan Percentage as of 12/31/08. The total capital items which was shared between seven (7) properties earlier is now shared between six (6) properties because of release of one of the properties kept as collateral with the Lender.


TRI-STATE HOLDINGS LLC 321 FOSTER AVENUE, WOOD DALE, IL


05/12/2009 8:28:40 AM Of 241



Net Operating Income 0 0 0 0 880,735 4 1,010,423 1,010,423 1,011,047 5 15% --







Debt Service 0 0 0 0 394,847 2 580,918 580,918 580,918 3 47% --Net Cash Flow 0 0 0 0 793,068 4 1,010,423 1,010,423 882,068 4 11% --




Effective Gross Income 0 0 0 0 922,645 4 1,058,153 1,058,153 1,058,153 5 15% --Other Income 0 0 0 0 8,900 0 9,709 9,709 9,709 0 9% --

Base Rent 0 0 0 0 913,510 4 1,048,444 1,048,444 1,048,444 5 15% --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --





Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



Lamons Metal Gasket Co 223,599.00 100.00 4.34 01/31/2022



Payment Amount



2007:





2008:

Expense: Management Fee represents Borrower actual @4.44% of EGI. NonRec Disaster adjusted out.




TRI-STATE HOLDINGS, LLC 7300 AIRPORT BLVD, HOUSTON, TX


05/12/2009 8:28:40 AM Of 241


3900 KINROSS LAKES PARKWAY, RICHFIELD, OH










Debt Service 0 0 0 0 268,598 1 395,173 395,173 395,173 2 47% --Net Cash Flow 0 0 0 0 539,386 3 687,773 687,773 600,034 3 11% --




Effective Gross Income 0 0 0 0 627,635 3 719,815 719,815 719,815 4 15% --Other Income 0 0 0 0 6,054 0 6,605 6,605 6,605 0 9% --

Base Rent 0 0 0 0 621,421 3 713,210 713,210 713,210 4 15% --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --





Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



Cequent Trailer Products, Inc 193,200.00 100.00 3.42 01/31/2022



Payment Amount



2007:





2008:

Expense: Management Fee represents Borrower actual @4.44% of EGI.




TRI-STATE HOLDINGS, LLC 1050 INDIANHEAD DRIVE, MOSINEE, WI


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 0 0 0 0 1,618,003 19 1,166,779 1,166,779 1,168,108 14 (28%) --

Tenant Improvements 0 0 0 0 105,736 1 0 0 155,564 2 47% --


Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 2.59 / 2.37 1.27 / 1.05


Net Cash Flow 0 0 0 0 1,479,518 17 1,166,779 1,166,779 964,363 11 (35%) --Total Capital Items 0 0 0 0 138,485 2 0 0 203,746 2 47% --

Debt Service 0 0 0 0 623,733 7 917,665 917,665 917,665 11 47% --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 0 0 0 0 1,689,565 20 1,238,691 1,238,691 1,234,960 14 (27%) --Other Income 0 0 0 0 244,983 3 0 0 0 0 -- --

Income



Base Rent 0 0 0 0 1,439,368 17 1,230,071 1,230,071 1,230,071 14 (15%) --Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses


Repairs and Maintenance 0 0 0 0 32 0 151 151 151 0 371% --Utilities Expense 0 0 0 0 0 0 0 0 0 0 -- --



Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



Snap-On Business Solutions, Inc 86,000.00 100.92 17.15 05/31/2009



Payment Amount



2007:



Capital Expense: Capital Expenditures and Tenant Improvements / Leasing commissions adjusted per UW.

Income: Interest Only Loan. NNN Lease. Single Tenant. CAM PY Adjustments adjusted out. -51% & -56% Variance in DSCR @ NOI & NCF and -27% Variance in Effective Gross Income is due to decrease in Other Income by $244,983.29 (-100%) and Base Rent by $209,296.00 (-15%), together accounting for a decrease in EGI by $454,280.00 (-27%), as compared to 12/31/07. The decrease in EGI when aggregated with the increase in Total Capital Items by $65,261.00 (+47%) is accounting for a decrease in Net Cash Flow by $515,155.00 (-35%). The decrease in Net cash Flow when aggregated with the increase in Debt Service payment by $293,933.00 (+47%) is accounting for a decrease in Net Cash Flow after Debt Service by $809,088.00 (-95%).

2008:

Expense: Property Insurance represents Borrower actual. Management Fee adjusted to 5% of EGI.

DSCR: Debt Service adjusted per Servicer record. The increase in Debt Service payment by $293,933.00 (+47%) as compared to 12/31/07 is due to the release of one of the properties kept as collateral with the Lender. As a result, the Debt Service payment which was shared between seven (7) properties earlier is now shared between six (6) properties with revised Current Allocated Loan Percentages.


KINROSS LAKES VENTURE, LLC


05/12/2009 8:28:40 AM Of 241











Debt Service 0 0 0 0 109,570 3 161,205 161,205 161,205 4 47% --Net Cash Flow 0 0 0 0 214,665 6 245,636 245,636 209,844 5 (2%) --




Effective Gross Income 0 0 0 0 251,459 7 259,121 259,121 259,121 7 3% --Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 0 0 0 0 251,459 7 259,121 259,121 259,121 7 3% --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --





Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



The Reliable Corporation 38,285.00 100.00 6.77 10/31/2012



Payment Amount



2007:





2008:

Expense: Property Insurance represents Borrower actual. Management Fee represents Borrower actual @4.50% of EGI.




OTTAWA BRADLEY, LLC 421 EAST STEVENSON ROAD, OTTAWA, IL


05/12/2009 8:28:40 AM Of 241


Tenant Improvements 801,147 1 0 0 258,756 0 0 0 380,694 0 47% (52%)Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 248,134 0 0 0 80,143 0 0 0 117,910 0 47% (52%)

Net Operating Income 10,787,155 10 0 0 3,142,438 3 3,695,711 3,695,711 3,665,040 3 17% (66%)



Total Capital Items 1,049,281 1 0 0 338,899 0 0 0 498,604 0 47% (52%)



Net Cash Flow After Debt Service 5,107,152 5 0 0 1,277,147 1 1,450,011 1,450,011 920,736 1 (28%) (82%)

Debt Service 4,630,722 4 0 0 1,526,392 1 2,245,700 2,245,700 2,245,700 2 47% (52%)Net Cash Flow 9,737,874 9 0 0 2,803,539 3 3,695,711 3,695,711 3,166,436 3 13% (67%)





Base Rent 10,896,116 10 0 0 3,276,367 3 3,665,100 3,665,100 3,665,100 3 12% (66%)

Income



Expenses



Janitorial 0 0 0 0 467 0 758 758 758 0 62% --


Repairs and Maintenance 0 0 0 0 142,852 0 116,969 116,969 116,969 0 (18%) --Utilities Expense 0 0 0 0 0 0 19,196 19,196 19,196 0 -- --


1,091,435 NRSF Industrial


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



Pearson Education, Inc 1,091,435.00

100.00 3.36 10/31/2016



Payment Amount




Capital Expense: Capital Expenditures and Tenant Improvements / leasing Commissions adjusted per UW.

Base:


2007:

Income: Interest Only Loan. NNN Lease. Single Tenant. CAM PY Adjustments adjusted out.

2008:

Expense: Property Insurance represents Borrower actual. Management Fee represents Borrower actual @4.39% of EGI.



MT ZION ROAD, LLC 135 S MOUNT ZION ROAD, BLDG #577, LEBANON, IN


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 1,186,101 17 0 0 1,012,421 15 1,078,560 1,078,560 1,079,041 16 7% (9%)

Tenant Improvements 16,231 0 0 0 16,232 0 0 0 16,232 0 -- 0%


Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.30 / 1.27 1.36 / 1.32 1.44 / 1.41


Net Cash Flow 1,159,518 17 0 0 985,837 14 1,059,756 1,059,756 1,052,457 15 7% (9%)Total Capital Items 26,583 0 0 0 26,584 0 18,804 18,804 26,584 0 -- 0%

Debt Service 911,895 13 0 0 745,742 11 747,785 747,785 747,785 11 0% (18%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,547,334 22 0 0 1,336,646 19 1,494,643 1,494,643 1,494,643 22 12% (3%)Other Income 0 0 0 0 7,529 0 0 0 0 0 -- --

Income








Expenses




69,016 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


SHIP MALL LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

MEDITERRANEAN RESTAURANT 7,754.00 11.24 16.50 03/01/2012

LA BELLA BABY 3,750.00 5.43 22.00 03/01/2012

CHRISTMAS TREE SHOPS 51,776.00 75.02 19.50 03/01/2012


Status: Performing


Insurance 22,103 22,103 21,800

Tax 159,897 159,897 13,325

Total: 952,396 952,396


P & I (Current) 760,044 760,044 13,400,000

Expense: Real Estate Taxes & Property Insurance adjusted per Servicer Record. Management Fees represents borrower actual @ 3.273% of EGI.


Capital Expense: Capital Expenditure ,Tenant Improvements & Leasing Commission adjusted per Underwriting.

Base:


2007:


2008:

Expense: +28% Variance in Total Operating Expenses is due to the increase in Real Estate Taxes from $97,399.71 of 12/31/07 to $164,391.08 of 12/31/08, an increase of $66,991.00 (+69%), combined with an increase in Repairs and Maintenance Expenses by $20,051.00 (+23%). Real Estate Taxes adjusted per Servicer record. Property Insurance represents Borrower actual. Management Fees represents Borrower actual @3.304% of EGI.



SHIP MALL 24 BROADWAY, LYNNFIELD, MA


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 2,864 0 100 100 100 0 (97%) --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.47 / 1.44 1.15 / 1.12 1.35 / 1.32


Net Cash Flow 933,048 13 0 0 723,017 10 964,886 964,886 856,522 12 18% (8%)Total Capital Items 18,342 0 0 0 18,343 0 0 0 18,343 0 -- 0%

Debt Service 647,115 9 0 0 647,115 9 648,888 648,888 648,888 9 0% 0%



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,336,485 18 0 0 1,139,758 16 1,341,050 1,341,050 1,293,695 18 14% (3%)Other Income 0 0 0 0 7,426 0 6,458 6,458 6,458 0 (13%) --

Income



Base Rent 1,336,485 18 0 0 930,448 13 984,358 984,358 984,358 14 6% (26%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses




72,682 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


GOLDER RANCH SHOPPING CENTER LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

BLOCLBUSTER 4,660.00 6.41 20.00 10/31/2011

Osake Japenese Restaurant 2,000.00 2.75 24.00 07/31/2013

BASHA'S 54,022.00 74.33 11.30 04/30/2026


Status: Performing


25,008 25,008 56,418


Insurance 14,555 14,555 23,492

Tax 187,531 187,531 27,467

Total: 892,438 892,438


P & I (Current) 659,525 659,525 11,100,000


GOLDER RANCH SHOPPING CENTER

13005 N ORACLE ROAD, TUCSAON, AZ


05/12/2009 8:28:40 AM Of 241

Expense: Real Estate Taxes represents borrower actual. Property Insurance adjusted per servicer record. Management Fees adjusted to 3% of EGI per UW.

Income: Loan originated on 01/31/2007. Borrower reported 11 months figures, hence noramlized to 12 months. Interest Only Loan.

Capital Expense: Tenant Improvements / Leasing Commissions & Capital Expenditure adjusted per UW.

Base:


2007: Loan originated on 1/31/07. Borrower reported 11 months statement. Hence normalized to 12 months. - Nisha - 4/2/2008

Income: Interest Only Loan. Prior Year CAM Reconciliation adjusted out.

2008:

Expense: Real Estate Taxes and Property Insurance adjusted per Servicer Record. Management Fees adjusted to 3% of EGI per UW.




05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 878,610 22 0 0 0 0 537,440 537,440 729,431 19 -- (17%)


Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 3,907 0 0 0 0 0 0 0 3,907 0 -- --

Other Expenses 0 0 0 0 0 0 85,955 85,955 5,455 0 -- --

Management 2.5%

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.10 / 1.10 0.92 / 0.91Net Cash Flow After Debt Service 79,502 2 0 0 0 0 (257,761) (257,761) (69,677) (2) -- (188%)

DSCR (A,B) NOI/NCF 1.10 / 1.10 0.92 / 0.91


Net Cash Flow 874,703 22 0 0 0 0 537,440 537,440 725,524 19 -- (17%)Total Capital Items 3,907 0 0 0 0 0 0 0 3,907 0 -- --

Debt Service 795,201 20 0 0 0 0 795,201 795,201 795,201 20 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 999,600 26 0 0 0 0 854,000 854,000 854,000 22 -- (15%)Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income

General & Administrative Expenses 120,990 3 0 0 0 0 219,746 219,746 0 0 -- (100%)





Professional Fees 0 0 0 0 0 0 3,808 3,808 0 0 -- --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --


Expenses




39,067 NRSF Other


- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


Credit:


H.S.K. INVESTMENTS, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Hooman Pontiac GMC 39,067.00 100.00 21.86 05/31/2025


Status: Performing


Insurance 2,756 2,756 8,060

Tax 119,067 119,067 0

Total: 920,931 920,931


P & I (Current) 795,201 795,201 11,209,519

Capital Expense: Capital Expenditure/ Tenant Improvements adjusted Per Underwriting.

DSCR: Low DSCR due to low Rental Income.

Base:

2007: Borrower reported huge Bank Service Charges ($ 219746.42) . Please Check . 1. 219,746.42 Bank service charges2. 80,500 protion of Misc expenses for mortage fee.3. 3806.34 prof fees - legal,escrow and other adjusted out as per mail by Leslie - 7/30/08.

Income: New Loan. Loan Originated On 2/12/2007.

Expense: Real Estate Taxes adjusted Per Servicer record. Property Insurance represents borrower's actual. Management fees adjusted to 2.5% Per Underwriting. Bank service charges / Escrow fee/legal fees/Professional fees adjusted out. 80500 of Misc Expenses for Mortgage Fee adjusted out.


HOOMAN PONTIAC GMC 6101 W SLAUSEN AVENUE, CULVER CITY, CA


05/12/2009 8:28:40 AM Of 241










Debt Service 237,155 3 0 0 237,155 3 237,805 237,805 237,805 3 0% 0%Net Cash Flow 408,903 6 0 0 419,644 6 460,484 460,484 411,637 6 (2%) 1%





Base Rent 457,628 6 0 0 502,357 7 463,714 463,714 463,714 6 (8%) 1%

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


JACOBSON LAKEVILLE LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Boise Building Solutions Distributions, LLC 72,000.00 100.00 6.44 08/31/2021



Payment Amount


Expense: Management fees adjusted to 2% of EGI per UW.

Income: NNN Lease. Interest Only Loan. Single Tenant. Refunds adjusted out


Base:


2007:


2008:

Expense: -71% Variance in Total Operating Expenses is due to decrease in General & Adminstrative Expenses from $24958.62 to $ 1354.91 and decrease in Professional Fees Expenses from $8133.83 to $1874.60. Management Fee adjusted to 2% of EGI per UW.




BOISE CASCADE - MINNESOTA

8714 215TH STREET, LAKEVILLE, MN


05/12/2009 8:28:40 AM Of 241

Tenant Improvements 21,512 0 0 0 10,431 0 0 0 21,512 0 106% --Leasing Commissions 0 0 0 0 11,081 0 0 0 0 0 -- --





Total Capital Items 39,512 1 0 0 39,512 1 0 0 39,512 1 0% --




Debt Service 163,418 2 0 0 163,418 2 163,866 163,866 163,866 2 0% 0%Net Cash Flow 245,374 3 0 0 367,646 5 387,456 387,456 340,151 5 (7%) 39%





Base Rent 290,700 4 0 0 422,152 6 389,678 389,678 389,678 5 (8%) 34%

Income

General & Administrative Expenses 5,814 0 0 0 256 0 273 273 273 0 6% (95%)


Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


JACOBSON ROCHELLE LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Boise Building Solutions Distribution, LLC 72,000.00 100.00 5.41 08/31/2021


Status: Performing


Total: 166,552 166,552


P & I (Current) 166,552 166,552 2,665,000

Expense: Tenant is resposible for Taxes and Insurance. Management Fees adjusted to 2% of EGI per UW.


Capital Expense: Capital Expenditure and Tenant Improvement / Leasing commission adjusted per UW.

Base:


2007:


2008:

Expense: -33% variance in Total Operating Expenses respectively is due to decrease in Professional Fees. Professional Fees decreased by $4345 which is 69% decrease when compared with YE07 figures. Tenant is resposible for Taxes and Insurance. Management Fees adjusted to 2% of EGI per UW.

DSCR: Debt Service adjusted per servicer record

Capital Expense: Capital Expenditure and Tenant Improvement / Leasing commission adjusted per UW.


BOISE CASCADE-ILLINOIS 600 TIMBER LANE ROAD, ROCHELLE, IL


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.21 / 1.17 1.62 / 1.57 1.61 / 1.57


Net Cash Flow 497,602 75 0 0 557,447 84 586,591 586,591 557,242 84 0% 12%Total Capital Items 16,835 3 0 0 16,835 3 0 0 16,835 3 0% 0%

Debt Service 424,114 64 0 0 355,023 54 355,996 355,996 355,996 54 0% (16%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses


Repairs and Maintenance 0 0 0 0 21,425 3 14,277 14,277 14,277 2 (33%) --Utilities Expense 0 0 0 0 5,134 1 0 0 0 0 -- --


6,600 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


10 EAST 14TH STREET REALTY ASSOCIATES LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Amalgamated Bank 6,600.00 100.00 91.12 06/30/2021


Status: Performing

Debt Service 0 0 0Replacement 0 0 0

Reserves:

Total: 361,832 361,832


P & I (Current) 361,832 361,832 6,000,000

Expense: Real Estate Taxes represents borrowers actual. Management Fees adjusted to 2% of EGI per UW. Donations adjusted out.

Income: New Loan. Loan Originated on 10/3/2006. Interest Only Loan.


Base:


2007: Rent Roll is not provided by the borrower, hence occupancy and Tenants are not updated-Shilpa-5/29/2008

Income: Interest Only Loan.NNN Lease.

2008:

Expense: Real Estate Taxes represents borrowers actual. Management Fees adjusted to 2% of EGI per UW.




AMALGAMATED BANK 10 EAST 14TH STREET, NEW YORK, NY


05/12/2009 8:28:40 AM Of 241



Net Operating Income 640,557 5 0 0 678,021 5 691,858 691,858 678,021 5 -- 6%


Operating Expense Ratio 28% 0% 2% 0% 0% 2% -- (93%)Total Operating Expenses 251,329 2 0 0 13,837 0 0 0 13,837 0 -- (94%)




Net Cash Flow After Debt Service 131,461 1 0 0 168,925 1 253,706 253,706 168,925 1 -- 28%

Debt Service 438,152 4 0 0 438,152 4 438,152 438,152 438,152 4 -- --Net Cash Flow 569,613 5 0 0 607,076 5 691,858 691,858 607,076 5 -- 7%




Effective Gross Income 891,886 7 0 0 691,858 6 691,858 691,858 691,858 6 -- (22%)Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 891,886 7 0 0 691,858 6 691,858 691,858 691,858 6 -- (22%)

Income



Expenses

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --Management Fees 0 0 0 0 13,837 0 0 0 13,837 0 -- --


Janitorial 0 0 0 0 0 0 0 0 0 0 -- --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


GOTTLIEB MADISON HEIGHTS LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Ajax Tocco Magnathermic Corp 128,000.00 102.62 5.41 10/31/2018


Status: Performing

Repair 0 0 0Reserves:

Total: 438,152 438,152


P & I (Current) 438,152 438,152 5,907,243

Expense: Tenanat is responsible for Real Estate Taxes and Property Insurance. Management Fees is adjusted to 2% of EGI per UW.


Base:

Capital Expense: Capital Expenditures & Tenant Improvements/ Leasing Commisssion adjusted per UW.

2007:

Income: NNN Lease. Single Tenant

2008: Borrower has not provided Rent roll. Hence,Rent roll not updated. Priyanka - 3/19/09

Capital Expense: Capital Expenditures & Tenant Improvements/ Leasing Commisssion adjusted per UW.

Expense: Tenant is responsible for Real Estate Taxes and Property Insurance. Management fees adjusted to 2% of EGI per UW.


AJAX TOCCO INDUSTRIAL BUILDINGS

30000-30100 STEPHENSON HIGHWAY, MADISON HEIGHTS, MI


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 102,097 1 0 0 0 0 0 0 -- --Net Operating Income 1,035,618 12 1,228,503 14 1,132,875 13 1,225,443 1,225,443 1,216,231 14 7% 17%



Other Expenses 0 0 0 0 0 0 (29) (29) 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 42% 37% 40% 39% 39% 39% (3%) (7%)Total Operating Expenses 747,204 9 730,715 9 763,478 9 769,083 769,083 778,294 9 2% 4%


DSCR (A,B) NOI/NCF 1.65 / 1.46 1.96 / 1.77 1.80 / 1.62 1.94 / 1.75


Net Cash Flow 918,150 11 1,111,035 13 1,015,406 12 1,225,443 1,225,443 1,098,763 13 8% 20%Total Capital Items 117,468 1 117,468 1 117,468 1 0 0 117,468 1 -- --

Debt Service 628,202 7 628,202 7 628,202 7 628,202 628,202 628,202 7 -- --


Expense Reimbursement 0 0 44,466 1 8,832 0 52,924 52,924 52,924 1 499% --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 132,033 2 129,757 129,757 129,757 2 (2%) --

Effective Gross Income 1,782,822 21 1,959,218 23 1,896,352 22 1,994,525 1,994,525 1,994,525 23 5% 12%Other Income 0 0 151,446 2 34,497 0 34,339 34,339 34,339 0 0% --

Income



Base Rent 1,782,822 21 1,763,306 21 1,720,990 20 1,777,505 1,777,505 1,777,505 21 3% 0%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 78,369 1 75,854 1 74,578 74,578 79,781 1 5% --Janitorial 0 0 87,141 1 94,883 1 92,967 92,967 92,967 1 (2%) --

Payroll & Benefits 0 0 67,234 1 68,216 1 69,784 69,784 69,784 1 2% --



Expenses




85,791 NRSF Office


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


EUGENE TOWER ASSOCIATES LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Arnold gallagher 9,659.00 11.26 19.80 04/30/2011

Merril Lynch Pierce 7,482.00 8.72 21.60 07/31/2011

US National Banks 39,657.00 46.23 22.56 07/31/2015


Status: PerformingMiscellaneous 0 0 0Reserves:

Total: 628,202 628,202


P & I (Current) 628,202 628,202 8,714,159

Income: Earned Discount adjusted out.

