UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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) December 17, 2004

Structured Asset Securities Corporation II
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-119328-01
(Commission
File Number)

82-0569805
(IRS Employer
Identification No.)

745 Seventh Avenue, New York, New York
(Address of principal executive offices)

10019
(Zip Code)

Registrant's telephone number, including area code 212-526-7000

(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 LB-UBS Commercial Mortgage Trust 2004-C7, Commercial Mortgage Pass-Through Certificates, Series 2004-C7, which was made on December 17, 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 17, 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 STRUCTURED ASSET SECURITIES CORPORATION II, REGISTRANT

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

Date: December 22, 2004

LB-UBS Commercial Mortgage Trust 2004-C7

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

Reporting Package Table of Contents

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Administrator:

Kathryn Hawkinson 312.904.6561
kathryn.hawkinson@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
Cash Reconciliation Summary
Bond Interest Reconciliation
Shortfall Summary Report

Asset-Backed Facts ~ 15 Month Loan Status Summary

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

Loan Level Detail
Realized Loss Detail
Historical REO Report

Page 2-4
Page 5-9
Page 10
Page 11

Page 12

Page 13
Page 14-16

Page 17-20
Page 21

Page 22

Appraisal Reduction Detail

Modified Loan Detail
Specially Serviced (Part I) - Loan Detail
Summary of Loan Maturity Extensions

Rating Information
Other Related Information

Page 23

Page 24
Page 25
Page 26

Page 27-28
Page 29

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

LUBS04C7

LUBS04C7_200412_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

3-Nov-04
18-Nov-04

17-Oct-36

Parties to The Transaction

Depositor: Structured Asset Securities Corporation II

Underwriter: Lehman Brothers Inc./UBS Securities LLC

Master Servicer: Wachovia Bank, National Association

Rating Agency: Standard & Poor's Rating Services/Moody's Investors Service, Inc.

800.246.5761

LaSalle Factor Line

LaSalle Web Site

Servicer Web Site

www.wachovia.com

www.etrustee.net

Page 1 of 29

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

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

5.551099%

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

LB-UBS Commercial Mortgage Trust 2004-C7

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

125

REMIC III

Statement Date:

ABN AMRO Acct: 722127.1

988.148065752

13.386630619

0.000000000

974.761435133

2.985030619

Fixed

0.00

0.000000000

3.62500000%

0.000000000

52108HP24

A-1

113,000,000.00

111,660,731.43

1,512,689.26

0.00

110,148,042.17

337,308.46

1000.000000000

0.000000000

1000.000000000

3.326666667

Fixed

0.00

0.000000000

3.99200000%

0.000000000

52108HP32

A-2

277,800,000.00

0.00

277,800,000.00

924,148.00

1000.000000000

0.000000000

1000.000000000

3.535833400

Fixed

0.00

0.000000000

4.24300000%

0.000000000

52108HP40

A-3

50,000,000.00

0.00

50,000,000.00

176,791.67

1000.000000000

0.000000000

1000.000000000

3.662500000

Fixed

0.00

0.000000000

4.39500000%

0.000000000

52108HP57

A-4

60,000,000.00

0.00

60,000,000.00

219,750.00

1000.000000000

0.000000000

1000.000000000

3.856666709

Fixed

0.00

0.000000000

4.62800000%

0.000000000

52108HP65

A-5

79,000,000.00

0.00

79,000,000.00

304,676.67

1000.000000000

0.000000000

1000.000000000

3.988333333

4.786000000%

0.00

0.000000000

4.78600000%

0.000000000

52108HP73

A-6

561,636,000.00

0.00

561,636,000.00

2,239,991.58

999.649727029

0.421686864

0.000000000

999.228040166

3.727860437

Fixed

0.00

0.000000000

4.47500000%

0.000000000

52108HP81

A-1A

119,903,000.00

119,861,001.22

50,561.52

0.00

119,810,439.70

446,981.65

1000.000000000

0.000000000

1000.000000000

4.030000000

4.836000000%

0.00

0.000000000

4.83600000%

0.000000000

52108HP99

10,614,000.00

0.00

10,614,000.00

42,774.42

1000.000000000

0.000000000

1000.000000000

4.055000353

4.866000000%

0.00

0.000000000

4.86600000%

0.000000000

52108HQ23

14,153,000.00

0.00

14,153,000.00

57,390.42

1000.000000000

0.000000000

1000.000000000

4.071666981

4.886000000%

0.00

0.000000000

4.88600000%

0.000000000

52108HQ31

15,921,000.00

0.00

15,921,000.00

64,825.01

1000.000000000

0.000000000

1000.000000000

4.098333199

4.918000000%

0.00

0.000000000

4.91800000%

0.000000000

52108HQ49

12,383,000.00

0.00

12,383,000.00

50,749.66

1000.000000000

0.000000000

1000.000000000

4.119166961

4.943000000%

0.00

0.000000000

4.94300000%

0.000000000

52108HQ56

14,153,000.00

0.00

14,153,000.00

58,298.57

1000.000000000

0.000000000

1000.000000000

4.193333603

5.032000000%

0.00

0.000000000

5.03200000%

0.000000000

52108HQ64/U51394JH5/52108HS47

12,383,000.00

0.00

12,383,000.00

51,926.05

1000.000000000

0.000000000

1000.000000000

4.240966570

5.089089849%

0.00

0.000000000

5.08916002%

0.000000000

52108HQ72/U51394JJ1/52108HS54

12,384,000.00

0.00

12,384,000.00

52,520.13

1000.000000000

0.000000000

1000.000000000

4.363466365

5.236089849%

0.00

0.000000000

5.23616002%

0.000000000

52108HQ80/U51394JK8/52108HS62

8,845,000.00

0.00

8,845,000.00

38,594.86

1000.000000000

0.000000000

1000.000000000

4.490966593

5.389089849%

0.00

0.000000000

5.38916002%

0.000000000

52108HQ98/U51394JL6/52108HS70

17,691,000.00

0.00

17,691,000.00

79,449.69

Page 2 of 29

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)

WAC:
WAMM:

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

5.551099%

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

LB-UBS Commercial Mortgage Trust 2004-C7

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

125

REMIC III

Statement Date:

ABN AMRO Acct: 722127.1

1000.000000000

0.000000000

1000.000000000

3.783332391

Fixed

0.00

0.000000000

4.54000000%

0.000000000

52108HR22/U51394JM4/52108HS88

3,538,000.00

0.00

3,538,000.00

13,385.43

1000.000000000

0.000000000

1000.000000000

3.783333333

Fixed

0.00

0.000000000

4.54000000%

0.000000000

52108HR30/U51394JN2/52108HS96

5,307,000.00

0.00

5,307,000.00

20,078.15

1000.000000000

0.000000000

1000.000000000

3.783332391

Fixed

0.00

0.000000000

4.54000000%

0.000000000

52108HR48/U51394JP7/52108HT20

3,538,000.00

0.00

3,538,000.00

13,385.43

1000.000000000

0.000000000

1000.000000000

3.783335218

Fixed

0.00

0.000000000

4.54000000%

0.000000000

52108HR55/U51394JQ5/52108HT38

1,769,000.00

0.00

1,769,000.00

6,692.72

1000.000000000

0.000000000

1000.000000000

3.783332391

Fixed

0.00

0.000000000

4.54000000%

0.000000000

52108HR63/U51394JR3/52108HT46

3,538,000.00

0.00

3,538,000.00

13,385.43

1000.000000000

0.000000000

1000.000000000

3.783332391

Fixed

0.00

0.000000000

4.54000000%

0.000000000

52108HR71/U51394JS1/52108HT53

3,538,000.00

0.00

3,538,000.00

13,385.43

1000.000000000

0.000000000

1000.000000000

3.783333274

Fixed

0.00

0.000000000

4.54000000%

0.000000000

52108HR89/U51394JT9/52108HT61

14,153,350.00

0.00

14,153,350.00

53,546.84

999.024009937

0.000000000

997.919432154

0.114995686

0.136133041%

0.00

0.000000000

0.13812964%

0.000000000

52108HR97/U51394JU6/52108HT79

X-CL

1,415,247,350.00

1,413,866,082.65

0.00

1,412,302,831.87

162,747.34

1000.000000000

0.000000000

1000.000000000

0.691247351

0.829667954%

0.00

0.000000000

0.82949682%

0.000000000

52108HS21/U51394JV4/52108HT87

X-CP

1,311,892,000.00

0.00

1,311,892,000.00

906,841.87

995.938252161

0.000000000

991.449786797

0.680557812

Fixed

0.00

0.000000000

0.82000000%

0.000000000

52108HS39/U51394JW2/52108HT95

X-OL

203,094,752.00

202,269,832.33

0.00

201,358,248.57

138,217.72

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSS644

R-I

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSS645

R-II

0.00

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSS646

R-III

0.00

Total P&I Payment

0.00

1,415,247,350.00

1,413,866,082.65

8,051,093.98

Total

1,412,302,831.87

1,563,250.78

0.00

6,487,843.20

Page 3 of 29

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:
WAMM:

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

5.551099%

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

LB-UBS Commercial Mortgage Trust 2004-C7

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

125

Grantor Trust

Statement Date:

ABN AMRO Acct: 722127.1

0.000000000

0.00

0.000000000

N/A

0.000000000

9ABSS647

0.00

Total P&I Payment

0.00

Total

0.00

Page 4 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

Statement Date:

Cash Reconciliation Summary

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

6,274,146.99

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

6,539,015.93

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

)

(9,644.58

0.00

0.00
0.00

0.00

6,489,586.96

)

(1,743.77

0.00
0.00
0.00

)

(1,743.77

1,501,648.13

61,602.65

1,563,250.78

0.00
0.00
0.00
0.00
0.00
0.00

1,563,250.78

8,052,837.74

8,051,093.97

1,413,866,082.68

1,563,250.78

0.00

0.00
0.00

0.00

1,412,302,831.90

0.00

61,602.65

264,868.95

61,602.65

264,868.95

39,784.40

0.00
0.00

1,409.78

41,194.18

0.00
0.00
0.00
0.00
0.00
0.00

0.00

)

(39,784.40

6,487,843.19

Interest Not Advanced (

Current Period

)

0.00

264,868.95

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 5 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

Statement Date:

Cash Reconciliation Summary Loan Group 1

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

5,707,852.46

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

5,958,086.47

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

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

)

(9,644.58

0.00

0.00
0.00

0.00

5,912,227.80

)

(1,595.94

0.00
0.00
0.00

)

(1,595.94

1,454,170.98

58,518.28

1,512,689.26

0.00
0.00
0.00
0.00
0.00
0.00

1,512,689.26

7,424,917.06

7,423,321.12

1,294,004,706.01

1,512,689.26

0.00

0.00
0.00

0.00

1,292,492,016.75

0.00

58,518.28

250,234.01

58,518.28

250,234.01

36,214.09

0.00
0.00

1,334.98

37,549.07

0.00
0.00
0.00
0.00
0.00
0.00

0.00

)

(36,214.09

5,910,631.86

Interest Not Advanced (

Current Period

)

0.00

250,234.01

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 6 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

Statement Date:

Cash Reconciliation Summary Loan Group 2

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

566,294.53

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

580,929.47

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

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

0.00

0.00
0.00

0.00

577,359.16

)

(147.83

0.00
0.00
0.00

)

(147.83

47,477.15

3,084.37

50,561.52

0.00
0.00
0.00
0.00
0.00
0.00

50,561.52

627,920.68

627,772.85

119,861,376.67

50,561.52

0.00

0.00
0.00

0.00

119,810,815.15

0.00

3,084.37

14,634.94

3,084.37

14,634.94

3,570.31

0.00
0.00

74.80

3,645.11

0.00
0.00
0.00
0.00
0.00
0.00

0.00

)

(3,570.31

577,211.33

Interest Not Advanced (

Current Period

)

0.00

14,634.94

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 7 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

Statement Date:

Cash Reconciliation Summary One Lincoln Street Mortgage Loan

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

975,951.94

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

975,951.94

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

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

)

(8,427.91

0.00

0.00
0.00

0.00

964,995.66

)

(249.47

0.00
0.00
0.00

)

(249.47

911,583.76

0.00

911,583.76

0.00
0.00
0.00
0.00
0.00
0.00

911,583.76

1,876,579.42

1,876,329.95

202,269,832.33

911,583.76

0.00

0.00
0.00

0.00

201,358,248.57

0.00

2,528.37

0.00
0.00
0.00

2,528.37

0.00
0.00
0.00
0.00
0.00
0.00

0.00

)

(2,528.37

964,746.19

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 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

Statement Date:

Cash Reconciliation Summary World Apparel Center Mortgage Loan

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

334,705.00

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

334,705.00

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

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

)

(1,216.67

0.00

0.00
0.00

0.00

332,575.83

)

(90.03

0.00
0.00
0.00

)

(90.03

0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

332,575.83

332,485.80

73,000,000.00

0.00
0.00

0.00

73,000,000.00

0.00

912.50

0.00
0.00
0.00

912.50

0.00
0.00
0.00
0.00
0.00
0.00

0.00

)

(912.50

332,485.80

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 9 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

Class

Accrued

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1
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

