Exhibit 99.1
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KPMG LLP
Suite 900
8350 Broad Street
McLean, VA 22102 |
Independent Accountants’ Agreed-Upon Procedures Report
Federal Home
Loan Mortgage Corporation (the “Company”)
Morgan Stanley Capital I Inc.
Morgan Stanley & Co. LLC
BofA Securities, Inc.
(collectively, the “Specified Parties”):
Re: FRETE 2026-ML38 Trust – Data File Procedures
We have performed the procedures described below on
the specified attributes in an electronic data file entitled “ML38 Red Data Tape.xlsx” (the “Data File”) provided by the Company on October 21, 2026, containing information on 15 funding loans intended to be tax-exempt loans
(the “Loans”), each backed by multifamily mortgage loans secured by 15 related mortgaged properties (the “Mortgaged Properties”) as of November 1, 2026 (the “Cut-off Date”), which we were informed are intended to
be included as collateral in the offering by FRETE 2026-ML38 Trust. The Company is responsible for the specified attributes identified by the Company in the Data File.
The
Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting the Specified Parties in evaluating the accuracy of the specified attributes in the Data File. This report may
not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.
The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are
responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.
Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:
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The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting
threshold. |
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The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within
the reporting threshold. |
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The term “reporting threshold” means that (i) dollar amounts, percentages, and debt service coverage ratios were within $1.00, 0.1%, and 0.01, respectively, (ii) dollar amounts were within $2.00 for the Data File attribute Maturity
Balance and (iii) dollar amounts were within $5.00 for the Data File attribute Monthly Rent per Unit. |
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The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A. |
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The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures for and are listed in Attachment B. |
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KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of
independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee. |
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The term “Calculation Methodology” means the formula listed in the Calculation Methodology column of Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company. |
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The term “Instructions” means the instructions provided by the Company pertaining to a procedure, specific attribute, methodology or value, as described in Attachment C. |
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The term “Loan Files” means the electronic copies of source documents made available by the Company and listed in Attachment A. We make no representations regarding the validity or accuracy of any of the source
documents. |
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The term “Provided Information” means the Cut-off Date, Calculation Methodology, Instructions and Loan Files. |
Prior to being provided the Data
File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Company. The Data File represents the revised information
reflecting resolution of differences communicated as determined appropriate by the Company. We performed the procedures on the Data File, and the results of those procedures are reflected herein.
The procedures we were instructed by the Company to perform for all Loans and related Mortgaged Properties in the Data File and the associated findings are as follows:
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A. |
We compared the Compared Attributes in the Data File (except for those with “Provided by Company” in the “Source Document(s)” column of Attachment A) to the corresponding information included in the Loan Files, utilizing
the Instructions, as applicable. The Company indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes identified,
utilizing the Instructions as applicable, constituted an exception (except for those Compared Attributes with “Provided by Company” in the “Source Document(s)” column of Attachment A). The document priority is the order
provided by the Company, which is listed in the “Source Document(s)” column of Attachment A, with the highest priority document listed first. |
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B. |
We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, (ii) the Calculation Methodology and (iii) the Instructions, as applicable. |
We found such information to be in agreement without exception.
We were engaged by the Company to perform
this agreed-upon procedures engagement. We conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and
acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on
the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.
We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon
procedures engagement.
The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of
such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Loans and related Mortgaged Properties,
(iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.
The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Loans to stated
underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Loans being securitized, (iii) the compliance of the originator of the Loans with federal, state, and local laws
and regulations, or (iv) any other factor or characteristic of the Loans and related Mortgaged Properties that would be material to the likelihood that the issuer of the certificates will pay interest and principal in accordance with applicable
terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).
The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.
This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including
investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.