2006:

Expense: Real Estate Taxes adjusted per Servicer record. Property Insurance adjusted per UW. Management Fees adjusted to 4% of EGI per UW.

Base:

Capital Expense: Tenant Improvements / Leasing Commissions / Capital Expenditure adjusted per UW.


Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Management Fees adjusted to 4% of EGI per UW. Earned Discounts adjusted out.

2008:


Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance adjusted per UW. Management Fees adjusted to 4% of EGI per UW. Earned Discounts adjusted out.

2007:


EUGENE TOWER 800 WILLAMETTE STREET, EUGENE, OR


05/12/2009 8:28:40 AM Of 241



Net Operating Income 263,334 841 0 0 208,596 666 257,278 257,278 254,317 813 22% (3%)

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 0 0 23,303 23,303 19,912 64 -- --






Debt Service 206,895 661 0 0 170,638 545 171,105 171,105 171,105 547 0% (17%)Net Cash Flow 259,475 829 0 0 204,737 654 257,278 257,278 250,458 800 22% (3%)




Effective Gross Income 472,089 1,508 0 0 449,642 1,437 494,427 494,427 494,427 1,580 10% 5%Reimbursements 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 472,089 1,508 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (9,712) (31) (18,093) (18,093) (18,093) (58) 86% --Gross Potential Rent 0 0 0 0 438,747 1,402 467,623 467,623 467,623 1,494 7% --

Expenses


Janitorial 0 0 0 0 0 0 0 0 0 0 -- --Professional Fees 0 0 0 0 4,173 13 0 0 0 0 -- --

Management Fees 0 0 0 0 22,482 72 29,323 29,323 24,721 79 10% --

Property Insurance 0 0 0 0 10,452 33 0 0 10,452 33 -- --Real Estate Taxes 0 0 0 0 60,441 193 59,103 59,103 59,606 190 (1%) --





- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


SS ST. CLAIR SHORES LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Replacement 4,410 4,410 10,690Repair 0 0 0

Reserves:

Total: 178,320 178,320


P & I (Current) 173,910 173,910 3,000,000

Expense: Real Estate Taxes adjusted per servicer record. Property Insurance adjusted per UW. Management Fees adjusted to 5% of EGI.

Income: Rent Written Off / Fees Written Off adjusted out. Interest only loan.


Base:


2007: No Rent Roll to update Occupancy - Shruti 1/22/08.


2008:

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance adjusted per UW. Management Fee adjusted to 5% of EGI. Bad Debt Expense adjusted out.

DSCR: +22% variance in NOI/ NCF DSCR is due to Increase in Rental Income by $28,876, Other Income by $24,289 combined with decrease in Payroll & Benefits Expenses by $11,895 & General & Administrative Expenses by $12,686.Debt Service adjusted per Servicer Record.



MAXIMUS SELF STORAGE 20355 EAST 9 MILE ROAD, ST CLAIR SHORES, MI


05/12/2009 8:28:40 AM Of 241










Debt Service 662,593 4 0 0 563,917 3 564,432 564,432 564,432 3 0% (15%)Net Cash Flow 778,419 5 0 0 781,380 5 817,335 817,335 870,668 5 11% 12%




Effective Gross Income 1,064,162 6 0 0 1,130,506 7 1,052,232 1,052,232 1,189,136 7 5% 12%Other Income 0 0 0 0 0 0 (136,904) (136,904) 0 0 -- --

Base Rent 1,064,162 6 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (1,137) 0 0 0 0 0 -- --Gross Potential Rent 0 0 0 0 1,131,644 7 1,189,136 1,189,136 1,189,136 7 5% --

Expenses

Payroll & Benefits 0 0 0 0 0 0 0 0 0 0 -- --Management Fees 0 0 0 0 33,915 0 0 0 35,674 0 5% --

Professional Fees 0 0 0 0 1,120 0 28,767 28,767 28,767 0 2469% --Advertising & Marketing 0 0 0 0 1,787 0 0 0 0 0 -- --

Janitorial 0 0 0 0 0 0 0 0 0 0 -- --

Property Insurance 0 0 0 0 57,299 0 62,161 62,161 62,161 0 8% --Real Estate Taxes 0 0 0 0 97,084 1 102,753 102,753 75,692 0 (22%) --





- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ITB HOLDING COMPANY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Sea pac transport 46,126.00 27.37 4.88 12/31/2008

Island tug and barge 18,000.00 10.68 6.60 12/31/2020

Puget sound packaging 46,948.00 27.85 4.73 12/31/2008


Status: Performing


0 0 0


78,000 78,000 26,006

Replacement 14,278 14,278 34,610

Repair 0 0 0

Reserves:

Total: 667,010 667,010


P & I (Current) 574,732 574,732 9,100,000

Expense: Real Estate Taxes / Property Insurance represents Borrower Actauls.Management Fees adjusted to 3% of EGI per UW.



Base:


Income: NNN Lease. Interest only Loan.Realised loss& Unrealised Gain adjusted out.

2008:

Expense: Real Estate Taxes adjusted per servicers records. Property Insurance represents borrowers actual. Management Fees adjusted to 3% of EGI per UW.

2007:



ISLAND TUG & BARGE 3546 W MARGINAL WAY SW, SEATTLE, WA


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 16,087 0 0 0 0 0 -- --Net Operating Income 382,880 10 0 0 371,574 10 443,353 443,353 382,765 10 3% 0%



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.40 / 1.33 1.36 / 1.29 1.40 / 1.33


Net Cash Flow 363,093 10 0 0 351,787 10 443,353 443,353 362,978 10 3% 0%Total Capital Items 19,787 1 0 0 19,787 1 0 0 19,787 1 -- --

Debt Service 272,780 7 0 0 272,780 7 272,780 272,780 272,780 7 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 456,420 12 0 0 467,459 13 525,444 525,444 515,843 14 10% 13%Other Income 0 0 0 0 0 0 9,601 9,601 0 0 -- --

Income








Expenses




37,000 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


MAIN STREET CENTER LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

anytime fitness 4,300.00 11.62 18.05

CENTRAL TITLE 3,000.00 8.11 19.00 08/30/2011

IDENTITY 5,400.00 14.59 16.00 10/31/2009


Status: Performing


0 0 3


9,252 9,252 22,428

Replacement 0 0 12,896

Repair 0 0 0

Reserves:

Insurance 10,303 10,303 4,293

Tax 0 0 20

Total: 292,334 292,334


P & I (Current) 272,780 272,780 3,689,870


IDENTITY CENTER 2808 SOUTH MAIN, LINDALE, TX


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 6,304 6,304 17,947 0 -- --Net Operating Income 313,099 7 0 0 (118,463) (3) 114,990 114,990 26,038 1 (122%) (92%)

Tenant Improvements 23,930 1 0 0 23,929 1 0 0 0 0 -- --


Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 58% 0% 154% 37% 37% 86% (44%) 48%Total Operating Expenses 427,596 10 0 0 338,901 8 66,239 66,239 155,191 4 (54%) (64%)

DSCR (A) NOI/NCF 1.38 / 1.21 -0.62 / -0.83 0.18 / -0.02Net Cash Flow After Debt Service 47,099 1 0 0 (347,724) (8) (33,794) (33,794) (146,038) (3) (58%) (410%)

DSCR (A,B) NOI/NCF 1.38 / 1.21 -0.62 / -0.83 0.18 / -0.02

Occupancy 87% 75% 67%DSCR (A,B,C) NOI/NCF 1.38 / 1.21 -0.62 / -0.83 0.18 / -0.02

Net Cash Flow 273,636 6 0 0 (157,924) (4) 108,686 108,686 (3,558) 0 (98%) (101%)Total Capital Items 39,463 1 0 0 39,461 1 6,304 6,304 29,596 1 (25%) (25%)

Debt Service 226,537 5 0 0 189,800 4 142,480 142,480 142,480 3 (25%) (37%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income




Management Fees 0 0 0 0 11,022 0 0 0 9,061 0 (18%) --Janitorial 0 0 0 0 3,921 0 2,612 2,612 2,612 0 (33%) --

Payroll & Benefits 0 0 0 0 127,694 3 0 0 0 0 -- --



Expenses




42,608 NRSF Mixed Use


- mos 2007 12/31/2007 - 12 mos

2008 9/30/2008 - 9 mos

YTD Variance


Credit:


ESO GALLERIA LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht


GALLERIA PLAZA 829 NORTH ATLANTIC AVE, COCOA BEACH, FL

Expense: Real Estate Taxes & Property Insurance adjusted per Servicer Record. Management fees adjusted to 5% of EGI.

2007:

Base:

Capital Expense: Capital Expenditure,Tenant Improvements & Leasing Commission adjusted per Underwriting.

Income: Y/E Settlements adjusted out.

2008:

Capital Expense: Capital Expenditure,Tenant Improvements & Leasing Commission adjusted per Underwriting.

Expense: +39% variance in Total Operating Expenses is due to Utility expenses. Repairs & Maintenance & Professional Fees by $2744, $16151 & $3695 when compared with YE07. Real Estate Taxes & Property Insurance adjusted per servicer record. Management fees adjusted to 4% of EGI per UW.


05/12/2009 8:28:40 AM Of 241

49,104 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


BIG LOTS 2425 NORTH STATE ROAD 39, LEBANON, IN

Mantech SRS Inc 4,210.00 9.88 13.00 09/01/2014

Pyth Reality Corp 3,836.00 9.00 13.19 04/12/2012

Sun Trust Bank 4,334.00 10.17 16.95 01/31/2009


03/11/2009 - 1E - DSCR < 1.10; 1F - DSCR < 1.40 & < or = 75% U/W; 4A - Occ < 80% U/W; 4B - EGI < 80% U/W & < 1.10 DSCR; and 6A - Other (Inadequate Financial Reporting). Loan is secured by a 39,729 sf mixed use office and retail property in Cocoa Beach, FL, built in 1986. The 5/22/2008 inspection rated the Property in Excellent condition. YTD 9/30/2008 NCF DSCR is (0.03)x with 67% Occ (a 23% decline from U/W, qualifying the loan again for 4A); YE 12/31/2007 NCF DSCR was (0.83)x with 74.6% Occ. Loan was U/W at 1.21x with 87% Occ. Based on Annualized figures, the 3Q08 Base Rents and EGI have both declined 67.4% from U/W, while also 9.6% above YE07. Total OpExp are well below both U/W and PYE, however, R&M has notably increased by 55.6% in the last year. The resulting NCF is a 101.7% decline from U/W and 97% below YE07. The DSCR decline is attributed to Occupancy and Base Rents decline, which caused an EGI decline. It appears the Borrower may be including in their financial reporting certain additional income that is not from strictly property-level operations, and presumably certain expenses that are also not property-level only. Bank of America maintains efforts to encourage the Borrower to eliminate non-property-level figures in their reporting; Borrower has not yet acknowledged this request. Bank of America maintains efforts to obtain a leasing update and current marketing plan from the Borrower, and will continue to monitor the Loan.


Hold Back 0 0 0

Repair 0 0 0


0 0 9,032

Replacement 12,512 12,512 65,839


Leasing 0 0 33,002

Excess Rent 0 0 0

Reserves:

Insurance 48,297 48,297 28,173

Tax 47,955 47,955 27,974

Total: 335,301 335,301


P & I (Current) 226,537 226,537 3,183,979

Expense: Real Estate Taxes / Property Insurance adjusted per Servicer Record. Management Fees adjusted to 5% of EGI per UW. Huge Building repairs adjusted out.


Capital Expense: Capital Expenditure and Tenant Improvement / Leasing Commission adjusted per UW.

Base:

DSCR: Debt Service adjusted per Servicer Record. Low DSCR due to Low Rental Income. YE07 NCF DSCR is (0.83)x with 75% Occupancy.

2007: Borrower has provided summary statement please provided the Detailed statement as provided in previous quaters. Nitin Jain. 4/24/08Detailed statement as received previously has been received and imaged, 7/14/08. Please analyze. LMGThe Rental income is not inline when compared the UW & Q307 figures pleaes check. Nitin Jain 7/17/08The Rental income provided in the YE07 is not inline with the Q307 analysis. Worked on the loan on priority request. Borrower has reported huge buliding repairs assuming it to be one time adjusted out. Nitin Jain 9/10/08


2008:

Expense: Huge variance in NOI/NCF DSCR & -39% variance in Total Operating Expenses is due to decrease in Utilities Expenses / General & Administrative Expenses. Utilities Expenses as per Q308 is $24530.03 when compared with YE07 was $36476.98.General & Administrative Expenses as per Q308 is $11675.47 when compared with YE07 was $16356.39.Overall decrease in Total Operating Expenses, as per Q308 is $206921.07 when compared with YE07 was $338900.55. Real Estate Taxes / Property Insurance adjusted per YE07 figures. Management Fee adjusted to 5% of EGI per UW.

DSCR: Low DSCR is due to Low Rental Income combined with increase in General & Administration expenses when compared with UW. Debt Service adjusted per Servicer Record.



05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 55 0 5,146 5,146 5,146 0 9256% --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.35 / 1.21 1.71 / 1.55 2.23 / 2.07



Debt Service 137,837 3 0 0 115,383 2 115,699 115,699 115,699 2 0% (16%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 271,360 6 0 0 209,471 4 275,276 275,276 275,276 6 31% 1%Other Income 0 0 0 0 0 0 77,162 77,162 77,162 2 -- --

Income

General & Administrative Expenses 85,589 2 0 0 1,999 0 0 0 0 0 -- --






Real Estate Taxes 0 0 0 0 0 0 77,703 77,703 0 0 -- --

Expenses





Credit:


SIMPLY STORAGE LEBANON LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Tractor Supply Co (TSC) 21,000.00 42.77 4.75 01/14/2021

Big Lots 28,104.00 57.23 3.50 12/31/2008


01/09/2009 - 4C - Single Tenant with Lease > 30% NRA expiring within next 6 months; 4D - Top 3 Tenants Rollover > 30% NRA (a combination of top 3 tenants with lease expirations within next 6 months); 6A - Other (Past Due Financial Reporting). Loan is secured by a 49,104 sf single-story retail property in Lebanon, IN, built in 1979 and renovated in 2006. The 3/26/2008 inspection rated the Property in Good condition. YTD 6/30/2008 NCF DSCR is 1.70x with 100% Occupancy. Lease Rollover applies to the Property's largest of its two tenants: Big Lots, who occupies 28,104 sf (57.2% NRA), has a 12/31/2008 lease expiration. The 6/30/2008 rent roll suggests that Big Lots has renewed through 12/31/2013, however, Bank of America has requested confirmation from the Borrower, and continues to await Borrower's response. As of 1/9/2009, Borrower's YTD 9/30/2008 financials and rent roll remain outstanding. Bank of America maintains efforts to collect, and will continue to monitor the Loan.


Replacement 14,731 14,731 25,699

Repair 0 0 16,875


0 0 0

Reserves:

Insurance 10,926 10,926 9,819

Tax 46,794 46,794 30,792

Total: 190,046 190,046


P & I (Current) 117,595 117,595 1,950,000

Expense: Management Fees adjusted to 2% of EGI per UW.


Capital Expense: Capital Expenditure & Tenant Improvements/Leasing Commissions adjusted per UW.

Base:


2007: No Rent Roll - Shruti 1/21/08.

Income: +30%, +34% Variance in NOI/NCF DSCR & +31% Variance in Effective Gross Income is due to Other Income of $77161.51 which was not existing in YE07. NNN Lease. Interest only loan.

2008:

Expense: +33% Variance in Total Operating Expenses is due to increase in Other Expenses by $5091. Real Estate Taxes adjusted out. Tenant is responsible for Real estate taxes/Property insurance. Management Fees adjusted to 2% of EGI per UW.




05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.42 / 1.32 1.44 / 1.34 1.44 / 1.34



Debt Service 509,234 9 0 0 509,234 9 509,234 509,234 509,234 9 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income



Base Rent 723,948 13 0 0 762,050 14 845,830 845,830 762,050 14 -- 5%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses




55,575 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


MARSH STORES- #40 11625 FOX ROAD, INIANAPOLIS, IN



Credit:


SIMPLY STORAGE LEBANON LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

01/09/2009 - 4C - Single Tenant with Lease > 30% NRA expiring within next 6 months; 4D - Top 3 Tenants Rollover > 30% NRA (a combination of top 3 tenants with lease expirations within next 6 months); 6A - Other (Past Due Financial Reporting). Loan is secured by a 49,104 sf single-story retail property in Lebanon, IN, built in 1979 and renovated in 2006. The 3/26/2008 inspection rated the Property in Good condition. YTD 6/30/2008 NCF DSCR is 1.70x with 100% Occupancy. Lease Rollover applies to the Property's largest of its two tenants: Big Lots, who occupies 28,104 sf (57.2% NRA), has a 12/31/2008 lease expiration. The 6/30/2008 rent roll suggests that Big Lots has renewed through 12/31/2013, however, Bank of America has requested confirmation from the Borrower, and continues to await Borrower's response. As of 1/9/2009, Borrower's YTD 9/30/2008 financials and rent roll remain outstanding. Bank of America maintains efforts to collect, and will continue to monitor the Loan.


Replacement 14,731 0 25,699

Repair 0 0 16,875


0 0 0

Reserves:

Insurance 10,926 0 9,819

Tax 46,794 0 30,792

Total: 190,046 0


P & I (Current) 117,595 0 1,950,000



LETTER OF CREDIT


05/12/2009 8:28:40 AM Of 241



Credit:


MSI FOX ROAD INDIANAPOLIS PORTFOLIO, LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Repair 0 0 45,565


Hold Back 0 0 0

Miscellaneous 0 0 0

Leasing 0 0 0

Excess Rent 0 0 0

Reserves:

Total: 509,234 0


P & I (Current) 509,234 0 6,957,945



LETTER OF CREDIT


Credit:


MSI FOX ROAD INDIANAPOLIS PORTFOLIO, LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

MARSH SUPERMARKETS INC. 55,575.00 100.00 13.71 11/24/2026


Status: Performing

Repair 0 0 45,565


Hold Back 0 0 0

Miscellaneous 0 0 0

Leasing 0 0 0

Excess Rent 0 0 0

Reserves:

Total: 509,234 509,234


P & I (Current) 509,234 509,234 6,957,945

Income: NNN Lease. Single Tenant. Rent Smoothing adjusted out.

2007:

Expense: Real Estate Taxes adjusted per servicer record. Management fees adjusted to 3% of EGI.

Base:


Income: NNN Lease. Single Tenant. Rent Smoothing adjusted out.

2008:

Expense: Real Estate Taxes represents borrowers actual. Management Fees adjusted to 3% of EGI.

DSCR: YE-2008 NCF DSCR is 1.34x with an occupancy of 100%.

Capital Expense: Capital Expenditure and Tenant Improvements / Leasing Commissions adjusted as per UW.


MARSH STORES- #850 9511 WEST DEPOT ST, YORKTOWN, IN


05/12/2009 8:28:40 AM Of 241


MARSH STORES - #307 11865 HAMILTON AVENUE, CINCINNATI, OH





Operating Expense Ratio 0% 0% 0% 0% 0% 0% -- --Total Operating Expenses 0 0 0 0 0 0 0 0 0 0 -- --







Management



Base Rent 641,250 1 0 0 0 0 0 0 0 0 -- --

Income



Expenses



Janitorial 0 0 0 0 0 0 0 0 0 0 -- --








Credit:


MARSH REAL ESTATE SPE, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Marsh Warehouse 481,700.00 100.00 0.00 10/31/2026


Status: Performing

Repair 0 0 16,862

Miscellaneous 0 0 0

Hold Back 0 0 675,000

Environmental 0 0 119,250

Leasing 0 0 0

Reserves:

Total: 396,545 396,545


P & I (Current) 396,545 396,545 4,258,840

Base:


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 338,172 11 0 0 346,174 11 354,661 354,661 343,982 11 (1%) 2%



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.42 / 1.31 1.46 / 1.34 1.45 / 1.33


Net Cash Flow 310,714 10 0 0 318,717 10 354,661 354,661 316,525 10 (1%) 2%Total Capital Items 27,457 1 0 0 27,457 1 0 0 27,457 1 -- --

Debt Service 237,874 7 0 0 237,874 7 237,874 237,874 237,874 7 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income



Base Rent 338,172 11 0 0 361,266 11 355,970 355,970 355,970 11 (1%) 5%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses




32,117 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


MSI NATIONAL ROAD RICHMOND GROCERY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Lobill, MSI - Store #307 32,117.00 100.00 11.08 11/22/2026


Status: Performing

Hold Back 0 0 0

Repair 0 0 0

Miscellaneous 0 0 0

Leasing 0 0 0

Reserves:

Total: 237,874 237,874


P & I (Current) 237,874 237,874 3,250,203

Expense: Management Fees adjusted to 3% of EGI. The Tenant would be responsible for all Utilities, Operating and Real Estate Taxes attributable to the Building.