337,308.46

0.00

10.88%

10.90%

30/360

3.625000000%

0.00

A-2

924,148.00

0.00

10.88%

10.90%

30/360

3.992000000%

0.00

A-3

176,791.67

0.00

10.88%

10.90%

30/360

4.243000000%

0.00

A-4

219,750.00

0.00

10.88%

10.90%

30/360

4.395000000%

0.00

A-5

304,676.67

0.00

10.88%

10.90%

30/360

4.628000000%

0.00

A-6

2,239,991.58

0.00

10.88%

10.90%

30/360

4.786000000%

0.00

A-1A

446,981.65

0.00

10.88%

10.90%

30/360

4.475000000%

0.00

42,774.42

0.00

10.13%

10.15%

30/360

4.836000000%

0.00

57,390.42

0.00

9.13%

9.14%

30/360

4.866000000%

0.00

64,825.01

0.00

8.00%

8.02%

30/360

4.886000000%

0.00

50,749.66

0.00

7.13%

7.14%

30/360

4.918000000%

0.00

58,298.57

0.00

6.13%

6.14%

30/360

4.943000000%

0.00

51,926.05

0.00

5.25%

5.26%

30/360

5.032000000%

0.00

52,520.13

0.00

4.38%

30/360

5.089160019%

0.00

38,594.86

0.00

3.75%

3.76%

30/360

5.236160019%

0.00

79,449.69

0.00

2.50%

2.51%

30/360

5.389160019%

0.00

13,385.43

0.00

2.25%

30/360

4.540000000%

0.00

20,078.15

0.00

1.88%

30/360

4.540000000%

0.00

13,385.43

0.00

1.63%

30/360

4.540000000%

0.00

6,692.72

0.00

1.50%

30/360

4.540000000%

0.00

13,385.43

0.00

1.25%

30/360

4.540000000%

0.00

13,385.43

0.00

1.00%

30/360

4.540000000%

0.00

53,546.84

0.00

0.00%

30/360

4.540000000%

0.00

X-CL

162,747.34

0.00

30/360

0.138129637%

0.00

X-CP

906,841.87

0.00

30/360

0.829496819%

0.00

X-OL

138,217.72

0.00

30/360

0.820000000%

0.00

0.000000000%

0.00

6,487,843.20

0.00

(2) Accrued - Deductions + Additions Interest

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

Page 10 of 29

(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).

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

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 11 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

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: 722127.1

0.00%

17-Dec-04

0.00%

18-Nov-04

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

Page 12 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through 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: 722127.1

