UNITED STATES SECURITIES AND EXCHANGE COMMISSION ~~WASHINGTON~~Washington, D.C. 20549 ------------ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) November 3, 2004 ------------------------------ Merrill Lynch Mortgage Investors, Inc. -------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Delaware 333-116820 13-3416059 ---------------------------------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 4 World Financial Center, 10th Floor 250 Vesey Street New York, New York 10080 ---------------------------------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (212) 449-1000 --------------------------- ---------------------------------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 8. Other Events. ---------- ------------ Item 8.01 Other Events. Filing of Computational Materials --------------------------------- It is expected that during November 2004, a single series of certificates, expected to be titled Merrill Lynch Mortgage Trust 2004-BPC1, Commercial Mortgage Pass-Through Certificates, Series 2004-BPC1 (the "Certificates"), will be issued pursuant to a pooling and servicing agreement (the "Pooling and Servicing Agreement"), to be entered into by and among Merrill Lynch Mortgage Investors, Inc. (the "Registrant") and a master servicer, a special servicer, a trustee and a fiscal agent. It is expected that certain classes of the Certificates (the "Underwritten Certificates") will be registered under the Registrant's registration statement on Form S-3 (no. 333-116820) and sold to Merrill Lynch, Pierce, Fenner & Smith Incorporated, Banc of America Securities LLC, PNC Capital Markets, Inc., IXIS Securities North America Inc. (formerly known as Caisse Des Depots Securities Inc., doing business as CDC Securities) and J.P. Morgan Securities Inc. pursuant to an underwriting agreement between the Registrant and the Underwriters. In connection with the expected sale of the Underwritten Certificates, the Registrant has been advised that one or more prospective investors have been furnished with certain materials listed as Exhibit 99.1, that constitute "Computational Materials" (as defined in the no-action letter made available May 20, 1994 issued by the Division of Corporation Finance of the Securities and Exchange Commission (the "Commission") to Kidder, Peabody Acceptance Corporation I, Kidder, Peabody & Co. Incorporated, and Kidder Structured Asset Corporation and the no-action letter made available May 27, 1994 issued by the Division of Corporation Finance of the Commission to the Public Securities Association) and/or "ABS Term Sheets" (as defined in the no-action letter made available February 17, 1995 issued by the Division of Corporation Finance of the Commission to the Public Securities Association). For purposes of this Form 8-K, "Computational Materials" shall mean computer generated tables and/or charts displaying, among other things, with respect to any class or classes of Certificates, any of the following: yield; average life; duration; expected maturity; interest rate sensitivity; loss sensitivity; cash flow characteristics; background information regarding the Mortgage Loans; the proposed structure; decrement tables; or similar information (tabular or otherwise) of a statistical, mathematical, tabular or computational nature. The Computational Materials, listed as Exhibit 99.1 hereto are filed on Form SE dated November 8, 2004. Section 9. Financial Statements and Exhibits. --------- --------------------------------- Item 9.01. Financial Statements and Exhibits. --------------------------------- (a) Financial statements of businesses acquired: ------------------------------------------- Not applicable. (b) Pro forma financial information: ------------------------------- Not applicable. (c) Exhibits: -------- Exhibit No. Description 99.1 Certain materials constituting Computational Materials prepared and disseminated in connection with the expected sale of the Underwritten Certificates.* * Filed on November 8, 2004, under cover of Form SE pursuant to and under rule 311(j) of Regulation S-T. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: November 8, 2004 MERRILL LYNCH MORTGAGE INVESTORS, INC. By: /s/ George Kok -------------------------------------------- Name: George H. Kok Title: Senior Vice President EXHIBIT INDEX ------------- The following exhibit is filed on Form SE dated November 8, 2004: Exhibit No. ----------- 99.1 Certain materials constituting Computational Materials prepared and disseminated in connection with the expected sale of the Underwritten Certificates.* * Filed on November 8, 2004, under cover of Form SE pursuant to and under rule 311(j) of Regulation S-T.

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) December 13, 2004

Merrill Lynch Mortgage Investors, Inc.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-116820-02
(Commission
File Number)

13-3416059
(IRS Employer
Identification No.)

4 World Financial Center, 10th Floor, 250 Vesey Street, New York, New York
(Address of principal executive offices)

10080
(Zip Code)

Registrant's telephone number, including area code 212-449-1000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 8 - Other Events

Item 8.01. Other Events.

This current report on Form 8-K relates to the monthly distribution reported to the holders of Merrill Lynch Mortgage Investors, Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-BPC1, which was made on December 13, 2004.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

99.1 Monthly distribution report pursuant to Section 4.02 of the Pooling and Servicing Agreement for the distribution on December 13, 2004.

(Exhibit No. Description)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LASALLE BANK NATIONAL ASSOCIATION, IN ITS CAPACITY AS TRUSTEE UNDER THE POOLING AND SERVICING AGREEMENT ON BEHALF OF MERRILL LYNCH MORTGAGE INVESTORS, INC., Registrant

By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President

Date: December 16, 2004

Merrill Lynch Mortgage Trust 2004-BPC1

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Reporting Package Table of Contents

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Administrator:

Laura Kocha-Chaddha 312.904.0648
laura.kocha.chaddha@abnamro.com

Analyst:

David Ratner 714.259.6251
david.ratner@abnamro.com

Statement Date:

135 S. LaSalle Street, Suite 1625
Chicago, IL 60603
USA

Statements to Certificateholders
Bond Interest Reconciliation
Shortfall Summary Report
Cash Reconciliation Summary

Cash Reconciliation Summary

Asset-Backed Facts ~ 15 Month Loan Status Summary
Asset-Backed Facts ~ 15 Month Loan Payoff/Loss Summary

Historical Collateral Prepayment
Delinquent Loan Detail
Loan Level Detail

Page 2-5
Page 6
Page 7
Page 8

Page 9-10

Page 11-13
Page 14-16

Page 17
Page 18

Page 19-23

Specially Serviced (Part I) - Loan Detail

Specially Serviced (Part II) - Servicer Comments
Mortgage Loan Characteristics
Modified Loan Detail

Historical REO Report
Realized Loss Detail
Appraisal Reduction Detail

Page 24

Page 25
Page 26-28
Page 29

Page 30
Page 31
Page 32

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

ML04BPC1

ML04BPC1_200412_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

10-Nov-04
13-Dec-04

25-Oct-41

Rating Information

Page 33-34

Parties to The Transaction

Depositor: Merrill Lynch Mortgage Investors Inc.