/s/ KPMG LLP
McLean, Virginia
October 21, 2026
COMPARED ATTRIBUTES
| Attribute Number |
Attribute |
Source Document(s) |
| 1 |
Loan No. / Property No. |
Provided by Company |
| 2 |
Loan Group |
Provided by Company |
| 3 |
Freddie Mac Loan Number |
Continuing Covenant Agreement, Project Note |
| 4 |
Property Name |
Provided by Company |
| 5 |
Optigo Lender |
Governmental Note, Project Note, Continuing Covenant Agreement |
| 6 |
Street Address |
Appraisal Report, Engineering Report, USPS Website |
| 7 |
Property City |
Appraisal Report, Engineering Report, USPS Website |
| 8 |
County |
Appraisal Report, Engineering Report, USPS Website |
| 9 |
Property State |
Appraisal Report, Engineering Report, USPS Website |
| 10 |
Metropolitan Statistical Area |
MSA Report |
| 11 |
Zip Code |
Appraisal Report, Engineering Report, USPS Website |
| 12 |
Property Type |
Appraisal Report |
| 13 |
Property Subtype |
Appraisal Report, Investment Brief, Engineering Report, Property Inspection and Lease Audit, Continuing
Covenant Agreement, Regulatory Agreements |
| 14 |
Cut-Off Date |
Provided by Company |
| 15 |
Original Loan Amount |
Project Note |
| 16 |
Cut-Off Date Loan Amount |
Project Note |
| 17 |
Maturity Balance |
Project Note |
| 18 |
Note Date |
Project Note |
| 19 |
Gross Interest Rate |
Project Note |
| 20 |
Rate Type |
Project Note |
| 21 |
Accrual Basis |
Project Note |
| Attribute Number |
Attribute |
Source Document(s) |
| 22 |
First Payment Date |
Project Note |
| 23 |
Maturity Date |
Project Note |
| 24 |
Payment Date |
Project Note |
| 25 |
Late Charge Grace Period |
Project Note |
| 26 |
Loan Amortization Type |
Project Note |
| 27 |
Amortization Term (Original) |
Project Note |
| 28 |
IO Period |
Project Note |
| 29 |
Prepayment Provision |
Project Note, Project Loan Agreement, Funding Loan Agreement |
| 30 |
Defeasance To Maturity (Yes/No) |
Funding Loan Agreement, Project Note, Project Loan Agreement |
| 31 |
Partial Defeasance Permitted (Yes/No) |
Funding Loan Agreement, Project Note, Project Loan Agreement |
| 32 |
Appraised Value |
Appraisal Report |
| 33 |
Appraised Value Type |
Appraisal Report |
| 34 |
Appraisal Firm |
Appraisal Report |
| 35 |
Appraisal Valuation Date |
Appraisal Report |
| 36 |
Year Built |
Engineering Report, Appraisal Report, Physical Risk Report |
| 37 |
Year Renovated |
Engineering Report, Appraisal Report, Certificate of Substantial Completion (Form G704), Final Site
Observation Report, Physical Risk Report |
| 38 |
Expected Construction Completion Date |
Continuing Covenant Agreement, Commitment Letter, Pre-Construction Report |
| 39 |
Total Units |
Rent Roll, Appraisal Report, Investment Brief, Continuing Covenant Agreement |
| 40 |
Affordable LI Units (<=80% AMI) |
CRA Report |
| 41 |
Affordable LI Units (<=60% AMI) |
CRA Report |
| 42 |
Affordable VLI Units (<=50% AMI) |
CRA Report |
| Attribute Number |
Attribute |
Source Document(s) |
| 43 |
Unit of Measure |
Rent Roll, Appraisal Report, Investment Brief, Continuing Covenant
Agreement |
| 44 |
# Units - Commercial |
Appraisal Report, Rent Roll, Investment Brief, Commercial Lease |
| 45 |
Elevator (Yes/No) |
Engineering Report, Appraisal Report |
| 46 |
FIRREA Eligible (Yes/No) |
Appraisal Report |
| 47 |
Zoning Status |
Zoning Report, Appraisal Report |
| 48 |
Lien Position |
Final Title Policy, Continuing Covenant Agreement |
| 49 |
Title Vesting (Fee/Leasehold/Both) |
Security Instrument, Final Title Policy |
| 50 |
Ground Lease Rent |
Ground Lease, Ground Lease Estoppel, Final Title Policy |
| 51 |
Ground Lease Maturity Date |
Ground Lease, Ground Lease Estoppel, Final Title Policy |
| 52 |
Ground Lease Expiration Date w/ Extensions |
Ground Lease, Ground Lease Estoppel, Final Title Policy |
| 53 |
UW EGI |
Asset Summary Report (Excel or PDF), Investment Brief, Underwriter's Summary Report |
| 54 |
UW Expenses |
Asset Summary Report (Excel or PDF), Investment Brief, Underwriter's Summary Report |
| 55 |
Underwritten Annual Reserves |
Asset Summary Report (Excel or PDF), Investment Brief, Underwriter's Summary Report |
| 56 |
UW NCF |
Asset Summary Report (Excel or PDF), Investment Brief, Underwriter's Summary Report |
| 57 |
Most Recent Financial End Date |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| 58 |
