Liberty Mortgage Acceptance Corporation

WHITINSVILLE WAL-MART SCORES LOW RATE LOAN FROM LIBERTY

California-based Liberty Mortgage Acceptance Corporation funded a $2,796,000 first mortgage on the 59,350 square foot Wal-Mart Store located at 1161 Providence Road in Whitinsville, Massachusetts.

Liberty originated, underwrote and funded the permanent mortgage financing with a fifteen-year term and a fixed rate of 7.31%; amortized over 30 years.

The loan is part of a mortgage pool that Liberty is currently assembling for securitization according to Joe Cunningham, President and co-founder. Liberty Mortgage Acceptance Corporation makes commercial real estate loans on all types of income property on a nationwide basis.

The subject Wal-Mart is a one-story "big box" retail building that was originally constructed in 1967 and was fully renovated in 1997. It is located a 3.985-acre site in Whitinsville, part of the town of Northbridge, Massachusetts. Route 146 (which filters into Interestate 90), Interestate 395 and several other major thoroughfares provide access to the Wal-Mart, which features good visibility. The subject is one of the main retail draws for this area, and is situated in one of the town's largest shopping centers. Whitinsville is approximately 40 miles west of Boston in Southern Worcester County. Trade and services account for the greatest share of employment in the area, and the region is considered to have a diverse and stable economy, following a difficult economic period in the early 1990's. The overall outlook is considered good, and this area is described as a desirable location for commercial development and real estate investment over the long term.

Of note is the fact that although Wal-Mart has fourteen years remaining on their lease, the loan was underwritten with a 30-year amortization schedule, due in fifteen years. Liberty viewed this transaction as a real estate transaction, rather than the normal credit lease transaction.

Sacramento, California - April, 1998

Founded in 1992, California-based Liberty Mortgage Acceptance Corporation is a private mortgage lender specializing in the securitization of commercial real estate mortgages on apartments/multifamily, shopping centers, factory outlet centers, mobile home parks, light industrial or R&D, office buildings, hotels, and health care facilities nationwide. A direct lender, Liberty provides a highly liquid security to the investment community. For more information, please contact Liberty at 4980 Hillsdale Circle, El Dorado Hills, CA 95762; Phone (916) 568-0100; Fax (916) 568-0110; or E-Mail: info@libertymac.com.