Underwriter: Merrill Lynch, Pierce, Fenner & Smith Incorporated

Master Servicer: Midland Loan Services, Inc.

Rating Agency: Fitch/Standard & Poor's

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.midlandls.com

www.etrustee.net

Page 1 of 34

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Merrill Lynch Mortgage Trust 2004-BPC1

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

REMIC II

Statement Date:

1000.000000000

13.674271320

0.000000000

986.325728680

2.987500045

Fixed

0.00

0.000000000

3.58500000%

0.000000000

59022HET5

A-1

55,381,000.00

757,294.82

0.00

54,623,705.18

165,450.74

1000.000000000

0.000000000

1000.000000000

3.392500000

Fixed

0.00

0.000000000

4.07100000%

0.000000000

59022HEU2

A-2

138,500,000.00

0.00

138,500,000.00

469,861.25

1000.000000000

0.000000000

1000.000000000

3.722500000

4.467000000%

0.00

0.000000000

4.46700000%

0.000000000

59022HEV0

A-3

171,324,000.00

0.00

171,324,000.00

637,753.59

1000.000000000

0.000000000

1000.000000000

3.936666598

4.724000000%

0.00

0.000000000

4.72400000%

0.000000000

59022HEW8

A-4

48,845,000.00

0.00

48,845,000.00

192,286.48

1000.000000000

0.000000000

1000.000000000

4.045833331

4.855000000%

0.00

0.000000000

4.85500000%

0.000000000

59022HEX6

A-5

397,195,000.00

0.00

397,195,000.00

1,606,984.77

1000.000000000

0.565575259

0.000000000

999.434424741

3.805000000

4.566000000%

0.00

0.000000000

4.56600000%

0.000000000

59022HEY4

A-1A

182,874,000.00

103,429.01

0.00

182,770,570.99

695,835.57

1000.000000000

0.000000000

1000.000000000

4.101666667

4.922000000%

0.00

0.000000000

4.92200000%

0.000000000

59022HFT4

94,752,000.00

0.00

94,752,000.00

388,641.12

1000.000000000

0.000000000

1000.000000000

4.126666793

4.952000000%

0.00

0.000000000

4.95200000%

0.000000000

59022HEZ1

26,407,000.00

0.00

26,407,000.00

108,972.89

1000.000000000

0.000000000

1000.000000000

4.175833736

5.011000000%

0.00

0.000000000

5.01100000%

0.000000000

59022HFA5

12,426,000.00

0.00

12,426,000.00

51,888.91

1000.000000000

0.000000000

1000.000000000

4.223333155

5.068000000%

0.00

0.000000000

5.06800000%

0.000000000

59022HFB3

18,640,000.00

0.00

18,640,000.00

78,722.93

1000.000000000

0.000000000

1000.000000000

4.305833691

5.167000000%

0.00

0.000000000

5.16700000%

0.000000000

59022HFE7

9,320,000.00

0.00

9,320,000.00

40,130.37

1000.000000000

0.000000000

1000.000000000

4.341250241

5.209302259%

0.00

0.000000000

5.20950016%

0.000000000

59022HFF4

15,533,000.00

0.00

15,533,000.00

67,432.64

1000.000000000

0.000000000

1000.000000000

4.423750575

5.308302259%

0.00

0.000000000

5.30850016%

0.000000000

59022HFG2

10,873,000.00

0.00

10,873,000.00

48,099.44

1000.000000000

0.000000000

1000.000000000

4.683750080

5.620302259%

0.00

0.000000000

5.62050016%

0.000000000

59022HFH0

15,533,000.00

0.00

15,533,000.00

72,752.69

1000.000000000

0.000000000

1000.000000000

3.825832931

4.591000000%

0.00

0.000000000

4.59100000%

0.000000000

59022HFJ6

6,213,000.00

0.00

6,213,000.00

23,769.90

1000.000000000

0.000000000

1000.000000000

3.825832618

4.591000000%

0.00

0.000000000

4.59100000%

0.000000000

59022HFK3

4,660,000.00

0.00

4,660,000.00

17,828.38

Page 2 of 34

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Merrill Lynch Mortgage Trust 2004-BPC1

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

REMIC II

Statement Date:

1000.000000000

0.000000000

1000.000000000

3.825833602

4.591000000%

0.00

0.000000000

4.59100000%

0.000000000

59022HFL1

6,214,000.00

0.00

6,214,000.00

23,773.73

1000.000000000

0.000000000

1000.000000000

3.825833870

4.591000000%

0.00

0.000000000

4.59100000%

0.000000000

59022HFM9

4,659,000.00

0.00

4,659,000.00

17,824.56

1000.000000000

0.000000000

1000.000000000

3.825831992

4.591000000%

0.00

0.000000000

4.59100000%

0.000000000

59022HFN7

3,107,000.00

0.00

3,107,000.00

11,886.86

1000.000000000

0.000000000

1000.000000000

3.825831992

4.591000000%

0.00

0.000000000

4.59100000%

0.000000000

59022HFP2

3,107,000.00

0.00

3,107,000.00

11,886.86

1000.000000000

0.000000000

1000.000000000

3.825833359

4.591000000%

0.00

0.000000000

4.59100000%

0.000000000

59022HFQ0

17,086,659.00

0.00

17,086,659.00

65,370.71

1000.000000000

0.000000000

999.307347953

0.048848917

0.00

0.000000000

0.05861870%

0.000000000

59022HFC1

1,242,649,659.00

0.00

1,241,788,935.17

60,702.09

1000.000000000

0.000000000

1000.000000000

0.795104493

0.00

0.000000000

0.95412539%

0.000000000

59022HFD9

1,210,412,000.00

0.00

1,210,412,000.00

962,404.02

0.000000000

0.00

0.000000000

N/A

0.000000000

59022HFR8

R-I

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

59022HFS6

R-II

0.00

Total P&I Payment

0.00

1,242,649,659.00

6,680,984.33

Total

1,241,788,935.17

860,723.83

0.00

5,820,260.50

Page 3 of 34

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Merrill Lynch Mortgage Trust 2004-BPC1

