EX-99.1 2 d849932dex991.htm EX-99.1 EX-99.1

 

附件 99.1

 

安永 LLP

曼哈頓第一西

紐約，NY 10001。

  

電話：+1 212 773 3000

ey.com

 

獨立會計師對 執行約定程序的報告

 

花旗貸款資金有限責任公司（"Depositor"）

花旗銀行有限公司。

美國聯邦住房貸款抵押公司（Freddie Mac）

Jefferies LLC

富國證券有限責任公司

（統稱為“指定方”）

 

回信： 房地美
    結構化通過證券（SPCs）系列ML-26
     
    FRETE 2024-ML26 信託
    2024-ML26多戶家庭ML通過證券系列

 

我們已執行附件A列明的程序，這些程序是特定方對其承認和認可為適當的，目的是協助特定方評估關於貸款（如此處所定義）的某些信息的準確性，該信息包含在數據文件（如此處所定義）中（"主題事項"），涉及Freddie Mac 結構化通過證券（SPC）系列ML-26和FRETE 2024-ML26 信托房地產ML通過證券2024-ML26 為期2024年10月21日的證券化交易（"交易"). 本報告可能不適用於其他任何目的。執行的程序可能未涉及報告使用者感興趣的所有項目，並且可能不符合所有報告使用者的需求，因此，使用者有責任確定執行的程序是否適用於他們的目的。這些程序的適當性僅由本報告中確定的特定方負責。其他任何一方都未承認程序的適當性。因此，我們不對所述的附件A中的程序的適當性作出任何聲明，無論這份報告被要求的目的是甚麼，或是其他目的。

 

執行的程序及相關發現已包含在附件A中。

 

為了本報告所述的程序，存款人向我們提供了以下資料：

a. 特定電子數據文件（以下簡稱“數據文件”）如附件A所述，
b. 貸款文件的電子副本，包括與擔保貸款及物業（如此處定義）有關的各種來源文件（“來源文件”）。
c. 一個列在附件A的附件1上的數據文件（“比較特徵”）上的特徵清單，存款人指示我們與源文件中包含的信息進行比較。
d. 根據存款人指示，我們重新計算了數據文件中描述的特性清單（“重新計算的特性”），該特性清單在附件A中列出，並使用數據文件中的信息。
e. 關於資料文件中列在附件A的附件2中的特徵清單（“提供的特徵”），原屬存款人指示我們不進行任何程序。
f. 有關交易的初步信息循環草案（“初步信息循環草案”）
g. 說明、假設和方法論，詳見附件A。

 

 

第2頁 共3頁

附件A中包含的程序僅限於比較或重新計算附件A中進一步描述的某些信息。 存款人負責主題事項、資料文件、來源文件、比較特徵、重新計算特徵、提供的特徵、草擬初步資訊內容行，以及本文所描述的指示、假設和方法。 我們未獲要求執行，也未執行除附件A中列出的那些程序以外的任何程序，關於資料文件。 我們未驗證，並且對於來源文件、提供的特徵、草擬初步資訊內容或存款人提供給我們並在形成我們的結論時依賴的任何其他信息，我們不做任何陳述。 因此，我們不做任何陳述，也不表達任何意見或結論，關於： (a) 貸款的存在， (b) 法律或稅務解釋問題， 或 (c) 本報告中描述的我們依存於存款人提供給我們的指示、假設和方法的適當性、準確性、完整性或合理性。 我們不承擔更新本報告以反映本日期後發生的事件和情況的責任。

 

此次同意程序諮詢工作是根據美國會計師公會（“AICPA”）建立的鑑證標準進行的。同意程序諮詢工作涉及執行特定程序，這些程序是指定方同意並確認適用於工作宗旨的程序，並根據執行的程序報告所發現的結果。我們沒有被要求進行檢查以表達意見，也沒有根據AICPA建立的鑑證標準進行檢查以表達結論，關於這些事項中提到的任何事項。因此，我們不表達這樣的意見或結論。如果我們進行額外的程序，可能會注意到其他事項，將向您匯報。

 

本報告所描述的約定程序並非為了以下目的而執行：

a. 滿足由國家認可的統計評級機構（即“評級機構”）公佈的盡職調查標準或準則
b. 就以下事項作出任何發現：
i. 貸款的發放是否符合或偏離了所述的核貸或信貸擴展指南、標準、準則或其他要求？
ii. 抵押品價值用於抵押貸款。
iii. 原始貸款方是否遵守聯邦、州或地方法律或規定？
iv. 任何其他與貸款相關的因素或特徵，可能對被貸款抵押的證券發行人按照適用條款和條件支付利息和本金的可能性有重大影響。

 

 

第3頁 3 共 3 頁

 

我們需要獨立於存款人，並遵守其他倫理責任，適用於美國會計師公會（AICPA）所制定的《專業道德守則準則》前言：適用於所有成員和第1部分 - 從事公共實務的成員。 對於約定程序承諾的獨立要求要比審計和其他鑑證服務的獨立要求寬鬆。

