# EDGAR Filing Document

**Accession Number:** 0001739724
**File Stem:** 0000929638-23-000430
**Filing Date:** 2023-2
**Character Count:** 21123
**Document Hash:** bc830974ea9800bb356d19aeb6672303
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929638-23-000430.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0000929638-23-000430

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20211231

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Western Depositor, LLC
- **CENTRAL INDEX KEY:** 0001739724
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-03897
- **FILM NUMBER:** 23619998

**BUSINESS ADDRESS:**
- **STREET 1:** 17950 PRESTON ROAD
- **STREET 2:** SUITE 600
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75252
- **BUSINESS PHONE:** 972-349-3200

**MAIL ADDRESS:**
- **STREET 1:** 17950 PRESTON ROAD
- **STREET 2:** SUITE 600
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75252
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Western Depositor, LLC
- **CENTRAL INDEX KEY:** 0001739724
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 17950 PRESTON ROAD
- **STREET 2:** SUITE 600
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75252
- **BUSINESS PHONE:** 972-349-3200

**MAIL ADDRESS:**
- **STREET 1:** 17950 PRESTON ROAD
- **STREET 2:** SUITE 600
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75252

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM ABS-15G

#### ASSET-BACKED SECURITIZER

#### REPORT PURSUANT TO SECTION 15G OF

#### THE SECURITIES EXCHANGE ACT OF 1934

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

___&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ______________ to ______________.

Date of Report (Date of earliest event reported): ______________

Commission File Number of securitizer: ______________

<br> Central Index Key Number of securitizer:______________

<br>Name and telephone number, including area code, of the person to

contact in connection with this filing.

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [ ]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ]

_<u>X</u>_&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0001739724

Central Index Key Number of sponsor: ____________

 <u>CIM Small Business Loan Trust 2023-1</u>

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): 0001965679

Central Index Key Number of underwriter (if applicable): ____________

<u>Barry Berlin, (972) 349-3230</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Name and telephone number, including area code, of the person to

contact in connection with this filing.

------

#### INFORMATION TO BE INCLUDED IN THE REPORT

**Item 2.01.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Findings and Conclusions of a Third Party Due Diligence Report Obtained By</u> <u>the Issuer</u>**

Attached as Exhibit 99.1 hereto is a Report of Independent Accountants on Applying Agreed-Upon Procedures, dated February 13, 2023 of Deloitte LLP ("DT"), obtained by the securitizer, which report sets forth the findings and conclusions, as applicable, of DT with respect to certain agreed-upon procedures performed by DT.

------

#### SIGNATURES

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

Dated: February 13, 2023

---

| |
|:---|
| FIRST WESTERN DEPOSITOR, LLC<br> (Securitizer) |
| By: First Western SBLC, Inc. as the sole member |
| By: /s/ Barry Berlin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barry Berlin<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer<br>|

---

------

#### EXHIBIT INDEX
<u>Exhibit Number</u>

99.1 DT Agreed-Upon Procedures Report

## Exhibit 99.1

**Exhibit 99.1**<br>

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| | |
|:---|:---|
| ![](logo.jpg) | **Deloitte & Touche LLP**<br> Suite 400<br> Harborside Plaza 10<br> Jersey City, NJ 07311<br> USA<br>Tel: +1 212 937 8200<br> Fax: +1 212 937 8298<br> www.deloitte.com |

---

First Western SBLC, Inc.

17950 Preston Road, Suite 600

Dallas, Texas 75252

#### Independent Accountants' Report

#### on Applying Agreed-Upon Procedures

We have performed the procedures described below, related to certain information with respect to a portfolio of small business loans in connection with the proposed offering of CIM Small Business Loan Trust 2023-1, Unguaranteed SBA 7(a) Loan-Backed Notes, Series 2023-1. First Western SBLC, Inc. (the "Company") is responsible for the information provided to us, including the information set forth in the Statistical Loan File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Statistical Loan File. Additionally, Deutsche Bank Securities Inc. ("Deutsche Bank" and, together with the Company, the "Specified Parties") has agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

#### Agreed-Upon Procedures

On October 11, 2022, representatives of Deutsche Bank, on behalf of the Company, provided us with a small business loan listing with respect to 133 small business loans (the "Small Business Loan Listing"). At the instruction of the Company, we randomly selected the 50 small business loans from the Small Business Loan Listing (the "Sample Loans").