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

Grantor Trust E

Statement Date:

0.000000000

0.00

8,856.45

0.000000000

N/A

0.000000000

0.00

8,856.45

Total P&I Payment

0.00

8,856.45

0.00

8,856.45

Total

0.00

8,856.45

Page 4 of 34

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Merrill Lynch Mortgage Trust 2004-BPC1

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

Grantor Trust B

Statement Date:

0.000000000

0.00

1,339.42

0.000000000

N/A

0.000000000

0.00

1,339.42

Total P&I Payment

0.00

1,339.42

0.00

1,339.42

Total

0.00

1,339.42

Page 5 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Class

Accrued

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1
Bond Interest Reconciliation

Deductions

Allocable

Deferred &

Prior

Prepay-

Other

Additions

Interest

Credit Support

Original

Current(4)

Accrual

Int. Short-

falls Due

ment

Interest

Interest (2)

Payment

Amount

PPIS

Interest

Certificate

Accretion

Interest

Loss/Exp

Interest

Penalties

Proceeds (1)

Interest

Shortfalls

Certificate

Rate

Pass
Thru

Method Days

Outstanding

Remaining

Statement Date:

Distributable

Current Period

(Shortfall)/

Recovery

Int Accrual

on Prior

Shortfall (3)

0.00

A-1

165,450.74

0.00

20.00%

20.01%

30/360

3.585000000%

0.00

A-2

469,861.25

0.00

20.00%

20.01%

30/360

4.071000000%

0.00

A-3

637,753.59

0.00

20.00%

20.01%

30/360

4.467000000%

0.00

A-4

192,286.48

0.00

20.00%

20.01%

30/360

4.724000000%

0.00

A-5

1,606,984.77

0.00

20.00%

20.01%

30/360

4.855000000%

0.00

A-1A

695,835.57

0.00

20.00%

20.01%

30/360

4.566000000%

0.00

388,641.12

0.00

12.38%

30/360

4.922000000%

0.00

108,972.89

0.00

10.25%

10.26%

30/360

4.952000000%

0.00

51,888.91

0.00

9.25%

9.26%

30/360

5.011000000%

0.00

78,722.93

0.00

7.75%

7.76%

30/360

5.068000000%

0.00

40,130.37

0.00

7.00%

30/360

5.167000000%

0.00

67,432.64

0.00

5.75%

30/360

5.209500156%

0.00

48,099.44

0.00

4.88%

30/360

5.308500156%

0.00

72,752.69

0.00

3.63%

30/360

5.620500156%

0.00

23,769.90

0.00

3.13%

30/360

4.591000000%

0.00

17,828.38

0.00

2.75%

30/360

4.591000000%

0.00

23,773.73

0.00

2.25%

30/360

4.591000000%

0.00

17,824.56

0.00

1.88%

30/360

4.591000000%

0.00

11,886.86

0.00

1.63%

30/360

4.591000000%

0.00

11,886.86

0.00

1.38%

30/360

4.591000000%

0.00

65,370.71

0.00

0.00%

30/360

4.591000000%

0.00

60,702.09

0.00

30/360

0.058618705%

0.00

962,404.02

0.00

30/360

0.954125392%

0.00

5,820,260.50

0.00

(2) Accrued - Deductions + Additions Interest

(3) Includes interest accrued on outstanding Interest Shortfalls and/or Loss Allocations. Where applicable.

Page 6 of 34

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

(4) Determined as follows: (A) the ending balance of all the classes less (B) the sum of (i) the ending balance of the class and (ii) the ending balance of all classes which are not subordinate to the class divided by (A).

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Interest Adjustments Summary

Statement Date

0.00

Special Servicing Fees

Workout Fees

Liquidation Fees

Legal Fees

0.00

Misc. Fees & Expenses Paid by/to Servicer

Interest Paid to Servicer on Outstanding Advances

0.00

ASER Interest Advance Reduction

Interest Not Advanced (Current Period)

Recoup of Prior Advances by Servicer

0.00

Servicing Fees Paid Servicer on Loans Not Advanced

Misc. Fees & Expenses Paid by Trust

0.00

Shortfall Due to Rate Modification

Total Shortfall Allocated to the Bonds

Total Interest Adjustment to the Bonds

0.00

Shortfall Allocated to the Bonds:

Excess Allocated to the Bonds:

Other Interest Proceeds Due the Bonds

Yield Maintenance Penalties Due the Bonds

Prepayment Penalties Due the Bonds

Recovered ASER Interest Due the Bonds

Recovered Interest Due the Bonds

Less Total Shortfall Allocated to the Bonds

Total Excess Allocated to the Bonds

0.00

0.00

Total Excess Allocated to the Bonds

0.00

0.00

Aggregate Interest Adjustment Allocated to the Bonds

0.00

Prepayment Interest Excess Due the Bonds

0.00

ARD Excess Interest

0.00

Net Prepayment Int. Shortfalls Allocated to the Bonds

Other Interest Loss

Page 7 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Statement Date:

Cash Reconciliation Summary

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

5,886,029.02

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

5,886,029.02

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances
Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding
Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:
Current Scheduled Principal
Advanced Scheduled Principal
Scheduled Principal
Unscheduled Principal:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds
Total Unscheduled Principal
Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

)

(10,195.87

0.00

0.00
0.00

0.00

5,822,020.93

)