 

本報告僅供特定方使用和參考，不得供其他任何人使用，包括未在報告中明確指定為特定方的投資者和評級機構，但根據任何法律或規定可能要求獲取此報告的人或實體。

 

 

/s/ 安永會計師事務所 LLP

 

 

2024年10月21日

 

 

附件A
第 1 頁 共9頁

背景

 

爲了本報告中描述的程序，存款人指出：

a. 交易發行實體的主要資產將包括十三（13）筆擬爲免稅貸款的融資貸款（「貸款」），由十二（12）個多戶抵押房屋抵押貸款擔保，涉及的是多戶抵押房屋（「物業」）
b. Data Files中標識爲「按年份分級（A檔）」和「按年份分級（B檔）」的貸款（簡稱「按年份分級貸款」）是彼此平級且同爲交易發行實體的資產。
c. 數據文件中標識爲「帕克轉場的貸款」（「帕克轉場貸款」）的貸款有一個對等的共同貸款，將不是交易發行實體的資產（稱爲 「帕克轉場伴侶非信託貸款」，與帕克轉場貸款一起稱爲「帕克轉場整體貸款」）
d. 在數據文件中標識爲「Union Court Senior Apartments and Union Court Townhomes (Tranche A)」和「Union Court Senior Apartments and Union Court Townhomes (Tranche B)」（合稱「Union Court Senior Apartments and Union Court Townhomes Loans」）的貸款是同等優先助手貸款，將成爲交易發行實體的資產。
e. 數據文件中確定的「馬丁·法雷爾之家（A檔）」和「馬丁·法雷爾之家（B檔）」（以下簡稱「馬丁·法雷爾之家貸款」）是兩筆平級的貸款，將同時成爲交易發行實體的資產。

 

 

執行的程序及相關發現

 

1. 存款人提供給我們以下內容：
a. 存款人指示的一個包含截至2024年11月1日（「截止日期」）貸款相關信息的電子數據文件（「初步數據文件」）和
b. 記錄佈局並解碼與數據文件上的信息相關的信息。

 

我們對早期版本的數據文件執行了某些程序，並在提供經過程序處理的數據文件之前溝通了差異，如下所述。

 

對於初步數據文件上的每筆貸款，我們將在附件A中列出的對照特徵與初步數據文件上顯示的附件1，以及附件A中所指示的源文件副本中相應信息進行比較，僅遵循附件1到附件A中的指示，假設和方法，以及本項目的下一段。

 

 

 

附件A
第2頁 共9頁

 

1. （續）

 

根據委託人的指示，我們在附件A的附件1中標明瞭用於每個比較特徵的源文件。如果爲某個比較特徵列出了多個源文件，則委託人指示我們，請注意，如果初步數據文件上的值與附件A的附件1中爲該比較特徵列出的至少一個源文件中的相應信息相符，則達成一致（除了附件1的附註中所述）。我們未執行任何程序來協調可能存在於附件A的附件1中列出的任何比較特徵的各種源文件之間的差異。

 

此外，對於下表中列出的任何貸款，存款人向我們提供了表格中「草案來源文件」欄中列出的相關草案來源文件。

 

貸款 起草源文件
   
無數據 無數據

 

爲了報告中描述的程序目的，存款人指示我們將上表中列出的任何"草案源文件"視爲完全執行的源文件。

 

2. 根據存款人的指示，我們調整了初步數據文件中的信息，以糾正我們在執行上述程序時注意到的所有差異，並向存款人提供了這些差異的列表。 已調整的初步數據文件在此後稱爲「更新數據文件」。

 

3. 根據上述事項中描述的程序，存款人向我們提供了一份電子數據文件（"最終數據文件"，與初步數據文件一同構成數據文件），存款人 指出其中包含有關截止日期時貸款的信息。

 

使用以下信息：

a. 最終數據文件和
b. 更新的數據文件，

我們將展示1上列出的每個比較特徵與附件A進行比較，在最終數據文件上顯示的信息，與更新後的數據文件上相應的信息進行對比，發現這些信息一致。

 

 

附件A
第3頁，共9頁

 

4. 使用：
a. 首次付款日期和
b. 強制預付款日期，

正如最終數據文件所示，我們重新計算了每筆貸款的「貸款期限(原始)」(除了最終數據文件中「強制償還日期」特徵爲「N/A」的任何貸款，在此項目的後續段落中描述)。 我們將重新計算的信息與最終數據文件上的相應信息進行了比較，發現這些信息是一致的。

 

爲了重新計算任何在最終數據文件中顯示爲「強制還款日期」爲「N/A」的貸款的「貸款期限（原始）」特徵，存款人指示我們使用以下內容：

a. 首次付款日期和
b. 到期日,

如最終數據文件所示。我們將這些重新計算的信息與最終數據文件上的相應信息進行了比對，發現 這些信息是一致的。

 

