Simplifying complex transactions

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THE SECURITIES COST ESTIMATE IS BASED ON THE LOAN TERMS INPUT BY THE USER AND THE YIELD CURVE DISPLAYED IN THE CALCULATOR OUTPUT. THE DISPLAYED YIELD CURVE IS NOT “LIVE” BUT IS UPDATED REGULARLY. THE CALCULATOR ASSUMES THAT THERE IS A SECURITY AVAILABLE FOR EVERY REQUIRED POST-DEFEASANCE PAYMENT. HOWEVER, THAT IS NOT ALWAYS THE CASE IN THE SECURITIES MARKET. THE ACTUAL COST TO PURCHASE THE SECURITIES CANNOT BE DETERMINED UNTIL THE DATE OF PURCHASE, IS SUBJECT TO ACTUAL MARKET CONDITIONS AND SECURITY AVAILABILITY AT THE TIME OF PURCHASE AND MAY BE HIGHER OR LOWER THAN ANY PREVIOUS, CONTEMPORANEOUS OR SUBSEQUENT ESTIMATE. TRANSACTION COSTS WILL VARY BASED ON THE LOAN SERVICER, THE COMPLEXITY OF THE TRANSACTION AND THE REQUESTED CLOSING DATE. PLEASE BE ADVISED THAT THE DEFEASANCE PROCESS DOES NOT OFFICIALLY BEGIN UNTIL THE SERVICER (AND IN SOME CASES, SERVICER’S LEGAL COUNSEL) HAS RECEIVED ITS REQUIRED DEPOSIT (IF ANY) ALONG WITH A WRITTEN NOTICE OF INTENT TO DEFEASE. PLEASE ALSO NOTE THAT THE BORROWER WILL NEED TO ENGAGE AN ATTORNEY TO REPRESENT IT IN THE DEFEASANCE TRANSACTION, INCLUDING THE TRANSFER OF THE DEFEASED LOAN TO A SUCCESSOR BORROWER ENTITY AND THE NEGOTIATION OF THE RELATED DOCUMENTATION. THE FEES CHARGED BY THE BORROWER’S ATTORNEY, BROKER, ACCOUNTANT, TITLE COMPANY AND OTHERS INVOLVED IN THE RELATED REAL ESTATE TRANSACTION ARE NOT INCLUDED IN OUR ESTIMATES OF TRANSACTION COSTS.

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