Income: NNN Lease.

Base:


2007:


2008:


Expense: Management Fees adjusted to 3% of EGI. -21% Variance in Total Operating Expenses is primarily due to the decrease in Professional Fees Expenditure from $3,245.00 of 12/31/07 to $198.00 of 12/31/08, a decrease of $3,047.00 (-94%).


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.42 / 1.31 1.47 / 1.35 1.48 / 1.36



Debt Service 230,882 7 0 0 230,882 7 230,882 230,882 230,882 7 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income

General & Administrative Expenses 0 0 0 0 985 0 1,132 1,132 1,132 0 15% --







Expenses




31,173 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


MARSH STORES - #325 501 NATIONAL ROAD, WEST, RICHMOND, IN



Credit:



No tenants returned

Status: Performing

Hold Back 0 0 0

Repair 0 0 0

Miscellaneous 0 0 0

Leasing 0 0 0

Reserves:

Total: 237,874 0


P & I (Current) 237,874 0 3,250,203



LETTER OF CREDIT


05/12/2009 8:28:40 AM Of 241



Credit:



No tenants returned

Status: Performing

Hold Back 0 0 0

Repair 0 0 0

Miscellaneous 0 0 0

Leasing 0 0 0

Reserves:

Total: 230,882 0


P & I (Current) 230,882 0 3,154,671



LETTER OF CREDIT


Credit:



Lobill Foods 31,173.00 100.00 11.08 11/22/2026


Status: Performing

Hold Back 0 0 0

Repair 0 0 0

Miscellaneous 0 0 0

Leasing 0 0 0

Reserves:

Total: 230,882 230,882


P & I (Current) 230,882 230,882 3,154,671

Expense: Management Fees adjusted to 3% of EGI. Professional Fees adjusted out.


Base:




2008: Analysed By Ranjeet.

Capital Expense: Capital Expenditure, Tenant Improvements and Leasing Commission adjusted per UW.

Expense: Management Fee adjusted to 3% of EGI.


MARSH STORES - #301 950 NORTH CASS STREET, WABASH, IN


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.42 / 1.32 1.44 / 1.34 1.44 / 1.34



Debt Service 132,870 9 0 0 132,870 9 132,870 132,870 132,870 9 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income

General & Administrative Expenses 0 0 0 0 984 0 879 879 879 0 (11%) --


Base Rent 188,893 12 0 0 201,499 13 198,593 198,593 198,593 13 (1%) 5%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses




15,245 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



Lobill, MSI - Store #301 15,245.00 100.00 13.04 11/22/2026


Status: Performing

Hold Back 0 0 0

Repair 0 0 0

Miscellaneous 0 0 0

Leasing 0 0 0

Reserves:

Total: 132,870 132,870


P & I (Current) 132,870 132,870 1,815,477

Expense: Management Fees ajusted to 3% of EGI.


Base:




2008:


Expense: Management Fee adjusted to 3% of EGI. -31% Variance in Total Operating Expenses is primarily due to the decrease in Professional Fees Expenditure from $3,245.00 of 12/31/07 to $198.00 of 12/31/08, a decrease of $3,047.00 (-94%).


05/12/2009 8:28:40 AM Of 241













Effective Gross Income 421,401 10,805 0 0 488,283 12,520 501,947 501,947 500,808 12,841 3% 19%Other Income 0 0 0 0 56,574 1,451 45,749 45,749 45,134 1,157 (20%) --

Base Rent 421,401 10,805 0 0 431,709 11,069 456,199 456,199 455,674 11,684 6% 8%

Income




Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --Payroll & Benefits 0 0 0 0 10,664 273 3,626 3,626 3,626 93 (66%) --


Real Estate Taxes 0 0 0 0 87,360 2,240 0 0 65,745 1,686 (25%) --

Expenses

Utilities Expense 0 0 0 0 20,774 533 21,395 21,395 21,395 549 3% --Property Insurance 0 0 0 0 16,585 425 0 0 19,131 491 15% --


39 UNT Multifamily


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


RICHMOND RIDGE APARTMENTS

3613 3617 3628 3929 SOUTH HAMPTON COURT, BRYAN, TX



Credit:



No tenants returned

Status: Performing

Hold Back 0 0 0

Repair 0 0 0

Miscellaneous 0 0 0

Leasing 0 0 0

Reserves:

Total: 132,870 132,870


P & I (Current) 132,870 132,870 1,815,477



LETTER OF CREDIT


05/12/2009 8:28:40 AM Of 241


Credit:


RICHMOND RIDGE LTD Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing


Insurance 21,044 21,044 18,430

Tax 76,404 76,404 34,449

Total: 331,118 331,118


P & I (Current) 228,600 228,600 3,184,247

Expense: Real Estate Taxes adjusted per Underwriting. Property Insurance adjusted per Servicer record. Management Fee adjusted to 5% of EGI per Underwriting.

Income: Interest Only Loan. Prepaid Rent adjusted out.


Base:


2007:

Income: Interest only loan till 11/30/2008. Prepaid rent/Past tenant damage paid adjusted.

2008: Rent Roll seems to be Incomplete. Please provide the complete details of rent roll.

Expense: Real estate taxes/ Property insurance adjusted as per servicer record. Management fees adjsuted to 5% on EGI as per UW.

DSCR: If Debt service is assumed to be amortized for year end, the DSCR would be 1.42.

Capital Expense: Capital expenditure adjsuted as per UW.


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 55 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 23% 0% 5% 6% 6% 5% 17% (77%)Total Operating Expenses 159,589 8 0 0 15,383 1 10,289 10,289 8,983 0 (42%) (94%)


DSCR (A,B) NOI/NCF 1.26 / 1.21 1.48 / 1.42 1.47 / 1.41



Debt Service 412,716 20 0 0 214,612 10 107,306 107,306 107,306 5 (50%) (74%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses

Property Insurance 0 0 0 0 0 0 1,306 1,306 0 0 -- --



20,559 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:


HEATHORN-AUBURN HILLS TAYLOR LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

La-Z-Boy-Auburn-Hills 21,000.00 102.15 15.86 02/05/2016


Status: Performing

Replacement 5,905 3,071 12,838

Tax Hold Back 0 0 33,492

Miscellaneous 0 0 0

Reserves:

Tax 0 0 0

Total: 418,621 217,683


P & I (Current) 412,716 214,612 5,779,144

Expense: Tenant is responsible for Real Estate Taxes / Property Insurance / Common area maintenance / Utility Expenses. Hence, property insurance / Repairs adjusted out. Management Fee represents borrower actuals @4.33% of EGI.

2007:

Base:



2008:


Expense: Tenant is responsible for Real Estate Taxes / Property Insurance / Common Area Maintenance / Utility Expenses. Hence, Property Insurance adjusted out. Management Fee represents borrower actuals @ 3.999% of EGI.


AUBURN HILLS 3975 BALDWIN ROAD, AUBURN HILLS, MI


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 38 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.44 / 1.38 1.43 / 1.37



Debt Service 0 0 0 0 198,104 11 99,052 99,052 99,052 5 (50%) --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income

General & Administrative Expenses 0 0 0 0 415 0 1,041 1,041 1,041 0 151% --







Expenses




18,806 NRSF Retail

Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:


HEATHORN-AUBURN HILLS TAYLOR LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

La-Z-Boy-Taylor 19,000.00 101.03 15.75 02/05/2016


Status: Performing

Replacement 5,905 2,834 12,838

Tax Hold Back 0 0 33,492

Miscellaneous 0 0 0

Reserves:

Tax 0 0 0

Total: 418,621 200,938


P & I (Current) 412,716 198,104 5,779,144

2007:

Expense: Tenant is responsible for Real Estate Taxes / Property Insurance / Common area maintenance / Utility Expenses. Hence, property insurance / Repairs adjusted out. Management Fee represents borrower actuals @4.33% of EGI.



2008: The Q2-08 Rent Roll is not provided. As the property is occupied by a Single Tenant, the Square Footage is updated from the previous analysis (YE-07 analysis) and Rent for the calculation of ARR is updated from the Q2-08 financials.


Expense: Tenant is responsible for Real Estate Taxes / Property Insurance / Common Area Maintenance / Utility Expenses. Hence, Property Insurance adjusted out. Management Fee represents borrower actuals @ 3.999% of EGI.


TAYLOR LA-Z-BOY 22919 EUREKA ROAD, TAYLOR, MI


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.30 / 1.20 1.69 / 1.58 1.41 / 1.31


Net Cash Flow 170,107 21 0 0 189,989 23 256,849 256,849 185,885 23 (2%) 9%Total Capital Items 13,414 2 0 0 13,414 2 0 0 13,414 2 0% 0%

Debt Service 141,387 17 0 0 120,091 15 141,387 141,387 141,387 17 18% --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses




8,100 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


BINDAY REALTY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

R BINDAY PLANS & CONC LTD 1,300.00 16.05 34.38 09/30/2016

ANN ROSE SIMON, PSCH 400.00 4.94 29.85 03/31/2010

ADVOCATE BROKERAGE CORP 4,400.00 54.32 37.27 09/30/2016


Status: Performing

Leasing 2,025 2,025 4,909


Insurance 3,908 3,908 3,004

Tax 46,967 46,967 14,829

Total: 201,090 201,090


P & I (Current) 141,387 141,387 1,966,057

Capital Expense: Capital Expenditure and Tenant Improvement/Leasing Commission adjusted per UW.

Expense: Real Estate Taxes/Property Insurance adjusted per Servicer Record. Management Fees adjusted to 4% of EGI per UW

Base:

DSCR: Dedt Service adjusted per Servicer Record. Assuming debt service as Amortization for the entire year DSCR would be 1.34x.

Income: Interest Only Loan till 11/30/2007.

Expense: Real Estate Taxes/Property Insurance adjusted per Servicers record. Management Fees adjusted to 4% of EGI per UW.

2008: As Square Footage is not provided in the Rent Roll Occupancy is not updated.

2007: Square feet details are not given in the rent roll hence rent roll & occupancy is not updated. Please provide the detailed rent roll. 3/28/2008 - Pramod Kola

Capital Expense: Capital Expenditure/ Tenant Improvement & Leasing Commission adjusted as per UW.


820 SCARSDALE 820 SCARSDALE AVENUE, SCARSDALE, NY


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.62 / 1.52 1.61 / 1.52 1.60 / 1.51


Net Cash Flow 809,057 23 0 0 807,602 23 946,900 946,900 802,466 23 (1%) (1%)Total Capital Items 48,808 1 0 0 48,808 1 0 0 48,808 1 -- --

Debt Service 530,844 15 0 0 530,844 15 532,298 532,298 532,298 15 0% 0%



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,117,568 32 0 0 1,178,348 33 1,239,608 1,239,608 1,138,667 32 (3%) 2%Other Income 0 0 0 0 52,084 1 20,768 20,768 20,768 1 (60%) --

Income


Gross Potential Rent 0 0 0 0 0 0 849,755 849,755 849,755 24 -- --

Base Rent 1,117,568 32 0 0 910,855 26 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 0 0 (500) (500) (500) 0 -- --





Expenses




35,458 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ALTA MIRA SHOPPING CENTER LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

United Blood Services 3,386.00 9.55 24.35 01/31/2011

Dr. Ken k. Doung.DDS 2,064.00 5.82 27.83 06/17/2009

Blockbuster Video 4,978.00 14.04 26.88 11/30/2011


Status: Performing


0 0 185,409


Insurance 7,497 7,497 7,497

Tax 66,095 66,095 16,524

Total: 619,935 619,935


P & I (Current) 541,024 541,024 9,200,000


RANCHO ALTA MIRA SHOPPING CENTER

4900 WEST CRAIG ROAD, LAS VEGAS, NV


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.36 / 1.20 1.49 / 1.33 1.78 / 1.62



Debt Service 615,524 8 0 0 512,328 7 384,597 384,597 384,597 5 (25%) (38%)

Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --Debt Service - B 0 0 0 0 84,510 1 63,441 63,441 63,441 1 (25%) --

Expense Reimbursement 0 0 0 0 195,575 3 275,065 275,065 275,065 4 41% --Percentage Rent 0 0 0 0 59,444 1 0 0 0 0 -- --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 1,163,038 15 0 0 1,136,797 15 989,762 989,762 989,762 13 (13%) (15%)Other Income 0 0 0 0 2,798 0 0 0 0 0 -- --

Income



Base Rent 1,163,038 15 0 0 878,980 11 714,698 714,698 714,698 9 (19%) (39%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --



Professional Fees 0 0 0 0 9,832 0 8,416 8,416 8,416 0 (14%) --Advertising & Marketing 0 0 0 0 23 0 17,043 17,043 17,043 0 74001% --


Expenses




78,084 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 9/30/2008 - 9 mos

YTD Variance


Credit:


POAL FH, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht


FOREST HILL CORPORATE CENTER

3860 FOREST HILL IRENE RD, #110, MEMPHIS, TN

Expense: Real Estate Taxes / Property Insurance adjusted per Servicer Record. Management Fees adjusted to 5% of EGI.

Income: Interest only Loan. Prior Year CAM Reconcialiation adjusted out.


Base:


2007:

Income: Interest only Loan. Prior year Cam Reconcialition / Prior year INS Reconcialition / Prior year TAX Reconcialition adjusted out.

2008:

Expense: Real Estate Taxes / Property Insurance adjusted per Servicer record. Management fees adjusted to 5% of EGI.


Capital Expense: Capital Expenditures & Tenant Improvements / Leasing Commission adjusted per UW.


05/12/2009 8:28:40 AM Of 241

FedEx 14,751.00 18.89 11.73 11/30/2016

Interactive Solutions 10,338.00 13.24 11.37 02/28/2011

Mid-American Specialties 28,868.00 36.97 11.73 06/30/2011


Status: Performing


36,000 36,000 9,622

Replacement 10,932 10,932 911Reserves:

Insurance 10,518 10,518 12,432

Tax 189,926 189,926 58,766

Total: 769,530 769,530


P & I (Current) 522,153 522,153 8,792,250

Expense: Real Estate Taxes/Property Insurance adjusted per Servicer Record. Management Fees represents borrowers actual @4.48% of EGI.

Income: Interest Only Loan. Prepaid Income adjusted out. Debt#B - 3225059.


Base:


2007:

Income: Interest only loan. Debt B # 3225059

2008: In Q308 Borrower Rent Roll, he has given 75000 Sqft as total Sqft and 74180 as Occupied Sqft, But the tenant 104A Vacant / Master Lease (1407 Sqft) he has treated it as Occupied, hence i considered it as occupied unit. Please check and advise.

Expense: Real Estate Taxes & Property Insurance adjusted per YE 07 figures. Management Fee adjusted to 4% of EGI per UW.




05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 8,903 8,903 8,903 1 -- --

Management 4.0%

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.34 / 1.26 1.54 / 1.45Net Cash Flow After Debt Service 69,720 6 0 0 0 0 49,223 49,223 41,299 3 -- (41%)

DSCR (A,B) NOI/NCF 1.34 / 1.26 1.54 / 1.45


Net Cash Flow 333,498 27 0 0 0 0 141,405 141,405 133,480 11 -- (60%)Total Capital Items 21,042 2 0 0 0 0 0 0 8,838 1 -- (58%)

Debt Service 263,778 21 0 0 0 0 92,182 92,182 92,182 7 -- (65%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses




12,400 NRSF Retail


- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


Credit:


CSS-BRECKSVILLE LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Walgreens-Mentor 12,400.00 100.00 13.25 06/30/2015


Status: Performing


0 0 0


Insurance 0 0 0

Tax 0 0 0

Total: 272,742 114,552


P & I (Current) 263,778 110,787 3,754,118



Base:

2007:


Expense: Insurance adjusted out. Tenant is responsible to pay all Taxes, Insurance and Common Area Maintenance expenses. Management Fees represents Borrower actuals @ 4% of EGI per UW.


WALGREEN'S-MENTOR 7320 LAKESHORE BLVD, MENTOR, OH


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 8,949 8,949 8,949 1 -- --

Management 4.0%

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.34 / 1.26 1.57 / 1.47


Net Cash Flow 333,498 27 0 0 0 0 198,672 198,672 187,465 15 -- (44%)Total Capital Items 21,042 2 0 0 0 0 0 0 12,204 1 -- (42%)

Debt Service 263,778 21 0 0 0 0 127,298 127,298 127,298 10 -- (52%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses




12,500 NRSF Retail


- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


Credit:


CSS-BRECKSVILLE LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Walgreens-Brecksville 12,500.00 100.00 18.00 06/30/2015


Status: Performing


0 0 0


Insurance 0 0 0

Tax 0 0 0

Total: 272,742 158,191


P & I (Current) 263,778 152,992 3,754,118



Base:

2007:


Expense: Insurance adjusted out. Tenant is responsible to pay all Taxes, Insurance and Common Area Maintenance expenses. Management Fees represents Borrower actuals @4% of EGI per UW.


WALGREEN'S-BRECKSVILLE 8966-8974 BRECKSVILLE ROAD, BRECKSVILLE, OH


05/12/2009 8:28:40 AM Of 241



Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 1,482 0 0 0 1,482 0 0 0 1,482 0 0% 0%

Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.27 / 1.27 1.33 / 1.33 1.30 / 1.30


Net Cash Flow 385,814 26 0 0 334,855 23 336,996 336,996 328,974 22 (2%) (15%)Total Capital Items 1,482 0 0 0 1,482 0 0 0 1,482 0 0% 0%

Debt Service 304,362 21 0 0 252,550 17 253,242 253,242 253,242 17 0% (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income

General & Administrative Expenses 7,904 1 0 0 606 0 301 301 301 0 (50%) (96%)


Base Rent 395,200 27 0 0 362,267 24 395,200 395,200 395,200 27 9% --Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses




14,820 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ORION GREEN, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

WALGREEN CO. #9251 (ORION GREEN) 14,820.00 100.00 26.67 09/30/2031



Payment Amount


Expense: Tenant is responsible to pay Taxes, Insurance, CAM expenses. Real estate taxes represents borrower actual. Property Insurance adjusted out. Management fees adjusted to 3% of EGI.

Income: New Loan. Loan originated 12/8/2006. Single Tenant. Interest only loan.


Base:


2007:

Income: NNN Lease. Single Tenant. Interest only loan.

2008:

Expense: +61% variance in Total Operating Expenses is mainly due to increase in Professional fees. Propfessional fee increased by $42450 with 323% increase when compared with YE07 figures.Real Estate taxes represents borrowers actual. Property Insurance adjsuted. Management fee adjusted to 2% on EGI per UW. Tenant pays directly for Real Estate Tax & Property Insurance .

DSCR: Debt Service adjsuted per servicer record.



WALGREEN'S AT OAKLAND 3520 BALDWIN ROAD, LAKE ORION, MI


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.27 / 1.27 1.13 / 1.12 1.53 / 1.52


Net Cash Flow 276,004 19 0 0 202,179 14 283,959 283,959 276,388 19 37% 0%Total Capital Items 1,482 0 0 0 1,482 0 0 0 1,482 0 0% --

Debt Service 217,998 15 0 0 180,888 12 181,383 181,383 181,383 12 0% (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income

General & Administrative Expenses 5,663 0 0 0 276 0 540 540 540 0 95% (90%)







Expenses




14,820 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


IRELAND GREEN, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Walgreens 14,820.00 100.00 19.11 09/30/2031



Payment Amount


Expense: Tenant is responsible for Real Estate Taxes and property Insurance. Management fees adjusted to 2% of EGI per UW.

Income: NNN Single Tenant. Interest only loan.

Capital Expense: Capital expenditure adjusted per Servicer record.

Base:


2007:

Income: +35% & +36% Variance in NOI/NCF DSCR respectively and +26 Variance in Effective Gross Income is due to Increase in Rental Income from $240,870.97 in YE07 to $283,149.97 in YE08 and Expense Reimbursement of $21,258.75 in YE08 which was not reported in YE07. NNN Single Tenant. Interest only loan.

2008:

Expense: -29% Variance in Total Operating Expenses is due to decrease in Professional Fees from $31,352.57 in YE07 to $2,125 in YE08. Tenant is responsible for Real Estate Taxes and property Insurance. Management fees adjusted to 2% of EGI per UW.


Capital Expense: Capital expenditure adjusted per UW.


WALGREEN'S AT MISHAWAKA 3425 BREMAN HIGHWAY, MISHAWAKA, IN


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.35 / 1.25 1.65 / 1.55 1.57 / 1.47



Debt Service 460,204 21 0 0 460,204 21 460,204 460,204 460,204 21 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 837,526 37 0 0 1,001,039 45 983,710 983,710 983,710 44 (2%) 17%Other Income 0 0 0 0 4,123 0 8,508 8,508 8,508 0 106% --

Income







Real Estate Taxes 0 0 0 0 89,396 4 102,242 102,242 89,396 4 -- --

Expenses




22,345 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


NW HOUSTON MOB II, LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Tomball Imaging 6,331.00 28.33 18.21 02/28/2016

Express Emergency Room 3,430.00 15.35 17.69 05/30/2011

Tomaball Surgery Center 12,584.00 56.32 44.15 12/31/2020


Status: Performing


0 0 0

Replacement 894 894 2,092Reserves:

Insurance 17,537 17,537 8,769

Tax 105,048 105,048 43,769

Total: 583,683 583,683


P & I (Current) 460,204 460,204 6,313,047

Expense: Real Estate Taxes represents Borrower Actuals. Property Insurance adjusted per Servicer Record. Management Fee adjusted to 5% of EGI per UW.