(1,760.42

0.00
0.00
0.00

)

(1,760.42

860,723.83

0.00

860,723.83

0.00
0.00
0.00
0.00
0.00
0.00

860,723.83

6,682,744.76

6,680,984.34

1,242,649,659.88

860,723.83

0.00

0.00
0.00

0.00

1,241,788,936.05

0.00

53,812.22

0.00
0.00
0.00

53,812.22

0.00
0.00
0.00
0.00
0.00
0.00

0.00

)

(53,812.22

5,820,260.51

Interest Not Advanced (

Current Period

)

0.00

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

0.00

0.00
0.00

0.00

Advance Summary (Advance Made by Servicer)

Page 8 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Statement Date:

Cash Reconciliation Summary for Trust Loan Group 1

ABN AMRO Acct: 722142.1

Series 2004-BPC1

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

5,038,786.37

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total
Unscheduled Interest:
Prepayment Penalties
Yield Maintenance Penalties
Other Interest Proceeds

0.00

Total

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances
Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding
Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

)

(8,234.60

0.00

0.00
0.00

0.00

)

(1,501.35

0.00
0.00

0.00

)

(1,501.35

757,294.82

0.00

44,937.08

0.00

44,937.08

0.00
0.00
0.00

Advance Summary (Advance Made by Servicer)

)

(44,937.08

4,984,113.34

Interest Not Advanced (

Current Period

)

0.00

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

0.00

5,038,786.37

0.00
0.00

0.00

4,985,614.69

0.00

0.00
0.00
0.00

757,294.82

0.00

757,294.82

5,742,909.51
5,741,408.16

1,059,775,410.54

757,294.82

0.00
0.00
0.00

1,059,018,115.72

0.00

0.00
0.00

0.00

0.00
0.00

0.00

Servicing

0.00

Page 9 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Statement Date:

Cash Reconciliation Summary for Trust Loan Group 2

ABN AMRO Acct: 722142.1

Series 2004-BPC1

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

847,242.65

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total
Unscheduled Interest:
Prepayment Penalties
Yield Maintenance Penalties
Other Interest Proceeds

0.00

Total

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances
Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips
Misc. Fees
Interest Reserve Withholding
Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

)

(1,961.27

0.00

0.00
0.00

0.00

)

(259.07

0.00
0.00

0.00

)

(259.07

103,429.01

0.00

8,875.14

0.00

8,875.14

0.00
0.00
0.00

Advance Summary (Advance Made by Servicer)

)

(8,875.14

836,147.16

Interest Not Advanced (

Current Period

)

0.00

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

0.00

847,242.65

0.00
0.00

0.00

836,406.23

0.00

0.00
0.00
0.00

103,429.01

0.00

103,429.01

939,835.24
939,576.17

182,874,249.34

103,429.01

0.00
0.00
0.00

182,770,820.33

0.00

0.00
0.00

0.00

0.00
0.00

0.00

Servicing

0.00

Page 10 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary

Distribution

Date

Delinq 1 Month

Delinq 2 Months

Delinq 3+ Months

Foreclosure

REO

Modifications

Specially Serviced

Bankruptcy

# Balance

Delinquency Aging Categories

Special Event Categories (1)

Statement Date:

ABN AMRO Acct: 722142.1

0.00%

13-Dec-04

(1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category

Page 11 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary

Distribution

Date

Delinq 1 Month

Delinq 2 Months

Delinq 3+ Months

Foreclosure

REO

Modifications

Specially Serviced

Bankruptcy

# Balance

Delinquency Aging Categories

Special Event Categories (1)

Statement Date:

Loan Group 1

ABN AMRO Acct: 722142.1

0.00%

13-Dec-04

(1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category

Page 12 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

Asset-Backed Facts ~ 15 Month Historical Loan Status Summary

Distribution

Date

Delinq 1 Month

Delinq 2 Months

Delinq 3+ Months

Foreclosure

REO

Modifications

Specially Serviced

Bankruptcy

# Balance

Delinquency Aging Categories

Special Event Categories (1)

Statement Date:

Loan Group 2

ABN AMRO Acct: 722142.1

0.00%

13-Dec-04

(1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in the Appropriate Delinquency Aging Category

Page 13 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Amort

ABN AMRO Acct: 722142.1

Series 2004-BPC1

13-Dec-04

100.00%

1,241,788,936

99.93%

0.00%

104

308

5.68%

5.62%

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 14 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Loan Group 1

Amort

ABN AMRO Acct: 722142.1

Series 2004-BPC1

13-Dec-04

79.79%

1,059,018,116

85.22%

0.00%

105

299

5.71%

5.64%

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 15 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Asset-Backed Facts ~ 15 Month Historical Payoff/Loss Summary

Distribution

Date

Ending Pool (1)

Payoffs(2)

Penalties

Appraisal Reduct. (2)

Liquidations (2)

Realized Losses (2)

Remaining Term

Curr Weighted Avg.

# Balance

# Amount

# Balance

# Amount

Life

Coupon Remit

Statement Date:

Loan Group 2

Amort

ABN AMRO Acct: 722142.1

Series 2004-BPC1

13-Dec-04

20.21%

182,770,820

14.71%

0.00%

358

5.56%

5.49%

(1) Percentage based on pool as of cutoff. (2) Percentage based on pool as of beginning of period.