Further, on November 10 2022, representatives of the Company provided us a computer-generated small business loan data file and related record layout containing data, as represented to us by the Company, as of the close of business on August 31, 2022, with respect to each of the small business loans set forth on the Small Business Loan Listing (the "Statistical Loan File").

At the instruction of the Company, we performed certain comparisons and recomputations for each of the Sample Loans relating to the small business loan characteristics (the "Characteristics") set forth on the Statistical Loan File and indicated below.

**Member of**<br> Deloitte Touche Tohmatsu Limited<br>

------

#### Characteristics

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| | |
|:---|:---|
| 1. Loan number (for informational purpose only)<br> 2.Original loan amount<br> 3. Interest type (fixed or variable)<br> 4. Spread<br> 5. Origination date<br> 6. Interest rate type (Fixed/Variable)<br> 7. Property name<br> 8. Property city<br> 9. Property state<br> 10. Property street address<br> 11. Unguaranteed Percentage<br> 12. Guaranteed balance<br> 13. Unguaranteed balance<br> 14. Number of guarantors<br> 15. Credit score type<br> 16. Industry<br> 17. NAICS Code<br> 18. Year built (hotel only)<br>| 19. Number of rooms (hotel only)<br> 20. CRE lien position<br> 21. FF&E lien position<br> 22. Loan purpose<br> 23. Best credit score<br> 24. Worst credit score<br> 25. Unpaid principal balance<br> 26. Remaining prepayment penalty<br> 27. Restructured/modified loan (yes/no)<br> 28. Current interest rate<br> 29. Original loan-to-value ratio<br> 30. Maturity date<br> 31. Days past due<br> 32. Property value<br> 33. Current loan-to-value ratio<br> 34. Original loan-per-room (hotel only)<br> 35. Months seasoned<br> 36. Months to maturity |

---

We compared Characteristics 2. through. 6. to the corresponding information set forth on or derived from the Promissory Note or any amendments thereto (collectively, the "Note").

We compared Characteristics 7. through 13. to the corresponding information set forth on or derived from the "SBA Loan Authorization Document."

We compared Characteristic 14. to the corresponding information set forth on the SBA Loan Authorization Document or the "Unconditional Guarantee."

We compared Characteristics 15. through 22. to the corresponding information set forth on or derived from the "Loan Officer Report".

We compared characteristics 23. and 24. to the corresponding information set forth on or derived from the Loan Officer Report or screen shots from the Company's servicing System (the "Servicing System Screen Shots").

We compared characteristics 25. through 32. to the corresponding information set forth on or derived from the Servicing System Screen Shots.

Using the methodologies provided to us by representatives of the Company, we compared Characteristic 33. to the corresponding information set forth on or derived from the Servicing System Screen Shots.

With respect to Characteristic 34., we recomputed the original loan-per-room as the quotient of (i) the original loan amount (as set forth on the Note) and (ii) the number of rooms (as set forth on the Loan Officer Report) and compared the results of each recalculation to the corresponding original loan-per-room set forth on the Statistical Loan File.

With respect to Characteristic 35., we recomputed the months seasoned as the number of months from the origination date (as set forth on the Note) through August 31, 2022 and compared the results of each recalculation to the corresponding months seasoned set forth on the Statistical Loan File.

With respect to Characteristic 36., we recomputed the months to maturity as the number of months from the August 31, 2022 through the maturity date (as set forth on the Loan Officer Report) and compared the results of each recalculation to the corresponding months to maturity set forth on the Statistical Loan File.