Base:

2007:

2008:

Expense: Real Estate Taxes adjusted per Servicer record. Property Insurance represents borrowers actuals. Management fees adjusted to 5% of EGI per UW.

Capital Expense: Capital Expenditure / Tenant Improvements & Leasing Commission adjusted per UW.


SPRING CREEK MEDICAL CENTER

24727 TOMBALL PARKWAY, TOMBALL, TX


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.22 / 1.20 1.53 / 1.51 1.51 / 1.50



Debt Service 541,281 8 0 0 446,728 6 447,951 447,951 447,951 6 0% (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 665,437 10 0 0 792,447 11 1,062,698 1,062,698 1,036,042 15 31% 56%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income








Expenses




70,046 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


GE TALLMADGE PORTFOLIO LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

west avenue 70,046.00 100.00 10.00 08/31/2016



Payment Amount


Expense: Real Estate Taxes / Property Insurance represents borrowers actuals. Tenant is responsible for taxes, insurance and CAM expenses. Management Fees represents borrowers actuals @ 2% of EGI. Income Taxes adjusted out.

Income: NNN Lease. Single Tenant. Interest only Loan. Rent Smoothing adjusted out.


Base:


2007:

Income: +31% variance in Effective Gross Income is due to increase in Expenses Reimbursement by $243595 when compared with YE07. Single Tenant. Interest only Loan. Rent smoothing adjusted out.

2008:

Expense: +224% variance in Total Operating Expenses respectively is due to increase in Real Estate Taxes & Management Fees by $243595 & $4872 when compared with YE07. Real Estate Taxes / Property Insurance represents borrowers actuals. Tenant is responsible for taxes, insurance and CAM expenses. Management Fees represents borrowers actuals @ 2% of EGI.




GIANT EAGLE-TALLMADGE 205 WEST AVENUE, TALLMADGE, OH


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 21,469 1 0 0 0 0 -- --Net Operating Income 646,809 15 0 0 711,475 17 526,044 526,044 519,478 12 (27%) (20%)



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 21% 0% 20% 23% 23% 24% 21% 15%Total Operating Expenses 169,477 4 0 0 174,283 4 156,213 156,213 162,778 4 (7%) (4%)


DSCR (A,B) NOI/NCF 1.54 / 1.41 1.69 / 1.57 1.24 / 1.11


Net Cash Flow 594,831 14 0 0 659,497 16 526,044 526,044 467,500 11 (29%) (21%)Total Capital Items 51,978 1 0 0 51,978 1 0 0 51,978 1 0% --

Debt Service 420,394 10 0 0 420,394 10 420,394 420,394 420,394 10 -- --


Percentage Rent 0 0 0 0 34,523 1 0 0 0 0 -- --Expense Reimbursement 0 0 0 0 157,589 4 126,221 126,221 126,221 3 (20%) --

Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 816,285 19 0 0 885,758 21 682,256 682,256 682,256 16 (23%) (16%)Other Income 0 0 0 0 5,971 0 0 0 0 0 -- --

Income






Professional Fees 0 0 0 0 2,078 0 0 0 0 0 -- --Advertising & Marketing 0 0 0 0 117 0 0 0 0 0 -- --


Expenses




41,922 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


CORNELL HOME COURT LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Fishel's Inc. 12,375.00 29.52 17.00 05/31/2010

Office Furniture/Dining Rooms Unlimited 8,900.00 21.23 22.50 06/30/2011

Sleep Country USA 13,355.00 31.86 13.11 05/31/2010


Status: Performing

Total: 420,394 420,394

Payment Amount


Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Management Fees adjusted to 4% of EGI per UW.

2007:

Base:


Income: -23% Variance in Effective Gross Income & -27% & -29% Variance in NOI/NCF DSCR respectively is due to decrease in Rental Income from $687,674.94 in YE07 to $556,035.78 in YE08 Expenses Reimbursement from $157,589.03 in YE07 to $126,220.56 in YE08 and Other income of $5,971 in YE07 which is not reported in YE08.

2008:

Capital Expense: Capital Expenditures & Tenant Improvements / Leasing Commission adjusted per UW.

Expense: Real Estate Taxes & Property Insurance represents Borrowers actual. Management Fees adjusted to 4% of EGI per UW.


CORNELL HOME CENTER 17305 & 17235 NW CORRIDOR CT, BEAVERTON, OR


05/12/2009 8:28:40 AM Of 241


BALLY'S WEST PALM BEACH 501 VILLAGE BOULEVARD, WEST PALM BEACH, FL




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.23 / 1.22 1.32 / 1.32 1.44 / 1.44


Net Cash Flow 291,538 20 0 0 260,128 18 292,562 292,562 284,547 19 9% (2%)Total Capital Items 1,482 0 0 0 1,482 0 0 0 1,482 0 -- --

Debt Service 238,845 16 0 0 197,457 13 197,998 197,998 197,998 13 0% (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income

General & Administrative Expenses 5,980 0 0 0 581 0 301 301 301 0 (48%) (95%)







Expenses




14,820 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


WEST BRANCH GREEN LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Walgreens 14,820.00 100.00 20.18 08/31/2081



Payment Amount


Expense: Real Estate taxes / Property Insurance represents Borrowers actual. Management Fee adjusted to 2% of EGI per UW.

Income: Single Tenant. Interest Only Loan.

Capital Expense: capital expenditure adjusted as per UW.

Base:

DSCR: Debt Service adjusted as per servicer record.

2007: Done By Gayatri

Income: Single Tenant. Interest Only Loan.

2008:

Expense: Real Estate taxes adjusted per Servicer record. Property Insurance represents Borrowers actual. Management Fee adjusted to 2% of EGI per UW.

DSCR: Debt Service adjusted as per servicer record.

Capital Expense: capital expenditure adjusted as per UW.


WEST BRANCH WALGREENS 2480 EAST HOUGHTON AVENUE, WEST BRANCH, MI


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 589,275 16 0 0 654,750 18 675,000 675,000 654,750 18 -- 11%



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 3% 0% 3% 0% 0% 3% -- --Total Operating Expenses 18,225 0 0 0 20,250 1 0 0 20,250 1 -- 11%


DSCR (A,B) NOI/NCF 1.66 / 1.57 1.84 / 1.75 1.84 / 1.75


Net Cash Flow 556,532 15 0 0 622,008 17 675,000 675,000 622,008 17 -- 12%Total Capital Items 32,743 1 0 0 32,742 1 0 0 32,742 1 -- 0%

Debt Service 355,449 10 0 0 355,449 10 356,423 356,423 356,423 10 0% 0%



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 607,500 17 0 0 675,000 18 675,000 675,000 675,000 18 -- 11%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income




Management Fees 0 0 0 0 20,250 1 0 0 20,250 1 -- --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --




Expenses




36,680 NRSF Athletic/Health Club


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


WPB VILLAGE 1 LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Ballys Fitness Center 36,680.00 100.00 18.40 06/30/2021


04/09/2009 - 4E - Bankruptcy - Tenant >30% NRA; and previously, 2C - Trigger Event. Loan is secured by a 36,680 sf health club in West Palm Beach, FL, built in 1987. The 3/13/2008 inspection rated the subject in Good condition. Property is 100% occupied by a single tenant, Bally Total Fitness. YE 12/31/2008 NCF DSCR is 1.75x, same as YE 2007 and 3Q08, and above U/W. Bally's lease term is 7/1/2006 - 6/30/2021 and rate is $18.50 psf/yr NNN (RET, PINS & TOE). Borrower reports Rents only. On 12/3/2008 Bally Total Fitness Corporation ("Bally") filed for voluntarily chapter 11 bankruptcy protection. Bally's BK is a Trigger Event under Section 15.1(c) of the Loan Agreement, which permits (but does not require) the Bwr to file a $474,436 LOC in order to retain the non-recourse status of the Loan. Borrower proposed posting a CD instead of an LOC for the same amount. Following BofA counsel review, a CD in the amount of $474,436 was accepted as a substitute to the LOC, and posted as additional Loan collateral, on 1/9/2009. Bwr's counsel indicated the subject is fully operational, a very busy location, and the lease has not been rejected, unlike 19 other Bally locations. Loan has cured for the Trigger Event, therefore CMSA code 2C has been removed. The Loan will be retained on the WL due to the tenant BK; Bank of America will continue to closely monitor the Loan.


Miscellaneous 0 0 82,099Reserves:

Total: 362,266 362,266


P & I (Current) 362,266 362,266 6,000,000


05/12/2009 8:28:40 AM Of 241



Credit:


WPB VILLAGE 1 LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

04/09/2009 - 4E - Bankruptcy - Tenant >30% NRA; and previously, 2C - Trigger Event. Loan is secured by a 36,680 sf health club in West Palm Beach, FL, built in 1987. The 3/13/2008 inspection rated the subject in Good condition. Property is 100% occupied by a single tenant, Bally Total Fitness. YE 12/31/2008 NCF DSCR is 1.75x, same as YE 2007 and 3Q08, and above U/W. Bally's lease term is 7/1/2006 - 6/30/2021 and rate is $18.50 psf/yr NNN (RET, PINS & TOE). Borrower reports Rents only. On 12/3/2008 Bally Total Fitness Corporation ("Bally") filed for voluntarily chapter 11 bankruptcy protection. Bally's BK is a Trigger Event under Section 15.1(c) of the Loan Agreement, which permits (but does not require) the Bwr to file a $474,436 LOC in order to retain the non-recourse status of the Loan. Borrower proposed posting a CD instead of an LOC for the same amount. Following BofA counsel review, a CD in the amount of $474,436 was accepted as a substitute to the LOC, and posted as additional Loan collateral, on 1/9/2009. Bwr's counsel indicated the subject is fully operational, a very busy location, and the lease has not been rejected, unlike 19 other Bally locations. Loan has cured for the Trigger Event, therefore CMSA code 2C has been removed. The Loan will be retained on the WL due to the tenant BK; Bank of America will continue to closely monitor the Loan.


Miscellaneous 0 0 82,099Reserves:

Total: 362,266 362,266


P & I (Current) 362,266 362,266 6,000,000



CERTIFICATE OF DEPOSIT

Expense: Management Fees adjusted to 3% of EGI per UW.

Income: Interest Only. NNN Lease Single Tenant.


Base:

DSCR: Debt Service adjsuted per Servicer Record.

2007:

Income: Interest Only. NNN Lease Single Tenant.

2008:

Expense: Tenant is responsible for payment of Taxes, Insurance and Operating Expenses. Management Fees adjusted to 3% of EGI per UW.


Capital Expense: Capital Expenditures &Tenant Improvements / Leasing Commission adjusted per UW.


ROBINDALE PARK MHC 1103 ROBINDALE DRIVE, FENTON, MO


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 10,900 50 0 0 10,900 50 0 0 10,900 50 -- --Net Operating Income 357,077 1,638 0 0 218,994 1,005 188,137 188,137 191,562 879 (13%) (46%)



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --





Net Cash Flow After Debt Service 52,127 239 0 0 (32,412) (149) (53,028) (53,028) (60,502) (278) 87% (216%)

Debt Service 294,049 1,349 0 0 240,506 1,103 241,165 241,165 241,165 1,106 0% (18%)Net Cash Flow 346,177 1,588 0 0 208,094 955 188,137 188,137 180,662 829 (13%) (48%)



Effective Gross Income 576,119 2,643 0 0 542,094 2,487 532,816 532,816 532,816 2,444 (2%) (8%)Other Income 0 0 0 0 13,860 64 12,967 12,967 12,967 59 (6%) --

Base Rent 576,119 2,643 0 0 528,234 2,423 519,849 519,849 519,849 2,385 (2%) (10%)

Income

General & Administrative Expenses 219,042 1,005 0 0 30,082 138 32,382 32,382 32,382 149 8% (85%)


Payroll & Benefits 0 0 0 0 86,730 398 102,313 102,313 102,313 469 18% --Management Fees 0 0 0 0 27,105 124 26,404 26,404 26,404 121 (3%) --


Repairs and Maintenance 0 0 0 0 43,784 201 49,250 49,250 49,250 226 12% --


Expenses

Utilities Expense 0 0 0 0 78,290 359 75,918 75,918 75,918 348 (3%) --Property Insurance 0 0 0 0 3,828 18 10,277 10,277 6,851 31 79% --


218 UNT Unknown


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ROBINDALE PARK MHC LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

02/10/2009 - 1E - DSCR < 1.10; 1F - DSCR < 1.40 & < or = 75% U/W. Loan is secured by a 218-unit mobile home community in Fenton, MO, built in 1983 and renovated in 1996. The 4/14/2008 inspection rated the Property in Good condition. YTD 9/30/2008 NCF DSCR is 0.75x with 72% Occupancy as of 10/9/2008. Loan was U/W at 1.18x with 88.5% Occ based on 233 units. DSCR decline is attributed to decreased Occupancy and Income, and certain increased Operating Expenses, specifically, R&M, GA, and P&B. The 2008 inspection report indicated a factor in the reduced property performance: "There are no amenities and the community has currently 15 unusable pads or lots due to concrete deterioration." Bank of America is in the process of verifying with Borrower the reasons for Occupancy decline, and if any of the increased expenses were actually non-recurring expenses that might be adjusted from analysis. Historically, the Borrower had mingled some CapEx road and UTL repairs in general R&M expenses, as well as a one time non-recurring expense of $5,000 for training the property manager; the adjusted analysis resulted in the Loan being removed from the watchlist last year. Bank of America is also requesting Bwr's plans to restore the 15 unusable pads to leaseable condition; awaiting a response.



0 0 100,806


Insurance 7,536 7,536 6,280

Tax 38,448 38,448 19,224

Total: 350,933 350,933


P & I (Current) 294,049 294,049 4,300,923

Expense: Real estate taxes adjusted as per servicer record. Property Insurance represents Borrowers actual. management Fee adjusted to 5% of EGI.


Capital Expense: Capital expenditure adjusted as per UW.

Base:

DSCR: Debt Service adjusted per Servicer record. Low DSCR is due to low rental income combined with high Repairs & maintenance/ General & Administration & Payroll & Benefits expenses.

2007: In Q2 07 analysis there were few adjustments in Repairs & Maintenance/ General & Administration expenses , which are not considered for YE 07 analysis. Done by Gayatri.


2008:

Expense: Real Estate Taxes represents borrower actual. Property Insurance adjusted per servicer record. Management fee represents borrower actual @ 4.95% of EGI.

DSCR: Debt Service adjusted per Servicer record. Low DSCR is due to low rental income combined with high Repairs & maintenance, payroll & benefits and general & administrative expenses reported by the borrower if compared with UW.

Capital Expense: Capital expenditure adjusted as per UW.


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --





Net Cash Flow After Debt Service 38,713 269 0 0 (51,154) (355) 166,958 166,958 156,780 1,089 (406%) 305%




Effective Gross Income 475,149 3,300 0 0 528,293 3,669 580,485 580,485 580,485 4,031 10% 22%Other Income 0 0 0 0 50 0 1,775 1,775 1,775 12 3450% --

Base Rent 475,149 3,300 0 0 528,243 3,668 578,710 578,710 578,710 4,019 10% 22%

Income

General & Administrative Expenses 164,891 1,145 0 0 37,573 261 15,848 15,848 15,848 110 (58%) (90%)


Payroll & Benefits 0 0 0 0 44,229 307 58,954 58,954 58,954 409 33% --Management Fees 0 0 0 0 26,415 183 17,455 17,455 23,219 161 (12%) --


Repairs and Maintenance 0 0 0 0 49,462 343 18,453 18,453 18,453 128 (63%) --


Expenses

Utilities Expense 0 0 0 0 88,132 612 7,583 7,583 7,583 53 (91%) --Property Insurance 0 0 0 0 3,767 26 9,998 9,998 7,212 50 91% --


144 UNT Unknown


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ROCKY KNOLL ESTATES MHC LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Hold Back 0 0 604,828


Insurance 6,093 6,093 3,316

Tax 29,964 29,964 2,497

Total: 306,957 306,957


P & I (Current) 258,660 258,660 4,400,000

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Management Fees adjusted to 5% of EGI. Corporate Income Tax adjusted out.



Base:

DSCR: Debt Service adjusted per Servicer Record. Low DSCR is due to increase in Repairs and Maintenance and Utilities expenses when compared with UW. Repairs & Maintenance expenses increased to $49,461.83 when compared with UW of $11,202 similarly Utilities expenses has increased to $88,132.08 when compared with UW of $56,027.

2007:


2008:

Expense: Huge Variance in NOI / NCF DSCR respectively and -49% Variance in Total Operating Expenses is due to decrease in Utility expenses by $80550 / Professional fee by $37675 and Repairs and Maintenance by $31009 and General & Administrative expenses by $21725. Real Estate Taxes represents borrowers actual. Property Insurance adjusted per Servicer record. . Management fee adjusted to 4% of EGI per UW.




ROCKY KNOLL ESTATES MHC 193 TREMONT STREET, TAUNTON, MA


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 67,396 1 0 0 9,178 9,178 0 0 -- --Net Operating Income 672,986 13 339,154 7 565,006 11 638,048 638,048 595,392 12 5% (12%)



Other Expenses 0 0 1,505 0 3,256 0 53,384 53,384 53,384 1 1540% --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.38 / 1.23 0.69 / 0.55 1.16 / 1.01 1.22 / 1.07Net Cash Flow After Debt Service 112,215 2 (221,617) (4) 4,235 0 140,535 140,535 34,621 1 717% (69%)

DSCR (A,B) NOI/NCF 1.38 / 1.23 0.69 / 0.55 1.16 / 1.01 1.22 / 1.07

Occupancy 84% 86% 93%DSCR (A,B,C) NOI/NCF 1.38 / 1.23 0.69 / 0.55 1.16 / 1.01 1.22 / 1.07

Net Cash Flow 600,550 12 266,718 5 492,570 10 628,870 628,870 522,956 10 6% (13%)Total Capital Items 72,436 1 72,436 1 72,436 1 9,178 9,178 72,436 1 -- --

Debt Service 488,335 10 488,335 10 488,335 10 488,335 488,335 488,335 10 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 936,383 19 720,102 14 970,821 19 1,066,404 1,066,404 1,066,404 21 10% 14%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income

General & Administrative Expenses 263,397 5 79,627 2 46,556 1 0 0 0 0 -- --


Base Rent 936,383 19 720,102 14 970,821 19 1,066,404 1,066,404 1,066,404 21 10% 14%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 28,804 1 38,833 1 0 0 42,656 1 10% --Janitorial 0 0 0 0 0 0 97,959 97,959 97,959 2 -- --


Professional Fees 0 0 3,914 0 1,572 0 0 0 0 0 -- --Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --


Expenses


Repairs and Maintenance 0 0 57,237 1 71,188 1 0 0 0 0 -- --Utilities Expense 0 0 128,856 3 159,259 3 189,698 189,698 189,698 4 19% --


50,400 NRSF Office


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ROWAN CORPORATE TOWERS, LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Happy faces daycare 6,232.00 12.37 23.50 01/31/2012

H&R Block 5,348.00 10.61 23.00 04/30/2011

Multiserv sixth flr 8,816.00 17.49 22.50 03/31/2009


03/11/2009 - 1E - DSCR < 1.10; 6A - Other (Delinquent Financial Reporting). Loan is secured by a 50,400 sf office property in Cranberry Township, PA, built in 2004. The 4/7/2008 inspection rated the Property in Excellent condition. YE 12/31/2007 NCF DSCR is 1.01x with 93.2% Occupancy as of 8/2008. Loan was U/W at 1.23x with 83.7% Occ. DSCR decline at YE-2007 was attributed to increased UTL and R&M expenses. Borrower indicated in March 2008 that UTL had increased because of the need to heat and cool vacant spaces, and rates had also increased; R&M expenses could feasibly include CapEx items that could be adjusted from analysis, however, sufficient line item detail is lacking from Borrower's reporting, despite multiple requests from Bank of America to provide detailed statements. Borrower has only reported 1Q and 2Q 2008 financials to date; while a certified rent roll dated 1/13/2009 was provided at Bank of America's request, YTD 9/30/2008 financials remain outstanding and YE 2008 reporting is coming due. Bank of America maintains efforts to collect detailed financials and past due reporting from the Borrower, and will continue to monitor the Loan.