Page 16 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Historical Collateral Level Prepayment Report

Disclosure

Control #

Payoff
Period

Initial

Balance

Type

Payoff

Amount

Penalty

Amount

Prepayment

Date

Maturity

Date

Property

Type

Geographic

Location

Statement Date:

Cumulative

Current

Page 17 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Delinquent Loan Detail

Disclosure

Control #

Paid

Thru
Date

Current P&I

Advance

Outstanding

P&I

Advances**

Out. Property

Protection

Advances

Loan

Status

Code (1)

Special

Servicer

Transfer Date

Foreclosure

Date

Bankruptcy

Date

REO

Date

Statement Date:

Total

Page 18 of 34

A. In Grace Period

1. Delinq. 1 month

2. Delinq. 2 months

3. Delinquent 3 + months

4. Performing Matured Balloon

** Outstanding P&I Advances include the current period P&I Advances and may include Servicer and Trust Advances.

7. Foreclosure

9. REO

B. Late Payment but < 1 month delinq.

5. Non Performing Matured Balloon

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

4.86735%

1-Sep-11

ML4BPC1A

Office

0.00

130,000,000

527,296

6.57700%

1-Jul-09

ML4BPC1A

Lodging

0.00

70,441,503

481,968

6.09665%

1-Sep-14

ML4BPC1A

Other

0.00

49,826,528

302,446

5.78100%

1-Sep-14

ML4BPC1A

Retail

0.00

44,000,000

211,970

6.05400%

5-Jul-14

ML4BPC1A

Retail

0.00

39,323,611

238,196

5.45000%

1-Oct-14

ML4BPC1A

Office

0.00

31,734,405

179,561

6.62500%

1-Jul-14

ML4BPC1A

Self storage

0.00

30,732,591

211,196

5.94000%

1-Jul-14

ML4BPC1A

Retail

0.00

30,693,522

151,933

6.62500%

1-Jul-14

ML4BPC1A

Self storage

0.00

27,492,351

188,929

5.05100%

1-Jul-14

ML4BPC1A

Mobile home park

0.00

26,922,749

113,322

5.05100%

1-Jul-14

ML4BPC1A

Mobile home park

0.00

25,366,570

106,772

5.86000%

1-Jul-14

ML4BPC1B

Multifamily

0.00

24,485,159

145,283

4.92000%

1-Nov-09

ML4BPC1B

Multifamily

0.00

23,520,000

96,432

5.87500%

1-Oct-14

ML4BPC1A

Mixed use

0.00

23,000,000

112,604

31-Dec-03

5.29000%

1-Sep-09

ML4BPC1A

Office

0.00

21,678,591

120,644

5.25000%

1-Nov-14

ML4BPC1A

Retail

0.00

21,475,339

118,724

5.66000%

1-Oct-14

ML4BPC1B

Multifamily

0.00

20,259,987

117,307

5.90000%

1-Apr-15

ML4BPC1A

Office

0.00

20,229,452

120,110

6.00000%

1-Sep-14

ML4BPC1A

Office

0.00

16,752,386

100,724

31-Dec-03

5.90000%

1-Oct-14

ML4BPC1A

Office

2.41

16,600,000

81,617

6.83300%

1-Nov-14

ML4BPC1A

Lodging

0.00

15,480,355

107,905

5.50000%

1-Nov-14

ML4BPC1A

Office

0.00

15,500,000

71,042

4.92000%

1-Oct-09

ML4BPC1B

Multifamily

0.00

15,280,000

62,648

Page 19 of 34

* NOI and DSCR, if available and reportable under the terms of the trust agreement, are based on information obtained from the related borrower, and no other party to the agreement shall be held liable for the accuracy or methodology used to determine such figures.

(1) Legend:

A. In Grace Period
B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months
4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

5.62000%

1-Oct-14

ML4BPC1A

Office

0.00

14,956,363

93,191

6.05000%

1-Aug-14

ML4BPC1B

Multifamily

0.00

14,350,000

72,348

31-Dec-03

4.92000%

1-Nov-09

ML4BPC1B

Multifamily

0.00

14,280,000

58,548

5.96000%

1-Aug-14

ML4BPC1A

Retail

0.00

14,000,000

69,533

5.05100%

1-Jul-14

ML4BPC1A

Mobile home park

0.00

13,764,053

57,935

5.62500%

1-Nov-14

ML4BPC1A

Industrial

0.00

13,485,568

77,714

5.05100%

1-Jul-14

ML4BPC1A

Mobile home park

0.00

13,357,743

56,225

31-Dec-03

6.25000%

1-Aug-14

ML4BPC1A

Office

0.00

12,695,734

78,442

5.23000%

1-Oct-14

ML4BPC1A

Office

0.00

12,472,978

68,871

6.26000%

1-Sep-19

ML4BPC1A

Lodging

0.00

12,449,927

82,536

5.05100%

1-Jul-14

ML4BPC1A

Mobile home park

0.00

12,458,235

52,439

5.55000%

1-Nov-14

ML4BPC1A

Office

0.00

12,400,000

57,350

5.55000%

1-Oct-14

ML4BPC1A

Office

0.00

11,975,775

68,512

31-Dec-03

5.80000%

1-Sep-11

ML4BPC1A

Office

0.00

11,216,746

66,010

5.70000%

1-Sep-14

ML4BPC1A

Office

0.00

11,166,197

65,005

5.54000%

1-Jan-13

ML4BPC1A

Industrial

0.00

10,488,593

59,882

31-Dec-03

5.71000%

1-Aug-09

ML4BPC1A

Office

0.00

10,488,741

61,183

5.78600%

1-Oct-14

ML4BPC1A

Mixed use

0.00

10,380,059

60,930

5.95500%

1-Jul-14

ML4BPC1A

Retail

0.00

9,357,058

56,086

5.43590%

1-Jul-09

ML4BPC1B

Mobile home park

0.00

9,320,000

42,219

7.25000%

1-Oct-22

ML4BPC1B

Multifamily

0.00

9,287,331

63,442

6.62500%

1-Sep-14

ML4BPC1A

Multifamily

0.00

8,966,110

61,473

5.57100%

1-Nov-11

ML4BPC1A

Retail

0.00

8,790,496

50,358

Page 20 of 34

(1) Legend:

A. In Grace Period
B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months
4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

