Fitch Rates LBSBC $326.3MM Commercial Mortgage Trust 2006-3.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Lehman Brothers Small Balance Commercial (LBSBC) Mortgage Pass-Through Certificates, Series 2006-3 are rated by Fitch Ratings as follows: --$290.4 million class 1A, 2A1, 2A2 and 2A3 certificates, 'AAA'; --$10.6 million class M1 'AA'; --$9.0 million class M2 'A+'; --$9.8 million class M3 'A-'; --$6.5 million class B 'BBB'. The 'AAA' rating on the senior certificates reflects the 11.75% initial subordination provided by the 3.25% class M1, the 2.75% class M2, the 3.00% class M3, the 2.00% class B, as well an initial Reserve Fund of 0.75%. All certificates are offered through private placement. The ratings on the certificates and notes reflect the quality of the underlying collateral and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction. The mortgage pool primarily consists of 443 fixed rate, adjustable rate and hybrid, fully amortizing, first lien small balance commercial mortgage loans with an aggregate principal balance of $296,796,728. As of the cut-off date of October 31, 2006, the mortgage loans had a weighted average current loan-to-value ratio (CLTV CLTV Combined Loan To Value CLTV Collective CLTV ChicagoLand Television CLTV Customer Life Time Value ) of 68.32%, weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. (WAC WAC (Women's Army Corps), U.S. army organization created (1942) during World War II to enlist women as auxiliaries for noncombatant duty in the U.S. army. Before 1943 it was known as the Women's Auxiliary Army Corps (WAAC). Its first director was Oveta Culp Hobby. ) of 8.961%, weighted average remaining term (WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) of 354 months and an average principal balance of $669,963. The three largest state concentrations are California (23.98%), Florida (15.23%), Texas (11.20%), and Arizona (5.98%). In addition to the mortgage loans, the mortgage trust includes $29,481,913 principal amount of Lehman Brothers Small Balance Commercial Pass-Through Certificates, Series 2006-SBA, Class A certificates, which was rated 'BBB-' by Fitch. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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