5. 使用：
a. 首次付款日期，如最終數據文件所示，及
b. 貸款轉爲永久貸款後，根據適用的源文件顯示的首次應付本金和利息的支付日期。

根據存款人在本條款後續段落中提供的附加說明，我們重新計算了每筆貸款的「IO 期」（除 了本條款後續段落中描述的利息貸款）。我們將這些重新計算後的信息與最終數據文件中的相應信息進行了比較，發現這些信息 是一致的。

 

對於某些貸款，多戶筆記來源文件可能包含允許借款人在轉換日期後自行選擇進行本金償還的條款。爲了重新計算具有此類條款的任何貸款的「IO期」特徵，存款人指示我們忽略此選擇，並假定在相關「IO期」內僅支付利息。

 

對於任何僅付利息貸款，存款人指示我們在「最終數據文件」中使用「貸款期限（原始）」的值用於「IO期」特徵。

 

我們未執行任何程序來判斷本項目中所描述的存款人提供的指示的適當性、準確性、完整性或合理性。

 

 

附件A
第 4 頁 共 9 頁

 

6. 我們使用最終數據文件中顯示的「首次付款日期」重新計算了截止日期時每筆貸款的「調味品」。我們將這個重新計算的信息與最終數據文件中的相應信息進行了比對，並發現這些信息是一致的。

 

7. 使用：
a. 原始貸款金額，
b. 總利率和
c. 每月債務服務金額（攤銷）,

根據最終數據文件，並假設每筆貸款每月固定水平支付，我們重新計算了每筆貸款的「攤薄期限（原始）」（除了任何僅利息貸款，在本項後續段落中描述）。我們將這些重新計算的信息與最終數據文件上的相應信息進行了比較，發現這些信息一致。

 

對於任何僅限利息貸款，存款人指示我們在「攤銷期限（原始）」特徵中使用「0」。

 

8. 使用：
a. 調味品,
b. 輸入輸出週期和
c. 攤銷期限（原始）,

根據最終數據文件顯示，我們重新計算了除利息按揭貸款以外的每筆貸款的攤銷期限（剩餘），我們將這些重新計算的信息與最終數據文件上對應的信息進行了比較，發現這些信息是一致的。

 

對於任何僅償息貸款，存款人指示我們在「攤銷期限（剩餘）」特徵中使用「0」 。

 

9. 使用：
a. 調味品和
b. 貸款期限（原始）,

正如最終數據文件所示，我們重新計算了每筆貸款的「貸款期限（剩餘）」。我們將這些重新計算的信息與最終數據文件上相應的信息進行比較，發現這些信息是一致的。

 

 

附件A
第5頁，共9頁

 

10. 使用：
a. 原始貸款金額,
b. 權責發生制，
c. 輸入輸出週期,
d. 調味品,
e. 首次付款日期,
f. 強制預付款日期，
g. 總利率和
h. 每月分期償還債務金額,

根據《最終數據文件》顯示的內容以及存款人在本條下文段提供的額外說明，我們重新計算了每筆貸款在「強制還款日」（「強制還款日餘額」）的本金餘額，對於具有除「N/A」之外的「強制還款日」特徵的每筆貸款，根據《最終數據文件》顯示的內容（除了《最終數據文件》中標識爲「Maricopa County Apartments」（「Maricopa County Apartments貸款」）的貸款（將在本條下文段描述）），假設所有貸款的本金和/或利息的計劃還款均已付款，並且沒有提前還款或其他非計劃收款。我們將這些重新計算的信息與《最終數據文件》上對應的信息進行比較，發現這些信息是一致的。

 

爲了重新計算馬里科帕縣公寓貸款的「強制預付款日期餘額」，存款人指示我們應用一筆主要 支付$875,202.56，在「第一筆付款日期」之前發生，如存款人提供的用於馬里科帕縣公寓貸款的攤銷計劃中所示。

 

爲了這個程序的目的，存款人指示我們：

a. 忽略差異在± $2或更少,
b. 重新計算「強制預付款日期餘額」，作爲計劃支付的本金金額，該金額將在「強制預付款日期」之後支付，在該日期到期的計劃付款中，如果已包含本金組成部分（如果有的話），則將其應用於對應貸款的本金餘額。
c. 對於具有「N/A」「強制預付款日期」特徵的每筆貸款，在最終數據文件中顯示爲「N/A」的情況下，請使用「N/A」填寫「強制預付款日期餘額」特徵。

 

我們沒有執行任何程序來判斷存款人提供的指示在這個項目中的適當性、準確性、完整性或合理性。

 

 

附件A
第6頁，共9頁

 

11. 使用：
a. 原始貸款金額，
b. 應計制，
c. 輸入輸出週期,
d. 調味品,
e. 首次付款日期，
f. 到期日,
g. 總利率和
h. 每月債務服務金額（攤銷）,