Series 2004-C7

17-Dec-04

100.00%

1,412,302,832

99.79%

0.00%

125

223

5.55%

5.51%

18-Nov-04

100.00%

1,413,866,083

99.90%

0.00%

126

223

5.73%

5.68%

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

Page 13 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

Mortgage Loan Characteristics

ABN AMRO Acct: 722127.1

Series 2004-C7

Commercial Mortgage Pass-Through Certificates,

30-Nov-04

18-Jan-05

18-Nov-04

17-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 14 of 29

Current Scheduled

Balance

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

13,988,579

0.99

116

5.99

0.00

1,000,000 to

2,000,000

27,801,758

1.97

135

5.91

0.00

2,000,000 to

3,000,000

63,238,107

4.48

140

5.80

0.00

3,000,000 to

4,000,000

27,403,721

1.94

116

5.96

0.00

4,000,000 to

5,000,000

38,648,747

2.74

110

5.68

0.00

5,000,000 to

6,000,000

26,869,910

1.90

109

5.90

0.00

6,000,000 to

7,000,000

38,388,632

2.72

5.83

0.00

7,000,000 to

8,000,000

25,558,246

1.81

104

5.43

0.00

8,000,000 to

9,000,000

28,734,038

2.03

104

5.54

0.00

9,000,000 to 10,000,000

34,805,601

2.46

115

5.54

0.00

10,000,000 to 12,000,000

25,367,673

1.80

148

6.06

0.00

12,000,000 to 13,000,000

14,000,000

0.99

5.30

0.00

13,000,000 to 14,000,000

29,500,000

2.09

115

5.67

0.00

14,000,000 to 15,000,000

51,009,540

3.61

5.62

0.00

15,000,000 to 20,000,000

118,105,622

8.36

107

6.11

0.00

20,000,000 to 30,000,000

45,365,000

3.21

5.32

0.00

30,000,000 to 50,000,000

284,159,412

20.12

181

5.30

0.00

50,000,000 to 100,000,000

519,358,249

36.77

115

5.43

0.00

100,000,000 &

Above

201,358,249

1,246,539

1,412,302,832

100.00

Average Schedule Balance
Maximum Schedule Balance
Minimum Schedule Balance

15,692,254

Current Mortgage

Interest Rate

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

221,000,000

15.65

4.85

0.00

4.500%

5.000%

164,779,385

11.67

245

5.16

0.00

5.001%

5.250%

89,884,149

6.36

5.36

0.00

5.251%

5.500%

350,709,637

24.83

115

5.57

0.00

5.501%

5.750%

406,046,178

28.75

133

5.84

0.00

5.751%

6.000%

162,996,426

11.54

124

6.17

0.00

6.001%

6.250%

16,887,057

1.20

146

6.36

0.00

6.251%

Above

1,412,302,832

Minimum Mortgage Interest Rate
Maximum Mortgage Interest Rate

100.00

4.650%
6.830%

Fully Amortizing

Mortgage Loans

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

11,771,744

0.83

117

5.23

0.00

120

201,358,249

14.26

154

5.79

0.00

121

Above

154

117

213,129,993

Minimum Remaining Term
Maximum Remaining Term

15.09

Balloon

Mortgage Loans

# of

Loans

Scheduled

Balance

% of

Balance

Weighted Average

Term Coupon PFY DSCR

311,612,595

22.06

5.00

0.00

109,440,834

7.75

5.86

0.00

100

656,985,655

46.52

116

5.73

0.00

101

120

12,913,108

0.91

178

6.07

0.00

121

240

108,220,647

7.66

353

5.28

0.00

241

& Above

358

1,199,172,839

Minimum Remaining Term
Maximum Remaining Term

84.91

LB-UBS Commercial Mortgage Trust 2004-C7

Mortgage Loan Characteristics

ABN AMRO Acct: 722127.1

Series 2004-C7

Commercial Mortgage Pass-Through Certificates,

30-Nov-04

18-Jan-05

18-Nov-04

17-Dec-04

Record Date:

Next Payment:

Prior Payment:

Payment Date:

Statement Date:

Geographic Distribution

Distribution of DSCR (PFY)

Distribution of DSCR (Cutoff)