Replacement 1,386 1,386 3,234

Miscellaneous 0 0 0


50,004 50,004 35,139

Reserves:

Insurance 15,496 15,496 10,587

Tax 76,157 76,157 45,610

Total: 631,378 631,378


P & I (Current) 488,335 488,335 6,793,063


ROWAN TOWERS 8050 ROWAN ROAD, CRANBERRY TOWNSHIP, PA


05/12/2009 8:28:40 AM Of 241

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 43,963 517 39,453 39,453 39,386 463 (10%) --

Total General/Unallocated 3,708,812 43,633 0 0 2,052,269 24,144 1,517,368 1,517,368 2,119,220 24,932 3% (43%)

Net Operating Income 980,453 11,535 0 0 1,435,855 16,892 2,051,933 2,051,933 1,482,657 17,443 3% 51%Operating Expense Ratio 79% 0% 72% 61% 61% 72% 0% (9%)

Payroll & Benefits 0 0 0 0 592,492 6,970 653,336 653,336 653,336 7,686 10% --Management Fees 0 0 0 0 151,595 1,783 0 0 157,274 1,850 4% --


General & Administrative Expenses 3,708,812 43,633 0 0 313,242 3,685 374,919 374,919 346,418 4,076 11% (91%)Professional Fees 0 0 0 0 44,487 523 72,074 72,074 72,074 848 62% --

Capital Expenditures 187,571 2,207 0 0 187,571 2,207 0 0 187,571 2,207 -- --

Net Cash Flow After Debt Service 340,434 4,005 0 0 795,837 9,363 1,598,245 1,598,245 841,399 9,899 6% 147%Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --

DSCR (A) NOI/NCF 2.17 / 1.75 3.17 / 2.76 3.27 / 2.85


Total Capital Items 187,571 2,207 0 0 187,571 2,207 0 0 187,571 2,207 -- --Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --

Net Cash Flow 792,882 9,328 0 0 1,248,285 14,686 2,051,933 2,051,933 1,295,087 15,236 4% 63%

Debt Service - B 0 0 0 0 0 0 0 0 0 0 -- --Debt Service 452,448 5,323 0 0 452,448 5,323 453,688 453,688 453,688 5,338 0% 0%

Occupancy 79% 81%

Other Income 0 0 0 0 81,942 964 56,562 56,562 88,952 1,046 9% --Other Departmental Revenue 0 0 0 0 0 0 0 0 0 0 -- --

Departmental Revenue 4,689,265 55,168 0 0 5,053,177 59,449 5,209,906 5,209,906 5,242,482 61,676 4% 12%


Income

Franchise Fees 0 0 0 0 32,076 377 28,747 28,747 28,747 338 (10%) --

Room Revenue 4,689,265 55,168 0 0 4,792,685 56,385 4,988,635 4,988,635 4,988,635 58,690 4% 6%

Telephone Revenue 0 0 0 0 17,902 211 9,208 9,208 9,208 108 (49%) --Food & Beverage Revenue 0 0 0 0 160,648 1,890 155,501 155,501 155,687 1,832 (3%) --

Room Expenses (Departmental) 0 0 0 0 1,425,601 16,772 1,457,537 1,457,537 1,457,537 17,147 2% --

Real Estate Taxes 0 0 0 0 517,981 6,094 0 0 491,916 5,787 (5%) --

General/Unallocated



Telephone (Departmental) 0 0 0 0 23,395 275 25,001 25,001 25,001 294 7% --


0 0 0 0 116,057 1,365 158,067 158,067 158,067 1,860 36% --


Departmental Income 4,689,265 55,168 0 0 3,488,124 41,037 3,569,301 3,569,301 3,601,877 42,375 3% (23%)Departmental Expenses 0 0 0 0 1,565,053 18,412 1,640,605 1,640,605 1,640,605 19,301 5% --




- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


INN AT GREAT NECK 30 CUTTERMILL ROAD, GREAT NECK, NY

Income: New Loan. Loan Originated on 12/20/2006.

2006: RR current as of 3/27/2007. See Annual corr. -rlb 3/27/2007Loan securitized into the BACM 2007-1 portfolio; 2006 financial information will not be reported out on 2007deals therefore analysis unchecked. RB 05/23/07

DSCR: Low DSCR is due to high Utility and Repairs & maintenance expenses. YE 2007 NCF DSCR is 1.01X with occupancy of 93.21%; YTD 9/30/2007 NCF DSCR is 0.92x with occupancy of 86.3%.U/W DSCR was 1.23x with occupancy of 83.7%. EGI is increased to 35% when compared with YE 2007 due to increase in Rental income; 3% increased when compared with UW. Total operating expenses is increased to 7% when compared with YE 2007 due to Utility and Repairs & maintenance expenses; 54% increased when compared with UW.

Expense: Real Estate Tax represents borrower's actual. Property Insurance adjusted per Servicer record. Management fees adjusted to 4% of EGI per UW.

Base:

DSCR: Low DSCR is due to low Rental income combined with high Operating expenses.

Capital Expense: Tenant Improvement / Leasing Commission / Capital expenditure adjusted per UW.

Capital Expense: Capital Expenditure & Tenant Improvements / Leasing Commissions adjsuted per UW.

Capital Expense: Capital Expenditure & Tenant Improvements / Leasing Commissions adjsuted per UW.

Expense: Real Estate Taxes / Property Insurance represents borrower's actuals. Management Fees adjusted to 4% of EGI per UW.

2008: No Rent roll . Hence Occupancy not Updated. Annapurna. 4/24/2009

DSCR: YE 08 NCF DSCR is 1.07 .Q2 08 NCF DSCR is 0.97 with 93.22% Occupancy. DSCR continues to remain low due to increase In Utilities & Other Expenses when Compared with UW.

Expense: Real Estate Taxes adjusted per servicer record. Property Insurance represents Borrower actual. Management fees adjusted to 4% of EGI per UW.

Income: +68% & +84% variance in NOI / NCF DSCR respectively and +35% variance in Effective gross income is due to increase in Rental income and decrease in General & Administrative and professional fees expenses.

2007:


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 13,387 13,387 0 0 -- --Net Operating Income 399,573 14 0 0 286,541 10 317,801 317,801 316,737 11 11% (21%)



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.46 / 1.37 1.05 / 0.96 1.16 / 1.07Net Cash Flow After Debt Service 101,954 4 0 0 (11,078) 0 27,491 27,491 19,118 1 (273%) (81%)

DSCR (A,B) NOI/NCF 1.46 / 1.37 1.05 / 0.96 1.16 / 1.07


Net Cash Flow 375,126 13 0 0 262,094 9 300,663 300,663 292,290 10 12% (22%)Total Capital Items 24,447 1 0 0 24,447 1 17,138 17,138 24,447 1 -- --

Debt Service 273,172 9 0 0 273,172 9 273,172 273,172 273,172 9 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 516,380 18 0 0 387,780 13 450,268 450,268 450,268 16 16% (13%)Other Income 0 0 0 0 0 0 78 78 78 0 -- --

Income








Expenses




28,854 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


LAKEWOOD TOWNE CENTRE 6020 MAIN STREET SW, LAKEWOOD, WA


Credit:


SUSSEX GREAT NECK LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing


Insurance 57,444 57,444 85,274

Tax 479,119 479,119 166,170

Total: 1,091,474 1,091,474


P & I (Current) 461,125 461,125 7,500,000

Expense: Real Estate Taxes & Property Insurance adjusted per Servicer Record. Management Fees adjusted to 3% of Departmental Revenue per Underwriting. Contributions , Damages & Loss adjusted out.

Income: Interest Only Loan. Sales Discount - Returns - Amenities / Banquet - Sales Returns adjusted out.

Capital Expense: Capital Expenditure adjsuted per Underwriting.

Base:


2007: Borrower has not provided Rent Roll hence Occupancy not updated. $91.30 is considered as Decoration F&B as there is no description against that amount.- Madhav 3/31/2008.

Income: Interest Only Loan. Sales Discount - Returns - Amenities / Banquet - Sales Returns / write off bad debt adjusted out.

2008:

Expense: Real Estate Taxes & Property Insurance adjusted per Servicer Record. Management Fees adjusted to 3% of Departmental Revenue per Underwriting. Contributions , Damages & Loss Claims adjusted out.


Capital Expense: Capital Expenditure adjsuted per Underwriting.


05/12/2009 8:28:40 AM Of 241

10,908 NRSF Retail


2006 12/31/2006 - 12 mos

2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


ECKERD 4434 HIGHWAY 58, CHATTANOOGA, TN


Credit:


LAKEWOOD TOWNE CENTRE LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

NAVY FEDERAL CREDIT UNION 3,254.00 11.28 14.00 09/30/2013

NATIONAL CITY MORTGAGE 2,027.00 7.03 20.70 12/31/2009

Tuesday Morning 7,607.00 26.36 10.50 01/15/2012


02/10/2009 - 1E - DSCR < 1.10; 1F - DSCR <1.40 & < or = 75% U/W. Loan is secured by a single 28,815 sf retail building in Lakewood, WA, built in 1956 and renovated in 2005. The 3/13/2008 inspection rated the Property in Good condition. YTD 9/30/2008 NCF DSCR is 1.01x with 80.2% Occ; YE 12/31/2007 NCF DSCR was 0.96x with 83% Occ. Loan was U/W at 1.37x with 94.4% Occ. As of 11/1/2008, Occ improved to 90%. DSCR and Occ declines appear to be attributed to early tenant loss and decline in Rental Income: Evergreen State Builders LLC ("Evergreen") occupied Unit 20E (i.e., 20E/F/G; 4137 sf, 14.3% NRA) at a rate of $12.84 psf/year/NNN (with 3% annual base rent increases), and had a lease from 6/1/2006 - 5/31/2011. As per the 10/27/2008 rent roll, Evergreen vacated the Property prior to lease expiration during 3Q-2008. YTD 9/30/2008 financials suggest that no early lease termination fee was received from Evergreen; there was no Guarantor on their lease, nor was a security deposit held. The former Evergreen space has subsequently been reconfigured into two smaller units to accommodate a new tenant. Unit 20E now measures 1368 sf (4.7% NRA), and is vacant per the 10/27/2008 rent roll; Unit "20F" is 2730 sf (9.5% NRA), and has been leased to Ambitions of Washington Inc. ("Ambitions"), effective 11/1/2008, for a base monthly rent of $4,095/NNN. Bank of America is awaiting Borrower's response regarding a) clarification of Evergreen's early termination, b) a leasing update, and c) further details about the Ambitions lease. Bank of America will continue to monitor the Loan.


Replacement 3,751 3,751 8,778


900,000 900,000 0


720,000 720,000 0


0 0 2,633


Reserves:

Insurance 11,714 11,714 9,489

Tax 54,368 54,368 4,720

Total: 1,963,005 1,963,005


P & I (Current) 273,172 273,172 3,785,561


Expense: Real Estate Taxes / Property Insurance adjusted per Servicer Record. Management fees adjsuted to 4% of EGI per UW.

Base:

DSCR: Low DSCR due to Low Rental Income caused due to low occupancy at 83.16%. In the YE 2007 NCF DSCR is 0.96 with occupancy of 83.16%.

2007: analysed by Shilpa

Expense: +45% Variance in Total Operating Expense is due to increase in Utilities Expense , Repairs and Maintenance , Professional Fees , General & Administrative Expenses. Real Estate Taxes / Property Insurance adjusted per Servicer Record. Management fees adjusted to @4% of EGI per UW.

2008: Commission fee coded to Leasing Commission.

DSCR: Low DSCR is due to Low Expense Reimbursements combined with increase in Utilities Expense , Repairs and Maintenance , Professional Fees , General & Administrative Expenses.



05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 7,675 1 7,675 1 0 0 0 0 -- --Net Operating Income 258,743 24 289,604 27 289,604 27 289,212 289,212 289,212 27 0% 12%



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 6% 5% 5% 5% 5% 5% 3% (10%)Total Operating Expenses 15,618 1 15,242 1 15,242 1 15,634 15,634 15,634 1 3% 0%


DSCR (A,B) NOI/NCF 1.92 / 1.85 2.15 / 2.08 2.15 / 2.08 2.14 / 2.08


Net Cash Flow 249,771 23 280,631 26 280,631 26 289,212 289,212 280,239 26 0% 12%Total Capital Items 8,972 1 8,972 1 8,972 1 0 0 8,972 1 -- --

Debt Service 135,000 12 135,000 12 135,000 12 135,000 135,000 135,000 12 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 274,361 25 304,846 28 304,846 28 304,846 304,846 304,846 28 -- 11%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income



Base Rent 274,361 25 304,846 28 304,846 28 304,846 304,846 304,846 28 -- 11%Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --

Management Fees 0 0 15,242 1 15,242 1 15,242 15,242 15,242 1 -- --Janitorial 0 0 0 0 0 0 0 0 0 0 -- --




Expenses





Credit:


1031 CHATTANOOGA DBT Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Eckerd Corporatio 10,908.00 100.00 27.95 03/20/2021



Payment Amount


2006:

Income: NNN Lease. New Loan. Loan originated on 12/22/2006. Interest only loan.




Base:

Expense: Management Fees represents borrower actual @ 5% of EGI per UW. Negative Fees expense adjusted out.


Expense: Property Insurance adjusted out. Management Fees represents Borrower actuals @5% of EGI.


2008:





2007:


05/12/2009 8:28:40 AM Of 241


ONE KENMARE SQUARE 210 LAFAYETTE STREET, NEW YORK, NY




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --

Management

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --





Net Cash Flow 449,317 58 0 0 0 0 0 0 0 0 -- (100%)Total Capital Items 777 0 0 0 0 0 0 0 0 0 -- --

Debt Service 382,228 49 0 0 0 0 0 0 0 0 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses




7,773 NRSF Retail




Credit:


PARK LANE COMMERCE LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Commerce Bank 7,773.00 100.00 0.00 09/30/2021



Payment Amount


Base:


COMMERCE BANK -GROSVENOR LANE

116-24 GROSVENOR LANE, RICHMOND HILL, NY


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 0 0 0 0 0 0 -- --Net Operating Income 0 0 0 0 267,527 22 573,982 573,982 639,989 54 139% --

Tenant Improvements 0 0 0 0 16,890 1 0 0 16,890 1 -- --

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 0 0 0 0 1,192 0 0 0 1,192 0 -- --

Other Expenses 0 0 0 0 0 0 496 496 496 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 0.56 / 0.52 1.33 / 1.29Net Cash Flow After Debt Service 0 0 0 0 (230,068) (19) 93,156 93,156 141,080 12 (161%) --

DSCR (A,B) NOI/NCF 0.56 / 0.52 1.33 / 1.29


Net Cash Flow 0 0 0 0 249,444 21 573,982 573,982 621,907 52 149% --Total Capital Items 0 0 0 0 18,082 2 0 0 18,082 2 -- --

Debt Service 0 0 0 0 479,513 40 480,826 480,826 480,826 40 0% --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 0 0 0 0 758,522 64 784,604 784,604 784,604 66 3% --Other Income 0 0 0 0 90,688 8 0 0 0 0 -- --

Income

General & Administrative Expenses 0 0 0 0 379,669 32 44,286 44,286 41,014 3 (89%) --


Base Rent 0 0 0 0 667,834 56 747,863 747,863 747,863 63 12% --Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --


Payroll & Benefits 0 0 0 0 7,818 1 0 0 0 0 -- --



Expenses




11,920 NRSF Retail

Baseline - mos

- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


KENMARE SQUARE ASSOCIATES LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Mitchell Gold and Bob Williams 11,880.00 99.66 63.72 03/31/2017


12/09/2008 - Had added but then made inactive since it is a single tenant NNN.

Status: Performing

Replacement 1,311 1,311 3,068

Hold Back 0 0 74


0 0 0

Reserves:

Tax 3,360 3,360 18,410

Total: 493,379 493,379


P & I (Current) 488,709 488,709 8,350,000


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 21,267 0 2,000 2,000 0 0 (100%) --Net Operating Income 671,088 7 0 0 770,936 8 674,686 674,686 742,552 8 (4%) 11%



Other Expenses 0 0 0 0 2,176 0 20 20 20 0 (99%) --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.16 / 1.10 1.33 / 1.27 1.28 / 1.22


Net Cash Flow 637,843 7 0 0 737,692 8 672,686 672,686 709,307 7 (4%) 11%Total Capital Items 33,245 0 0 0 33,245 0 2,000 2,000 33,245 0 -- --

Debt Service 579,848 6 0 0 579,848 6 579,848 579,848 579,848 6 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income



Base Rent 1,013,635 11 0 0 901,519 9 862,883 862,883 862,883 9 (4%) (15%)Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


RANCHO PARTNERS, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht


ALBERTSON'S RANCHO CUCAMONGA

9775 BASELINE ROAD, RANCHO CUCAMONGA, CA

Income: New Loan. Interest only Loan. Single Tenant. Lease Commencement Date is 6/1/2007. Borrower reproted 6 months rent, hence normalized to 12 months.

2007: As per Q206 analysis, the move in date was 12/01/06, however as per YE07 the move in date is 06/01/07, and the Rental income provided the the Borrower is only for 6 months($338917.03) where as the expenses are for 12 months. Please provide the financials with 12 months figures. Rajetha Mary. 4/10/08Per the YE07 rent roll the move in date was 12/1/06 however the rent commencement date was not until 6/1/07 so the operating statement is correct and should be analyzed as such. The operating statements for 1Q08 will present a more accurate picture of the true NOI since the rent will be paid for the full period. - Nancy Church6/27/08 Rental income provided the the Borrower is only for 6 months($338917.03) where as the expenses are for 12 months. Do you want us to normalize the Rental Income for 12 months and then work on the loan? Please advice. Sailaja - 7/3/2008

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Management Fees adjusted to 2% of EGI per Underwriting.

DSCR: Debt Service adjusted per Servicer Record. Low DSCR is due to Low Rental Income.

Capital Expense: Capital Expenditure and Tenant Improvements / Leasing Commission adjusted per Underwriting.

Income: Interest Only Loan. Single Tenant.

2008:

Expense: Huge positive variance in NOI / NCF DSCR respectively and -71% variance in Total Operating Expenses is due to decrease in General & Administrative Expenses and Repairs & Maintenance when compared with YE07. General & Administrative Expenses decreased from $379,668.61 in YE07 to $41,014.15 in YE08 which is mainly due to huge decrease in Commissions and Fees Expense. Commissions and Fees Expense decreased from $355402.78 in YE07 to $9 in YE08. Repairs & Maintenance decreased from $28,623.25 in YE07 to $16,521.52 in YE08.Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Management Fees adjusted to 5% of EGI. Income Tax Expense adjusted out.




05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.31 / 1.27 1.53 / 1.49 1.19 / 1.15


Net Cash Flow 471,456 34 0 0 458,626 33 376,782 376,782 354,775 26 (23%) (25%)Total Capital Items 12,666 1 0 0 12,666 1 0 0 12,666 1 -- --

Debt Service 370,668 27 0 0 308,338 22 309,183 309,183 309,183 22 0% (17%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --


Income








Expenses




13,792 NRSF Retail


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


BURBANK VILLAGE WALK 150 SAN FERNANDO BLVD, BURBANK, CA

DOLLAR TREE 20,000.00 20.87 11.85 03/31/2018

MYUNG DONG TOFU REST 2,475.00 2.58 23.62 03/31/2015

ALBERTSON'S 44,310.00 46.24 3.03 11/30/2009


05/11/2009 - 4C - Single Tenant with Lease > 30% NRA expiring within next 6 months; 4D - Top 3 Tenants Rollover > 30% NRA (a combination of top 3 tenants with lease expirations within next 6 months). Loan is secured by a 101,314 sf anchored retail shopping center in Rancho Cucamonga, CA, built in 1979. The 4/24/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 1.22x (well above U/W 1.10x) with 80.4% Occupancy. Lease Rollover applies to the Property's anchor tenant, an Albertson's grocery. Albertson's has occupied 44,310 sf (43.7% NRA) since 12/1/1994 and has an 11/30/2009 lease expiration. Albertson's 15-year lease provides for five 5-year Options to extend their lease, with advanced written notice of Albertson's intent with regard to exercising their first Option due to the Landlord by 6/3/2009. The 12/2008 rent roll indicates the Property has five vacant units totaling 19,904 sf (19.6% NRA); this includes the Property's 3rd largest space, unit 9749 with 9716 sf (9.6% NRA). Bank of America has contacted the Borrower to confirm if Albertson's has provided notice yet, and to determine Borrower's leasing and marketing efforts to re-tenant the Property's vacant spaces; awaiting a response.


Leasing Commissions 0 0 0


0 0 0


0 0 0

Replacement 18,207 18,207 91,471

Environmental 0 0 0

Reserves:

Insurance 20,471 20,471 27,829

Tax 163,599 163,599 22,153

Total: 782,125 782,125


P & I (Current) 579,848 579,848 8,109,631

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance adjusted per UW. Management Fees adjusted to 3% of EGI per Underwriting.

Income: Borrower reported 11 months figures hence normalized to 12 months.

Base:

Capital Expense: Tenant Improvement / Leasing Commission & Capital Expenditure adjusted per Underwriting.

Expense: Real Estate Taxes and Property Insurance adjusted per Servicer Record. Management Fees adjusted to 3% of EGI per UW.

2008:

2007:



05/12/2009 8:28:40 AM Of 241



- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


BUDGET SELF STORAGE-LAWNDALE

2910 LAWNDALE DRIVE, GREENSBORO, NC


Credit:


HILLCREST BVW ASSOCIATES, LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

LION ROCK ENTERPRISES C/O GLENN LEO 2,342.00 16.98 41.40 06/30/2016

ANITA WALIA 2,250.00 16.31 41.43 11/30/2016

VOLCANO GRILL,INC 7,000.00 50.75 36.00 07/31/2016


Status: Performing


0 0 0

Replacement 696 696 1,570Reserves:

Insurance 6,908 6,908 4,525

Tax 74,877 74,877 12,567

Total: 453,149 453,149


P & I (Current) 370,668 370,668 5,282,424

Expense: Real Estate Taxes represents Borrower Actual. Property Insurance adjusted per Underwriting. Management Fees adjusted to 4% of EGI per Underwriting.


Capital Expense: Capital Expenditure , Tenant Improvements & Leasing Commission adjusted per Underwriting.

Base:


2007:


2008:

Expense: Real Estate Taxes represents borrowers actual. Property Insurance adjusted as per Servicer Record. Management Fees adjusted to 4% of EGI per UW.

DSCR: -22% & -23% variance in NOI / NCF DSCR respectively is due to decrease in Rental income combined with increase in Professional Fees and General & Administrative Expenses. Rental Income decreased from $532,593.20 in YE07 to $413,760.00 in YE08 and Professional Fees increased from $2,175.00 in YE07 to $12,005.00 in YE08 and General & Administrative Expenses increased from $42,320.39 in YE07 to $50,826.00 in YE08. Debt Service adjusted per Servicer Record.