------

At your instruction, for purposes of such comparisons:

&nbsp;&nbsp;&nbsp;&nbsp;• with respect to our comparison of Characteristic 18., for the Sample Loan indicated in Appendix A, we observed a difference with respect to the year
 built as set forth on the Statistical Loan File when compared to the year built on the Loan Officer Report. For this Sample Loan, we were instructed to perform an additional procedure and compare the year built as set forth on the
 Statistical Loan File to the year built on the "Appraisal;"

&nbsp;&nbsp;&nbsp;&nbsp;• with respect to our comparison of Characteristic 19., for the Sample Loan indicated in Appendix B, we observed a difference with respect to the number
 of rooms as set forth on the Statistical Loan File when compared to the number of rooms on the Loan Officer Report. For this Sample Loan, we were instructed to perform an additional procedure and compare the number of rooms as set forth on
 the Statistical Loan File to the number of rooms as set forth on the Appraisal; and

&nbsp;&nbsp;&nbsp;&nbsp;• with respect to Characteristics 35. and 36., differences of 1
 month are deemed to be "in agreement."

\*\*\*\*\*\*\*

The small business loan documents described above and any other related documents used in support of the Characteristics were provided to us by representatives of the Company and are collectively referred to hereinafter as the "Loan Documents." We were not requested to perform, and we did not perform, any procedures with respect to the preparation or verification of any of the information set forth on the Loan Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our procedures were performed using data imaged facsimiles or photocopies of the Loan Documents. In addition, we make no representations as to whether the Loan Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding Sample Loans.

#### Agreed-Upon Procedures' Findings

The results of the foregoing procedures indicated that the Characteristics set forth on the Statistical Loan File were found to be in agreement with the above-mentioned Loan Documents, except as described in Appendix C. Supplemental information is contained on Appendix D.

\*\*\*\*\*\*

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the small business loans underlying the Statistical Loan File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the small business loans or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events or circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the Statistical Loan File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

------

We are required to be independent of the Company and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

February 13, 2023

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#### Appendix A to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated February 13, 2023.

In applying our agreed-upon procedures as outlined above, we performed an additional procedure with respect to Characteristic 18. for the following Sample Loan:

F1412<br>

The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

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#### Appendix B to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated February 13, 2023.

In applying our agreed-upon procedures as outlined above, we performed an additional procedure with respect to Characteristic 19. for the following Sample Loan:

F1428<br>

The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

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#### Appendix C to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated February 13, 2023

In applying our agreed-upon procedures as outlined above, we observed the following:

---

| | |
|:---|:---|
| **Exception Description Number** | <br>**Exception Description** |
| 1 | Five differences in number of guarantors. |
| 2 | Five differences in year built. |
| 3 | One difference in number of rooms. |
| 4 | One difference in original loan-per-room. |
| 5 | One difference in best credit score. |
| 6 | One difference in worst credit score. |

---

The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

------

#### Appendix D to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated February 13, 2023

<u>Supplemental Information Related to the Findings Set Forth on Appendix C</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Exception Description Number** | <br> **Sample Loan number** | <br>**Characteristic** | <br> **Characteristic set forth on the Statistical Loan File** | <br> **Characteristic set forth on the Loan Documents** |
| 1 | F1420 | Number of guarantors | 2 | 4 |
| 1 | F1429 | Number of guarantors | 2 | 5 |
| 1 | F1454 | Number of guarantors | 3 | 5 |
| 1 | F1464 | Number of guarantors | 1 | 3 |
| 1 | F1489 | Number of guarantors | 2 | 4 |
| 2 | F1381 | Year built | 1995 | 1989 |
| 2 | F1423 | Year built | 1986 | 1988 |
| 2 | F1461 | Year built | 1996 | 1962 |
| 2 | F1462 | Year built | 1962 | 1965 |
| 2 | F1503 | Year built | 1963 | 1960 |
| 3 | F1420 | Number of rooms | 60 | 59 |
| 4 | F1420 | Original loan-per-room | $34950.00 | $35542.00 |
| 5 | F1326 | Best credit score | 787 | 775 |
| 6 | F1326 | Worst credit score | 747 | 742 |

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The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

<br>