| 1E - DSCR < 1.10 and 1F - DSCR < 1.40 and <= 75% U/W DSCR. The loan is secured by a 138 unit multifamily property in Livonia, MI built in 1993. The property was inspected on 11/05/08; rated in Good condition. YE 2008 NCF DSCR is .74 with an occupancy of 77%; YE 2007 NCF DSCR was .90 with an occupancy of 87%. The decline in NCF is a result of an EGI decline further caused by an occupancy decline. 2008 EGI has declined 8% from YE 2007 and 15% - 16% from prior years and U/W. Occupancy has declined 12% from YE 2007 and approximately 18% from prior years. Current asking rates range from $775 to $975 depending on unit size. Rental concessions are not offered. Property is advertised in local newspapers, senior living magazine and property web site. Bwr expects to rent 2-3 units per month and occ to stabilize by May 2009. Bwr also plans to increase rents in 2009. Bank of America will continue to monitor the loan.
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