Most Recent EGI |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| 59 |
Most Recent Expenses |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| Attribute Number |
Attribute |
Source Document(s) |
| 60 |
Most Recent NCF |
Asset Summary Report (Excel or PDF), Underwriter's Summary
Report |
| 61 |
2nd Most Recent Financial End Date |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| 62 |
2nd Most Recent EGI |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| 63 |
2nd Most Recent Expenses |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| 64 |
2nd Most Recent NCF |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| 65 |
3rd Most Recent Financial End Date |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| 66 |
3rd Most Recent EGI |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| 67 |
3rd Most Recent Expenses |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| 68 |
3rd Most Recent NCF |
Asset Summary Report (Excel or PDF), Underwriter's Summary Report |
| 69 |
Occupancy as of Date |
Rent Roll |
| 70 |
Tenant Concentration Type |
For Student, Military and Corporate concentrations:
Property Inspection and Lease Audit, Investment Brief, Seller Inspection Template, Appraisal Report For Age Restricted concentrations: Appraisal Report, Investment
Brief, Regulatory Agreements For Assisted Living/Independent Living concentrations: Continuing Covenant Agreement
For any other concentrations: Property Inspection and Lease Audit, Investment Brief, Seller Inspection Template, Appraisal Report, Continuing Covenant
Agreement |
| Attribute Number |
Attribute |
Source Document(s) |
| 71 |
% of Tenant Concentration |
For Student,
Military and Corporate concentrations: Property Inspection and Lease Audit, Investment Brief, Seller Inspection Template, Appraisal Report For Age Restricted
concentrations: Appraisal Report, Investment Brief, Regulatory Agreements For Assisted Living/Independent Living concentrations: Continuing Covenant Agreement
For any other concentrations: Property Inspection and Lease Audit, Investment Brief, Seller Inspection Template, Appraisal Report, Continuing Covenant
Agreement |
| 72 |
Non-Compliance Provisions (Yes/No) |
Continuing Covenant Agreement |
| 73 |
Rental Subsidy Indicator (Yes/No) |
Provided by Company |
| 74 |
Rental Subsidy Type |
Provided by Company |
| 75 |
Regulatory Agreement (Yes/No) |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements |
| 76 |
Type of Regulatory Agreement(s) |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements |
| 77 |
Description of Regulatory Agreement(s) |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements |
| 78 |
Regulatory Agency/Housing Authority/Regulatory Agreement Counterparty |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements |
| 79 |
% Units with Income Restrictions |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements, Appraisal
Report |
| 80 |
% Units with Rent Restrictions |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements, Appraisal
Report |
| 81 |
HAP Maturity Date |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements |
| 82 |
Condo Ownership (% or N/A) |
Continuing Covenant Agreement |
| 83 |
Amount Sq. Ft - Commercial |
Appraisal Report, Rent Roll, Investment Brief, Commercial Lease |
| 84 |
Environmental Firm |
Phase I Environmental Report |
| Attribute Number |
Attribute |
Source Document(s) |
| 85 |
Phase I Environmental Report Date |
Phase I Environmental Report |
| 86 |
Phase II Recommended (Yes/No) |
Phase I Environmental Report |
| 87 |
Phase II Performed (Yes/No) |
Phase II Environmental Report |
| 88 |
Phase II Environmental Report Date |
Phase II Environmental Report |
| 89 |
Environmental Cost to Cure (Phase I plus Phase II) |
Phase I Environmental Report & Phase II Environmental Report |
| 90 |
Engineering Firm |
Engineering Report |
| 91 |
Engineering Report Date |
Engineering Report |
| 92 |
Immediate Repairs Cost Estimate |
Engineering Report |
| 93 |
Replacement Reserves Cost Estimate per Year |
Engineering Report |
| 94 |
Seismic Firm |
Seismic Report |
| 95 |
Seismic Report Date |
Seismic Report |
| 96 |
Elevated Seismic Hazard Region or PGA ≥ 0.15g (Yes/No) |
Seismic Report, Engineering Report |
| 97 |
PML Report Required (Yes/No) |
Seismic Report, Engineering Report |
| 98 |
PML (%) |
Seismic Report |
