| 1E - DSCR < 1.10. The loan is secured by a 192 unit self storage facility in Raleigh, NC built in 1995. The property was inspected on 09/25/08; rated in Good condition. Q1-2009 NCF DSCR is .89 with an occ of 82%; YE 2008 NCF DSCR was .95. The decline in NCF is due to an EGI decline further caused by drop in occupancy that occurred in Q1-2008. As a note, the loan was U/W with an occ of 91%. The decline in occupancy, as per Bwr, was a result of ongoing construction of an addtl. storage facility next to the property. Bwr stated that the construction has been completed . Without the construction traffic, the subject property is more accessible to prospective new tenants. Bwr further stated that the subject property was recently repainted and enhanced with new roll up doors in order improve curb appeal of the property. Marketing & advertising includes money mailer coupons, internet, and cold calls. Asking rates increased in 2009 from $65 to $170 depending on unit size to $69 to $169; comparable to current competitors in the market area. Concessions are offered in the form 1st month for $1 (in order to compete with competitors), pre-pay for 3 months receive 1st and 2nd month for 1/2 half, and free truck rental with a move in. Occ as of July 2009 is 82.9% . Per Bwr, property is above competitors in terms of occ and rates. Bank of America will continue to monitor the loan.
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