根據《最終數據文件》和存款人在本項目的 後續段落提供的額外說明，我們重新計算了在「到期日」（「到期餘額」）的情況下具有「強制預付日期」特徵爲「N/A」的每筆貸款的本金餘額， 如《最終數據文件》所示，假設所有按計劃支付的本金和/或利息均已支付，並且沒有提前償還或其他未安排的回收。

 

我們將這些重新計算的信息與最終數據文件上的相關信息進行了對比，並發現這些信息是一致的。

 

爲了這個程序的目的，存款人委託我們：

a. 忽略2美元或更少的差異
b. 在「到期日」之後，重新計算「到期餘額」作爲計劃支付的本金金額，該金額將在「到期日」支付，此時應用到相應貸款的本金餘額中的本金部分（如果有的話），該本金部分包含在到期日應支付的計劃款項中
c. 對於最終數據文件中顯示具有「強制預付款日期」特徵的每筆貸款，在「到期餘額」特徵中使用「N/A」。

 

我們未執行任何程序來判斷存款人在本項目中描述的指示的適當性、準確性、完整性或合理性。

 

12. 使用最終數據文件中顯示的「截止日期貸款金額」，我們重新計算了每筆貸款的「截止日期池餘額百分比」 。我們將這些重新計算的信息與最終數據文件中相應信息進行對比，發現這些信息一致。

 

13. 使用該：
a. 主託管費，
b. 受託人費用,
c. 子服務費和
d. CREFC 專利費,

as shown on the Final Data File, we recalculated the “Administration Fee Rate” of each Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

 

Attachment A
Page 7 of 9

 

14. Using the:
a. Gross Interest Rate and
b. Administration Fee Rate,

as shown on the Final Data File, we recalculated the “Net Mortgage Interest Rate” of each Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

15. Using the:
a. Monthly Debt Service Amount (IO),
b. Monthly Debt Service Amount (Amortizing),
c. Most Recent NCF and
d. UW NCF,

as applicable, as shown on the Final Data File, and the additional instructions provided by the Depositor described in the succeeding paragraph(s) of this Item, we recalculated the:

i. Most Recent NCF DSCR,
ii. Most Recent NCF DSCR (IO),
iii. UW NCF DSCR and
iv. UW NCF DSCR (IO)

of each Loan (except for the Station by Vintage Loans, Paddock on Park Row Loan, Union Court Senior Apartments and Union Court Townhomes Loans and Martin Farrell House Loans, which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

For the Station by Vintage Loans, the Depositor instructed us to recalculate the “Most Recent NCF DSCR” and “UW NCF DSCR” characteristics on an aggregate basis.


For the Paddock on Park Row Loan, the Depositor instructed us to use the sum of the:

a. Monthly Debt Service Amount (Amortizing), as shown on the Final Data File, and
b. Amortizing monthly debt service payment related to the Paddock on Park Row Companion Non-Trust Loan, as shown on the amortization schedule provided by the Depositor (the “Paddock on Park Row Companion Non-Trust Loan Amortization Schedule”),

for the purpose of recalculating the “Most Recent NCF DSCR” and “UW NCF DSCR” characteristics.

 

 

Attachment A
Page 8 of 9

 

15. (continued)

 

For the Union Court Senior Apartments and Union Court Townhomes Loans, the Depositor instructed us to recalculate the characteristics listed in i. through iv. above on an aggregate basis.

 

For the Martin Farrell House Loans, the Depositor instructed us to recalculate the “Most Recent NCF DSCR” and “UW NCF DSCR” characteristics on an aggregate basis.

 

For the purpose of this procedure, we were instructed by the Depositor to round each characteristic listed in i. through iv. above to two decimal places.

 

For any Balloon Loan (as defined herein) or Fully Amortizing Loan (as defined herein), the Depositor instructed us to use “N/A” for the “Most Recent NCF DSCR (IO)” and “UW NCF DSCR (IO)” characteristics.

 

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions provided by the Depositor that are described in this Item.

 

16. Using:
a. Information on the Final Data File and
b. The applicable calculation methodologies and assumptions that are described in the Draft Preliminary Information Circular,

we recalculated the:

i. Cut-Off Date LTV,
ii. Maturity LTV and
iii. Cut-Off Date Balance/Unit

of each Loan (except for the Station by Vintage Loans, Paddock on Park Row Loan, Union Court Senior Apartments and Union Court Townhomes Loans and Martin Farrell House Loans, which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement. For the purpose of this procedure, we were instructed by the Depositor to round the characteristics listed in i. through ii. above to the nearest 1/10th of one percent.

 

 

Attachment A
Page 9 of 9

 

16. (continued)

 

For the Station by Vintage Loans, the Depositor instructed us to recalculate the characteristics listed in i. through iii. above on an aggregate basis.