| 99 |
Green Advantage |
Continuing Covenant Agreement, Green Assessment Report |
| 100 |
Replacement Reserve (Initial) |
Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement |
| 101 |
Engineering Reserve/Deferred Maintenance (Yes/No) |
Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement |
| 102 |
Tax Reserve (Yes/No) |
Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement |
| 103 |
Insurance Reserve (Yes/No) |
Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement |
| 104 |
Replacement Reserve (Yes/No) |
Continuing Covenant Agreement, List of all Escrow Accounts Held, Settlement Statement |
| Attribute Number |
Attribute |
Source Document(s) |
| 105 |
Other Reserve Type |
Continuing Covenant Agreement, Continuing Covenant Agreement
Amendment, List of all Escrow Accounts Held, Settlement Statement |
| 106 |
Other Reserve (Initial) |
Continuing Covenant Agreement, Continuing Covenant Agreement Amendment, List of all Escrow Accounts Held,
Settlement Statement, Letter of Credit |
| 107 |
Other Reserve (Monthly) |
Continuing Covenant Agreement, Continuing Covenant Agreement Amendment, List of all Escrow Accounts
Held |
| 108 |
Springing Reserve Type |
Continuing Covenant Agreement, Continuing Covenant Agreement Amendment, List of all Escrow Accounts
Held |
| 109 |
Springing Reserve Amount |
Continuing Covenant Agreement, Continuing Covenant Agreement Amendment, List of all Escrow Accounts
Held |
| 110
|
Letter of Credit Amount |
Letter of Credit, Continuing Covenant Agreement |
| 111 |
Letter of Credit Description |
Letter of Credit, Continuing Covenant Agreement |
| 112 |
Are Escrows/Reserves LOC or can be converted to LOC (Yes/No) |
Continuing Covenant Agreement |
| 113 |
Specify Accounts for Escrows/Reserves LOC |
Continuing Covenant Agreement |
| 114 |
Environmental Insurance (Yes/No) |
Environmental Insurance Certificate, Form 1133 |
| 115 |
Environmental Insurance Expiration Date |
Provided by Company |
| 116 |
Environmental Insurance Carrier (Name or N/A) |
Provided by Company |
| 117 |
Environmental Insurance Carrier Rating |
Provided by Company |
| 118 |
Environmental Insurance Coverage ($ or N/A) |
Provided by Company |
| 119 |
Flood Insurance (Yes/No) |
Standard Flood Hazard Determination Form, Property Insurance Certificate, Form 1133, Flood Waiver |
| 120 |
Windstorm Insurance (Yes/No) |
Property Insurance Certificate, Form 1133 |
| Attribute Number |
Attribute |
Source Document(s) |
| 121 |
Earthquake Insurance Required (Yes/No) |
Property Insurance Certificate, Form 1133, Seismic Report, Continuing
Covenant Agreement |
| 122 |
Terrorism Insurance (Yes/No) |
Property Insurance Certificate, Form 1133 |
| 123 |
Terrorism Insurance Expiration Date |
Provided by Company |
| 124 |
Terrorism Insurance Coverage ($ or N/A) |
Provided by Company |
| 125 |
Terrorism Insurance Deductible ($ or N/A) |
Provided by Company |
| 126 |
Terrorism Insurance Carrier (Name or N/A) |
Provided by Company |
| 127 |
Terrorism Insurance Carrier Rating |
Provided by Company |
| 128 |
Property Insurance Coverage (Yes/No) |
Property Insurance Certificate, Form 1133 |
| 129 |
Property Insurance Expiration Date |
Provided by Company |
| 130 |
Property Insurance Carrier (Name or N/A) |
Provided by Company |
| 131 |
Property Insurance Carrier Rating |
Provided by Company |
| 132 |
Property Insurance Coverage ($ or N/A) |
Provided by Company |
| 133 |
Property Insurance Deductible ($ or N/A) |
Provided by Company |
| 134 |
Liability Insurance Coverage (Yes/No) |
Liability Insurance Certificate, Form 1133 |
| 135 |
Liability Insurance Expiration Date |
Provided by Company |
| 136 |
Liability Insurance Carrier (Name or N/A) |
Provided by Company |
| 137 |
Liability Insurance Carrier Rating |
Provided by Company |
| 138 |
Liability Insurance Coverage ($ per occurrence/$ aggregate or N/A) |
Provided by Company |
| 139 |
Liability Insurance Deductible ($ or N/A) |
Provided by Company |
| 140 |
Cash Management (Description or N/A) |
Cash Management Agreement, Lockbox Agreement, Continuing Covenant Agreement |
| 141 |
Lockbox (Yes/No) |
Cash Management Agreement, Lockbox Agreement, Continuing Covenant Agreement |
| 142 |
Additional Financing In Place (Existing) (Yes/No) |
Continuing Covenant Agreement, Secondary Financing Documents, Investment Brief, Draft Secondary Financing