05/12/2009 8:28:40 AM Of 241


BUDGET SELF STORAGE-PETER'S CREEK

550 PETERS CREEK PARKWAY, WINSTON-SALEM, NC














Effective Gross Income 805,930 1,103 0 0 762,588 1,043 780,685 780,685 780,685 1,068 2% (3%)Reimbursements 0 0 0 0 0 0 0 0 0 0 -- --

Base Rent 805,930 1,103 0 0 743,145 1,017 755,582 755,582 755,582 1,034 2% (6%)

Income



Expenses



Management Fees 0 0 0 0 45,755 63 48,285 48,285 46,841 64 2% --





Credit:


SELF STORAGE ONE-LAWNDALE LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

Status: Performing

Replacement 19,372 19,372 43,706

Excess Rent 0 0 0

Repair 0 0 819

Reserves:

Insurance 5,205 5,205 5,205

Tax 33,898 33,898 28,249

Total: 412,496 412,496


P & I (Current) 354,020 354,020 6,000,000

Expense: Real Estate Taxes / Property Insurance adjusted per Servicer Record. Management Fees adjusted to 6% of EGI per UW.



Base:

DSCR: Debt Service adjusted per Servicer Record

2007: analysed by shilpa


2008:

Expense: Real Estate Taxes and Property Insurance adjusted per Servicer Record. Management Fee adjusted to 6% of EGI per UW.

DSCR: Debt Service adjusted per Servicer record



05/12/2009 8:28:40 AM Of 241









Net Cash Flow After Debt Service 57,290 80 0 0 27,246 38 (7,945) (7,945) (1,779) (2) (107%) (103%)






Base Rent 509,384 709 0 0 387,199 539 366,013 366,013 366,013 510 (5%) (28%)

Income



Expenses



Management Fees 0 0 0 0 25,259 35 38,687 38,687 24,850 35 (2%) --

Property Insurance 0 0 0 0 2,746 4 4,040 4,040 4,145 6 51% --Real Estate Taxes 0 0 0 0 29,250 41 30,105 30,105 29,250 41 -- --





- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


SELF STORAGE ONE-PETERS CREEK PARKWAY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

03/11/2009 - 1E - DSCR < 1.10; 4B - EGI < 80% U/W EGI and < 1.10 DSCR. Loan is secured by a 718-unit self-storage facility in Winston-Salem, NC, built in 2000. The 4/28/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 0.99x (a 19.5% decline from U/W) with 57.24% Occupancy. Loan was U/W at 1.23x with 62.8% Occupancy. DSCR and EGI declines have been attributed to decreased Base Rents resulting from Occ decline as compared to U/W and YE 2007. At YTD 9/30/2008, both DSCR and Occ had shown improvement to 1.02x and 59%, respectively. Bank of America will continue to monitor the Loan.


Replacement 7,180 7,180 16,199

Excess Rent 0 0 0

Repair 0 0 1,159

Reserves:

Insurance 4,560 4,560 2,902

Tax 30,420 30,420 14,333

Total: 251,622 251,622


P & I (Current) 209,462 209,462 3,550,000

Expense: Real Estate Taxes/Property Insurance adjusted per servicer record. Management Fees adjusted to 6% of EGI per UW.



Base:


2007: Analysed by Annapurna.


2008:

Expense: Real Estate Taxes/Property Insurance adjusted per servcier record figures. Management Fees adjusted to 6% of EGI per UW.

DSCR: YE08 NCF DSCR is 0.99 with Occupancy of 57.24%. YE 2007 NCF DSCR is 1.13 with Occupancy of 52.15%. Low DSCR is due to Low Occupancy of 57.24% combined with Increase in Total Operating Expenses (i.e. Payroll & Benefits, Repairs & Maintenance and General & Administrative Expenses). Debt Service adjusted per Servicer Record.



05/12/2009 8:28:40 AM Of 241





Operating Expense Ratio 40% 0% 43% 48% 48% 46% 7% 14%Total Operating Expenses 225,294 251 0 0 201,770 224 217,902 217,902 211,718 236 5% (6%)










Base Rent 556,819 619 0 0 441,865 492 429,395 429,395 429,395 478 (3%) (23%)

Income



Expenses



Management Fees 0 0 0 0 28,050 31 33,531 33,531 27,504 31 (2%) --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


SELF STORAGE ONE-HIGH POINT ROAD LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

No tenants returned

03/16/2009 - 1E - DSCR < 1.10; 4A - Occ < 80% U/W. Loan is secured by an 899-unit self storage facility in Greensboro, NC, built in 2001. The 5/5/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 1.07x with 47.9% Occupancy based on 431 occupied units; Occ has declined 21.6% from U/W Occ of 61.1%. DSCR decline is attributed to decreased Rental income resulting from Occupancy decline. In an effort to improve occupancy, property management plans to convert smaller units into larger ones as needed to meet demand. Concessions offered during 2008 included a "$23 move-in special, no exceptions." Bank of America has requested a leasing and marketing update; awaiting Borrower's response.


Excess Rent 0 0 0


Insurance 4,818 4,818 4,818

Tax 42,894 42,894 35,745

Total: 288,106 288,106


P & I (Current) 224,213 224,213 3,800,000


BUDGET SELF STORAGE-HIGH POINT RD

4514 HIGH POINT ROAD, GREENSBORO, NC


05/12/2009 8:28:40 AM Of 241



Net Operating Income 444,113 633 0 0 362,800 517 402,214 402,214 411,900 587 14% (7%)


Operating Expense Ratio 35% 0% 38% 37% 37% 35% (5%) 0%Total Operating Expenses 243,646 347 0 0 218,101 311 236,252 236,252 226,567 323 4% (7%)





Debt Service 337,290 480 0 0 280,058 399 280,825 280,825 280,825 400 0% (17%)Net Cash Flow 433,673 618 0 0 352,360 502 402,214 402,214 401,460 572 14% (7%)





Base Rent 687,759 980 0 0 522,521 744 595,695 595,695 595,695 849 14% (13%)

Income



Expenses



Management Fees 0 0 0 0 29,045 41 41,698 41,698 31,923 45 10% --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


SELF STORAGE ONE - UNIVERSITY PARKWAY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht


BUDGET SELF STORAGE-UNIVERSITY

2720 UNIVERSITY PARKWAY, WINSTON-SALEM, NC

Expense: Real Estate Taxes and Property Insurance adjusted per Servicer Record. Management Fee adjusted to 6% of EGI per Underwriting.



Base:


2007: Analyzed By: Imtiaz


2008:

Expense: Real Estate Taxes / Property Insurance adjusted per Service Record. Management Fees adjusted to 6% of EGI per UW.

DSCR: Low DSCR is due to decrease in Rental Income by $12470 combined with Increase in Payroll & Benefits by $3989 and General & Adminstrative Expenses by $5776.The YE08 NCF DSCR is 1.07 with Occupancy of 47.94% and the YE07 NCF DSCR is 1.16 with Occupancy of 51.95%. DEcline in NCF is a result of low occupancy. Debt Service adjusted per Servicer record.



05/12/2009 8:28:40 AM Of 241















Base Rent 633,527 922 0 0 522,521 761 498,921 498,921 498,921 726 (5%) (21%)

Income



Expenses



Management Fees 0 0 0 0 34,854 51 42,911 42,911 33,250 48 (5%) --






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


SELF STORAGE ONE-HICKORY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht


HICKORY SELF STORAGE 733 10TH AVENUE, HICKORY, NC

No tenants returned

Status: Performing

Repair 0 0 2,716


Insurance 5,084 5,084 3,197

Tax 49,553 49,553 22,534

Total: 344,629 344,629


P & I (Current) 285,429 285,429 4,837,500

Expense: Real Estate Taxes / Property Insurance adjusted per servicer record. Management Fee adjusted to 5% of EGI.



Base:


2007:


2008:

Expense: Real Estate Taxes / Property Insurance adjusted per Servicer record. Management Fees adjusted to 5% of EGI.




05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --

Management 2.0%

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.25 / 1.25 1.18 / 1.18


Net Cash Flow 571,340 16 0 0 0 0 548,500 548,500 536,830 15 -- (6%)Total Capital Items 0 0 0 0 0 0 0 0 0 0 -- --

Debt Service 455,732 13 0 0 0 0 455,732 455,732 455,732 13 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 583,000 17 0 0 0 0 658,500 658,500 658,500 19 -- 13%Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income








Expenses




35,000 NRSF Other


- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


QUEENS WALGREENS 73 -15 KISSENA BLVD, FLUSHING, NY

No tenants returned

Status: Performing

Excess Rent 0 0 0


Insurance 8,224 8,224 5,359

Tax 31,535 31,535 16,004

Total: 335,704 335,704


P & I (Current) 284,266 284,266 4,817,800

Expense: Real Estate Taxes & Property Insurance adjusted per Servicer Record. Management Fees adjusted to 6% of EGI per Underwriting.

Income: Interest Only Loan

Capital Expense: Capital Expenditures adjusted per Underwriting.

Base:

DSCR: Debt Service adjusted per Servicer Record

2007:


2008:

Expense: Real Estate Taxes represents borrowers actual. Property Insurance adjusted per Servicer Record. Management Fee adjusted to 6% of EGI per UW.

DSCR: Low DSCR is due to Low Rental Income as result of low occupancy of 66.96% combined with increase in Operating Expenses particularly due to increase in Payroll & Benefits Expenses and General Administrative Expenses. Rental Income decreased from $522,520.86 in YE07 to $498,921.18 in YE08 causing 5% decrease as compared with YE07. Payroll & Benefits Expenses increased from $73,673.78 in YE07 to $93,516.16 in YE08 causing 27% increase as compared with YE07 and also General & Administrative Expenses increased from $19,917.39 to $25,839.86 causing 30% increase as compared with YE07. YE08 NCF DSCR is 1.08 with an Occupancy of 66.96%. YE07 NCF DSCR is 1.30 with Occupancy of 78.17%. Debt Service adjusted per Servicer record.



05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.23 / 1.18 1.26 / 1.21 1.37 / 1.32



Debt Service 143,045 9 0 0 143,045 9 107,283 107,283 107,283 7 (25%) (25%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 207,998 13 0 0 185,497 12 192,909 192,909 192,909 13 4% (7%)Other Income 0 0 0 0 0 0 0 0 0 0 -- --

Income








Expenses




15,419 NRSF Mixed Use


- mos 2007 12/31/2007 - 12 mos

2008 9/30/2008 - 9 mos

YTD Variance


GOODYEAR SPIRES 2528 & 2590 NORTH LAKEWOOD BOULEVARD, LONG BEACH, CA


Credit:


PARV REALTY LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Walgreens 35,000.00 100.00 15.71 12/31/2046


05/11/2009 - 6A - Other (Late Payments). Loan is secured by a 35,000 sf tract of land and ground lease for a 8752 sf single-story retail building that houses a Walgreen's pharmacy, located in Flushing, Queens, NY. The improvements were recently completed. The 8/20/2008 inspection rated the Property in Good condition. YE 12/31/2007 NCF DSCR was 1.18x. As of 3/1/2009, Loan payments were late for 7 of 12 months. Account was formerly on ACH. The Feb 1 loan payment was received 3/5/2009. Borrower owed for March 1 and April 1 payments. On 4/3/2009, Borrower paid $76,000 for the debt service, which is $37,977.67 per month; however, late fees and default interest continued to accrue through 4/3/2009. Bank of America is in the process of determining the appropriate application of the $76K received. Effective 5/11/2009, the Loan has Transferred to the Special Servicer (CWCapital) due to chronic delinquency. The Borrower has been late 14 of the 26 months since the Loan originated and payments commenced. Further, the Borrower commented to Bank of America Client Support and Portfolio Management that they are unwilling to pay late fees and default interest, which totaled $104,881 as of 5/5/2009. Bank of America will remove the Loan from the Watchlist as of June 2009 reporting.



Total: 455,732 455,732


P & I (Current) 455,732 455,732 6,339,910

Expense: Real Estate Taxes / Property Insurance represents Borrower Actuals. Management Fee adjusted to 2% of EGI per UW.

Base:

2007: Single tenant - Walgreen's - use expiration date from U/W (RHC).

Income: New Loan. Single Tenant. Loan originated on 1/23/07.


05/12/2009 8:28:40 AM Of 241

24,757 NRSF Office


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


63 MARGINAL WAY 63 MARGINAL WAY, PORTLAND, ME


Credit:


GLENOAKS RIDGE LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Spires Restaurant 5,024.00 32.58 28.66 09/30/2013

JUST TIRES 10,395.00 67.42 3.99 04/30/2013


Status: Performing

Replacement 6,937 6,937 15,652Repair 0 0 38,855Hold Back 0 0 226,198Excess Rent 0 0 20,906

Reserves:

Tax 55,375 55,375 10,294

Total: 205,357 205,357


P & I (Current) 143,045 143,045 1,945,490

Expense: Tenant is responsible for all expenses. 100% tax reimbursement by Spires with landlord paying this tenant's taxes. Goodyear pays their taxes direct. Real estate taxes adjusted out. Management fee adjusted to 3% of EGI per UW.

Income: New loan.

Base:

Capital Expense: Capital expenditutre & Tenant improvement / leasing commission adjusted per UW.

2007:

Income: NNN Lease.

2008: Analyzed by Richa.


Expense: Tenant is responsible for all expenses. 100% tax reimbursement by Spires with landlord paying this tenant's taxes. Goodyear pays their taxes direct. Real Estate Taxes reprsents borrower's actual. Management Fees adjusted to 3% of EGI per UW.


05/12/2009 8:28:40 AM Of 241


ONE SKYLINE PLACE 5205 LEESBURG PIKE, FALLS CHURCH, VA

Leasing Commissions 0 0 0 0 0 0 0 0 21,199 1 -- --Net Operating Income 383,218 15 0 0 328,846 13 441,777 441,777 438,554 18 33% 14%

Tenant Improvements 21,199 1 0 0 21,199 1 0 0 0 0 -- --


Other Expenses 0 0 0 0 1,687 0 123 123 123 0 (93%) --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.71 / 1.60 1.47 / 1.36 1.96 / 1.85



Debt Service 224,098 9 0 0 224,098 9 224,098 224,098 224,098 9 -- --



Parking Income 0 0 0 0 18,480 1 22,023 22,023 22,023 1 19% --

Effective Gross Income 519,501 21 0 0 567,088 23 614,696 614,696 619,128 25 9% 19%Other Income 0 0 0 0 0 0 (4,432) (4,432) 0 0 -- --

Income








Expenses





Credit:


BAYSIDE VENTURES, LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Gorham Savings Bank 8,636.00 34.88 18.00 12/31/2016

GTE Fed Credit Union 3,156.00 12.75 25.35 01/31/2013

AAA Northern New England Ins. 12,965.00 52.37 16.00 07/31/2017


Status: Performing


0 0 0Reserves:

Insurance 4,635 4,635 2,318

Tax 53,187 53,187 14,319

Total: 281,920 281,920


P & I (Current) 224,098 224,098 2,485,381

Expense: Real Estate Taxes represents Borrower actual. Property Insurance adjuster per Servicer Record. Management Fees adjusted to 5% of EGI per UW. Funding Fee adjusted out.

2007:

Base:

Capital Expense: Capital Expenditures and Tenant Improvements/Leasing Commission adjusted per UW.

Income: Credits adjusted out.

2008:

Capital Expense: Capital Expenditures and Tenant Improvements/Leasing Commission adjusted per UW.

Expense: +33% & +36% Variance in NOI/NCF DSCR Respectively and -24% variance in Total operating expences is due to decline in Repairs&maintenance , Professional fee & General&administration expenses. Real Estate Taxes represents Borrower actual. Property Insurance adjuster per Servicer Record. Management Fees adjusted to 5% of EGI per UW.


05/12/2009 8:28:40 AM Of 241


Tenant Improvements 3,548,123 13 0 0 364,519 1 0 0 364,519 1 -- (90%)

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 72,821 0 0 0 55,290 0 0 0 55,290 0 -- (24%)

Other Expenses 0 0 0 0 1,424 0 38,009 38,009 2,653 0 86% --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.24 / 0.39 1.30 / 1.20 1.42 / 1.32Net Cash Flow After Debt Service (2,610,199) (10) 0 0 849,061 3 1,784,460 1,784,460 1,378,548 5 62% (153%)

DSCR (A,B) NOI/NCF 1.24 / 0.39 1.30 / 1.20 1.42 / 1.32


Net Cash Flow 1,661,618 6 0 0 5,117,147 19 6,064,239 6,064,239 5,658,328 21 11% 241%Total Capital Items 3,620,944 13 0 0 419,809 2 0 0 419,809 2 -- (88%)

Debt Service 4,271,817 16 0 0 4,268,086 16 4,279,779 4,279,779 4,279,779 16 0% 0%



Parking Income 0 0 0 0 757,356 3 768,184 768,184 768,184 3 1% --


Income



Base Rent 7,412,753 27 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 (608,922) (2) (92,598) (92,598) (92,598) 0 (85%) --





Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


CESC SKYLINE LLC Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

GS-11B-01633-DOD 29,229.00 10.72 22.23 12/31/2008

NORTHROP GRUMMAN DEFENCE MISSI 17,555.00 6.44 30.57 05/31/2010

GS-11B-01590-IRS 44,870.00 16.45 24.79 12/31/2012


Status: Performing

Total: 16,094,183 1,739,976

Payment Amount


Expense: Real Estate Taxes / Property Insurance represents borrower actual. Managment Fees adjusted to 3%of EGI. Non recur- Parking Lot / R & M-Non Recurring / Non recurring-Landscaping / Bad Debt Expenses adjusted out.

Income: Interest only Loan. Reconciled PY-RE / Reconciled PY-RE / Reconciled PY-OE adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.

Capital Expense: Tenant Improvements/ Leasing Commission Capital Expenditure and adjusted per Underwriting.

Base:

DSCR: Debt Service adjusted per servicer record. The debt consists of a $678MM whole loan split between a $271,200MM A-1 Note (JPMorgan 2007-LDP10),a $203,400MM A-2 note (BACM 2007-1) and a $271,200,000.00MM A-3 Note (GECMC 2007-C1(Primary)) which are Pari Passu.

2007: Borrower reported consolidated statement. Please provide individual statements of each property as provided in the previous quarter. Pranab 3/24/08. Borrower has provided individual statements for each property and were loaded into Imaging 5/14/08. Nancy 5/14/08.

Income: Interest only Loan. Reimbursement-R/E Taxes - Prior Year / Reimbursement-Operating-PY/ Other Revenue - Lease Cancelation adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.

2008: NOI total provided by the Borrower is not correct. I have manually calculated all the figures, Income is matching but Expenses are not matching by $11 Please check.

Expense: Real Estate Taxes / Property Insurance represents borrowers actual. Managment Fees represents borrowers actual @ 3.01084%of EGI. Non recurring Expenses / Bad Debt Expenses / Bad Debt Expense S/L adjusted out.


Capital Expense: Capital Expenditure & Tenant Improvements/ Leasing Commission adjusted per UW.


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 1,428 0 (40,062) (40,062) 2,651 0 86% --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.23 / 0.47 1.37 / 1.27 1.33 / 1.24Net Cash Flow After Debt Service (2,508,511) (9) 0 0 1,108,223 4 1,325,472 1,325,472 961,554 4 (13%) (138%)

DSCR (A,B) NOI/NCF 1.23 / 0.47 1.37 / 1.27 1.33 / 1.24


Net Cash Flow 2,234,492 8 0 0 5,184,157 19 5,412,574 5,412,574 5,048,656 19 (3%) 126%Total Capital Items 3,615,890 13 0 0 400,909 1 0 0 400,909 1 -- (89%)

Debt Service 4,743,003 18 0 0 4,075,935 15 4,087,102 4,087,102 4,087,102 15 0% (14%)



Parking Income 0 0 0 0 744,314 3 741,041 741,041 741,041 3 0% --

Effective Gross Income 8,098,826 30 0 0 7,691,406 28 8,154,110 8,154,110 8,172,851 30 6% 1%Other Income 0 0 0 0 228,562 1 32,555 32,555 32,555 0 (86%) --

Income



Base Rent 8,098,826 30 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 (1,195,366) (4) (261,608) (261,608) (261,608) (1) (78%) --





Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



Kalman & Company 22,979.00 8.49 32.69 09/30/2011

SRA International Inc. 21,639.00 7.99 29.70 06/30/2009

SCIENCE APPLICATIONS INTERNATIONAL 43,952.00 16.24 30.58 11/30/2011


Status: Performing

Total: 16,094,183 1,661,641

Payment Amount



TWO SKYLINE PLACE 5203 LEESBURG PIKE, FALLS CHURCH, VA


05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 1,427 0 (22,882) (22,882) 2,681 0 88% --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.25 / 0.49 1.49 / 1.40 1.38 / 1.29Net Cash Flow After Debt Service (2,439,681) (9) 0 0 1,566,625 6 1,535,396 1,535,396 1,138,401 4 (27%) (147%)

DSCR (A,B) NOI/NCF 1.25 / 0.49 1.49 / 1.40 1.38 / 1.29



Debt Service 4,747,949 18 0 0 3,965,302 15 3,976,166 3,976,166 3,976,166 15 0% (16%)



Parking Income 0 0 0 0 853,013 3 850,694 850,694 850,694 3 0% --


Income



Base Rent 8,277,722 31 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 (156,964) (1) (379,281) (379,281) (379,281) (1) 142% --





Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:




THREE SKYLINE PLACE 5201 LEESBURG PIKE, FALLS CHURCH, VA

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrower actual. Managment Fees represents borrower actual @ 3.029 %of EGI. Non recur- Paint & Wall-Non-recur / Parking Lot / R & M-Non Recurring / Bad Debt Expenses adjusted out.