31-Dec-03

5.37000%

1-Oct-14

ML4BPC1B

Multifamily

1.42

8,731,639

48,970

31-Dec-03

5.78000%

1-Sep-09

ML4BPC1A

Lodging

0.00

8,463,126

53,628

5.57100%

1-Nov-11

ML4BPC1A

Retail

0.00

8,166,171

46,782

5.45000%

1-Oct-14

ML4BPC1A

Self storage

0.00

8,083,292

45,737

5.50000%

1-Oct-14

ML4BPC1A

Retail

0.00

8,000,000

36,667

5.71000%

1-Oct-14

ML4BPC1A

Retail

0.00

7,817,539

49,133

31-Dec-03

5.50000%

1-Oct-14

ML4BPC1A

Office

0.00

7,734,185

44,004

5.05100%

1-Jul-14

ML4BPC1A

Mobile home park

0.00

7,680,000

32,326

5.43590%

1-Jul-09

ML4BPC1B

Mobile home park

0.00

6,500,000

29,444

5.52050%

1-Jul-09

ML4BPC1A

Mobile home park

0.00

6,460,000

29,719

5.75000%

1-Sep-14

ML4BPC1A

Office

0.00

6,160,000

29,517

5.57100%

1-Nov-11

ML4BPC1B

Multifamily

0.00

5,993,520

34,335

5.37000%

1-Oct-14

ML4BPC1A

Retail

0.00

5,837,725

32,740

5.15000%

1-Sep-09

ML4BPC1A

Industrial

0.00

5,780,411

31,670

5.72000%

1-Sep-14

ML4BPC1B

Multifamily

0.00

5,533,319

32,283

5.65000%

1-Sep-14

ML4BPC1A

Office

0.00

5,483,227

31,748

5.76000%

1-Oct-14

ML4BPC1A

Office

0.00

5,339,683

31,255

5.79000%

1-Sep-14

ML4BPC1B

Multifamily

0.00

5,284,301

31,064

5.61000%

1-Oct-14

ML4BPC1A

Office

0.00

5,189,638

29,885

6.30000%

1-Oct-14

ML4BPC1A

Office

0.00

5,186,550

34,464

6.62000%

1-Aug-14

ML4BPC1A

Lodging

0.00

5,174,445

35,502

5.62000%

1-Nov-14

ML4BPC1A

Retail

0.00

4,994,650

28,767

5.76000%

1-Oct-14

ML4BPC1A

Office

0.00

4,641,033

27,166

Page 21 of 34

(1) Legend:

A. In Grace Period
B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months
4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

5.05100%

1-Jul-14

ML4BPC1A

Mobile home park

0.00

4,626,928

19,476

5.35600%

1-Oct-11

ML4BPC1B

Multifamily

0.00

4,490,529

25,145

5.93000%

1-Oct-14

ML4BPC1A

Retail

0.00

4,232,125

25,230

5.25000%

1-Nov-09

ML4BPC1A

Retail

0.00

4,195,182

23,193

5.82000%

1-Sep-14

ML4BPC1A

Retail

0.00

4,181,899

26,600

31-Dec-03

6.97000%

1-Jul-14

ML4BPC1A

Lodging

0.00

4,141,322

29,358

5.93000%

1-Sep-14

ML4BPC1A

Office

0.00

4,123,106

24,606

5.75000%

1-Oct-14

ML4BPC1A

Retail

0.00

3,742,753

21,884

31-Dec-03

5.97000%

1-Aug-14

ML4BPC1B

Multifamily

0.00

3,536,883

21,198

6.29000%

1-Nov-14

ML4BPC1A

Retail

0.00

3,496,705

21,641

5.69000%

1-Oct-14

ML4BPC1A

Mixed use

0.00

3,489,938

21,892

31-Dec-03

5.80000%

1-Sep-14

ML4BPC1B

Multifamily

0.00

3,389,950

19,950

5.71000%

1-Sep-14

ML4BPC1A

Office

0.00

3,389,760

19,755

5.71000%

1-Nov-14

ML4BPC1A

Retail

0.00

3,296,528

19,174

5.57000%

1-Oct-14

ML4BPC1B

Multifamily

0.00

3,293,367

18,882

31-Dec-03

5.91000%

1-Sep-14

ML4BPC1B

Multifamily

0.00

3,290,468

19,595

5.60000%

1-Oct-14

ML4BPC1A

Self storage

0.00

3,191,995

19,176

5.52050%

1-Jul-09

ML4BPC1A

Mobile home park

0.00

2,760,000

12,697

5.70000%

1-Oct-19

ML4BPC1A

Industrial

0.00

2,631,682

21,935

5.76000%

1-Oct-14

ML4BPC1A

Office

0.00

2,235,680

13,086

31-Dec-03

5.91000%

1-Sep-14

ML4BPC1B

Multifamily

0.00

1,944,367

11,579

31-Dec-03

5.59000%

1-Nov-14

ML4BPC1A

Retail

0.00

1,897,955

10,896

5.05100%

1-Jul-14

ML4BPC1A

Mobile home park

0.00

1,699,156

7,152

Page 22 of 34

(1) Legend:

A. In Grace Period
B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months
4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Loan Level Detail

Disclosure

Control #

Group

Property

Type

Maturity

Date

PFY

DSCR

Operating
Statement

Date

Geo.

Location

Ending

Principal

Balance

Note

Rate

Scheduled

P&I

Prepayment

Amount

Prepayment

Date

Loan

Status

Code (1)

Statement Date:

5.75000%

1-Aug-14

ML4BPC1A

Retail

0.00

1,693,397

9,921

5.05100%

1-Jul-14

ML4BPC1A

Mobile home park

0.00

1,680,000

7,071

1,241,788,936

6,746,753

Page 23 of 34

(1) Legend:

A. In Grace Period
B. Late Payment but < 1 month delinq

1. Delinquent 1 month
2. Delinquent 2 months

3. Delinquent 3+ months
4. Performing Matured Balloon

7. Foreclosure

9. REO

5. Non Performing Matured Ballon

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Specially Serviced (Part I) ~ Loan Detail (End of Period)

Disclosure

Control #

Servicing

Xfer Date

Balance

Note

Rate

Maturity

Date

Remaining

Property

Type

Geo.