Documents |
| Attribute Number |
Attribute |
Source Document(s) |
| 143 |
Additional Financing Amount (Existing) |
Continuing Covenant Agreement, Secondary Financing Documents,
Investment Brief, Draft Secondary Financing Documents |
| 144 |
Additional Financing Description (Existing) |
Continuing Covenant Agreement, Secondary Financing Documents, Investment Brief, Draft Secondary Financing
Documents |
| 145 |
Future Mezzanine Debt (Yes/No) |
Continuing Covenant Agreement |
| 146 |
Future Supplemental Financing (Yes/No) |
Continuing Covenant Agreement, Continuing Covenant Agreement Amendment, Draft Continuing Covenant Agreement
Amendment |
| 147 |
Future Supplemental Financing Description |
Continuing Covenant Agreement, Continuing Covenant Agreement Amendment, Draft Continuing Covenant Agreement
Amendment |
| 148 |
Substitution Permitted (Yes/No) |
Continuing Covenant Agreement, Cross Collateralization Agreement |
| 149 |
Number of Properties |
Appraisal, Continuing Covenant Agreement, Management Agreement, Assignment of Management Agreement, Final
Title Policy, Security Instrument |
| 150 |
Collateral Release Price ($ or N/A) |
Cross Collateralization Agreement, Continuing Covenant Agreement |
| 151 |
Crossed Loans |
Cross Collateralization Agreement, Continuing Covenant Agreement |
| 152 |
Release (Yes/No or N/A) |
Continuing Covenant Agreement, Cross Collateralization Agreement |
| 153 |
Release Provisions (Description or N/A) |
Continuing Covenant Agreement, Cross Collateralization Agreement |
| 154 |
Loan Purpose (Acquisition, Refinance) |
Continuing Covenant Agreement, Investment Brief, Settlement Statement |
| 155 |
Borrowing Entity |
Project Note, Continuing Covenant Agreement, Borrower Organizational Documents, Assumption Documents |
| 156 |
Entity Type |
Project Note, Continuing Covenant Agreement, Borrower Organizational Documents, Assumption Documents |
| Attribute Number |
Attribute |
Source Document(s) |
| 157 |
State of Organization |
Project Note, Continuing Covenant Agreement, Borrower Organizational
Documents, Assumption Documents |
| 158 |
Borrower Principal |
Provided by Company |
| 159 |
Single Purpose Borrowing Entity / Single Asset Borrowing Entity |
Continuing Covenant Agreement |
| 160 |
Tenants In Common (Yes/No) |
Continuing Covenant Agreement |
| 161 |
Delaware Statutory Trust (Yes/No) |
Project Note, Continuing Covenant Agreement, Borrower Organizational Documents, Assumption Documents, Trust
Agreements |
| 162 |
Independent Director (Yes/No) |
Continuing Covenant Agreement |
| 163 |
Non-Consolidation Opinion (Yes/No) |
Opinion of Counsel, Commitment Letter |
| 164 |
Assumption Fee |
Continuing Covenant Agreement |
| 165 |
Recourse (Yes/No) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 166 |
Recourse Description |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 167 |
Bad Boy Indemnitor / Guarantor |
Guaranty Agreement, Continuing Covenant Agreement, Assumption Documents |
| 168 |
Environmental Indemnitor (Name or N/A) |
Guaranty Agreement, Continuing Covenant Agreement, Assumption Documents |
| 169 |
Environmental Carveout (Yes/No) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 170 |
Fraud Carveout (Yes/No) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 171 |
Misapplication of Rent and Insurance Proceeds Carveout (Yes/No) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 172 |
Voluntary Bankruptcy Carveout (Yes/No) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 173 |
Waste Carveout (Yes/No) |
Project Note, Guaranty Agreement, Continuing Covenant Agreement |
| 174 |
Borrower/Principal Liquid Assets |
Provided by Company |
| 175 |
Borrower/Principal Net Worth |
Provided by Company |
| Attribute Number |
Attribute |
Source Document(s) |
| 176 |
Borrower Or Principal Prior Bankruptcy (Yes/No) |
Freddie Mac Form 1115, Investment Brief, Borrower Organizational
Documents |
| 177 |
Bankruptcy Description (Chapter # or N/A) |
Provided by Company |
| 178 |
Management Company |
Management Agreement, Assignment of Management Agreement, Continuing Covenant Agreement |
| 179 |
Primary Servicing Fee |
Exhibit A to Commitment Letter, Exhibit A to Early Rate Lock Agreement |
| 180 |
Master Servicing Fee |
Provided by Company |
| 181 |
Trustee Fee |
