| 08/21/09: Q2 2009 financial reports show DSCR at .71X and occupancy at 93.38%. DSCR is declining due to higher than normal Repair and Maintenance expense during the first half of the year. This loan is secured by a 6-building, 136-unit garden-style apartment property, constructed in 1967, and renovated in 2006. The complex sits on a 4.9-acre site in Columbia, Missouri.FYE 2008 DSCR NCF is 1.07x due largely to lower than underwritten income. For the purpose of calculating the underwritten DSCR ratio of 1.19x the amount available under certain reserves securing Mortgage Loan was deducted from the applicable Loan Amount (as is UW DSCR was 1.15x). The property was underwritten at 93%, occupancy. At FYE 2008, occupancy had fallen to 89.7% and resulted in a 2.9% decline in EGI. Total operating expenses increased by 3.5% over FYE 2007.
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