Location

NOI

DSCR

NOI
Date

Schedule

Actual

Life

Statement Date:

Loan

Status

Code(1)

Not Avail

Not Avail Not Avail

Page 24 of 34

(1) Legend:

A. P&I Adv - in Grace Period

B. P&I Adv - < one month delinq

1. P&I Adv - delinquent 1 month

2. P&I Adv - delinquent 2 months

3. P&I Adv - delinquent 3+ months

4. Mat. Balloon/Assumed P&I

7. Foreclosure

9. REO

5. Non Performing Mat. Balloon

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Specially Serviced Loan Detail (Part II) ~ Servicer Comments (End of Period)

Disclosure

Control #

Resolution

Strategy

Comments

Statement Date:

Page 25 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Mortgage Loan Characteristics

ABN AMRO Acct: 722142.1

Series 2004-BPC1

Commercial Mortgage Pass-Trough Certificates

30-Nov-04

12-Jan-05

N/A

13-Dec-04

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Distribution of Mortgage Interest Rates

Distribution of Principal Balances

Distribution of Remaining Term (Balloon)

Distribution of Remaining Term (Fully Amortizing)

Page 26 of 34

Current Scheduled

Balance

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

16,542,238

1.33

116

5.56

0.00

1,680,000 to

3,000,000

34,118,347

2.75

118

5.80

0.00

3,000,000 to

4,000,000

39,626,774

3.19

107

5.73

0.00

4,000,000 to

5,000,000

54,802,819

4.41

107

5.74

0.00

5,000,000 to

6,000,000

19,120,000

1.54

5.57

0.00

6,000,000 to

7,000,000

31,231,724

2.52

117

5.44

0.00

7,000,000 to

8,000,000

79,165,222

6.38

107

5.90

0.16

8,000,000 to 10,000,000

128,192,986

10.32

113

5.68

0.00

10,000,000 to 13,000,000

177,806,467

14.32

107

5.64

0.22

13,000,000 to 20,000,000

460,740,856

37.10

111

5.77

0.00

20,000,000 to 50,000,000

200,441,503

16.14

5.47

0.00

50,000,000 &

Above

130,000,000

1,680,000

1,241,788,936

100.00

Average Schedule Balance
Maximum Schedule Balance
Minimum Schedule Balance

13,210,521

Current Mortgage

Interest Rate

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

183,080,000

14.74

4.88

0.00

4.750%

5.000%

151,479,345

12.20

112

5.10

0.00

5.001%

5.250%

127,610,366

10.28

5.42

0.10

5.251%

5.500%

199,197,159

16.04

107

5.63

0.00

5.501%

5.750%

271,377,005

21.85

114

5.87

0.15

5.751%

6.000%

116,195,873

9.36

116

6.09

0.00

6.001%

6.250%

21,133,182

1.70

153

6.27

0.00

6.251%

6.500%

142,807,000

11.50

6.60

0.00

6.501%

6.750%

19,621,676

1.58

118

6.86

0.00

6.751%

7.000%

9,287,331

0.75

214

7.25

0.00

7.001%

Above

1,241,788,936

Minimum Mortgage Interest Rate
Maximum Mortgage Interest Rate

100.00

4.867%
7.250%

Fully Amortizing

Mortgage Loans

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

2,631,682

0.21

178

5.70

0.00

150

Above

2,631,682

0.21

Balloon

Mortgage Loans

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

199,167,555

16.04

5.71

0.00

998,022,989

80.37

111

5.65

0.05

120

32,679,380

2.63

144

6.04

0.00

121

180

9,287,331

0.75

214

7.25

0.00

181

& Above

214

1,239,157,254

Minimum Remaining Term
Maximum Remaining Term

99.79

Merrill Lynch Mortgage Trust 2004-BPC1

Mortgage Loan Characteristics

ABN AMRO Acct: 722142.1

Series 2004-BPC1

Commercial Mortgage Pass-Trough Certificates

30-Nov-04

12-Jan-05

N/A

13-Dec-04

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Geographic Distribution

Distribution of DSCR (PFY)

Distribution of DSCR (Cutoff)