Capital Expense: Capital Expenditure and Tenant Improvements/ Leasing Commission adjusted per Underwriting.

Base:


2007:

Income: Interest only Loan. Reimbursement-R/E Taxes - Prior Year / Reimbursement-Operating-PY/ adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.

2008: Real Estate Taxes is huge when compared to YE07 and due to which there is +31% variance in Total Operating Expenes ( i.e in YE07 it is $133,679.20 whereas in YE08 it is $657,390.45 as per Servicer Recod). Please Check.Borrower has reported the total of Income and Expenses wrongly. Please check.

Expense: +31% Variance in Total Operating Expenses is due to huge Real Estate Taxes (i.e in YE07 it is $133,679.20 whereas in YE08 it is $657,390.45 as per Servicer Record). Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Managment Fees adjusted to 3%of EGI. Non recurring Expenses / Bad Debt Expenses adjusted out.




05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 1,435 0 (8,475) (8,475) 2,639 0 84% --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.24 / 0.49 1.42 / 1.32 1.49 / 1.40Net Cash Flow After Debt Service (2,459,146) (9) 0 0 1,301,763 5 2,029,274 2,029,274 1,632,512 6 25% (166%)

DSCR (A,B) NOI/NCF 1.24 / 0.49 1.42 / 1.32 1.49 / 1.40



Debt Service 4,838,965 18 0 0 4,105,049 15 4,116,295 4,116,295 4,116,295 15 0% (15%)


Expense Reimbursement 0 0 0 0 433,927 2 608,564 608,564 600,602 2 38% --Percentage Rent 0 0 0 0 0 0 4,891 4,891 4,891 0 -- --

Parking Income 0 0 0 0 596,063 2 598,832 598,832 598,832 2 0% --


Income


Gross Potential Rent 0 0 0 0 7,618,614 28 7,918,265 7,918,265 7,918,265 30 4% --

Base Rent 8,306,694 31 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 (332,592) (1) (85,746) (85,746) (85,746) 0 (74%) --





Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


FOUR SKYLINE PLACE 5113 LEESBURG PIKE, FALLS CHURCH, VA

BOOZ ALLEN & HAMILTON INC 29,941.00 11.10 28.66 06/30/2009

APPTIS INC 22,977.00 8.52 45.25 09/14/2015

JACER CORPORATION 30,048.00 11.14 32.62 01/31/2011


Status: Performing

Total: 16,094,183 1,616,540

Payment Amount


Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrower actual. Managment Fees represents borrower actual @ 3.012 %of EGI. R&M-Paint & Wall-Non recur / Non recur- Parking Lot / R & M-Non Recurring / Bad Debt Expenses adjusted out.



Base:


2007:

Income: Interest only Loan. Reimbursement-R/E Taxes - Prior Year / Reimbursement-Operating-PY/ Other Revenue - Lease Cancelation adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.

2008:

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Managment Fees represents borrowers actual @ 3.0088%of EGI. Non recurring Expenses / Bad Debt Expenses adjusted out.




05/12/2009 8:28:40 AM Of 241



- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


FIVE SKYLINE PLACE 5111 LEESBURG PIKE, FALLS CHURCH, VA


Credit:



SCIENCE APPLICATIONS INTERNATIONAL 25,730.00 9.61 27.72 11/30/2010

GS-11B-70366 - DOD 20,437.00 7.64 26.14

DACA-31-5-97-595 - AIR FORCE 28,755.00 10.74 29.50 07/31/2010


Status: Performing

Total: 16,094,183 1,673,510

Payment Amount


Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrower actual. Managment Fees represents borrower actual @ 3.063 %of EGI. RMpaint wall nonrec / R & M-Non Recurring / Bad Debt Expenses adjusted out.



Base:


2007:

Income: Interest only Loan. Reimbursement-R/E Taxes - Prior Year / Reimbursement-Operating-PY adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.

2008: Expenses not matching

Expense: Real Estate Taxes adjusted per Servicer Record. Property Insurance represents borrowers actual. Managment Fees adjusted to 3%of EGI. Non recurring Expenses / Bad Debt Expenses adjusted out.




05/12/2009 8:28:40 AM Of 241


SIX SKYLINE PLACE 5109 LEESBURG PIKE, FALLS CHURCH, VA




Other Expenses 0 0 0 0 2,988 0 (6,331) (6,331) 2,717 0 (9%) --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.25 / 0.55 1.34 / 1.24 1.52 / 1.42



Debt Service 5,158,776 17 0 0 4,582,515 15 4,595,070 4,595,070 4,595,070 15 0% (11%)



Parking Income 0 0 0 0 882,058 3 945,079 945,079 945,079 3 7% --


Income


Gross Potential Rent 0 0 0 0 8,319,651 28 8,669,145 8,669,145 8,669,145 29 4% --

Base Rent 8,942,724 30 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 (820,763) (3) (243,228) (243,228) (243,228) (1) (70%) --





Expenses





Credit:



No tenants returned


Payment Amount


Expense: Real Estate Taxes / Property Insurance represents borrower actual. Managment Fees represents borrower actual @ 3.050 %of EGI. R & M-Non Recurring / Bad Debt Expenses adjusted out.



Base:


2007:

Income: Interest only Loan. Reconciled-CPI Prior Year / Reimbursement-R/E Taxes / Reimbursement-Operating-PYadjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.

2008: NOI total provided by the Borrower is not correct.I manually calculated and taken the amounts. Please Check

Expense: Real Estate Taxes / Property Insurance Represents Borrowers actuals. Managment Fees adjusted to 3%of EGI. Parking Lot Non Rec / Non recurring Reimb / Landscaping-Non-Recurring-Rei / Bad Debt Expenses adjusted out.




05/12/2009 8:28:40 AM Of 241


SEVEN SKYLINE PLACE 5275 LEESBURG PIKE, FALLS CHURCH, VA




Other Expenses 0 0 0 0 1,732 0 (3,804) (3,804) 2,705 0 56% --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.25 / 0.56 1.35 / 1.26 1.42 / 1.32



Debt Service 5,253,215 17 0 0 4,768,844 15 4,781,909 4,781,909 4,781,909 15 0% (9%)



Parking Income 0 0 0 0 909,309 3 917,159 917,159 917,159 3 1% --


Income


Gross Potential Rent 0 0 0 0 8,129,828 26 0 0 0 0 -- --

Base Rent 8,965,650 29 0 0 0 0 8,278,721 8,278,721 8,278,721 27 -- (8%)Vacancy/Collection Loss 0 0 0 0 (125,180) 0 0 0 0 0 -- --





Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



No tenants returned


Payment Amount



Income: New Loan. Interest only Loan. Loan Originated on 1/26/2007. Reconciled PY-RE / Reconciled PY-RE / Reconciled PY-OE adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.


Base:


2007:

Income: Interest only Loan. Reimbursement-R/E Taxes / Reimbursement-Operating-PY / Other Revenue-Lease Cancel Fee adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.

2008: NOI total provided by the Borrower is not correct.I manually calculated and taken the amounts. Please Check

Expense: Real Estate Taxes / Property Insurance Represents Borrowers actuals. Managment Fees Represents Borrowers Actuals @3.00034%of EGI. Paint Wall-Non-Recur / Parking Lot-Non-Rec / Non Recurring / Landscaping-Non-Recurring / Bad Debt Expense adjusted out.




05/12/2009 8:28:40 AM Of 241


ONE SKYLINE TOWER 5107 LEESBURG PIKE, FALLS CHURCH, VA




Other Expenses 0 0 0 0 1,658 0 (29,580) (29,580) 2,752 0 66% --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.25 / 0.67 1.27 / 1.17 1.21 / 1.11Net Cash Flow After Debt Service (2,054,285) (5) 0 0 994,743 2 1,197,217 1,197,217 634,928 2 (36%) (131%)

DSCR (A,B) NOI/NCF 1.25 / 0.67 1.27 / 1.17 1.21 / 1.11



Debt Service 6,282,603 16 0 0 5,869,346 15 5,885,426 5,885,426 5,885,426 15 0% (6%)


Expense Reimbursement 0 0 0 0 908,849 2 1,281,666 1,281,666 1,282,864 3 41% --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Parking Income 0 0 0 0 538,075 1 512,701 512,701 512,701 1 (5%) --


Income


Gross Potential Rent 0 0 0 0 10,046,065 25 10,046,065 10,046,065 10,046,065 25 -- --

Base Rent 11,859,448 29 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 0 0 0 0 0 0 -- --





Expenses


Repairs and Maintenance 0 0 0 0 1,020,803 3 1,109,085 1,109,085 1,062,893 3 4% --Utilities Expense 0 0 0 0 1,148,454 3 1,352,062 1,352,062 1,352,062 3 18% --




- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



GS-111-01407-DISA 7,022.00 1.74 29.07 10/03/2011

GSA - DISA 395,802.00 98.26 24.87 09/16/2011


Status: PerformingTotal: 16,094,183 2,392,764

Payment Amount



Income: Interest only Loan. Reconciled PY-RE / Reconciled PY-OE adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.


Base:


2007:

Income: Interest only Loan. Reimbursement-R/E Taxes - Prior Year adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.

2008: NOI not matching bt $43. Annapurna . 4/29/2009.

Expense: Real Estate Taxes / Property Insurance represents borrowers actual. Managment Fees represents adjusted to 3% of EGI .Non Recurring Expenses / Bad Debt Expenses adjusted out.




05/12/2009 8:28:40 AM Of 241




Other Expenses 0 0 0 0 9,429 0 69,596 69,596 3,009 0 (68%) --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --


DSCR (A) NOI/NCF 1.25 / 0.77 1.23 / 1.14 0.81 / 0.71Net Cash Flow After Debt Service (1,783,812) (4) 0 0 1,059,142 2 2,320,496 2,320,496 (2,241,790) (5) (312%) 26%

DSCR (A,B) NOI/NCF 1.25 / 0.77 1.23 / 1.14 0.81 / 0.71


Net Cash Flow 5,894,087 12 0 0 8,902,407 19 10,185,249 10,185,249 5,622,963 12 (37%) (5%)Total Capital Items 3,666,461 8 0 0 771,464 2 0 0 771,464 2 -- (79%)

Debt Service 7,677,899 16 0 0 7,843,264 17 7,864,753 7,864,753 7,864,753 17 0% 2%



Parking Income 0 0 0 0 1,618,441 3 1,868,957 1,868,957 1,868,957 4 15% --


Income



Base Rent 14,211,637 30 0 0 0 0 0 0 0 0 -- --Vacancy/Collection Loss 0 0 0 0 (556,617) (1) 0 0 0 0 -- --





Expenses


Repairs and Maintenance 0 0 0 0 1,170,619 2 1,238,119 1,238,119 1,167,183 2 0% --Utilities Expense 0 0 0 0 1,027,270 2 1,132,751 1,132,751 1,132,751 2 10% --




- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:



GS-11B-01759-Dept. of Justice 183,553.00 38.78 28.85 09/15/2015

GS-11B-01492-SSA 6,725.00 1.42 31.50 09/30/2012

GS-11B-00118-SS 283,072.00 59.80 21.85 09/30/2009


Status: Performing

Total: 16,094,183 3,197,473

Payment Amount


Income: New Loan. Interest only Loan. Loan Originated on 1/26/2007. Reconciled PY-RE / Reconciled PY-RE adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.

2007: Real Estate Taxes left to Borrowers actual since the Servicer Record figures are huge.

Expense: Real Estate Taxes / Property Insurance represents borrower actual. Managment Fee represents borrower actual @ 3.035 %of EGI. R & M-Paint & Wall-Non recur / R & M-Non Recurring / Landscaping Non-recurring / Bad Debt Expenses adjusted out.

DSCR: Low DSCR due to Low Operating Expenses. Debt Service adjusted per servicer record. The debt consists of a $678MM whole loan split between a $271,200MM A-1 Note (JPMorgan 2007-LDP10),a $203,400MM A-2 note (BACM 2007-1) and a $271,200,000.00MM A-3 Note (GECMC 2007-C1(Primary)) which are Pari Passu.


Base: Done by Sailaja

Income: Interest only Loan. Reimbursement-R/E Taxes - Prior Year adjusted out. Note - A 1- 3405106. A-2- 3225893, A3- 3225885.

2008: NOI Not Matching by $ 50. Annapurna - 4/29/2009.

Expense: -34% & -38% variance in NOI / NCF DSCR respectively and +80% variance in Total Operating Expenses is due to increase in Utility Expense & Repair & Maint & Janitorial Expense.Real Estate Taxes adjusted Per Servicer record. Property Insurance represents borrowers actual. Management Fees represents borrower's actuals @ 3.0152% of EGI. Non Recurring Expenses / Bad Debt Expenses adjusted out.

DSCR: Debt Service adjusted per servicer record. Low DSCR due to high Operating Expenses. The debt consists of a $678MM whole loan split between a $271,200MM A-1 Note (JPMorgan 2007-LDP10),a $203,400MM A-2 note (BACM 2007-1) and a $271,200,000.00MM A-3 Note (GECMC 2007-C1(Primary)) which are Pari Passu.



05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 329,445 1 0 0 329,445 1 -- --Net Operating Income 12,996,626 23 0 0 9,989,628 18 12,392,938 12,392,938 11,888,349 21 19% (9%)



Other Expenses 0 0 0 0 0 0 0 0 0 0 -- --


Ground Rent 0 0 0 0 150,000 0 0 0 150,000 0 -- --

Operating Expense Ratio 38% 0% 44% 37% 37% 39% (11%) 3%Total Operating Expenses 7,917,825 14 0 0 7,807,239 14 7,153,234 7,153,234 7,643,619 14 (2%) (3%)

DSCR (A) NOI/NCF 1.24 / 1.18 1.12 / 1.05 1.33 / 1.26Net Cash Flow After Debt Service 1,891,513 3 0 0 457,749 1 3,461,074 3,461,074 2,356,470 4 415% 25%

DSCR (A,B) NOI/NCF 1.24 / 1.18 1.12 / 1.05 1.33 / 1.26


Net Cash Flow 12,396,611 22 0 0 9,389,613 17 12,392,938 12,392,938 11,288,334 20 20% (9%)Total Capital Items 600,015 1 0 0 600,015 1 0 0 600,015 1 -- --

Debt Service 10,505,098 19 0 0 8,931,864 16 8,931,864 8,931,864 8,931,864 16 -- (15%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 20,914,451 37 0 0 17,796,867 32 19,546,172 19,546,172 19,531,968 35 10% (7%)Other Income 0 0 0 0 455,934 1 378,725 378,725 378,725 1 (17%) --

Income

General & Administrative Expenses 7,917,825 14 0 0 986,072 2 1,061,379 1,061,379 1,061,379 2 8% (87%)



Management Fees 0 0 0 0 533,906 1 0 0 585,959 1 10% --Janitorial 0 0 0 0 892,161 2 837,046 837,046 837,046 1 (6%) --


Professional Fees 0 0 0 0 0 0 1,266 1,266 1,266 0 -- --Advertising & Marketing 0 0 0 0 0 0 2,124 2,124 2,124 0 -- --

Real Estate Taxes 0 0 0 0 1,177,638 2 1,212,098 1,212,098 1,148,772 2 (2%) --

Expenses


Repairs and Maintenance 0 0 0 0 532,236 1 664,335 664,335 431,979 1 (19%) --Utilities Expense 0 0 0 0 1,832,771 3 1,766,917 1,766,917 1,766,917 3 (4%) --




- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


TANFORAN PARK SHOPPING CENTER LLC Primary: Wells Fargo Bank, NA Surveillance: Leslie Rupracht

CENTURY THEATERS 70,000.00 12.49 23.91 01/31/2023

BARNES & NOBLE 28,060.00 5.01 24.06 01/31/2016

TARGET 152,000.00 27.11 1.08 08/30/2071


Status: Performing

Total: 8,785,440 8,785,440

Payment Amount



TANFORAN SHOPPING CENTER

1150 EL CAMINO REAL, SAN BRUNO, CA


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 53,020 0 89,764 89,764 53,020 0 -- --Net Operating Income 1,482,809 13 0 0 1,432,518 13 2,025,288 2,025,288 1,520,317 14 6% 3%

Tenant Improvements 144,365 1 0 0 91,345 1 353,409 353,409 91,345 1 -- (37%)


Other Expenses 0 0 0 0 0 0 (15,361) (15,361) 0 0 -- --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



DSCR (A,B) NOI/NCF 1.64 / 1.44 1.58 / 1.39 1.68 / 1.48


Net Cash Flow 1,308,279 12 0 0 1,257,988 11 1,565,410 1,565,410 1,345,787 12 7% 3%Total Capital Items 174,530 2 0 0 174,530 2 459,878 459,878 174,530 2 -- --

Debt Service 906,523 8 0 0 906,523 8 906,523 906,523 906,523 8 -- --



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 2,347,964 21 0 0 2,305,169 21 2,878,544 2,878,544 2,363,867 21 3% 1%Other Income 0 0 0 0 (17,060) 0 527,868 527,868 93,717 1 (649%) --

Income




Management Fees 0 0 0 0 69,155 1 87,027 87,027 70,916 1 3% --Janitorial 0 0 0 0 94,061 1 84,380 84,380 84,380 1 (10%) --


Professional Fees 0 0 0 0 1,300 0 1,797 1,797 1,797 0 38% --Advertising & Marketing 0 0 0 0 0 0 2,172 2,172 2,172 0 -- --


Expenses






- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


GUARDIAN FUND II-GREENBRIAR LLC Primary: Wells Fargo Bank, NA Surveillance: Leslie Rupracht


GREENBRIAR CORP CENTER 13135 LEE JACKSON MEMORIAL HWY, FAIRFAX, VA

Expense: Real Estate Taxes reflect impound escrow amount.Property Insurance reflects impound escrow amount.Adjusted Management Fee to 3% of EGI per underwritten baseline. Adjusted Paving & Restriping in the amount of -19,153. Adjusted Management Fee to 3% of EGI per underwritten baseline. Adjusted G&A-Advertisement-Print Prod in the amount of 30,316. Adjusted Tax Consulting in the amount of -10,145 Adjusted G&A-Tax Preparation Fee in the amount of -11,946. Adjusted G&A-Franchise Tax Board in the amount of -15,790 Adjusted G&A-BAd Debt Expense in the amount of -282,644. Adjusted G&A-Amortization in the amount of -445,780 Adjusted Amortization-Capitol Lse in the amount of -58,130 Adjusted G&A-Depreciation in the amount of -4,664,577 Adjusted Tenant Exp pd by Deposit in the amount of -9,415

Income: Adjusted GAAP Rent Revenue in the amount of 92,884`. Adjusted Water & Sewer - Interior in the amount of 48 Adjusted Tenant Exp Reimb Deposit in the amount of -56,616

Capital Expense: Capital Items adjusted to reflect underwritten baseline.

Base:

DSCR: Debt Service reflects underwritten baseline. Adjusted Interest Expense Cap Lse in the amount of -12,415 Adjusted Interest Expense in the amount of 38,212 Adjusted Interest Expense-Loan in the amount of -8,327,526 Adjusted Guaranteed Payments in the amount

Income: Effective Gross Income increased due to an increase in Rental Income and Expense Reimbursement. The current rent roll dated 12/31/2008 reports an annual rental income of $12,627,036.00.

2008:

Expense: Total Operating Expense decreased due to a decrease in Professional Fees, Advertising and Marketing. Professional Fees decreased due to G&A-Auditor Fees, G&A-Legal Kenny and G&A-Landlord Legal Fee which were reported in YE07 but not in YE08.

2007: As per Enterpise Total Sqft is 560628, where as borrower borrower provided Sqft 980972, please check. hence occupancy not updated. Mahender 5/16/2008

DSCR: DSCR increased when compared to YE07 due to a decrease in Debt Service, Total Operating Expense combined with an increase in Effective Gross Income. 2008 Debt Service reflects the amount paid as agreed by the borrower while the 2007 amount was normalized.


05/12/2009 8:28:40 AM Of 241

Capital Expenditures 111,200 200 0 0 111,200 200 0 0 111,200 200 -- --Net Operating Income 6,987,987 12,568 0 0 6,301,571 11,334 5,987,283 5,987,283 6,116,763 11,001 (3%) (12%)



Other Expenses 0 0 0 0 1,000 2 141,961 141,961 2,741 5 174% --General & Administrative Expenses 2,882,493 5,184 0 0 372,128 669 488,328 488,328 488,728 879 31% (83%)




Net Cash Flow After Debt Service 1,158,440 2,084 0 0 472,024 849 252,769 252,769 287,216 517 (39%) (75%)

Debt Service 5,718,347 10,285 0 0 5,718,347 10,285 5,734,514 5,734,514 5,718,347 10,285 -- --Net Cash Flow 6,876,787 12,368 0 0 6,190,371 11,134 5,987,283 5,987,283 6,005,563 10,801 (3%) (13%)




Effective Gross Income 9,870,480 17,753 0 0 9,657,314 17,369 9,711,906 9,711,906 9,801,003 17,628 1% (1%)Other Income 0 0 0 0 482,291 867 401,384 401,384 388,727 699 (19%) --

Base Rent 9,870,480 17,753 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (1,671,675) (3,007) (2,110,649) (2,110,649) (2,110,649) (3,796) 26% --Gross Potential Rent 0 0 0 0 10,814,988 19,451 11,386,621 11,386,621 11,488,375 20,663 6% --




Real Estate Taxes 0 0 0 0 911,087 1,639 1,032,567 1,032,567 1,032,567 1,857 13% --

Expenses





- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


ASN GRESHAM COMMONS LLC Primary: Wells Fargo Bank, NA Surveillance: Leslie Rupracht


SUSSEX COMMONS I & II 6050 EDGEWARE LN, ALEXANDRIA, VA

APPLY YOURSELF, INC. 15,770.00 14.12 23.44 09/30/2012

3 PHOENIX, INC. 6,699.00 6.00 26.20 06/30/2015

SHAPIRO & BURSON 26,147.00 23.40 23.24 08/31/2011


Status: Performing

Total: 894,105 894,105

Payment Amount


Capital Expense: Leasing Commision adjusted to reflect underwritten baseline. Adjusted LEASING COSTS in the amount of -63,419. Tenant Improvement adjusted to reflect underwritten baseline. Adjusted SPACE PLANNING in the amount of -5,592 Adjusted TENANT IMPROVEMENTS in the amount of -31,944. Capital Expenditure adjusted to reflect underwritten baseline. Adjusted CAPITAL IMPROVEMENTS in the amount of -87,851 Adjusted SECURITY DEPOSIT REFUND in the amount of -25,000 Adjusted Non Reimbursable Consulting in the amount of -223 Adjusted Marketing Costs

DSCR: Debt Service reflects underwritten baseline. Adjusted DEBT SERVICE in the amount of -854,367 Adjusted T/I L/C RESERVE in the amount of -27,930

Base:

Expense: Real Estate Taxes reflect impound escrow amount. Property Insurance reflects impound escrow amount. Adjusted Management Fee to 3% of EGI per underwritten baseline. For self-storage include franchise fees. Adjusted BUSINESS TAXES in the amount of -6,507.