Trustee Fee Bid Letter |
| 182 |
Master Servicing Surveillance Fee |
Provided by Company |
| 183 |
Special Servicing Surveillance Fee |
Provided by Company |
| 184 |
CREFC Royalty Fee |
CREFC Fee Letter |
| 185 |
Number of LIHTC Units |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements, Appraisal
Report |
| 186 |
Bond Counsel Name |
Opinion of Counsel |
| 187 |
Tax Credit Syndicator Name |
Provided by Company |
| 188 |
Tax Credit Investor Name |
Continuing Covenant Agreement, Limited Partnership Agreements, Operating Agreements, Investment
Brief |
| 189 |
Rental/Income/Age Restrictions (Yes/No) |
Legal Affordability Summary Report, Continuing Covenant Agreement, Regulatory Agreements |
| 190 |
Issuer |
Governmental Note, Funding Loan Agreement |
| 191 |
Fiscal Agent Name |
Funding Loan Agreement, Continuing Covenant Agreement, Project Note |
| 192 |
Sponsor Name |
Guaranty Agreement, Continuing Covenant Agreement, Assumption Documents |
| 193 |
Annual Governmental Lender Fee |
Funding Loan Agreement, Regulatory Agreements, Title Exceptions |
| Attribute Number |
Attribute |
Source Document(s) |
| 194 |
Annual Fiscal Agent Fee ($) |
Funding Loan Agreement, Regulatory Agreements, Title Exceptions,
Commitment Letter, Exhibit A to Commitment Letter, Exhibit A to Early Rate Lock Agreement |
| 195 |
Annual Fiscal Agent Fee Payment Date |
Funding Loan Agreement, Regulatory Agreements, Title Exceptions |
| 196 |
First Annual Fiscal Agent Fee Payment Date |
Funding Loan Agreement, Regulatory Agreements, Title Exceptions |
RECOMPUTED ATTRIBUTES
| Attribute Number |
Attribute |
Calculation Methodology |
| 197 |
% of Cut-off Date Pool Balance |
Respective Cut-Off Date Loan Amount divided by sum of pool Cut-Off Date Loan Amounts. |
| 198 |
% of Cut-off Date Loan Group Balance |
Respective Cut-Off Date Loan Amount divided by sum of loan group Cut-Off Date Loan Amounts. |
| 199 |
Monthly Debt Service Amount (Amortizing) |
If Loan Amortization Type is equal to “Interest Only”, set equal to Monthly Debt Service Amount
(IO). Otherwise, confirm using Project Note. |
| 200 |
Monthly Debt Service Amount (IO) |
Recompute using the Original Loan Amount, Accrual Basis, IO Period and Gross Interest Rate. Assume all
scheduled payments of principal and/or interest on the Loans are made and that there are no prepayments or other unscheduled collections. |
| 201 |
Loan Term (Original) |
Number of payments between and including the First Payment Date and Maturity Date. |
| 202 |
Amortization Term (Remaining) |
Recompute using the Amortization Term (Original), Seasoning and IO Period. |
| 203 |
Loan Term (Remaining) |
Recompute using the Loan Term (Original), Maturity Date and Cut-Off Date. |
| 204 |
Seasoning |
Loan Term (Original) minus Loan Term (Remaining). |
| 205 |
Cut-Off Date Balance/Unit |
Cut-Off Date Loan Amount divided by Total Units. |
| 206 |
Cut-Off Date LTV |
Cut-Off Date Loan Amount divided by Appraised Value. |
| 207 |
Maturity LTV |
Maturity Balance divided by Appraised Value. |
| 208 |
UW NOI |
UW EGI minus UW Expenses. |
| 209 |
UW NCF DSCR |
UW NCF divided by product of 12 and Monthly Debt Service Amount (Amortizing). |
| 210 |
UW NCF DSCR (IO) |
UW NCF divided by product of 12 and Monthly Debt Service Amount (IO). |
| Attribute Number |
Attribute |
Calculation Methodology |
| 211 |
Most Recent NOI |
Most Recent EGI minus Most Recent Expenses. |
| 212 |
Most Recent DSCR (NCF) |
Most Recent NCF divided by product of 12 and Monthly Debt Service Amount (Amortizing). |
| 213 |
2nd Most Recent NOI |
2nd Most Recent EGI minus 2nd Most Recent Expenses. |
| 214 |
2nd Most Recent DSCR (NCF) |
2nd Most Recent NCF divided by product of 12 and Monthly Debt Service Amount (Amortizing). |
| 215 |
3rd Most Recent NOI |
3rd Most Recent EGI minus 3rd Most Recent Expenses. |
| 216 |
3rd Most Recent DSCR (NCF) |
3rd Most Recent NCF divided by product of 12 and Monthly Debt Service Amount (Amortizing). |
| 217 |
Occupancy % |
Number of occupied units listed on the Rent Roll Source Document divided by Total Units. |
| 218 |
Monthly Rent per Unit |
Monthly residential rent per the Rent Roll Source Document divided by the number of residential units per the
Rent Roll, Appraisal Report, Investment Brief, or Continuing Covenant Agreement Source Documents. |
| 219 |
