| 1E - DSCR < 1.10, 1F - DSCR < 1.40 and <= 75% U/W DSCR, 4B - EGI < 80% U/W EGI, and 4A - Occ. < 80% U/W. The loan is secured by a 520 unit self storage facility in Oviedo, Fl, built in 2001. The property was inspected on 09/22/08; rated in Good condition. Q1-2009 NCF DSCR is .85 with an occupancy of 61%; YE 2008 NCF DSCR was 1.03 with an occupancy of 41%. The decline in NCF is a result of an EGI decline caused by a 41% occupancy decline from YE 2007. Historical occ at the property ranged from mid to high 80 percentile until Q1-2007 where it dropped to mid 70 percentile to high 60 percentile and further dropped to its current low 40 percentile level. Per Bwr, occ decline is caused by the economic turndown. The Orlando market has been hit especially hard, as per Bwr, with traffic significantly dropping, fewer potential customers are renting storage, and existing customers are moving out. From Sept 08 to March 09, there has 5% drop in 6-12 month renters, and a 8.5% drop in 1-2 year renters as per Bwr. Climate Controlled units asking rates range from $55.40-$484.00 depending on unit size; market rates range from $66.00-$440.00 depending on unit size. Regular SS units asking rates range from $48.40-$321.20 depending on unit size; market rates range from $57.00-$292.00 depending on unit size. RV spaces asking rates are from $71.50-$93.50; market rates are from $65.00-$85.00. The property is advertised in yellow pages, electronic message board, and Everybody\''s Business. Per bwr, drive-by accounts for almost 50% of the property customers. Rental concessions include 2nd month 50% discount, 7% rent discount on leasing 600 sf or more, and 25% rent employee discount. Bank of America will continue to monitor the loan.
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