| 1E - DSCR < 1.10; 6A - Other (inadequate financial reporting). Loan is secured by a 50,400 sf office property in Cranberry Township, PA, built in 2004. The 4/7/2008 inspection rated the Property in Excellent condition. YE 12/31/2008 NCF DSCR is 1.07x with 93.2% Occupancy as of 8/2008. Loan was U/W at 1.23x with 83.7% Occ. Initial DSCR decline occurred at YE-2007 and was attributed to increased UTL and R&M expenses. Borrower indicated in March 2008 that UTL had increased because of the need to heat and cool vacant spaces, and rates had also increased; R&M expenses could feasibly include CapEx items that could be adjusted from analysis, however, sufficient line item detail is lacking from Borrower\''s reporting, despite multiple requests from Bank of America to provide detailed statements. A certified rent roll dated 1/13/2009 was provided at Bank of America''s request, however, it was missing some data necessary to report out a more recent occupancy figure. Bank of America maintains efforts to collect a sufficient rent roll from the Borrower, and will continue to monitor the Loan.
|