2008:

2007:

Income: Adjusted INTEREST in the amount of -3,637 Adjusted PREPAID RENT in the amount of -24,915


05/12/2009 8:28:40 AM Of 241

No tenants returned

05/11/2009 - 1E - DSCR < 1.10. Loan is secured by a 556-unit multifamily apartment complex built in two phases in 1991 in Alexandria, VA. The 11/3/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 1.05x with 91% Occupancy; U/W was 1.20x with 92.6% Occ. Servicers of the Loan consented to a change in property management in July 2008. According to the Primary Servicer, the Property is located in close proximty to Washington, DC and faces competition from newer multifamily properties in the market; there is also competition from townhome communities within a mile from the subject. The same reason was provided a year ago for DSCR decline. Bank of America has requested further clarification from the Primary Servicer to include Borrower's current efforts to improve performance; awaiting a response.

Status: CMSA Watchlist Total: 5,640,013 5,640,013

Payment Amount


Expense: Real Estate Taxes represents borrowers actual. Management fees adjusted to 3% of EGI.

2007: OSAR has been uploaded into imaging. Cmg 6/20

Base:


Expense: Property Insurance reflects 2007 amount inflated by 5%. Adjusted Management Fee to 3% of EGI per underwritten baseline.

2008:

DSCR: Debt Service reflects UW

Capital Expense: CapEx adjusted to reflect UW


05/12/2009 8:28:40 AM Of 241


SOLANA CENTER 5 VILLAGE CIRCLE/ ST HWY 114, WESTLAKE, TX

Capital Expenditures 20,800 204 0 0 20,800 204 0 0 20,800 204 -- --Net Operating Income 3,237,962 31,745 0 0 2,800,517 27,456 2,327,759 2,327,759 3,147,892 30,862 12% (3%)



Other Expenses 0 0 0 0 0 0 823,760 823,760 0 0 -- --General & Administrative Expenses 1,368,791 13,420 0 0 72,871 714 75,334 75,334 75,334 739 3% (94%)

Total Operating Expenses 1,373,315 13,464 0 0 1,217,633 11,938 2,000,392 2,000,392 1,173,791 11,508 (4%) (15%)Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --



Net Cash Flow After Debt Service 531,451 5,210 0 0 94,006 922 (365,310) (365,310) 441,381 4,327 370% (17%)

Debt Service 2,685,711 26,330 0 0 2,685,711 26,330 2,693,069 2,693,069 2,685,711 26,331 -- --Net Cash Flow 3,217,162 31,541 0 0 2,779,717 27,252 2,327,759 2,327,759 3,127,092 30,658 12% (3%)



Parking Income 0 0 0 0 397,500 3,897 419,357 419,357 419,357 4,111 5% --Laundry/Vending 0 0 0 0 12,000 118 12,000 12,000 12,000 118 -- --

Effective Gross Income 4,606,753 45,164 0 0 4,018,150 39,394 4,328,151 4,328,151 4,321,683 42,369 8% (6%)Other Income 0 0 0 0 24,701 242 254,403 254,403 2,837 28 (89%) --

Base Rent 4,606,753 45,164 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (928,812) (9,106) (954,264) (954,264) (954,264) (9,356) 3% --Gross Potential Rent 0 0 0 0 4,512,761 44,243 4,596,655 4,596,655 4,841,753 47,468 7% --

Management Fees 0 0 0 0 120,544 1,182 149,392 149,392 129,650 1,271 8% --Repairs and Maintenance 0 0 0 0 91,316 895 89,690 89,690 89,690 879 (2%) --

Advertising & Marketing 0 0 0 0 0 0 0 0 0 0 -- --Payroll & Benefits 0 0 0 0 327,091 3,207 305,718 305,718 305,718 2,997 (7%) --


Real Estate Taxes 0 0 0 0 406,654 3,987 415,238 415,238 406,654 3,987 -- --

Expenses

Utilities Expense 0 0 0 0 120,441 1,181 121,163 121,163 121,163 1,188 1% --Property Insurance 0 0 0 0 46,427 455 6,476 6,476 31,961 313 (31%) --


102 UNT Elevator Apartment


- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


WEST 50TH (DEL) LLC Primary: Wells Fargo Bank, NA Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Expense: Real Estate Taxes reflect impound escrow amount. Property Insurance reflects impound escrow amount. Adjusted Management Fee to 3% of EGI per underwritten baseline.



Base:

DSCR: Debt Service reflects underwritten baseline.

Income: Include Pad/RV rent. Include forfeited security/late fees/petAdjusted INSURANCE REFUND in the amount of -886 Adjusted MISC INCOME in the amount of 125 Adjusted INTEREST INCOME in the amount of -5,707.

2008:

Expense: Real Estate Taxes reflect impound escrow amount. Property Insurance reflects impound escrow amount. Adjusted Management Fee to 3% of EGI. Adjusted Depreciation in the amount of -823,760.

DSCR: Debt Service reflects underwritten baseline.



311 WEST 50TH STREET 311 WEST 50TH STREET, NEW YORK, NY


05/12/2009 8:28:40 AM Of 241

Leasing Commissions 0 0 0 0 547,969 0 0 0 273,984 0 (50%) --Net Operating Income 31,633,691 21 0 0 27,523,104 18 9,892,528 9,892,528 13,663,501 9 (50%) (57%)

Tenant Improvements 1,408,457 1 0 0 860,488 1 0 0 430,244 0 (50%) (69%)


Other Expenses 0 0 0 0 83,820 0 4,656,593 4,656,593 422,285 0 404% --


Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --

Operating Expense Ratio 42% 0% 46% 62% 62% 48% 4% 13%Total Operating Expenses 22,853,984 15 0 0 23,036,147 15 16,216,638 16,216,638 12,413,687 8 (46%) (46%)

DSCR (A) NOI/NCF 1.42 / 1.34 2.02 / 1.90 2.01 / 1.88Net Cash Flow After Debt Service 7,680,259 5 0 0 3,569,672 2 (1,245,448) (1,245,448) 1,686,784 1 (53%) (78%)

DSCR (A,B) NOI/NCF 1.42 / 1.34 1.24 / 1.16 1.23 / 1.15


Net Cash Flow 29,956,209 20 0 0 25,845,622 17 9,892,528 9,892,528 12,824,760 8 (50%) (57%)Total Capital Items 1,677,482 1 0 0 1,677,482 1 0 0 838,741 1 (50%) (50%)

Debt Service 22,275,950 15 0 0 13,613,081 9 6,806,541 6,806,541 6,806,541 4 (50%) (69%)

Debt Service - C 0 0 0 0 0 0 0 0 0 0 -- --Debt Service - B 0 0 0 0 8,662,869 6 4,331,435 4,331,435 4,331,435 3 (50%) --

Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --Expense Reimbursement 0 0 0 0 16,561,057 11 8,203,399 8,203,399 8,203,399 5 (50%) --

Parking Income 0 0 0 0 245,423 0 78,740 78,740 78,740 0 (68%) --

Effective Gross Income 54,487,675 36 0 0 50,559,251 33 26,109,166 26,109,166 26,077,188 17 (48%) (52%)Other Income 0 0 0 0 4,267,313 3 2,870,556 2,870,556 2,838,578 2 (33%) --

Income

General & Administrative Expenses 22,853,984 15 0 0 2,622,930 2 1,229,368 1,229,368 1,229,368 1 (53%) (95%)



Management Fees 0 0 0 0 1,516,778 1 699,872 699,872 1,303,859 1 (14%) --Janitorial 0 0 0 0 1,761,101 1 810,486 810,486 810,486 1 (54%) --

Payroll & Benefits 0 0 0 0 3,572,600 2 1,903,141 1,903,141 1,903,141 1 (47%) --


Real Estate Taxes 0 0 0 0 2,948,578 2 1,609,005 1,609,005 1,474,289 1 (50%) --

Expenses


Repairs and Maintenance 0 0 0 0 2,015,295 1 1,234,667 1,234,667 1,234,667 1 (39%) --Utilities Expense 0 0 0 0 8,022,341 5 3,785,647 3,785,647 3,785,647 2 (53%) --


1,534,274 NRSF Mixed Use


- mos 2007 12/31/2007 - 12 mos

2008 6/30/2008 - 6 mos

YTD Variance


Credit:


MAGUIRE PARTNERS-SOLANA LP Primary: Bank of America Capital Markets Group Surveillance: Leslie Rupracht

Sabre Inc. 375,057.00 24.45 0.00 12/07/2011

The Sabre Group 120,273.00 7.84 0.00 10/31/2008

First American Real Estate Solutions 483,819.00 31.53 0.00 03/31/2017


Status: Performing

Miscellaneous 1,593,708 1,593,708 1,171,738

FF&E 0 0 6

Capital Improvements 375,000 375,000 96,909

Hold Back 0 0 153

Reserves:

Insurance 491,899 491,899 324,087

Tax 4,457,916 4,457,916 1,448,770

Total: 20,345,123 20,345,123


P & I (Current) 13,426,600 13,426,600 220,000,000


05/12/2009 8:28:40 AM Of 241

Expense: Real Estate Taxes reflect impound escrow amount. Property Insurance reflects impound escrow amount. Adjusted Self-Insured Retention in the amount of -44,025. Adjusted General Maintenance in the amount of -198,000 accumlation from previos years Adjusted Lamp Replacement in the amount of -71,582 Adjusted Solana Project Maintenance Associat in the amount of -497,228 Adjusted Air Conditioning Repairs in the amount. Management Fees adjusted to 3% of EGI. Adjusted Contract General Maintenance in the amount of -109,000 Non reccuring.

Income: Adjusted Other Income in the amount of -1,095,849 Adjusted Interest Income in the amount of -431,505

Capital Expense: Capital Items adjusted to reflect underwritten baseline. Adjusted Advertising in the amount of -28,000 Adjusted Tenant Relations in the amount of -10,000. Adjusted Esc. Legal/Consulting Fees in the amount of -16,964 Non reccring. For self-storage include franchise fees. Adjusted Sports Club Deprec/Amort Exp in the amount of -148,086 Adjusted Sports Club Income (Loss) in the amount of -563,124 Adjusted Amortization Expense in the amount of -768,964 Adjusted Depreciation Expense in the amount of 4,643,412 Adjusted FASB Rent.

Base:

DSCR: Adjusted Interest Expense - Note Payable in the amount of -25,002,348 Adjusted Other Financing Exp in the amount of -100


Income: Adjusted Interest Income in the amount of -31,978

2008:

Expense: Real Estate Taxes based on actual escrowed amount. Property Insurance based on actual escrowed amount. Adjusted Management Fee to 5% of EGI. Adjusted Franchise Fees in the amount of -95,670 Adjusted Solana Hotel Deprec/Amort in the amount of -463,284 Adjusted Prior Yr Escalation Adjustment in the amount of 30,999 Adjusted Amortization Expense in the amount of -384,477 Adjusted Depreciation Expense in the amount of -2,321,106 Adjusted Sports Club Deprec/Amort Exp in the amount of -73,044 Adjusted Sports Club Income (Loss) in the amount of -314,374 Adjusted FASB Rent Adjustment in the amount of -518,598 Adjusted Depreciation Expense in the amount of -94,754

DSCR: Debt Service is the actual amount paid as agreed by the borrower. Adjusted Interest Expense - Note Payable in the amount of -12,466,924



05/12/2009 8:28:40 AM Of 241

Capital Expenditures 22,500 250 0 0 22,500 250 0 0 22,500 250 -- --Net Operating Income 326,442 3,627 0 0 275,313 3,059 178,243 178,243 308,757 3,431 12% (5%)



Other Expenses 0 0 0 0 609 7 131,691 131,691 823 9 35% --General & Administrative Expenses 425,904 4,732 0 0 21,241 236 35,671 35,671 35,671 396 68% (92%)




Net Cash Flow After Debt Service 73,747 819 0 0 22,618 251 (14,167) (14,167) 93,847 1,043 315% 27%

Debt Service 230,195 2,558 0 0 230,195 2,558 192,410 192,410 192,410 2,138 (16%) (16%)Net Cash Flow 303,942 3,377 0 0 252,813 2,809 178,243 178,243 286,257 3,181 13% (6%)



Parking Income 0 0 0 0 0 0 0 0 0 0 -- --Laundry/Vending 0 0 0 0 8,571 95 3,886 3,886 3,886 43 (55%) --


Base Rent 752,346 8,359 0 0 0 0 0 0 0 0 -- --

Income


Vacancy/Collection Loss 0 0 0 0 (11,176) (124) (15,319) (15,319) (15,319) (170) 37% --Gross Potential Rent 0 0 0 0 751,257 8,347 775,380 775,380 775,380 8,615 3% --


Advertising & Marketing 0 0 0 0 2,444 27 1,269 1,269 1,269 14 (48%) --Payroll & Benefits 0 0 0 0 139,563 1,551 126,799 126,799 126,799 1,409 (9%) --



Expenses

Utilities Expense 0 0 0 0 103,255 1,147 119,858 119,858 119,858 1,332 16% --Property Insurance 0 0 0 0 13,180 146 14,980 14,980 13,180 146 -- --




- mos 2007 12/31/2007 - 12 mos

2008 12/31/2008 - 12 mos

YTD Variance


Credit:


MATRIX WESTOVER VILLAGE LLC Primary: Wells Fargo Bank, NA Surveillance: Leslie Rupracht

No tenants returned


Payment Amount


Capital Expense: Capital items adjusted to reflect Underwritten amt.


Base:

Expense: Real Estate Taxes reflects actual amt Paid. Property Insurance reflects Impound Escrow.Management Fees adjusted to 4% .

2008:

2007:



WESTOVER VILLAGE APARTMENTS

800 WEST MAIN STREET, LOVELAND, OH


05/12/2009 8:28:40 AM Of 241

Tenant Improvements 1,166,327 1 0 0 0 0 0 0 1,262,985 1 -- 8%Leasing Commissions 0 0 0 0 0 0 0 0 778,087 1 -- --

Extraordinary Capital Expenditures 0 0 0 0 0 0 0 0 0 0 -- --Capital Expenditures 556,407 0 0 0 0 0 0 0 973,712 1 -- 75%

Net Operating Income 15,934,701 14 0 0 0 0 14,397,890 14,397,890 25,795,505 23 -- 62%

Ground Rent 0 0 0 0 0 0 0 0 0 0 -- --Other Expenses 0 0 0 0 0 0 10,854,062 10,854,062 351,812 0 -- --

Operating Expense Ratio 18% 0% 0% 58% 58% 25% -- 38%Total Operating Expenses 3,518,009 3 0 0 0 0 20,033,557 20,033,557 8,544,135 8 -- 143%

Total Capital Items 1,722,734 2 0 0 0 0 0 0 3,014,784 3 -- 75%



Net Cash Flow After Debt Service 3,431,895 3 0 0 0 0 (10,393,094) (10,393,094) (4,907,532) (4) -- (243%)

Debt Service 10,780,072 9 0 0 0 0 24,790,984 24,790,984 27,688,252 24 -- 157%Net Cash Flow 14,211,967 13 0 0 0 0 14,397,890 14,397,890 22,780,721 20 -- 60%


Management 3.0%

Expense Reimbursement 0 0 0 0 0 0 5,299,576 5,299,576 5,232,704 5 -- --Percentage Rent 0 0 0 0 0 0 0 0 0 0 -- --

Effective Gross Income 19,452,710 17 0 0 0 0 34,431,447 34,431,447 34,339,639 30 -- 77%Other Income 0 0 0 0 0 0 651,556 651,556 626,620 1 -- --

Base Rent 19,452,710 17 0 0 0 0 28,480,315 28,480,315 28,480,315 25 -- 46%

Income

General & Administrative Expenses 3,518,009 3 0 0 0 0 769,394 769,394 770,288 1 -- (78%)


Expenses

Payroll & Benefits 0 0 0 0 0 0 482,722 482,722 483,591 0 -- --Management Fees 0 0 0 0 0 0 1,004,374 1,004,374 1,030,191 1 -- --

Professional Fees 0 0 0 0 0 0 879,770 879,770 879,770 1 -- --Advertising & Marketing 0 0 0 0 0 0 7,778 7,778 7,778 0 -- --

Janitorial 0 0 0 0 0 0 6,715 6,715 6,715 0 -- --

Property Insurance 0 0 0 0 0 0 1,450,813 1,450,813 826,930 1 -- --Real Estate Taxes 0 0 0 0 0 0 3,460,505 3,460,505 3,068,858 3 -- --



1,135,453 NRSF Industrial


- mos - mos 2007 12/31/2007 - 12 mos

YTD Variance


Credit:


INDUSTRIAL ACC OWNER LLC ET AL Primary: Wells Fargo Bank, NA Surveillance: Leslie Rupracht

Jabil Circuit, Inc. 366,017.00 32.24 2.52 08/31/2009

Ford Motor Company 769,436.00 67.76 3.35 03/31/2012



Payment Amount



DSCR: Debt Service is the actual amount paid as agreed by the borrower.

Base:

2007:

Income: This loan was underwritten on a consolidated basis and input into property 001 of this loan. Refer to the consolidated OSAR for variance comments.

Expense: Real Estate Taxes reflect impound escrow amount. Property Insurance reflects impound escrow amount. Adjusted Management Fee to 3% of EGI per underwritten baseline.


TUGGLE ROAD 4880 TUGGLE RD, MEMPHIS, TN


05/12/2009 8:28:40 AM Of 241



Credit:



Petsmart, Inc. 613,048.00 100.00 2.95 07/31/2010



Payment Amount




PETSMART 6499 ADELAIDE COURT, GROVEPORT, OH



Credit:



Ozburn-Hessey Logistics, LLC 716,600.00 100.00 2.95 10/31/2010



Payment Amount




MEMPHIS LOGISTICS I & II 5510- 5540 EAST HOLMES RD, MEMPHIS, TN



Credit:



The McGraw Hill Companies Inc. 602,378.00 100.00 3.08 10/31/2016



Payment Amount




MCGRAW HILL 1250 GEORGE RD, ASHLAND, OH


05/12/2009 8:28:40 AM Of 241



Credit:



Innotrac corporation 393,969.00 100.00 3.05 09/30/2011



Payment Amount




SOUTHPARK VIII 3357 SOUTHPARK PLACE, GROVE CITY, OH



Credit:



Apria Healthcare, Inc. 88,414.00 20.70 4.23 11/30/2011

Baker & Taylor, Inc. 317,799.00 74.41 4.23 09/30/2010



Payment Amount




TIDE COURT 1680 TIDE COURT, WOODLAND, CA



Credit:



DecisionOne Corp 393,232.00 100.00 3.21 04/30/2011



Payment Amount




SOUTHPARK VII 3423 SOUTHPARK PLACE, GROVE CITY, OH


05/12/2009 8:28:40 AM Of 241



Credit:



Levenger Company 250,400.00 62.60 3.07 01/31/2013



Payment Amount




CENTERPOINT III 3530 EAST RAINES RD, MEMPHIS, TN



Credit:



Accel, Inc. 304,255.00 100.00 3.61 07/17/2011



Payment Amount




ACCEL 8133 HIGHFIELD DR, LEWIS CENTER, OH



Credit:



State Of Ohio 96,522.00 33.22 4.52 06/30/2009

Rexnord Corporation 72,784.00 25.05 3.15 04/30/2009

Briargate Realty, Inc. 121,206.00 41.72 2.90 02/28/2015


Status: Performing

Total: 10,632,400 625,165

Payment Amount




SOUTHPARK IV 3655 BROOKHAM DR, GROVE CITY, OH


05/12/2009 8:28:40 AM Of 241



Credit:



Cummins Bridgeway, LLC 36,457.00 25.28 3.45 06/30/2010

Priority Healthcare Corporation 43,536.00 30.19 3.50 12/31/2012


Status: PerformingTotal: 10,632,400 306,008

Payment Amount




SOUTHPARK V 2297 SOUTHWEST BLVD, GROVE CITY, OH



Credit:



Relizon 143,335.00 100.00 3.25 02/28/2010



Payment Amount




SOUTHPARK VI 2235 SOUTHWEST BLVD, GROVE CITY, OH

0509 BACM 2007-1 OSAR

Documents

Transcript of 0509 BACM 2007-1 OSAR