Page 15 of 29

Debt Service

Coverage Ratio

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

0.00

1.200 1.500

0.00

1.501 1.800

0.00

1.801 2.100

0.00

2.101 2.400

0.00

2.401 2.700

0.00

2.701 3.000

0.00

3.001 & Above

1,412,302,832

100.00

125

5.55

0.00

Unknown

0.000
0.000

1,412,302,832

100.00

Minimum DSCR

Maximum DSCR

Debt Service

Coverage Ratio

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

987,333,274

69.91

115

5.70

0.00

1.200 1.500

24,973,758

1.77

140

5.83

0.00

1.501 1.800

172,300,126

12.20

247

5.33

0.00

1.801 2.100

50,895,673

3.60

113

5.65

0.00

2.101 2.400

150,000,000

10.62

4.80

0.00

2.401 2.700

17,900,000

1.27

113

5.17

0.00

2.701 3.000

8,900,000

0.63

113

5.05

0.00

3.001 & Above

3.020

1.200

1,412,302,832 100.00

Minimum DSCR

Maximum DSCR

Geographic

Location

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

New York

273,438,128

19.36

114

5.54

0.00

Massachusetts

206,439,959

14.62

153

5.80

0.00

California

204,369,895

14.47

5.06

0.00

Pennsylvania

103,532,369

7.33

334

5.23

0.00

Texas

94,086,651

6.66

102

5.86

0.00

Florida

92,342,447

6.54

101

5.54

0.00

Illinois

87,806,227

6.22

5.28

0.00

District of Columbia

54,484,436

3.86

109

5.62

0.00

Nevada

45,365,000

3.21

5.32

0.00

Connecticut

37,713,176

2.67

112

5.96

0.00

Georgia

35,406,754

2.51

140

6.21

0.00

Maryland

35,287,269

2.50

114

5.27

0.00

Undefined

23,958,431

1.70

118

6.24

0.00

Arizona

20,908,617

1.48

117

5.96

0.00

Indiana

19,181,778

1.36

158

6.01

0.00

Oklahoma

18,000,000

1.27

5.81

0.00

Colorado

15,090,770

1.07

116

5.87

0.00

Virginia

10,103,681

0.72

298

5.86

0.00

Louisiana

9,485,690

0.67

119

5.72

0.00

Missouri

4,782,001

0.34

116

5.91

0.00

Nebraska

4,392,292

0.31

118

6.19

0.00

North Carolina

3,831,616

0.27

114

5.76

0.00

Ohio

3,724,707

0.26

115

6.17

0.00

Rhode Island

2,987,187

0.21

117

5.88

0.00

Alabama

2,694,637

0.19

118

5.63

0.00

Michigan

1,593,070

0.11

117

5.79

0.00

Tennessee

1,296,042

0.09

118

5.35

0.00

100.00

1,412,302,832

LB-UBS Commercial Mortgage Trust 2004-C7

Mortgage Loan Characteristics

ABN AMRO Acct: 722127.1

Series 2004-C7

Commercial Mortgage Pass-Through Certificates,

30-Nov-04

18-Jan-05

18-Nov-04

17-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 16 of 29

Property Types

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

Office

668,864,981

47.36

118

5.59

0.00

Retail

562,869,572

39.85

140

5.42

0.00

Multifamily

129,989,342

9.20

5.76

0.00

Industrial

28,507,172

2.02

144

6.01

0.00

Self storage

20,478,548

1.45

117

5.98

0.00

Mobile home park

1,593,217

0.11

117

5.92

0.00

1,412,302,832

100.00

Amortization Type

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

AmortizingBalloon

358,344,084

25.37

111

5.86

0.00

ARD

121,133,755

8.58

335

5.37

0.00

Full Amortizing

213,129,993

15.09

152

5.76

0.00

IO Maturity Balloon

386,685,000

27.38

5.22

0.00

IO/Amortizing/Balloon

333,010,000

23.58

5.54

0.00

1,412,302,832

100.00

Number of Months

# of

Loans

Scheduled

Balance

% of

Balance

WAMM WAC PFY DSCR

1,389,496,605

98.39

126

0.00

5.54

22,806,227

1.61

0.00

6.13

0.00

108

0.00

109

120

0.00

121

1,412,302,832

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

311,612,595

22.06

5.00

0.00

2009

0.00

2010

86,634,607

6.13

5.80

0.00

2011

0.00

2012

22,806,227

1.61

6.13

0.00

2013

668,757,400

47.35

116

5.72

0.00

2014

322,492,003

22.83

222

5.63

0.00

2015 & Greater

100.00

1,412,302,832

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

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:

5.79000%

11-Oct-17

LUBS4C7C

Office

0.00

201,358,249

1,887,536

5.54950%

11-Oct-14

LUBS4C7A

Office

0.00

168,000,000

776,930

4.79600%

11-Oct-09

LUBS4C7A

Retail

0.00

150,000,000

599,500

5.17300%

11-May-34

LUBS4C7A

Retail

0.00

95,263,739

525,546

5.50200%

7-Jul-14

LUBS4C7D

Office

0.00

73,000,000

334,705

4.98000%

11-Oct-09

LUBS4C7A

Office

0.00

65,000,000

269,750

5.65250%

11-May-14

LUBS4C7A

Office

0.00

50,895,673

295,914

5.32000%

11-Sep-09

LUBS4C7A

Retail

0.00

45,365,000

201,118

6.25000%

11-Nov-14

LUBS4C7A

Retail

0.00

28,000,000

145,833

6.24000%

11-Oct-14

LUBS4C7B

Multifamily

0.00

23,958,431

147,616

6.13000%

10-Jan-13

LUBS4C7A

Retail

0.00

22,806,227

148,549

5.99250%

11-Aug-14

LUBS4C7A

Retail

0.00

22,740,964

136,737

5.88000%

11-Aug-11

LUBS4C7B

Multifamily

0.00

20,600,000

100,940

5.84000%

11-Sep-11

LUBS4C7A

Office

0.00

19,750,000

96,117

5.21000%

11-Oct-09

LUBS4C7B

Multifamily

0.00

15,720,000

68,251

5.76000%

11-Aug-14

LUBS4C7A

Office

0.00

15,539,540

91,136

6.20000%

11-Jul-14

LUBS4C7A

Retail

0.00

14,800,000

76,467

5.13000%

11-Jul-14

LUBS4C7A

Retail

0.00

14,700,000

62,843

5.29500%

11-Oct-09

LUBS4C7A

Office

0.00

14,000,000

61,775

6.07000%

11-Oct-19

LUBS4C7A

Industrial

0.00

12,913,108

110,194

6.05000%

11-Aug-14

LUBS4C7A

Retail

0.00

12,454,565

75,346

5.23000%

11-Sep-14

LUBS4C7A

Multifamily

0.00

11,771,744

128,632

5.43250%

10-May-14

LUBS4C7A

Retail

0.00

11,900,000

53,872

Page 17 of 29

* 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

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

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:

5.99250%

11-Aug-14

LUBS4C7A

Retail

0.00

11,133,856

66,946

5.81000%

11-Sep-11

LUBS4C7B

Multifamily

0.00

10,000,000

48,417

5.72000%

11-Nov-14

LUBS4C7A

Retail

0.00

9,485,690

59,593

5.07000%

11-Jul-14

LUBS4C7A

Office

0.00

9,248,347

50,323

5.04500%

10-May-14

LUBS4C7A

Retail

0.00

8,900,000

37,417

5.55000%

11-Oct-14

LUBS4C7A

Retail

0.00

8,482,841

48,529

5.73000%

11-Sep-11

LUBS4C7A

Office

0.00

8,175,405

47,749

5.81000%

11-Sep-11

LUBS4C7B

Multifamily

0.00

8,000,000

38,733

5.84000%

11-Sep-14

LUBS4C7A

Retail

0.00

7,800,000

37,960

5.86000%

11-Sep-14

LUBS4C7B

Multifamily

0.00

7,777,232

46,065

5.50000%

11-Aug-09

LUBS4C7B

Multifamily

0.00

7,600,000

34,833

6.18000%

11-Jun-14

LUBS4C7B

Multifamily

0.00

7,211,400

44,310

5.88000%

11-Nov-11

LUBS4C7A

Retail

0.00

7,000,000

34,300

5.60000%

11-Nov-14

LUBS4C7A

Retail

0.00

6,992,481

40,186

6.15000%

11-Oct-14

LUBS4C7A

Office

0.00

6,800,000

34,850

5.97000%

11-Aug-14

LUBS4C7A

Industrial

0.00

6,077,429

36,455

4.65000%

10-May-14

LUBS4C7A

Retail

0.00

6,000,000

23,250

5.36000%

11-Sep-11

LUBS4C7A

Office

0.00

5,831,065

32,704

5.93000%

11-Aug-14

LUBS4C7A

Retail

0.00

5,728,534

34,216

5.62500%

11-Oct-14

LUBS4C7A

Self storage

0.00

5,548,957

32,007

5.98000%

11-Aug-14

LUBS4C7A

Office

0.00

5,230,617

31,409

6.30000%

11-Jul-14

LUBS4C7A

Retail

0.00

5,227,864

32,496

6.11000%

11-Aug-14

LUBS4C7A

Retail

0.00

5,081,710

30,939

Page 18 of 29

(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

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

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:

5.87000%

11-Jul-14

LUBS4C7A

Office

0.00

4,800,000

23,480

5.60000%

11-Oct-14

LUBS4C7A

Retail

0.00

4,790,415

27,556

5.91000%

11-Aug-14

LUBS4C7A

Retail

0.00

4,782,001

28,501

6.00000%

11-Aug-14

LUBS4C7A

Industrial

0.00

4,583,092

27,579

6.19000%

11-Oct-14

LUBS4C7A

Retail

0.00

4,392,292

26,920

6.28000%

11-Aug-14

LUBS4C7A

Self storage

0.00

4,055,921

32,748

6.12000%

11-Aug-14

LUBS4C7A

Office

0.00

3,910,956

23,836

5.50000%

11-Oct-09

LUBS4C7B

Multifamily

0.00

3,892,041

22,144

5.87000%

11-Aug-34

LUBS4C7A

Retail

0.00

3,885,246

23,058

5.69000%

11-Sep-11

LUBS4C7A

Office

0.00

3,838,356

22,321

5.76000%

11-Jun-14

LUBS4C7A

Retail

0.00

3,831,616

22,492

5.81000%

11-Aug-14

LUBS4C7A

Retail

0.00

3,810,337

22,468

5.87000%

11-Aug-34

LUBS4C7A

Retail

0.00

3,775,662

22,407

5.20000%

11-Oct-09

LUBS4C7A

Office

0.00

3,588,763

21,467

6.17000%

11-Sep-14

LUBS4C7A

Retail

0.00

3,478,216

25,420

5.79000%

11-Sep-11

LUBS4C7A

Retail

0.00

3,439,781

20,221

6.08000%

11-Aug-14

LUBS4C7A

Self storage

0.00

3,400,000

17,227

5.10000%

1-May-09

LUBS4C7A

Office

0.00

3,386,791

20,222

5.74000%

11-Aug-14

LUBS4C7B

Multifamily

0.00

3,300,000

15,785

5.80000%

11-Oct-14

LUBS4C7A

Retail

0.00

3,292,646

19,885

6.28000%

11-Aug-14

LUBS4C7A

Retail

0.00

3,188,957

19,765

6.15000%

11-Oct-34

LUBS4C7A

Retail

0.00

3,120,000

15,990

5.56000%

11-Aug-09

LUBS4C7B

Multifamily

0.00

3,060,000

14,178

Page 19 of 29

(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

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

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:

5.98000%

11-Aug-14

LUBS4C7A

Retail

0.00

3,038,739

18,247

5.87500%

11-Sep-14

LUBS4C7A

Self storage

0.00

2,987,187

19,100

5.90000%

11-Aug-14

LUBS4C7B

Multifamily

0.00

2,988,726

17,794

5.62500%

11-Oct-14

LUBS4C7A

Retail

0.00

2,694,637

15,543

5.87500%

11-Aug-14

LUBS4C7A

Office

0.00

2,679,835

15,912

5.98000%

11-Aug-14

LUBS4C7A

Industrial

0.00

2,490,770

14,957

6.04000%

11-Jul-14

LUBS4C7A

Retail

0.00

2,458,333

16,007

5.67000%

11-Oct-14

LUBS4C7A

Retail

0.00

2,445,181

14,173

5.81000%

11-Sep-14

LUBS4C7A

Industrial

0.00

2,442,773

14,391

6.29000%

11-Jun-14

LUBS4C7A

Office

0.00

2,238,315

13,912

5.22000%

11-Aug-14

LUBS4C7B

Multifamily

0.00

2,200,000

9,570

6.83000%

11-Aug-34

LUBS4C7A

Retail

0.00

2,176,000

12,385

6.25000%

11-Jun-14

LUBS4C7B

Multifamily

0.00

1,909,768

12,699

6.09000%

11-Sep-14

LUBS4C7A

Retail

0.00

1,814,939

11,017

6.11000%

11-Sep-14

LUBS4C7A

Self storage

0.00

1,745,155

10,616

5.92000%

11-Sep-14

LUBS4C7B

Mobile home park

0.00

1,593,217

10,231

5.79000%

11-Sep-14

LUBS4C7A

Office

0.00

1,593,070

10,104

6.25000%

11-Aug-14

LUBS4C7A

Self storage

0.00

1,494,788

9,236

5.35000%

11-Oct-14

LUBS4C7A

Retail

0.00

1,296,042

7,867

5.85000%

11-Aug-14

LUBS4C7A

Retail

0.00

1,295,060

7,669

6.11000%

11-Sep-14

LUBS4C7A

Self storage

0.00

1,246,539

7,583

1,412,302,832

8,103,676

Page 20 of 29

(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

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

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 21 of 29

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

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

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: 722127.1

Page 22 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

ASER Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

ASER

Prin

Balance

ASER Prin

ADV Reduction

Amount

Current Appraisal

Reduction Date

Current Appraisal

Reduction

Amount

Cumulative

ASER

Amount

Statement Date:

ASER Int

ADV Reduction

Amount

Page 23 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

Modified Loan Detail

Disclosure

Control #

Modification

Date

Cutoff

Maturity

Date

Modification

Description

Modified

Maturity

Date

Statement Date:

Page 24 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

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 25 of 29

(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

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

Maturity Extension Summary

Statement Date:

Loans which have had their Maturity Dates extended

Stated Principal Balance outstanding:
Weighted Average Extension Period:

Loans in the process of having their Maturity Dates extended

Stated Principal Balance outstanding:
Weighted Average Extension Period:

Loans in the process of having their Maturity Dates further extended

Cutoff Principal Balance:
Weighted Average Extension Period:

Loans paid-off that did experience Maturity Date extensions

Cutoff Principal Balance:
Weighted Average Extension Period:

0.00

Number of Loans:

0.00

Number of Loans:

0.00

Loans paid-off that did not experience Maturity Date extensions

Number of Loans:
Cutoff Principal Balance:

0.00

Page 26 of 29

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

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

9ABSS644

R-II

9ABSS645

A-1

52108HP24

Aaa

AAA

A-2

52108HP32

Aaa

AAA

A-3

52108HP40

Aaa

AAA

A-4

52108HP57

Aaa

AAA

A-5

52108HP65

Aaa

AAA

A-6

52108HP73

Aaa

AAA

A-1A

52108HP81

Aaa

AAA

52108HP99

Aa1

AA+

52108HQ23

Aa2

52108HQ31

Aa3

AA-

52108HQ49

A+

52108HQ56

52108HQ64

A-

52108HQ72

Baa1

BBB+

52108HQ80

Baa2

BBB

52108HQ98

Baa3

BBB-

52108HR22

Ba1

BB+

52108HR30

Ba2

52108HR48

Ba3

BB-

52108HR55

B+

Page 27 of 29

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.

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

52108HR63

52108HR71

B-

52108HR89

X-CL

52108HR97

Aaa

AAA

X-CP

52108HS21

Aaa

AAA

X-OL

52108HS39

Aaa

AAA

R-III

9ABSS646

9ABSS647

Page 28 of 29

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

LB-UBS Commercial Mortgage Trust 2004-C7

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

17-Dec-04
17-Dec-04

18-Nov-04

18-Jan-05

30-Nov-04

Commercial Mortgage Pass-Through Certificates,

Series 2004-C7

ABN AMRO Acct: 722127.1

Legend

Statement Date:

Until this statement/report is filed with the Commission with respect to the Trust pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended, the
recipient hereof shall be deemed to keep the information contained herein confidential and such information will not, without the prior consent of the Master Servicer
or the Trustee, be disclosed by such recipient or by its officers, directors, partners, employees, agents or representatives in any manner whatsoever, in whole or in
part.

Page 29 of 29

LB-UBS Commercial Mortgage Trust 2004-C7 8-K