 

For the Paddock on Park Row Loan, the Depositor instructed us to use:

a. The sum of the:
i. Cut-Off Date Loan Amount, as shown on the Final Data File, and
ii. Principal balance of the Paddock on Park Row Companion Non-Trust Loan as of the Cut-Off Date, as shown on the servicer balance statement Source Document,

for the purpose of recalculating the “Cut-Off Date LTV” and “Cut-Off Date Balance/Unit” characteristics and

b. The sum of the:
i. Mandatory Prepayment Date Balance, as shown on the Final Data File, and
ii. Principal balance of the Paddock on Park Row Companion Non-Trust Loan as of January 1, 2037 after the principal component that is included in the scheduled payment that is due on that date, as shown on the Paddock on Park Row Companion Non-Trust Loan Amortization Schedule,

for the purpose of recalculating the “Maturity LTV” characteristic.

 

For the Union Court Senior Apartments and Union Court Townhomes Loans, the Depositor instructed us to recalculate the characteristics listed in i. through iii. above on an aggregate basis.

 

For the Martin Farrell House Loans, the Depositor instructed us to recalculate the characteristics listed in i. through iii. above on an aggregate basis.

 

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions provided by the Depositor that are described in this Item.

 

17. Using the “Sponsor Name,” as shown on the Final Data File, we identified those Loans that had at least one common “Sponsor Name” (the “Related Borrower Loans”). We compared the Related Borrower Loan information to the corresponding information on the Final Data File and found such information to be in agreement.

 

 

 

Exhibit 1 to Attachment A
Page 1 of 10

 

Compared Characteristics and Source Documents

 

Property Information:

 

Characteristic Source Document(s)
   
Street Address (see Note 2) Certificate of Occupancy, Engineering Report, Property Condition Assessment, Site Inspection Report or Plan and Cost Review
Property City Certificate of Occupancy, Engineering Report, Property Condition Assessment, Site Inspection Report or Plan and Cost Review
County Certificate of Occupancy, Engineering Report, Property Condition Assessment, Site Inspection Report, Plan and Cost Review or USPS Internet Site
Property State Certificate of Occupancy, Engineering Report, Property Condition Assessment, Site Inspection Report or Plan and Cost Review
Metropolitan Statistical Area (see Note 3) MSA Support File
Zip Code Certificate of Occupancy, Engineering Report, Property Condition Assessment, Site Inspection Report, Plan and Cost Review or USPS Internet Site
Property Type Updated Appraisal Report, Engineering Report, Property Condition Assessment, Physical Needs Assessment or Site Inspection Report
Property Subtype UW Appraisal Report, Portfolio UW Appraisal Report, Updated Appraisal Report, Engineering Report, Property Condition Assessment, Physical Needs Assessment or Site Inspection Report
Year Built Conversion Risk Review, Property Condition Assessment, Physical Needs Assessment, Conversion Credit Memo, Conversion Review Memo or Construction Risk Review
Year Renovated Conversion Risk Review, Property Condition Assessment, Physical Needs Assessment, Conversion Credit Memo or Conversion Review Memo
UW Appraisal Value Date (see Note 16) UW Appraisal Report or Portfolio UW Appraisal Report
UW Appraised Value (see Note 16) UW Appraisal Report or Portfolio UW Appraisal Report

 

 

Exhibit 1 to Attachment A
Page 2 of 10

 

Property Information: (continued)

 

Characteristic Source Document(s)
   
Appraised Value Updated Appraisal Report
Appraisal Valuation Date Updated Appraisal Report
Seismic Insurance if PML >= 20% (Y/N) (see Note 4) Seismic Evaluation Report, Construction Risk Review, Engineering Report, Property Condition Assessment or Physical Needs Assessment
Total Units (see Note 5) Rent Roll, Updated Appraisal Report or Site Inspection Report
Unit of Measure Rent Roll or Updated Appraisal Report
Monthly Rent Per Unit (see Note 6) Rent Roll
Occupancy As of Date (see Note 7) Rent Roll
Occupancy % (see Note 8) Rent Roll

Underwriting Information: (see Note 9)

 

Characteristic Source Document(s)
   
3rd Most Recent Financial End Date Operating Statement Analysis Report
3rd Most Recent EGI Operating Statement Analysis Report
3rd Most Recent Expenses Operating Statement Analysis Report
3rd Most Recent NOI Operating Statement Analysis Report
3rd Most Recent NCF Operating Statement Analysis Report
2nd Most Recent Financial End Date Operating Statement Analysis Report
2nd Most Recent EGI Operating Statement Analysis Report
2nd Most Recent Expenses Operating Statement Analysis Report
2nd Most Recent NOI Operating Statement Analysis Report
2nd Most Recent NCF Operating Statement Analysis Report
Most Recent Financial End Date (see Note 10) Interim Financial Analysis Report or Operating Statement Analysis Report
Most Recent EGI (see Note 10) Interim Financial Analysis Report or Operating Statement Analysis Report
Most Recent Expenses (see Note 10) Interim Financial Analysis Report or Operating Statement Analysis Report
Most Recent NOI (see Note 10) Interim Financial Analysis Report or Operating Statement Analysis Report
Most Recent NCF (see Note 10) Interim Financial Analysis Report or Operating Statement Analysis Report
UW EGI Underwriting Report
UW Expenses Underwriting Report
UW NOI Underwriting Report
UW NCF Underwriting Report