% of GPR from Commercial Rental Income |
Commercial income divided by the sum of commercial income and residential gross potential rent from the Asset
Summary Report (Excel or PDF), Underwriter's Summary Report or Investment Brief Source Documents. |
| 220 |
CDCR (Combined DCR) |
Equal to N/A if Additional Financing In Place (Existing) (Yes/No) is equal to “No”, or if
additional financing (i) has a floating interest rate, (ii) is ‘soft debt’, where there is either no requirement for repayment, or payments are calculated from excess cash flows, (iii) has conditions that provide for the potential
forgiveness of the debt, (iv) is owned by the Company, (v) is a pari passu companion loan or (vi) is unsecured. Otherwise, UW NCF divided by product of 12 and the sum of Monthly Debt Service Amount (Amortizing) and monthly debt service of any
Additional Financing In Place (Existing) (Yes/No) which is not represented by any of the conditions (i) through (vi) above. |
| Attribute Number |
Attribute |
Calculation Methodology |
| 221 |
CLTV (Combined LTV) |
Equal to N/A if Additional Financing In Place (Existing) (Yes/No) is
equal to “No”, or if additional financing (i) is ‘soft debt’, (ii) has conditions that provide for the potential forgiveness of the debt, (iii) is owned by the Company, (iv) is a pari passu companion loan or (v) is unsecured.
Otherwise, sum of Cut-Off Date Loan Amount and any Additional Financing Amount (Existing) which is not represented by any of the conditions (i) through (v) above, divided by Appraised Value. |
| 222 |
Related Borrower Loans |
Recompute by grouping loans by Borrower Principal, excluding entities affiliated with the Tax Credit Investor
Name as disclosed in the Continuing Covenant Agreement. |
| 223 |
Administration Fee Rate |
Sum of Primary Servicing Fee, Master Servicing Fee, Trustee Fee, Master Servicing Surveillance Fee, Special
Servicing Surveillance Fee and CREFC Royalty Fee. |
| 224 |
Net Mortgage Interest Rate |
Gross Interest Rate minus Administration Fee Rate. |
INSTRUCTIONS
|
1. |
For those Compared Attributes with the source document or instruction indicated as “Provided by Company,” we were instructed by the Company to assume the attribute is accurate and therefore, we did not
perform any procedure. |
|
2. |
For the Compared Attribute “Environmental Cost to Cure (Phase I plus Phase II)”, we were instructed by the Company to (i) use ‘$0’ as the value for the Compared Attribute when the Source
Documents contained an Environmental Cost to Cure of less than $5,000, (ii) use ‘N/A’ as the value for the Compared Attribute when the Source Documents did not indicate a value and (iii) exclude any radon mitigation costs in the value
for the Compared Attribute. |
|
3. |
For the Compared Attribute “Flood Insurance (Yes/No)”, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute when the Standard Flood Hazard Determination Form
had the ‘No’ field marked in the ‘Determination’ section, or when no Standard Flood Hazard Determination Form was available, and the Loan File did not indicate that the Mortgaged Property was located in a special flood hazard
area. When the Standard Flood Hazard Determination Form had the ‘Yes’ field marked in the ‘Determination’ section, we were instructed by the Company to use ‘Yes’ as the value for the Compared Attribute if either
flood insurance or an approved waiver was stated in the Source Documents. |
|
4. |
For the Compared Attribute “Earthquake Insurance Required (Yes/No)”, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute when the Compared Attribute
“Elevated Seismic Hazard Region or PGA ≥ 0.15g (Yes/No)” is equal to ‘No’ or when the Compared Attribute “PML (%)” is less than or equal to 20.0% or is N/A. Notwithstanding the above, if the Continuing
Covenant Agreement requires earthquake insurance due to building retrofitting we were instructed by the Company to use ‘Yes’ as the value for the Compared Attribute “Earthquake Insurance Required (Yes/No)”. |
|
5. |
For the Compared Attribute “PML Report Required (Yes/No)”, for Loans when the Compared Attribute “Property Subtype” is equal to ‘Manufactured Housing Community’ or contains
‘MHC’, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute, unless a Source Document was provided. |
|
6. |