Page 27 of 34

Debt Service

Coverage Ratio

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

0.00

1.200 1.250

0.00

1.251 1.300

0.00

1.301 1.350

0.00

1.351 1.400

8,731,639

0.70

118

5.37

1.42

1.401 1.450

0.00

1.451 1.499

0.00

1.500 1.549

0.00

1.550 1.599

0.00

1.600 1.990

16,600,000

1.34

118

5.90

2.41

2.000 & Above

1,216,457,297

97.96

103

5.68

0.00

Unknown

2.410
1.420

1,241,788,936

100.00

Minimum DSCR

Maximum DSCR

Debt Service

Coverage Ratio

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

50,308,024

4.05

5.33

0.00

1.200 1.240

172,431,711

13.89

103

5.58

0.00

1.240 1.280

204,234,729

16.45

114

5.53

0.06

1.280 1.320

115,514,217

9.30

117

5.59

0.00

1.320 1.360

33,445,906

2.69

118

5.62

0.00

1.360 1.400

40,913,795

3.29

116

5.80

0.00

1.400 1.440

98,177,601

7.91

112

5.71

0.00

1.440 1.480

59,941,897

4.83

115

6.12

0.00

1.480 1.520

271,188,400

21.84

6.16

0.15

1.520 2.000

195,632,656

15.75

5.26

0.00

2.000 & Above

3.380

1.200

1,241,788,936 100.00

Minimum DSCR

Maximum DSCR

Geographic

Location

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

California

246,259,985

19.83

5.36

0.16

Multiple States

194,313,507

15.65

6.08

0.00

Florida

139,951,479

11.27

5.52

0.00

Texas

134,443,246

10.83

110

5.89

0.09

Virginia

66,724,034

5.37

123

6.00

0.00

Michigan

57,076,467

4.60

114

5.45

0.00

Oregon

56,915,902

4.58

110

5.76

0.00

Indiana

52,920,701

4.26

106

5.68

0.00

Arizona

35,448,335

2.85

118

5.57

0.00

Washington

31,734,405

2.56

118

5.45

0.00

New York

28,883,651

2.33

118

5.55

0.00

Illinois

28,782,753

2.32

5.50

0.00

Vermont

23,000,000

1.85

118

5.88

0.00

Connecticut

21,475,339

1.73

119

5.25

0.00

Oklahoma

19,949,538

1.61

118

5.62

0.00

Colorado

19,780,411

1.59

5.72

0.00

Georgia

16,752,386

1.35

117

6.00

0.00

Missouri

14,459,564

1.16

117

5.67

0.00

North Carolina

14,280,000

1.15

4.92

0.00

New Jersey

12,355,869

1.00

117

6.37

0.00

Ohio

5,194,484

0.42

119

5.67

0.00

Alabama

4,994,650

0.40

119

5.62

0.00

Pennsylvania

4,232,125

0.34

118

5.93

0.00

Kentucky

4,181,899

0.34

117

5.82

0.00

Minnesota

4,141,322

0.33

115

6.97

0.00

Massachusetts

3,536,883

0.28

116

5.97

0.00

100.00

1,241,788,936

Merrill Lynch Mortgage Trust 2004-BPC1

Mortgage Loan Characteristics

ABN AMRO Acct: 722142.1

Series 2004-BPC1

Commercial Mortgage Pass-Trough Certificates

30-Nov-04

12-Jan-05

N/A

13-Dec-04

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Distribution of Loan Seasoning

Distribution of Property Types

Distribution of Year Loans Maturing

Distribution of Amortization Type

Page 28 of 34

Property Types

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

Office

399,350,232

32.16

100

5.41

0.10

Retail

229,192,653

18.46

113

5.77

0.00

Multifamily

175,916,930

14.17

102

5.62

0.07

Mobile home park

132,595,434

10.68

104

5.13

0.00

Lodging

116,150,677

9.35

6.53

0.00

Self storage

69,500,229

5.60

115

6.44

0.00

Other

49,826,528

4.01

117

6.10

0.00

Mixed use

36,869,997

2.97

118

5.83

0.00

Industrial

32,386,255

2.61

106

5.52

0.00

1,241,788,936

100.00

Amortization Type

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

AmortizingBalloon

738,778,298

59.49

107

5.95

0.02

Full Amortizing

2,631,682

0.21

178

5.70

0.00

IO Maturity Balloon

130,000,000

10.47

4.87

0.00

IO/ Amortizating

370,378,956

29.83

104

5.44

0.11

1,241,788,936

100.00

Number of Months

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

187,690,514

15.11

100

0.00

5.55

330,257,754

26.60

104

0.16

5.84

366,617,304

29.52

0.00

5.51

97,725,928

7.87

109

0.00

6.05

259,497,436

20.90

109

0.00

5.69

1,241,788,936

100.00

Year

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

0.00

2004

0.00

2005

0.00

2006

0.00

2007

0.00

2008

199,167,555

16.04

5.71

0.00

2009

0.00

2010

168,657,462

13.58

5.04

0.00

2011

0.00

2012

10,488,593

0.84

5.54

0.00

2013

818,876,933

65.94

117

5.78

0.06

2014

44,598,393

3.59

161

6.27

0.00

2015 & Greater

100.00

1,241,788,936

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Modified Loan Detail

Disclosure

Control #

Modification

Date

Cutoff

Maturity

Date

Modification

Description

Modified

Maturity

Date

Statement Date:

Page 29 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

Historical Collateral Level REO Report

Property

Type

Statement Date:

State

Actual

Balance

Scheduled

Balance

Recent

Appraisal

Value

Appraisal

Reduction

Amount

Date

Liquidated

Liquidation

Proceeds

Liquidation

Expenses

Realized

Loss

Disclosure

Control #

REO

Date

City

Appraisal

Date

ABN AMRO Acct: 722142.1

Page 30 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

Current Total
Cumulative

Page 31 of 34

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Appraisal Reduction Detail

Disclosure

Control#

Appraisal

Red. Date

Scheduled

Balance

ASER

Note

Rate

Maturity

Date

Property

Type

Geographic

Location

Appraisal

Value Date

DSCR

Statement Date:

Remaining Term

Life

ARA

Amount

Current P&I

Advance

Page 32 of 34

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

R-I

59022HFR8

A-1

59022HET5

AAA

A-2

59022HEU2

AAA

A-3

59022HEV0

AAA

A-4

59022HEW8

AAA

A-5

59022HEX6

AAA

A-1A

59022HEY4

AAA

59022HFT4

AAA

59022HEZ1

59022HFA5

AA-

59022HFB3

59022HFE7

A-

59022HFF4

BBB+

59022HFG2

BBB

59022HFH0

BBB-

59022HFJ6

BB+

59022HFK3

59022HFL1

BB-

59022HFM9

B+

59022HFN7

59022HFP2

B-

59022HFQ0

Page 33 of 34

NR - Designates that the class was not rated by the rating agency.

(1) Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic transmission. It shall be
understood that this transmission will generally have been provided to LaSalle within 30 days of the payment date listed on this statement. Because ratings may have changed during the 30
day window, or may not be being provided by the rating agency in an electronic format and therefore not being updated on
this report, LaSalle recommends that investors obtain current rating information directly from the rating agency.

Merrill Lynch Mortgage Trust 2004-BPC1

Payment Date:
Prior Payment:
Next Payment:
Record Date:

13-Dec-04
13-Dec-04

N/A

12-Jan-05

30-Nov-04

Commercial Mortgage Pass-Trough Certificates

Series 2004-BPC1

ABN AMRO Acct: 722142.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

59022HFC1

AAA

59022HFD9

AAA

R-II

59022HFS6

Page 34 of 34

NR - Designates that the class was not rated by the rating agency.

Filing Compare · Merrill Lynch Mortgage Trust 2004-BPC1