 

 

 

Exhibit 1 to Attachment A
Page 3 of 10

 

Loan Information:

 

Characteristic Source Document(s)
   
Optigo Lender Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Funding Loan Agreement, Lease Agreement or Loan and Security Agreement
Note Date Multifamily Note or Loan and Security Agreement
Loan Purpose (New Construction/Rehabilitation/ Refinance/Immediate Perm) Conversion Credit Memo
Conversion Date Notice of Conversion
Original Loan Amount Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement, Transaction Summary Memo or Loan and Security Agreement
Cut-Off Date Loan Amount (see Note 11) Servicer Balance Statement
Gross Interest Rate Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement, Transaction Summary Memo, Loan and Security Agreement or Escrow Break Notice
Loan Amortization Type Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement, Transaction Summary Memo or Loan and Security Agreement
Monthly Debt Service Amount (IO) (see Note 12) Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement, Transaction Summary Memo or Loan and Security Agreement
Monthly Debt Service Amount (Amortizing) (see Note 12) Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement, Transaction Summary Memo or Loan and Security Agreement
First Payment Date (see Note 13) Notice of Conversion, Multifamily Note or Loan and Security Agreement
Payment Date (see Note 14) Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement, Transaction Summary Memo or Loan and Security Agreement

 

 

Exhibit 1 to Attachment A
Page 4 of 10

Loan Information: (continued)

 

Characteristic Source Document(s)
   
Maturity Date Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement, Transaction Summary Memo or Loan and Security Agreement
Mandatory Prepayment Date Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement, Transaction Summary Memo, Notice of Prepayment or Loan and Security Agreement
Accrual Basis Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement, Transaction Summary Memo or Loan and Security Agreement
Late Charge Grace Period Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Lease Agreement or Loan and Security Agreement
Prepayment Provision (see Note 15) Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement, Escrow Break Notice or Loan and Security Agreement
Title Vesting (Fee/Leasehold/Both) Title Policy and Deed of Trust
Lien Position Title Policy
Number of Properties Borrower Loan Agreement, Lease Agreement, Engineering Report or Property Condition Assessment
Ground Lease Maturity Date Ground Lease Agreement, Ground Lease Rider, Ground Lease Estoppel, Ground Lease Analysis or Lease Agreement
Additional Financing In Place (existing) (Y/N) (see Note 17) Title Policy, Subordinate Financing Agreement, Intercreditor Agreement or Audited Financial Statement
Additional Financing Amount (existing) (see Note 17) Title Policy, Subordinate Financing Agreement, Intercreditor Agreement or Audited Financial Statement
Additional Financing Description (existing) (see Note 17) Title Policy, Subordinate Financing Agreement, Intercreditor Agreement or Audited Financial Statement
Bond Counsel Name Opinion of Bond Counsel or Opinion of Governmental Lender
Tax Credit Investor Name Audited Financial Statement, Amended and Restated Limited Partnership Agreement or Operating Agreement

 

 

Exhibit 1 to Attachment A
Page 5 of 10

 

Reserve/Escrow Information: (see Note 11)

 

Characteristic Source Document(s)
   
Tax Reserve (Initial) Servicer Balance Statement
Tax Reserve (Monthly) Servicer Balance Statement
Insurance Reserve (Initial) Servicer Balance Statement
Insurance Reserve (Monthly) Servicer Balance Statement
Replacement Reserve (Initial) Servicer Balance Statement
Replacement Reserve (Monthly) Servicer Balance Statement
Other Reserve (Initial) Servicer Balance Statement
Other Reserve (Monthly) Servicer Balance Statement
Other Reserve Description (see Note 1) Servicer Balance Statement

 

Regulatory Agreement Information:

 

Characteristic Source Document(s)
   
Type of Regulatory Agreement(s) Regulatory Agreement, Regulatory Agreement Analysis, HAP Contract, HAP Agreement, Tax Credit Application or Tax Credit Reservation Letter
Description of Regulatory Agreement(s) Regulatory Agreement, Regulatory Agreement Analysis, HAP Contract, HAP Agreement, Tax Credit Application, Tax Credit Reservation Letter or Form 8609
Number of LIHTC Units Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter
Rental/Income/Age Restrictions (Y/N) Regulatory Agreement, Regulatory Agreement Analysis, HAP Contract, HAP Agreement, Tax Credit Application or Tax Credit Reservation Letter
Issuer Funding Loan Agreement or Trust Indenture
Fiscal Agent Name Funding Loan Agreement or Trust Indenture
Annual Fiscal Agent Fee ($) Funding Loan Agreement, Trust Indenture, Schedule of Fees or Fiscal Agent Invoice
Annual Fiscal Agent Fee Payment Date Funding Loan Agreement, Trust Indenture, Borrower Loan Agreement or Regulatory Agreement
First Annual Fiscal Agent Fee Payment Date Funding Loan Agreement, Trust Indenture, Borrower Loan Agreement or Regulatory Agreement
Annual Governmental Lender Fee Funding Loan Agreement, Trust Indenture, Borrower Loan Agreement or Regulatory Agreement
Affordable Units (<=30% AMI) Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter
Affordable Units (<=50% AMI) Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter

 

 

Exhibit 1 to Attachment A
Page 6 of 10

Regulatory Agreement Information: (continued)

 

Characteristic Source Document(s)
   
Affordable Units (50-60% AMI) Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter
Affordable Units (60-70% AMI) Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter
Affordable Units (70-80% AMI) Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter
Affordable Units (80-90% AMI) Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter
High Cost Affordable Units (90-100% AMI) Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter
Affordable LI Units (<=80% AMI) Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter
Affordable LI Units (<=60% AMI) Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter
Affordable VLI Units (<=50% AMI) Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter
   

Notes:

 

1. For any Loan listed in Table A1, the Depositor instructed us to use the information in the “Provided Value” column for the applicable characteristic listed in Table A1, even if the information in the “Provided Value” column did not agree with the information that was shown in the applicable Source Document(s) or the applicable Source Document(s) were not provided to us.

 

Table A1:
Loan Characteristic Provided Value
     
Station by Vintage (Tranche A) Other Reserve Description Loss Draft Reserve

 

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of any “Provided Value” information in Table A1 that was provided by the Depositor.

 

 

Exhibit 1 to Attachment A
Page 7 of 10

Notes: (continued)

 

2. For the purpose of comparing the “Street Address” characteristic, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.

 

3. For the purpose of comparing the “Metropolitan Statistical Area” characteristic, the MSA support file Source Document is a Microsoft Excel file labelled “FRETE 2024-ML26_MSA Report_2024.09.04.xlsx” which was provided by the Depositor on 4 September 2024.

 

4. For the purpose of comparing the “Seismic Insurance if PML >= 20% (Y/N)” characteristic, the Depositor instructed us to use “Yes” if the applicable Source Document(s) indicate the PML is greater than or equal to 20% and seismic insurance is in place. The Depositor instructed us to use “No” if the applicable Source Document(s) indicate the PML is less than 20% or seismic insurance is not in place.

 

5. For the purpose of comparing the “Total Units” characteristic, the Depositor instructed us to only include the residential units at the Property associated with each Loan, as shown in the applicable Source Document(s).

 

6. For the purpose of comparing the “Monthly Rent Per Unit” characteristic, the Depositor instructed us to use:
a. Market rents for admin, vacant, model, leasing office or “down” units,
b. In-place rents plus employee concessions for manager/employee units and
c. In-place rents plus subsidized rents for occupied units,

as shown in the rent roll Source Document, and to ignore differences of +/- $1 or less.

 

7. For the purpose of comparing the “Occupancy As of Date” characteristic, the Depositor instructed us to use the last day of the applicable month if the applicable Source Document(s) only indicated the month and year.

 

8. For the purpose of comparing the “Occupancy %” characteristic, the Depositor instructed us to include occupied, admin, model, leasing office and manager/employee units as occupied and to include vacant and “down” units as vacant, as shown in the rent roll Source Document.

 

9. For the purpose of comparing the indicated characteristics that are expressed as dollar values, the Depositor instructed us to ignore differences of +/- $1 or less.

 

10. For the purpose of comparing the indicated characteristics, the interim financial analysis report Source Document is a Microsoft Excel file labelled “FRETE 2024-ML 26 (National)_TTM or Annualized Statement_9.4.2024.xlsx” which was provided by the Depositor on 4 September 2024.

 

11. For the purpose of comparing the indicated characteristics, the servicer balance statement Source Document is a Microsoft Excel file labelled “2024 Freddie-National_Servicer Balances_ Nov.xlsx” which was provided by the Depositor on 11 October 2024.

 

 

Exhibit 1 to Attachment A
Page 8 of 10

Notes: (continued)

12. For the purpose of comparing the “Monthly Debt Service Amount (IO)” characteristic for any:
a. Loan for which the “Loan Amortization Type” characteristic, as shown on the Preliminary Data File, is “Interest Only” (each, an “Interest Only Loan”) or
b. Loan for which the “Loan Amortization Type” characteristic, as shown on the Preliminary Data File, is “Partial IO” (each, a “Partial IO Loan”),

and which has an “Accrual Basis” of “30/360,” as shown on the Preliminary Data File, the Depositor instructed us to recalculate the “Monthly Debt Service Amount (IO)” characteristic as 1/12th of the product of:

i. The “Original Loan Amount,” as shown on the Preliminary Data File, and
ii. The “Gross Interest Rate,” as shown on the Preliminary Data File.