For the Compared Attribute “PML Report Required (Yes/No)”, for Loans where a Seismic Report was provided, we were instructed by the Company to use ‘Yes’ as the value for the Compared
Attribute. |
|
7. |
For the Compared Attributes “Tenant Concentration Type” and “% of Tenant Concentration”, we were instructed by the Company to exclude concentration types and percentages listed for
‘Seniors’ and ‘Graduate Students’ in the Source Documents. |
|
8. |
For the Compared Attribute “Borrower Or Principal Prior Bankruptcy (Yes/No)”, we were instructed by the Company to use ‘No’ as the value for the Compared Attribute when the Source Document
(“Freddie Mac Form 1115”) did not have ‘Yes’ checked for the applicable question. |
|
9. |
For the Compared Attribute “Tax Credit Investor Name”, we were instructed by the Company to list all entities with over a 15% ownership interest in the borrower, as identified in the ‘Organizational
Chart of Borrower’ in the Source Documents. |
|
10. |
For the Compared Attribute “Year Renovated”, we were instructed by the Company to use the year of the value for the Compared Attribute “Expected Construction Completion Date” if the value of
the Compared Attribute “Expected Construction Completion Date” was not equal to ‘N/A’. |
|
11. |
For the Compared Attribute “Number of Properties”, we were instructed by the Company to use ‘1’ as the value for the Compared Attribute when the Source Documents described multiple parcels
managed by a single entity. |
|
12. |
For the Mortgaged Properties with the Compared Attribute “Property Name” equal to ‘Dunhill Flats And Sutherland Flats I TEL’ and ‘Sutherland Flats II TEL’ we were instructed by the
Company to use ‘Acquisition’ as the value for the Compared Attribute “Loan Purpose (Acquisition, Refinance)” when ‘Ground Lease of Mortgaged Property’ was marked on the project loan purpose table in the Continuing
Covenant Agreement Source Document. |
|
13. |
For the Compared Attributes “Appraised Value” and “Appraisal Valuation Date”, we were instructed by the Company to use the appraised value and appraisal valuation date, as shown in the related
Appraisal Report, that are associated with the appraisal valuation type that is identified in the “Valuation Type from Appraisal Report” column of the table below. For the Compared Attribute “Appraised Value Type”, we were
instructed by the Company to use the appraisal valuation type listed in the “Appraised Value Type” column of the table below. |
| Property Name |
Valuation Type from Appraisal Report |
Appraised Value Type |
| Redwood Apartments TEL |
Market Value As Is |
As-Is (Rent Restrictions) |
| North River Flats TEL |
As Is (LIHTC As Is) |
As-Is (Rent Restrictions) |
| The Meadowmark TEL |
Prospective leased fee market value "Upon Completion and Stabilization" assuming restricted 2023
LIHTC rents |
As-Stabilized (Rent Restrictions) |
| Property Name |
Valuation Type from Appraisal Report |
Appraised Value Type |
| Palm Grove Garden Apartments TEL |
Hypo Market Value As-Renovated (Restricted Mutm Hap Rents) |
As-Stabilized (Rent Restrictions) |
| Mountain View Apartments II & III TEL |
Market Value As-Is |
As-Is (Rent Restrictions) |
| Crossroads Apartments TEL |
Hypothetical As Renovated - Encumbered (With Exemption) |
As-Stabilized (Rent Restrictions) |
| Allium Place (fka Randolph Road Apartments) |
Hypothetical As-If Stabilized - Rent Restricted - With Tax Savings |
As-Stabilized (Rent Restrictions) |
| Westgreen Apartments TEL |
Hypothetical Market Value - As If Complete and Stabilized, Encumbered with Tax Exemption |
As-Stabilized (Rent Restrictions) |
| The Lookout TEL |
As Is Encumbered With Tax Exemption |
As-Is (Rent Restrictions) |
| Aspen Park TEL |
Market Value As-IS (Restricted) |
As-Is (Rent Restrictions) |
| Dunhill Flats And Sutherland Flats I TEL |
Hypothetical As Stabilized (As Restricted) |
As-Stabilized (Rent Restrictions) |
| Forest Apartments TEL |
Hypothetical As Renovated/Stabilized |
As-Stabilized (Rent Restrictions) |
| Sutherland Flats II TEL |
Hypothetical As Stabilized (As Restricted) |
As-Stabilized (Rent Restrictions) |
| Gadsden Arms Apartments TEL |
Hypothetical As Rehabbed - With Restrictions |
As-Stabilized (Rent Restrictions) |
| Riverside Gardens Apartments TEL |
As Restricted - As If Stabilized |
As-Stabilized (Rent Restrictions) |