 

For the purpose of comparing the “Monthly Debt Service Amount (IO)” characteristic for any Interest Only Loan or Partial IO Loan which has an “Accrual Basis” of “Actual/360,” as shown on the Preliminary Data File, the Depositor instructed us to recalculate the “Monthly Debt Service Amount (IO)” characteristic as 1/12th of the product of:

a. The “Original Loan Amount,” as shown on the Preliminary Data File,
b. The “Gross Interest Rate,” as shown on the Preliminary Data File, and
c. 365/360.

 

For any Interest Only Loan, the Depositor instructed us to use the “Monthly Debt Service Amount (IO),” as shown on the Preliminary Data File, for the “Monthly Debt Service Amount (Amortizing)” characteristic.

 

For any Loan for which the “Loan Amortization Type” characteristic is “Balloon” (each, a “Balloon Loan”) or “Fully Amortizing” (each, a “Fully Amortizing Loan”), as shown on the Preliminary Data File, the Depositor instructed us to use “N/A” for the “Monthly Debt Service Amount (IO)” characteristic.

 

13. For the purpose of comparing the “First Payment Date” characteristic for any Loan where the notice of conversion Source Document does not define the first payment date, the Depositor instructed us to assume that the “First Payment Date” is the “Payment Date” related to the first full interest accrual period following the “Conversion Date,” as shown in the applicable Source Document(s).

 

 

Exhibit 1 to Attachment A
Page 9 of 10

Notes: (continued)

 

14. For the purpose of comparing the “Payment Date” characteristic, the Depositor instructed us to ignore any adjustments based on business day convention, as stated in the applicable Source Document(s).

 

15. For the purpose of comparing the “Prepayment Provision” characteristic, the Depositor instructed us to ignore any adjustments based on business day convention, as stated in the applicable Source Document(s).

 

For certain Loans, the applicable Source Document(s) may contain the following language:

 

“Prepayment Premium Period” means the period commencing on the date of this Note and ending on the date that is fourteen and one-half (14.5) years after the first Loan Payment Date following the Conversion Date.”

 

For the purpose of comparing the “Prepayment Provision” characteristic for these Loans, the Depositor instructed us to assume the “first Loan Payment Date following the Conversion Date” language described above is the applicable “First Payment Date,” as shown on the Preliminary Data File.

 

For certain Loans, the applicable Source Document(s) may contain the following language:

 

“If the prepayment is made at any time after the date of this Note and ending on the date that is fourteen and one-half (14.5) years after the first Loan Payment Date following the Conversion Date (the “Prepayment Premium Period End Date”) the prepayment premium shall be the greater of:”

 

“Notwithstanding the provisions of Paragraph 10 of this Note, no prepayment premium shall be payable with respect to any prepayment made on or after the Prepayment Premium Period End Date.”

 

For the purpose of comparing the “Prepayment Provision” characteristic for these loans, the Depositor instructed us to assume the “Prepayment Premium Period End Date,” as defined above, is open and no prepayment penalty is due on this date.

 

For certain Loans, the applicable Source Document(s) may contain the following language:

 

“Lock-Out Period” means the tenth (10th) anniversary of the Conversion

Date.”

 

For the purpose of comparing the “Prepayment Provision” characteristic for these Loans, the Depositor instructed us to assume the lock-out period means the period commencing on the “Note Date,” as shown on the Preliminary Data File, and ending on the tenth anniversary of the “Conversion Date,” as shown on the Preliminary Data File.

 

 

Exhibit 1 to Attachment A
Page 10 of 10

 

Notes: (continued)

 

16. For any Loan on the Preliminary Data File that does not have “As Is” for the “UW Appraised Value Type” characteristic, the Depositor instructed us to use the corresponding appraised value and date associated with such appraised value type, as shown in the applicable Source Document(s), for the “UW Appraised Value” and “UW Appraisal Value Date” characteristics, respectively.

17. For the purpose of comparing the indicated characteristics, the Depositor instructed us to only capture subordinate debt and to not capture any pari passu companion loan(s) information, if applicable.

 

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Depositor that are described in the notes above.

 

 

Exhibit 2 to Attachment A

Provided Characteristics

 

Characteristic
 
Property Name
Loan No. / Property No.
Greystone Loan Number
Master Servicer Fee
Sub-Servicing Fee
Trustee Fee
CREFC Royalty Fee
Engineering Reserve/Deferred Maintenance
Single Purpose Borrowing Entity / Single Asset Borrowing Entity
Crossed Loans
Defeasance to Maturity (Y/N)
Cash Management (Description or N/A)
Replacement Reserve – Contractual – Cap ($ or N/A)
Springing Reserve Type
Springing Reserve Amount
Green Advantage
Non-Compliance Provisions (Y/N)
Future Supplemental Financing (Y/N)
Future Supplemental Financing Description
Tax Credit Syndicator Name
Environmental Impact Indicator
Description of Environmental Impact Indicator
Furthering Economic Opportunity
UW Appraised Value Type
Appraised Value Type
Sponsor Name
Footnotes

 

Note: We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics.