<PAGE>
- --------------------------------------------------------------------------------
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) May 23, 1997
Advanta Mortgage Loan Trust 1997-2
(Exact name of registrant as specified in its charter)
New York 333-21265 Application Pending
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Advanta Mortgage Conduit 92127
Services, Inc. (Zip Code)
Attention: Milton Riseman
16875 West Bernardo Drive
San Diego, California
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (619) 674-1800
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
In connection with the offering of Advanta Mortgage Loan Trust 1997-2
Mortgage Loan Asset-Backed Certificates, Series 1997-2, described in a
Prospectus Supplement dated as of May 22, 1997, certain "Computational
Materials" within the meanings of the May 20, 1994 Kidder, Peabody No-Action
Letter and the February 17, 1995 Public Securities Association No-Action Letter
were furnished to certain prospective investors (the "Related Computational
Materials").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in Item 5
above).
<PAGE>
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.
ADVANTA MORTGAGE LOAN TRUST 1997-2
By: Advanta Mortgage Conduit Services,
Inc., as Sponsor
By: /s/ Mark T. Dunsheath
---------------------------------------
Name: Mark T. Dunsheath
Title: Vice President
Dated: May 22, 1997
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Related Computational 5
Materials (as defined
in Item 5 above).
<PAGE>
EXHIBIT 99.1
<PAGE>
- --------------------------------------------------------------------------------
MORGAN STANLEY [GRAPHIC] May 19, 1997
Asset Finance Group
ABS/MBS Capital Markets
- --------------------------------------------------------------------------------
ABS New Transaction
Computational Materials
$700,000,000
Advanta Mortgage Loan Trust 1997-2
Home Equity Loan ABS
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
- --------------------------------------------------------------------------------
MORGAN STANLEY [GRAPHIC] May 19, 1997
Asset Finance Group
ABS/MBS Capital Markets
- --------------------------------------------------------------------------------
$700,000,000 Advanta Mortgage Loan Trust, Series 1997-2
Advanta Mortgage Corp. USA -- Master Servicer
<TABLE>
<CAPTION>
Transaction Highlights
----------------------
- ---------- ---------------- ----------------- ------------- -------------- ------------ ---------- ------------ ---------
Payment Expected
Approximate Class Expected Average Life Windows to Day Count Final Price to
Class Size Ratings to 10% Call/ 10% Call Maturity the
Class(1) Type ($ thousands) (Moody's/ Maturity(2) (months) to 10% Benchmark
Fitch/S&P) Call(2)
- ---------- ---------------- ----------------- ------------- -------------- ------------ ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 Fixed Sequential $165,800 Aaa/AAA/AAA 1.0 / 1.0 7/97 - 23 30 / 360 5/99 TBD
A-2 Fixed Sequential 109,900 Aaa/AAA/AAA 3.0 / 3.0 5/99 - 34 30 / 360 2/02 TBD
A-3 Fixed Sequential 10,500 Aaa/AAA/AAA 5.0 / 5.0 2/02 - 9 30 / 360 10/02 TBD
A-4 Fixed Sequential 44,445 Aaa/AAA/AAA 7.3 / 9.2 10/02 - 35 30 / 360 8/05 TBD
A-5 Lockout 36,855 Aaa/AAA/AAA 6.4 / 6.6 8/00 - 61 30 / 360 8/05 TBD
M-1F Fixed Subordinate 13,650 Aa2/AA/AA 5.6 / 6.2 8/00 - 61 30 / 360 8/05 TBD
M-2F Fixed Subordinate 24,150 A2/A/A 5.6 / 6.1 7/00 - 62 30 / 360 8/05 TBD
B-1F Fixed Subordinate 14,700 Baa2/BBB/BBB 5.6 / 5.9 7/00 - 62 30 / 360 8/05 TBD
A-6 Floater 280,000 Aaa/AAA/AAA 3.0 / 3.2 7/97 - 98 Actual/360 8/05 TBD
-------------- ------------ ---------- ------------ ---------
A-7 Fixed Pay IO (36,855) Aaa/AAA/AAA PLEASE CALL DESK FOR DETAILS
- ---------- ---------------- ----------------- ------------- -------------- ------------ ---------- ------------ ---------
Total $700,000 -- -- -- -- --
- ---------- ---------------- ----------------- ------------- -------------- ------------ ---------- ------------ ---------
</TABLE>
Notes: (1) The Class A-1 through A-5, A7, M1F, M-2F, and B-1F certificates
are backed by the Group I (fixed rate) pool of mortgage loans and
the Class A-6 certificates by the Group II (ARM) pool of mortgage
loans.
(2) Class A-1 through A-5, A-7, M-1F, M-2F, and B-1F are priced at a
prepayment speed of 115% of the prepayment assumption (PPM) which
equals a prepayment speed starting at 3.45% CPR in month 1,
increasing by 1.78% per month to 23% CPR in month 12, and
remaining at 23% CPR thereafter on a seasoning adjusted basis.
Class A-6 are priced at a constant prepayment speed of 25% CPR.
Originator/Master Servicer: Advanta Mortgage Corp. USA and affiliates.
Trustee: Bankers Trust Company of California.
Underwriters: MORGAN STANLEY (lead manager), JP
Morgan, Lehman Brothers, Salomon Brothers
(co-managers)
Collateral: Fixed and floating rate conventional home equity
loans secured by first and second lien
mortgages. See "Collateral Description" page 8.
Class A-1 - A-5, A-7, M-1F, The prepayment assumption is 115% of the
M-2F, B-1F Prepayment prepayment curve, which equates to a prepayment
Speed: speed of 3.45% CPR in the first month,
increasing by 1.78% CPR each month to 23.0% CPR
in month 12, and remaining at 23.0% CPR
thereafter.
Class A-6 Prepayment Speed: 25% CPR
Expected Pricing Date: May 22, 1997
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
Transaction Highlights (cont'd)
Expected Settlement Date: June 17, 1997, through DTC, Euroclear, and
CEDEL.
Distribution Dates: The 25th of each month, beginning July 25, 1997.
Optional Call 10% Clean-up call (10% of collateral balance).
Net Available Funds Cap Rate: The Class A-6 Certificates are subject to a Net
Available Funds Cap Rate and the Weighted
Average Net Lifetime Cap Rate as of such
Remittance Date. The Net Available Funds Cap
Rate is a per annum rate, equal to (i) the
amount of interest due, collected and advanced
on Group II, minus (ii) the Servicing and
Trustee Fees on Group II, and minus (iii) 0.75%
per annum "carve out" after the 9th month to be
used for additional credit enhancement. There is
a full "catch-up" feature for any interest
shortfalls resulting from the Net Available
Funds Cap Rate. However, Advanta Mortgage is not
obligated to pay any outstanding interest
shortfall amounts if Advanta exercises its call
option.
Trust Tax Status: REMIC trust
ERISA Eligibility: The Class A-1 through A-7 Certificates will be
ERISA eligible (and there will be no prefunding
account). All other Certificates are not ERISA
eligible.
SMMEA Eligibility: The Certificates are not SMMEA eligible (as
there are 2nd mortgages in the pool).
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
Advanta Mortgage 1997-2 Collateral Description
Collateral: The collateral pool will consist of a
combination of first and junior lien home equity
loans. These loans are predominantly used by
borrowers to consolidate debt, to refinance an
existing mortgage loan on more favorable terms,
or to obtain cash proceeds by borrowing against
the homeowner's equity in the related mortgage
property.
Note that the following collateral description
is only reflective of $296 million of fixed rate
loans and $214 million of ARM loans. The
transaction will be fully funded based on
Advanta Mortgage's new loan originations, for a
total transaction size of $700,000,000 million
as of the closing date of this transaction.
There will be no prefunding in this transaction.
<TABLE>
<CAPTION>
Fixed Rate Home Equity Loans - Group I ARM Home Equity Loans - Group II
-------------------------------------- --------------------------------
<S> <C> <C> <C>
Aggregate Pool Balance ($MM): $296.0 $213.6
Number of Loans: 4,705 2,040
Average Outstanding Balance: $62,902 $104,695
Interest Rate Index: NA 92.0% 6-mo. LIBOR; 8.0% 1-year CMT
Product Type: Fixed Rate Loans 19.4% 6-mo ARM; 38.8% 2-yr/6-mo. ARM; 11.5%
3-yr/6-mo ARM; 22.4% 5-yr/6-mo ARM; 4.8% 1-yr
ARM; 3.1% 3-yr/1-yr ARM; 0.1% other
Weighted Average Gross Coupon: 10.85% 10.42%
Weighted Average Gross Margin: NA 6.13%
Weighted Average Gross Interest
Rate Floor: NA 9.59%
Weighted Average Gross Interest
Rate Cap: NA 17.14%
Weighted Average Gross Periodic
Interest Rate Cap: NA 1.25%
Weighted Average Months to
Interest Rate Roll: NA 28 months (approximately)
Weighted Average Interest Rate Roll
Frequency: NA 6 months (approximately)
Original Weighted Average Term: 252 months 352 months
Remaining Weighted Average Term: 251 months 351 months
Weighted Average Seasoning: 2 months 1 months
Lien Position: 92.1% 1sts/7.9% non-1sts 99.9% 1sts/0.1% non-1sts
Combined Loan to Value Ratio: 74.29% 77.00%
Property Type: 91.8% single family; 4.3% 2-4 family; 3.8% 90.4% single family; 5.7% 2-4 family; 3.3%
townhouse/condo; 0.1% other townhouse/condo; 0.7% other
Owner Occupancy: 93.9% owner; 6.1% investor property 94.5% owner; 5.5% investor property
Geographic Distribution (>= 5%): CA (11.0%), FL (8.2%), NY (6.8%), CA (16.7%), WA (7.7%), IL (7.0%), NJ (6.8%)
PA (5.4%), OH (5.1%)
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
Average Life Sensitivity to Changes in Prepayment Rates
Assumes a 10% Clean-up Call
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Prepayment Assumption (PPC)
---------------------------------------------------------------------------------------------------------------------
50% 100% 115%(1) 150% 175% 250%
--- ---- ------- ---- ---- ----
WAL Mty. WAL Mty. WAL Mty. WAL Mty. WAL Mty. WAL Mty.
=================================================== ================== ===========================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1 1.93 7/01 1.13 8/99 1.02 5/99 0.84 12/98 0.75 10/98 0.59 6/98
Class A-2 7.12 9/09 3.47 1/03 3.00 2/02 2.21 6/00 1.90 12/99 1.34 3/99
Class A-3 12.95 1/11 5.95 10/03 5.00 10/02 3.39 3/01 2.63 2/00 1.80 4/99
Class A-4 15.25 6/13 8.98 3/07 7.31 8/05 5.16 11/03 3.76 7/02 2.09 10/99
Class A-5 7.86 2/12 6.71 3/07 6.44 8/05 5.76 11/03 4.96 7/02 2.66 6/00
Class M-1F 11.04 6/13 6.43 3/07 5.58 8/05 4.57 11/03 4.18 7/02 3.43 12/00
Class M-2F 11.04 6/13 6.43 3/07 5.57 8/05 4.51 11/03 4.02 7/02 3.52 12/00
Class B-1F 11.00 6/13 6.43 3/07 5.57 8/05 4.46 11/03 3.92 7/02 3.45 12/00
- --------------------------------------------------- ------------------ -----------------------------------------------------------
</TABLE>
NOTE:
(1) "115%" column notes pricing prepayment speed of Advanta Mortgage Loan
Trust 1997-1. The prepayment pricing speed on Class A-1 through A-5,
A-7, M1-F, M-2F, and B-1F is 115% (or 1.15 times) of 100% PPM which
equates to a pricing prepayment speed of 3.45% CPR in the first month,
increasing by 1.78% CPR each month to 23.0% CPR in month 12, and remains
at 23.0% CPR thereafter. 100% PPM has prepayments starting at 3.0% CPR
in month 1, increasing by 1.55% per amonth to 20% CPR in month 12, and
remaining at 20% CPR thereafter on a seasoning adjusted basis.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CPR %
---------------------------------------------------------------------------------------------------------------------
10% 20% 25%(1) 30% 40% 50%
--- --- ------ --- --- ---
WAL Mty. WAL Mty. WAL Mty. WAL Mty. WAL Mty. WAL Mty.
================================================== =================== ===========================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-6 6.99 6/13 3.72 3/07 2.97 8/05 2.41 11/03 1.75 7/02 1.28 12/00
- -------------------------------------------------- ------------------- -----------------------------------------------------------
</TABLE>
NOTE:
(1) "25%" column denotes pricing prepayment speed of Advanta Mortgage Loan
Trust 1997-1 Class A-6. Average Life Sensitivity to Changes in
Prepayment Rates (Cont'd)
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
Average Life Sensitivity to Changes in Prepayment Rates (Cont'd)
Assumes NO 10% Clean-up Call
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Prepayment Assumption (PPC)
---------------------------------------------------------------------------------------------------------------------
50% 100% 115%(1) 150% 175% 250%
--- ---- ------- ---- ---- ----
WAL Mty. WAL Mty. WAL Mty. WAL Mty. WAL Mty. WAL Mty.
================================================== =================== ===========================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1 1.93 7/01 1.13 8/99 1.02 5/99 0.84 12/98 0.75 10/98 0.59 6/98
Class A-2 7.12 9/09 3.47 1/03 3.00 2/02 2.21 6/00 1.90 12/99 1.34 3/99
Class A-3 12.95 1/11 5.95 10/03 5.00 10/02 3.39 3/01 2.63 2/00 1.80 4/99
Class A-4 17.29 11/24 10.76 1/16 9.15 11/13 6.08 4/11 3.98 4/09 2.09 10/99
Class A-5 7.86 2/12 6.78 2/12 6.63 2/12 6.47 2/11 6.55 1/09 2.66 6/00
Class M-1F 11.58 2/21 6.94 2/12 6.15 7/11 4.98 5/08 4.60 9/06 5.50 3/05
Class M-2F 11.47 12/19 6.91 2/12 6.08 11/10 4.87 10/07 4.40 3/06 4.32 3/03
Class B-1F 11.12 4/16 6.69 4/10 5.88 10/08 4.66 2/06 4.16 10/04 3.59 4/02
- --------------------------------------------------- ------------------ -----------------------------------------------------------
</TABLE>
NOTE:
(1) "115%" column notes pricing prepayment speed of Advanta Mortgage Loan
Trust 1997-1. The prepayment pricing speed on Class A-1 through A-5,
A-7, M1-F, M-2F, and B-1F is 115% (or 1.15 times) of 100% PPM which
equates to a pricing prepayment speed of 3.45% CPR in the first month,
increasing by 1.78% CPR each month to 23.0% CPR in month 12, and remains
at 23.0% CPR thereafter. 100% PPM has prepayments starting at 3.0% CPR
in month 1, increasing by 1.55% per amonth to 20% CPR in month 12, and
remaining at 20% CPR thereafter on a seasoning adjusted basis.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CPR %
---------------------------------------------------------------------------------------------------------------------
10% 20% 25%(1) 30% 40% 50%
--- --- ------ --- --- ---
WAL Mty. WAL Mty. WAL Mty. WAL Mty. WAL Mty. WAL Mty.
================================================== =================== ===========================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-6 7.70 1/26 4.07 1/19 3.21 1/15 2.62 11/11 1.86 9/07 1.38 1/05
- -------------------------------------------------- ------------------- -----------------------------------------------------------
</TABLE>
NOTE:
(1) "25%" column denotes pricing prepayment speed of Advanta Mortgage Loan
Trust 1997-2 Class A-6.
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
Advanta Mortgage Loan Trust, Series 1997-2
Available Funds Schedule
Assumptions:
6 Month Libor = 20.00000
1 Year CMT = 20.00000
1 Month Libor = 20.00000
<TABLE>
<CAPTION>
Available
Period Date Unpaid Balance Bond Principal Bond Interest Funds Cap
<S> <C> <C> <C> <C> <C> <C>
0 6/25/97 280,000,000.00 0 0 5.9175
1 7/25/97 273,244,990.85 6,755,009.15 2,283,291.17 7.72542
2 8/25/97 266,652,004.71 6,592,986.14 2,229,504.27 9.47539
3 9/25/97 260,217,462.64 6,434,542.07 2,180,316.44 9.49545
4 10/25/97 253,939,092.80 6,278,369.84 2,147,860.51 9.90492
5 11/25/97 247,813,140.91 6,125,951.89 2,117,127.87 9.68185
6 12/25/97 241,834,786.33 5,978,354.58 2,074,244.91 10.04424
7 1/25/98 235,999,839.96 5,834,946.37 2,025,415.75 9.72604
8 2/25/98 230,304,814.27 5,695,025.69 1,977,672.53 9.73158
9 3/25/98 224,746,536.64 5,558,277.63 1,933,398.35 10.79351
10 4/25/98 219,184,131.43 5,562,405.21 1,779,515.37 9.19495
11 5/25/98 213,756,255.61 5,427,875.81 1,753,177.74 9.59838
12 6/25/98 208,220,165.16 5,536,090.46 1,717,212.40 9.32923
13 7/25/98 202,218,809.45 6,001,355.71 1,676,883.12 9.6641
14 8/25/98 196,365,325.45 5,853,484.00 1,637,518.51 9.40385
15 9/25/98 190,656,348.19 5,708,977.26 1,601,106.84 9.46883
16 10/25/98 185,089,235.74 5,567,112.45 1,577,334.26 9.92782
17 11/25/98 179,660,637.97 5,428,597.77 1,555,154.53 9.75738
18 12/25/98 174,366,646.54 5,293,991.44 1,523,202.94 10.17387
19 1/25/99 169,203,805.84 5,162,840.70 1,487,473.53 9.90665
20 2/25/99 164,168,982.15 5,034,823.68 1,452,539.15 9.96916
21 3/25/99 159,259,246.97 4,909,735.19 1,420,179.89 11.12235
22 4/25/99 154,473,182.24 4,786,064.73 1,410,927.59 10.28823
23 5/25/99 149,820,027.34 4,653,154.89 1,543,067.72 11.98707
24 6/25/99 145,282,540.50 4,537,486.84 1,510,801.64 11.71058
25 7/25/99 140,864,172.68 4,418,367.82 1,475,376.20 12.18626
26 8/25/99 137,203,831.35 3,660,341.33 1,440,101.55 11.87226
27 9/25/99 133,631,120.07 3,572,711.28 1,407,740.00 11.91508
28 10/25/99 130,144,342.86 3,486,777.21 1,384,953.90 12.43681
29 11/25/99 126,745,013.18 3,399,329.68 1,422,926.96 12.69691
30 12/25/99 123,856,933.11 2,888,080.07 1,392,870.69 13.18746
31 1/25/00 120,877,417.54 2,979,515.57 1,359,593.18 12.74763
32 2/25/00 117,969,115.77 2,908,301.78 1,326,947.99 12.74822
33 3/25/00 115,130,387.96 2,838,727.80 1,296,598.20 13.644
34 4/25/00 112,361,127.05 2,769,260.91 1,288,871.59 13.00051
35 5/25/00 109,663,826.47 2,697,300.58 1,343,983.38 14.35354
36 6/25/00 107,030,910.35 2,632,916.13 1,312,282.16 13.89647
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
37 7/25/00 104,460,827.75 2,570,082.59 1,280,829.55 14.3603
38 8/25/00 101,952,083.98 2,508,743.78 1,250,126.66 13.89765
39 9/25/00 99,503,219.80 2,448,864.18 1,220,155.66 13.89824
40 10/25/00 97,112,810.65 2,390,409.15 1,190,899.17 14.36214
41 11/25/00 94,781,513.54 2,331,297.11 1,205,381.14 14.41414
42 12/25/00 92,505,843.27 2,275,670.27 1,176,500.20 14.89531
43 1/25/01 90,284,476.72 2,221,366.55 1,148,307.47 14.4155
44 2/25/01 88,116,122.18 2,168,354.54 1,120,786.61 14.4162
45 3/25/01 85,999,518.60 2,116,603.58 1,093,921.63 15.96156
46 4/25/01 83,933,900.85 2,065,617.74 1,075,699.88 14.52566
47 5/25/01 81,918,172.44 2,015,728.42 1,058,609.52 15.1349
48 6/25/01 79,950,547.12 1,967,625.32 1,033,236.40 14.64739
49 7/25/01 78,029,880.68 1,920,666.44 1,008,467.96 15.13638
50 8/25/01 76,155,056.09 1,874,824.59 984,289.82 14.64883
51 9/25/01 74,324,982.82 1,830,073.27 960,687.96 14.64955
52 10/25/01 72,538,596.26 1,786,386.56 937,648.67 15.13863
53 11/25/01 70,795,308.44 1,743,287.82 922,674.83 14.77135
54 12/25/01 69,093,635.55 1,701,672.88 900,546.33 15.26451
55 1/25/02 67,432,587.57 1,661,047.98 878,945.30 14.77286
56 2/25/02 65,811,197.97 1,621,389.61 857,859.22 14.77362
57 3/25/02 64,228,523.16 1,582,674.81 837,275.85 16.35736
58 4/25/02 62,683,759.05 1,544,764.11 819,316.60 14.81374
59 5/25/02 61,178,904.88 1,504,854.17 826,211.59 15.81676
60 6/25/02 59,709,933.14 1,468,971.73 806,399.52 15.30697
61 7/25/02 58,275,991.01 1,433,942.14 787,059.50 15.81766
62 8/25/02 56,876,245.86 1,399,745.14 768,180.32 15.30785
63 9/25/02 55,509,884.88 1,366,360.99 749,751.03 15.3083
64 10/25/02 54,176,114.49 1,333,770.39 731,760.94 15.81904
65 11/25/02 52,875,441.90 1,300,672.59 725,719.55 15.55614
66 12/25/02 51,605,774.68 1,269,667.22 708,309.62 16.07498
67 1/25/03 50,366,376.12 1,239,398.56 691,314.51 15.55673
68 2/25/03 49,156,527.02 1,209,849.11 674,724.37 15.55702
69 3/25/03 47,975,525.20 1,181,001.81 658,529.57 17.22418
70 4/25/03 46,822,685.19 1,152,840.02 642,720.73 15.55763
71 5/25/03 45,698,323.98 1,124,361.21 636,683.82 16.31732
72 6/25/03 44,600,760.90 1,097,563.08 621,402.10 15.79113
73 7/25/03 43,529,359.36 1,071,401.54 606,484.52 16.31769
74 8/25/03 42,483,497.87 1,045,861.49 591,922.41 15.7915
75 9/25/03 41,462,569.69 1,020,928.19 577,707.33 15.79168
76 10/25/03 40,465,982.44 996,587.24 563,831.05 16.31827
77 11/25/03 39,493,925.00 972,057.44 558,316.63 16.02254
78 12/25/03 38,545,034.23 948,890.76 544,908.32 16.55672
79 1/25/04 37,618,759.91 926,274.33 531,819.53 16.02274
80 2/25/04 36,714,564.81 904,195.09 519,042.65 16.02284
81 3/25/04 35,831,924.50 882,640.32 506,570.29 17.12797
82 4/25/04 34,970,326.94 861,597.56 494,395.22 16.02304
83 5/25/04 34,129,886.59 840,440.35 489,507.50 16.79736
84 6/25/04 33,309,476.43 820,410.16 477,744.38 16.25555
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
85 7/25/04 32,508,620.75 800,855.68 466,261.60 16.79744
86 8/25/04 31,726,855.12 781,765.63 455,052.49 16.25563
87 9/25/04 30,963,726.12 763,129.00 444,110.57 16.25567
88 10/25/04 30,218,791.09 744,935.03 433,429.47 16.79757
89 11/25/04 29,492,100.89 726,690.19 428,987.35 16.48573
90 12/25/04 28,782,731.54 709,369.35 418,671.39 17.03526
91 1/25/05 28,090,271.69 692,459.86 408,601.32 16.48574
92 2/25/05 27,414,319.72 675,951.96 398,771.28 16.48575
93 3/25/05 26,754,483.58 659,836.15 389,175.59 18.25209
94 4/25/05 26,110,380.47 644,103.10 379,808.67 16.48577
95 5/25/05 25,481,779.82 628,600.65 372,499.50 17.1196
96 6/25/05 24,868,168.09 613,611.73 363,531.66 16.56736
97 7/25/05 24,269,189.26 598,978.83 354,777.66 17.1196
98 8/25/05 23,684,495.75 584,693.51 346,232.41 16.56736
99 9/25/05 23,113,748.22 570,747.53 337,890.97 16.56736
100 10/25/05 22,556,615.38 557,132.84 329,748.48 17.1196
101 11/25/05 22,012,773.80 543,841.58 321,800.22 16.56736
102 12/25/05 21,481,907.70 530,866.09 314,041.58 17.1196
103 1/25/06 20,963,708.83 518,198.87 306,468.06 16.56735
104 2/25/06 20,457,876.22 505,832.62 299,075.24 16.56735
105 3/25/06 19,964,116.04 493,760.18 291,858.85 18.34243
106 4/25/06 19,482,141.43 481,974.61 284,814.69 16.56735
107 5/25/06 19,011,672.34 470,469.08 277,938.66 17.1196
108 6/25/06 18,552,435.37 459,236.97 271,226.78 16.56735
109 7/25/06 18,104,163.60 448,271.78 264,675.13 17.11959
110 8/25/06 17,666,596.41 437,567.18 258,279.92 16.56735
111 9/25/06 17,239,479.42 427,117.00 252,037.42 16.56735
112 10/25/06 16,822,564.23 416,915.19 245,944.01 17.11959
113 11/25/06 16,415,608.36 406,955.87 239,996.14 16.56734
114 12/25/06 16,011,277.26 404,331.10 234,190.36 17.11959
115 1/25/07 15,589,818.78 421,458.48 228,524.11 16.57474
116 2/25/07 15,178,431.85 411,386.92 222,996.37 16.61107
117 3/25/07 14,776,877.06 401,554.80 217,600.72 18.43223
118 4/25/07 14,384,920.63 391,956.43 212,334.04 16.68698
119 5/25/07 14,002,334.36 382,586.27 207,193.24 17.2842
120 6/25/07 13,628,895.45 373,438.91 202,175.34 16.76751
121 7/25/07 13,264,386.39 364,509.06 197,277.41 17.36992
122 8/25/07 12,908,594.82 355,791.56 192,496.60 16.85298
123 9/25/07 12,561,313.45 347,281.38 187,830.13 16.89768
124 10/25/07 12,222,339.87 338,973.58 183,275.27 17.50855
125 11/25/07 11,891,476.49 330,863.38 178,829.38 16.99125
126 12/25/07 11,568,530.40 322,946.08 174,489.86 17.60823
127 1/25/08 11,253,313.30 315,217.11 170,254.18 17.09072
128 2/25/08 10,945,641.30 307,671.99 166,119.87 17.14281
129 3/25/08 10,645,334.93 300,306.37 162,084.52 18.38251
130 4/25/08 10,352,218.95 293,115.98 158,145.77 17.25198
131 5/25/08 10,066,122.28 286,096.67 154,301.34 17.88618
132 6/25/08 9,786,877.90 279,244.38 150,548.96 17.36826
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
133 7/25/08 9,514,322.76 272,555.14 146,886.46 18.01021
134 8/25/08 9,248,297.68 266,025.08 143,311.69 17.4922
135 9/25/08 8,988,647.26 259,650.43 139,822.57 17.55724
136 10/25/08 8,735,219.77 253,427.49 136,417.06 18.21191
137 11/25/08 8,487,867.10 247,352.67 133,093.16 17.69387
138 12/25/08 8,246,444.64 241,422.45 129,848.94 18.35782
139 1/25/09 8,010,811.24 235,633.40 126,682.50 17.83983
140 2/25/09 7,780,829.07 229,982.17 123,591.99 17.91656
141 3/25/09 7,556,363.58 224,465.49 120,575.59 19.92407
142 4/25/09 7,337,283.43 219,080.15 117,631.56 18.07806
143 5/25/09 7,123,460.38 213,823.05 114,758.15 18.7685
144 6/25/09 6,914,769.23 208,691.14 111,953.70 18.25107
145 7/25/09 6,711,087.78 203,681.45 109,216.55 18.95361
146 8/25/09 6,512,296.70 198,791.08 106,545.11 18.43662
147 9/25/09 6,318,279.50 194,017.19 103,937.81 18.53447
148 10/25/09 6,128,922.48 189,357.02 101,393.13 19.2571
149 11/25/09 5,944,114.62 184,807.87 98,909.56 18.74109
150 12/25/09 5,763,747.52 180,367.10 96,485.66 19.47856
151 1/25/10 5,587,715.38 176,032.14 94,120.01 18.96347
152 2/25/10 5,415,914.90 171,800.47 91,811.21 19.08105
153 3/25/10 5,248,245.25 167,669.65 86,185.26 20.46
154 4/25/10 5,084,607.97 163,637.28 87,358.79 19.33006
155 5/25/10 4,924,906.94 159,701.02 85,212.56 20.11071
156 6/25/10 4,769,048.35 155,858.59 83,117.95 19.59917
157 7/25/10 4,616,940.59 152,107.76 81,073.74 20.39998
158 8/25/10 4,468,494.24 148,446.35 79,078.73 19.89052
159 9/25/10 4,323,621.99 144,872.25 77,131.74 20.04531
160 10/25/10 4,182,238.62 141,383.37 73,717.75 20.46
161 11/25/10 4,044,260.93 137,977.69 73,377.27 20.37481
162 12/25/10 3,909,607.68 134,653.24 68,954.65 20.46
163 1/25/11 3,778,199.59 131,408.09 68,880.77 20.46
164 2/25/11 3,649,959.24 128,240.35 66,565.58 20.46
165 3/25/11 3,524,811.05 125,148.19 58,083.02 20.46
166 4/25/11 3,402,681.24 122,129.80 62,101.30 20.46
167 5/25/11 3,283,497.80 119,183.44 58,015.72 20.46
168 6/25/11 3,167,190.40 116,307.40 57,849.76 20.46
169 7/25/11 3,053,690.41 113,500.00 54,000.60 20.46
170 8/25/11 2,942,930.80 110,759.61 53,800.94 20.46
171 9/25/11 2,834,846.16 108,084.64 51,849.54 20.46
172 10/25/11 2,729,372.63 105,473.53 48,334.13 20.46
173 11/25/11 2,626,447.85 102,924.78 48,087.00 20.46
174 12/25/11 2,526,010.96 100,436.89 44,780.94 20.46
175 1/25/12 2,428,002.54 98,008.42 44,504.10 20.46
176 2/25/12 2,332,364.58 95,637.96 42,777.36 20.46
177 3/25/12 2,239,040.46 93,324.12 38,441.26 20.46
178 4/25/12 2,147,974.89 91,065.57 39,448.16 20.46
179 5/25/12 2,059,113.90 88,860.99 36,622.97 20.46
180 6/25/12 1,972,404.81 86,709.09 36,278.16 20.46
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
181 7/25/12 1,887,796.18 84,608.63 33,629.50 20.46
182 8/25/12 1,805,237.81 82,558.37 33,259.82 20.46
183 9/25/12 1,724,680.68 80,557.13 31,805.28 20.46
184 10/25/12 1,646,076.94 78,603.74 29,405.81 20.46
185 11/25/12 1,569,379.88 76,697.07 29,001.13 20.46
186 12/25/12 1,494,543.89 74,835.99 26,757.93 20.46
187 1/25/13 1,421,524.45 73,019.43 26,331.37 20.46
188 2/25/13 1,350,278.12 71,246.34 25,044.89 20.46
189 3/25/13 1,280,762.46 69,515.66 21,487.43 20.46
190 4/25/13 1,212,936.05 67,826.40 22,564.90 20.46
191 5/25/13 1,146,758.47 66,177.58 20,680.56 20.46
192 6/25/13 1,082,190.25 64,568.22 20,203.97 20.46
193 7/25/13 1,019,192.86 62,997.39 18,451.34 20.46
194 8/25/13 957,728.68 61,464.18 17,956.48 20.46
195 9/25/13 897,761.00 59,967.68 16,873.58 20.46
196 10/25/13 839,253.97 58,507.03 15,306.83 20.46
197 11/25/13 782,172.60 57,081.37 14,786.26 20.46
198 12/25/13 726,482.73 55,689.87 13,336.04 20.46
199 1/25/14 672,151.01 54,331.71 12,799.41 20.46
200 2/25/14 619,144.90 53,006.11 11,842.18 20.46
201 3/25/14 567,432.61 51,712.29 9,852.66 20.46
202 4/25/14 516,983.13 50,449.48 9,997.22 20.46
203 5/25/14 467,766.17 49,216.96 8,814.56 20.46
204 6/25/14 419,752.17 48,014.00 8,241.26 20.46
205 7/25/14 372,912.27 46,839.90 7,156.77 20.46
206 8/25/14 327,218.30 45,693.97 6,570.09 20.46
207 9/25/14 282,642.76 44,575.54 5,765.04 20.46
208 10/25/14 239,158.80 43,483.95 4,819.06 20.46
209 11/25/14 196,740.23 42,418.57 4,213.58 20.46
210 12/25/14 155,361.46 41,378.77 3,354.42 20.46
211 1/25/15 114,997.51 40,363.95 2,737.21 20.46
212 2/25/15 75,624.01 39,373.50 2,026.06 20.46
213 3/25/15 37,217.17 38,406.84 1,203.43 20.46
214 4/25/15 0 37,217.17 655.7 20.46
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of
securities representing interests in the above trust, and is based in part on
information provided by Advanta Mortgage Corp.. with respect to the expected
characteristics of the pool of home equity loans in which these securities will
represent undivided beneficial interests. The actual characteristics and
performance of the home equity loans will differ from the assumptions used in
preparing these materials, which are hypothetical in nature. Changes in the
assumptions may have a material impact on the information set forth in these
materials. No representation is made that any performance or return indicated
herein will be achieved. For example, it is very unlikely that the loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Current Balance Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
1 - 20,000 6 111,228.99 0.05 11.32 18,538 57.853 100
20,001 - 30,000 55 1,481,967.02 0.69 11.201 26,945 69.327 90.96
30,001 - 40,000 109 3,883,732.99 1.82 11.48 35,631 70.704 85.16
40,001 - 50,000 161 7,330,086.21 3.43 11.304 45,528 74.349 92.5
50,001 - 60,000 186 10,354,795.85 4.85 10.937 55,671 74.05 83.5
60,001 - 70,000 176 11,498,965.41 5.38 10.614 65,335 74.747 88.6
70,001 - 80,000 218 16,351,258.37 7.66 10.582 75,006 77.326 87.01
80,001 - 90,000 162 13,805,242.69 6.46 10.76 85,218 75.242 86.57
90,001 - 100,000 156 14,914,622.65 6.98 10.304 95,607 77.007 83.35
100,001 - 125,000 290 32,443,919.12 15.19 10.434 111,876 78.3 84.56
125,001 - 150,000 168 22,922,099.36 10.73 10.298 136,441 78.224 84.42
150,001 - 200,000 185 31,890,250.98 14.93 10.245 172,380 79.121 77
200,001 - 250,000 80 17,712,963.05 8.29 10.002 221,412 77.556 63.82
250,001 - 300,000 45 12,548,601.65 5.88 10.292 278,858 76.828 52.52
300,001 - 400,000 31 10,379,551.22 4.86 10.299 334,824 78.135 74.34
400,001 - 500,000 8 3,354,349.50 1.57 9.766 419,294 75.416 50.62
500,001 - 600,000 2 1,126,118.07 0.53 9.645 563,059 63.311 51.59
600,001 >= 2 1,468,669.65 0.69 8.462 734,335 73.883 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 14,492.54
Max: 829,469.65
Average: 104,695.31
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Coupon Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
6.251 - 6.500 2 357,621.06 0.17 6.48 178,811 68.553 100
6.501 - 6.750 1 206,281.06 0.1 6.75 206,281 74.46 100
7.001 - 7.250 4 230,718.29 0.11 7.235 57,680 68.344 100
7.251 - 7.500 2 285,500.00 0.13 7.5 142,750 70.328 19.09
7.501 - 7.750 13 1,340,956.68 0.63 7.688 103,151 65.589 100
7.751 - 8.000 25 2,921,153.35 1.37 7.966 116,846 80.561 97.21
8.001 - 8.250 32 4,872,985.16 2.28 8.198 152,281 74.3 81.43
8.251 - 8.500 49 5,559,112.93 2.6 8.471 113,451 73.343 73.55
8.501 - 8.750 72 9,472,415.48 4.44 8.714 131,561 77.261 76.17
8.751 - 9.000 159 17,916,921.08 8.39 8.962 112,685 76.154 78.28
9.001 - 9.250 98 11,512,804.78 5.39 9.208 117,478 76.35 78.1
9.251 - 9.500 123 14,266,137.60 6.68 9.461 115,985 77.402 74.43
9.501 - 9.750 129 15,023,355.61 7.03 9.707 116,460 78.606 76.2
9.751 - 10.000 199 21,091,298.28 9.88 9.958 105,986 80.772 79.42
10.001 - 10.250 119 14,166,454.02 6.63 10.207 119,046 79.611 77.43
10.251 - 10.500 116 11,562,409.97 5.41 10.444 99,676 77.284 82.74
10.501 - 10.750 117 12,925,568.80 6.05 10.687 110,475 80.146 71.23
10.751 - 11.000 116 11,231,737.28 5.26 10.944 96,825 78.307 83.37
11.001 - 11.250 71 6,735,128.55 3.15 11.194 94,861 78.918 82.03
11.251 - 11.500 65 5,761,767.76 2.7 11.426 88,643 77.678 88.56
11.501 - 11.750 67 6,946,540.06 3.25 11.707 103,680 78.81 78.24
11.751 - 12.000 97 8,434,775.71 3.95 11.959 86,956 76.32 90.79
12.001 - 12.250 47 4,107,677.99 1.92 12.203 87,397 77.087 71.94
12.251 - 12.500 49 4,732,777.63 2.22 12.438 96,587 76.339 85.53
12.501 - 12.750 56 4,666,445.35 2.18 12.711 83,329 76.752 96.92
12.751 - 13.000 48 4,460,432.11 2.09 12.97 92,926 72.887 85.42
13.001 - 13.250 20 1,673,350.52 0.78 13.202 83,668 70.349 80.61
13.251 - 13.500 23 1,621,216.14 0.76 13.468 70,488 67.809 74.25
13.501 - 13.750 19 1,398,345.10 0.65 13.694 73,597 63.847 74.49
13.751 - 14.000 15 915,229.98 0.43 13.976 61,015 67.14 74.79
14.001 - 14.250 11 1,029,826.41 0.48 14.244 93,621 65.724 82.33
14.251 - 14.500 15 1,562,492.75 0.73 14.494 104,166 63.707 54.43
14.501 - 14.750 15 1,058,668.92 0.5 14.748 70,578 65.961 76.55
14.751 - 15.000 31 2,496,548.00 1.17 14.992 80,534 64.694 87.52
15.001 - 15.250 4 410,769.92 0.19 15.244 102,692 65 53.64
15.251 - 15.500 2 80,251.89 0.04 15.5 40,126 65 39.28
15.501 - 15.750 4 245,014.28 0.11 15.675 61,254 65 53.59
15.751 - 16.000 5 297,732.28 0.14 15.949 59,546 63.569 12.01
- --------------------------- --------------------------------------------------------------------------------------------
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
Min: 6.375
Max: 16.000
Weighted Average: 10.424
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Original Term Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
60 1 121,300.54 0.06 9.875 121,301 95.83 100
72 1 36,000.00 0.02 8.25 36,000 48 100
84 8 340,060.00 0.16 11.371 42,508 73.315 100
120 9 567,169.97 0.27 10.36 63,019 68.013 100
132 1 108,000.00 0.05 8.375 108,000 80 100
180 56 4,116,677.49 1.93 10.309 73,512 75.46 99.04
204 1 103,522.65 0.05 10.875 103,523 85 100
228 9 797,618.84 0.37 9.58 88,624 81.189 94.18
239 2 185,843.10 0.09 9.314 92,922 79.741 100
240 55 4,477,954.21 2.1 10.516 81,417 81.343 100
252 1 67,294.85 0.03 8.115 67,295 76.71 100
300 6 554,062.05 0.26 9.393 92,344 81.889 100
324 1 42,433.20 0.02 8.625 42,433 80.19 100
348 1 89,948.50 0.04 9.25 89,949 75 100
360 1,888 201,970,537.38 94.57 10.434 106,976 76.919 78.31
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 60
Max: 360
Weighted Average: 352
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Stated Remaining Term Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
49 - 60 1 121,300.54 0.06 9.875 121,301 95.83 100
61 - 72 1 36,000.00 0.02 8.25 36,000 48 100
73 - 84 8 340,060.00 0.16 11.371 42,508 73.315 100
109 - 120 9 567,169.97 0.27 10.36 63,019 68.013 100
121 - 132 1 108,000.00 0.05 8.375 108,000 80 100
133 - 144 1 45,159.91 0.02 13.625 45,160 75 100
169 - 180 55 4,071,517.58 1.91 10.272 74,028 75.465 99.03
193 - 204 1 103,522.65 0.05 10.875 103,523 85 100
217 - 228 9 797,618.84 0.37 9.58 88,624 81.189 94.18
229 - 240 57 4,663,797.31 2.18 10.468 81,821 81.279 100
241 - 252 1 67,294.85 0.03 8.115 67,295 76.71 100
289 - 300 6 554,062.05 0.26 9.393 92,344 81.889 100
313 - 324 1 42,433.20 0.02 8.625 42,433 80.19 100
325 - 336 4 587,167.48 0.27 11.067 146,792 78.686 74.03
337 - 348 3 344,863.24 0.16 9.805 114,954 81.977 100
349 - 360 1,882 201,128,455.16 94.17 10.432 106,870 76.905 78.3
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 55
Max: 360
Weighted Average: 351
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Seasoning Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
=<0 796 80,422,006.01 37.65 10.516 101,033 78.052 83.74
1 - 2 1,140 121,207,279.64 56.75 10.37 106,322 76.378 77.18
3 - 4 81 9,028,332.75 4.23 10.269 111,461 74.866 72.72
5 - 6 9 1,088,613.87 0.51 11.014 120,957 81.749 96.47
7 - 8 5 497,509.56 0.23 11.073 99,502 69.976 89.31
9 - 10 1 241,599.86 0.11 8.25 241,600 94.92 0
11 - 12 2 270,047.80 0.13 9.783 135,024 81.189 23.78
19 - 20 1 190,705.90 0.09 9.5 190,706 84.25 100
27 - 28 3 553,988.85 0.26 11.198 184,663 78.91 72.48
29 - 30 1 33,178.63 0.02 8.875 33,179 74.95 100
43 - 44 1 45,159.91 0.02 13.625 45,160 75 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 0
Max: 44
Weighted Average: 1
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Combined Current LTV Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
10.01 - 15.00 1 57,975.02 0.03 10.125 57,975 12.61 100
15.01 - 20.00 2 79,988.34 0.04 10.352 39,994 19.184 68.76
20.01 - 25.00 4 168,578.44 0.08 10.441 42,145 22.858 64.42
25.01 - 30.00 8 647,909.95 0.3 10.668 80,989 27.368 86.11
30.01 - 35.00 2 81,000.00 0.04 9.59 40,500 32.544 100
35.01 - 40.00 15 1,385,116.06 0.65 9.323 92,341 38.06 67.46
40.01 - 45.00 23 1,808,265.31 0.85 10.043 78,620 42.89 68.5
45.01 - 50.00 25 2,055,383.22 0.96 10.275 82,215 47.555 61.19
50.01 - 55.00 27 2,686,870.00 1.26 10.699 99,514 53.041 58.09
55.01 - 60.00 54 4,327,026.13 2.03 11.057 80,130 58.132 60.7
60.01 - 65.00 190 17,844,919.23 8.36 12.509 93,921 64.107 68.07
65.01 - 70.00 156 15,521,414.47 7.27 10.367 99,496 68.728 74.11
70.01 - 75.00 264 27,100,996.48 12.69 9.895 102,655 74.135 73.89
75.01 - 80.00 523 59,681,625.56 27.94 10.179 114,114 79.435 66.99
80.01 - 85.00 619 64,889,435.64 30.38 10.338 104,829 84.265 96.47
85.01 - 90.00 115 13,750,684.15 6.44 10.34 119,571 89.273 99.67
90.01 - 95.00 11 1,369,934.24 0.64 9.283 124,539 93.826 82.36
95.01 - 100.00 1 121,300.54 0.06 9.875 121,301 95.83 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 12.61
Max: 95.83
Weighted Average: 77.00
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Junior Loan Ratio Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
70.001 - 80.000 3 169,362.60 100 12.429 56,454 76.274 0
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 3 169,362.60 100 12.429 56,454 76.274 0
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 73.52
Max: 79.54
Weighted Average: 78.06
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Index Type Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Treasury - 1 Year CMT 147 17,011,010.88 7.96 9.658 115,721 74.843 79.81
Libor - 6 Month 1,893 196,567,411.90 92.04 10.491 103,839 77.183 79.42
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Product Type Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
ARM - 6 Month 351 41,339,816.27 19.36 10.342 117,777 76.529 73.27
ARM - 2 Year/6 Month 789 82,798,984.83 38.77 10.732 104,942 76.12 67.21
ARM - 3 Year/6 Month 251 24,554,252.89 11.5 9.906 97,826 78.327 93.19
ARM - 5 Year/6 Month 502 47,874,357.91 22.42 10.502 95,367 79.001 98.79
ARM - 1 Year 87 10,259,293.45 4.8 9.456 117,923 77.989 87.97
ARM - 3 Year/1 Year 57 6,519,846.49 3.05 10.023 114,383 69.892 66.24
ARM - 5 Year/1 Year 3 231,870.94 0.11 8.354 77,290 74.903 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Lien Position Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
1st Lien 2,037 213,409,060.18 99.92 10.423 104,766 76.998 79.51
2nd Lien 3 169,362.60 0.08 12.429 56,454 76.274 0
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Property Type Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Single Family Residence 1,832 192,969,976.30 90.35 10.404 105,333 77.113 79.29
Rowhouse/Townhouse/Condo 87 7,048,342.78 3.3 10.219 81,015 78.769 76.15
Two to Four Family Homes 115 12,073,302.61 5.65 10.713 104,985 74.027 81.36
Other 6 1,486,801.09 0.7 11.651 247,800 77.69 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Occupancy Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Investor Property 137 11,837,309.75 5.54 10.784 86,404 72.38 84.61
Owner Occupied 1,903 201,741,113.03 94.46 10.403 106,012 77.268 79.15
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Documentation Level Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Full Documentation 1,703 169,689,034.52 79.45 10.432 99,641 78.133 100
Light Documentation 55 7,875,692.52 3.69 9.723 143,194 76.519 0
Stated Documentation 282 36,013,695.74 16.86 10.541 127,708 71.748 0
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Geographic Distribution Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
AL 5 339,081.35 0.16 10.224 67,816 75.078 54.03
AR 2 116,805.60 0.05 8.643 58,403 85 100
AZ 71 6,415,099.15 3 10.93 90,354 76.783 82.15
CA 215 35,700,683.35 16.72 9.785 166,050 77.389 74.35
CO 75 8,328,351.38 3.9 10.294 111,045 77.312 71.51
CT 9 874,118.99 0.41 9.798 97,124 69.978 91.3
DC 3 289,725.14 0.14 9.945 96,575 77.283 71.02
DE 10 967,261.65 0.45 9.73 96,726 83.51 100
FL 111 9,073,568.77 4.25 10.885 81,744 78.875 81.76
GA 45 6,250,359.36 2.93 10.585 138,897 79.793 78.2
HI 4 881,978.62 0.41 11.152 220,495 71.337 66.01
IA 2 126,587.51 0.06 9.491 63,294 82.986 100
ID 7 697,771.06 0.33 10.125 99,682 74.694 52.97
IL 160 14,860,846.88 6.96 10.804 92,880 73.57 89.35
IN 51 4,017,617.21 1.88 10.852 78,777 80.031 90.27
KS 8 381,182.32 0.18 11.78 47,648 79.439 82.59
KY 10 636,710.70 0.3 9.995 63,671 80.231 100
LA 1 174,318.63 0.08 9.75 174,319 80 100
MA 39 4,850,371.52 2.27 10.992 124,369 70.549 67.63
MD 64 6,553,875.19 3.07 9.72 102,404 81.793 97.64
ME 5 410,354.92 0.19 9.16 82,071 80.187 100
MI 95 7,576,198.46 3.55 10.419 79,749 76.819 87.79
MN 25 2,210,666.82 1.04 11.937 88,427 74.938 86.55
MO 36 2,923,115.90 1.37 10.639 81,198 80.592 97.1
MS 2 175,653.98 0.08 9.028 87,827 80.17 100
MT 1 84,110.74 0.04 9.75 84,111 85 100
NC 28 2,361,583.81 1.11 10.788 84,342 79.765 84.77
ND 1 27,312.65 0.01 10.625 27,313 75 100
NE 2 142,075.00 0.07 9.201 71,038 77.506 100
NH 4 571,702.15 0.27 10.248 142,926 76.447 58.91
NJ 113 14,564,700.35 6.82 10.933 128,891 73.11 64.01
NM 13 963,586.91 0.45 9.284 74,122 75.861 66.03
NV 35 5,554,620.62 2.6 9.605 158,703 76.167 50.66
NY 88 9,628,447.59 4.51 11.406 109,414 73.488 65.15
OH 138 9,431,056.10 4.42 10.064 68,341 78.506 94.05
OK 37 3,143,644.41 1.47 10.81 84,963 80.928 92.81
OR 73 7,992,513.01 3.74 10.046 109,486 77.539 83.62
PA 101 8,258,651.21 3.87 10.628 81,769 79.767 90.84
RI 3 291,609.28 0.14 12.602 97,203 72.686 100
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
SC 8 560,207.28 0.26 10.295 70,026 79.131 73.54
SD 1 65,450.00 0.03 8.625 65,450 85 100
TN 3 129,850.00 0.06 10.883 43,283 77.701 100
TX 19 1,524,812.68 0.71 10.812 80,253 76.004 61.46
UT 97 9,957,120.41 4.66 10.581 102,651 78.066 79.72
VA 47 4,342,655.54 2.03 11.091 92,397 79.206 100
VT 5 934,500.00 0.44 9.848 186,900 70.023 100
WA 145 16,483,511.24 7.72 10.074 113,679 77.276 74.81
WI 13 1,124,237.34 0.53 10.552 86,480 77.655 85.78
WV 10 608,160.00 0.28 11.081 60,816 79.353 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Credit Rating Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
A 547 60,315,274.76 28.24 9.749 110,266 79.004 84.42
B 406 39,888,333.53 18.68 10.495 98,247 78.787 82.15
C 288 26,708,330.48 12.51 11.18 92,737 75.952 85.18
A+ 208 24,470,311.07 11.46 9.2 117,646 77.343 67.66
A- 243 30,224,405.40 14.15 9.831 124,380 78.984 76.56
B+ 2 134,367.09 0.06 10.201 67,184 80 55.35
C- 47 4,648,334.47 2.18 11.447 98,901 73.342 67.23
D 118 10,265,374.22 4.81 12.504 86,995 72.112 85.49
A++ 10 748,254.68 0.35 8.133 74,825 66.629 100
D1 19 2,149,221.13 1.01 11.286 113,117 73.617 77.48
D2 152 14,026,215.95 6.57 13.234 92,278 66.207 65.35
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Margin Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
2.501 - 3.000 15 1,982,727.05 0.93 8.757 132,182 73.549 100
3.001 - 3.500 39 4,358,539.75 2.04 9.043 111,757 72.115 100
3.501 - 4.000 33 4,082,460.43 1.91 9.253 123,711 77.117 98.14
4.001 - 4.500 142 14,559,781.63 6.82 9.572 102,534 79.828 91.27
4.501 - 5.000 249 26,156,413.18 12.25 9.382 105,046 79.49 93.39
5.001 - 5.500 194 20,596,476.01 9.64 9.773 106,167 77.864 86.4
5.501 - 6.000 267 29,680,625.07 13.9 9.959 111,163 78.008 82.37
6.001 - 6.500 322 36,122,159.51 16.91 10.274 112,181 77.854 73.46
6.501 - 7.000 281 29,652,600.78 13.88 10.758 105,525 77.995 67.01
7.001 - 7.500 179 18,722,333.62 8.77 11.476 104,594 76.434 72.38
7.501 - 8.000 141 12,409,126.13 5.81 12.454 88,008 71.03 80.06
8.001 - 8.500 89 7,813,840.35 3.66 13.235 87,796 68.474 65.82
8.501 - 9.000 48 3,911,420.63 1.83 12.415 81,488 68.598 59.59
9.001 - 9.500 16 1,205,840.73 0.56 11.676 75,365 72.956 53.25
9.501 - 10.000 16 1,426,786.95 0.67 11.204 89,174 77.276 71.78
10.001 - 10.500 2 152,843.71 0.07 11.798 76,422 72.109 100
10.501 - 11.000 6 671,447.25 0.31 9.189 111,908 78.638 18.48
11.001 - 11.500 1 73,000.00 0.03 9 73,000 89.57 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 2.990
Max: 11.240
Weighted Average: 6.132
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Maximum Rate Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
12.501 - 13.000 2 506,009.85 0.24 6.602 253,005 72.659 100
13.001 - 13.500 2 115,047.64 0.05 6.81 57,524 59.319 100
13.501 - 14.000 5 572,705.82 0.27 7.677 114,541 75.536 59.67
14.001 - 14.500 18 2,182,329.58 1.02 8.143 121,241 74.676 74.08
14.501 - 15.000 74 8,879,105.07 4.16 8.35 119,988 72.984 78.67
15.001 - 15.500 134 17,173,688.50 8.04 8.803 128,162 76.721 70.87
15.501 - 16.000 250 30,089,576.10 14.09 9.161 120,358 75.957 79.67
16.001 - 16.500 234 27,219,816.13 12.74 9.632 116,324 78.619 70.73
16.501 - 17.000 294 31,351,647.16 14.68 10.053 106,638 79.859 81.93
17.001 - 17.500 235 24,736,525.98 11.58 10.51 105,262 79.427 82.84
17.501 - 18.000 199 18,632,675.40 8.72 10.975 93,632 78.757 84.72
18.001 - 18.500 144 14,045,960.62 6.58 11.584 97,541 77.033 72.33
18.501 - 19.000 134 12,397,247.19 5.8 12.051 92,517 77.039 91.45
19.001 - 19.500 92 8,190,123.10 3.83 12.578 89,023 74.777 84.49
19.501 - 20.000 88 7,066,708.88 3.31 12.963 80,304 75.068 93.16
20.001 >= 135 10,419,255.76 4.88 14.45 77,180 66.035 74.51
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 12.750
Max: 22.500
Weighted Average: 17.143
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Minimum Rate Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
2.501 - 3.000 1 206,281.06 0.1 6.75 206,281 74.46 100
3.501 - 4.000 1 72,250.00 0.03 8 72,250 85 100
4.001 - 4.500 6 708,735.79 0.33 8.73 118,123 79.749 40.77
4.501 - 5.000 12 1,503,695.18 0.7 9.156 125,308 79.485 87.01
5.001 - 5.500 41 4,398,345.09 2.06 9.81 107,277 80.114 98.16
5.501 - 6.000 45 3,988,861.13 1.87 10.243 88,641 78.054 85.67
6.001 - 6.500 59 5,481,732.07 2.57 9.917 92,911 74.167 69.01
6.501 - 7.000 29 2,858,335.80 1.34 10.818 98,563 76.611 62.47
7.001 - 7.500 40 3,925,272.89 1.84 10.837 98,132 74.889 62.54
7.501 - 8.000 57 6,297,922.76 2.95 9.288 110,490 74.236 96.57
8.001 - 8.500 88 10,580,872.69 4.95 8.597 120,237 74.074 81.31
8.501 - 9.000 538 55,973,629.60 26.21 10.245 104,040 78.893 90.26
9.001 - 9.500 197 22,679,127.96 10.62 9.36 115,122 76.776 74.45
9.501 - 10.000 224 25,757,065.29 12.06 9.85 114,987 79.357 74.38
10.001 - 10.500 163 18,106,013.03 8.48 10.317 111,080 77.949 76.12
10.501 - 11.000 163 16,907,884.63 7.92 10.792 103,729 79.025 70.09
11.001 - 11.500 74 6,631,298.52 3.1 11.265 89,612 79.08 87.26
11.501 - 12.000 79 7,725,199.51 3.62 11.831 97,787 76.728 70.38
12.001 - 12.500 46 4,585,391.07 2.15 12.326 99,682 75.788 64.35
12.501 - 13.000 47 4,479,203.24 2.1 12.882 95,302 70.359 82.27
13.001 - 13.500 25 2,099,463.04 0.98 13.375 83,979 65.15 64.66
13.501 - 14.000 21 1,654,140.54 0.77 13.827 78,769 60.917 64.49
14.001 - 14.500 25 2,540,424.19 1.19 14.417 101,617 63.654 61.23
14.501 - 15.000 44 3,383,509.33 1.58 14.922 76,898 64.531 86.14
15.001 - 15.500 6 491,021.81 0.23 15.286 81,837 65 51.29
15.501 - 16.000 9 542,746.56 0.25 15.826 60,305 64.215 30.78
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 3.000
Max: 16.000
Weighted Average: 9.589
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Coupon Periodic Cap Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
0.501 - 1.000 1,260 126,846,191.52 59.39 10.348 100,672 77.778 88.53
1.001 - 1.500 623 68,703,755.73 32.17 10.758 110,279 76.076 62.54
1.501 - 2.000 152 17,427,746.45 8.16 9.658 114,656 74.89 80.06
2.501 - 3.000 4 471,877.70 0.22 10.704 117,969 79.6 100
4.001 - 4.500 1 128,851.38 0.06 10.7 128,851 75 0
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 1.000
Max: 4.500
Weighted Average: 1.249
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Next Rate Adjustment Date Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
1997-06 5 875,304.95 0.41 9.312 175,061 80.578 76.48
1997-07 9 1,035,578.93 0.48 9.662 115,064 83.221 58.17
1997-08 29 3,408,693.71 1.6 10.346 117,541 77.319 79.16
1997-09 122 16,128,259.06 7.55 10.282 132,199 76.973 73.47
1997-10 143 15,425,380.19 7.22 10.574 107,870 75.79 74.69
1997-11 52 6,058,343.62 2.84 10.103 116,507 77.315 68.43
1997-12 5 511,016.90 0.24 9.588 102,203 71.919 100
1998-01 6 888,455.14 0.42 9.431 148,076 78.15 77.42
1998-02 12 1,288,724.95 0.6 9.969 107,394 78.78 100
1998-03 16 2,065,199.87 0.97 9.522 129,075 75.233 92.74
1998-04 29 3,105,275.08 1.45 9.046 107,078 76.239 85.95
1998-05 12 1,401,770.00 0.66 9.431 116,814 81.903 100
1998-06 3 335,515.00 0.16 9.651 111,838 84.751 100
1998-10 2 68,310.76 0.03 12.597 34,155 67.814 0
1998-11 1 111,748.09 0.05 10 111,748 80 100
1998-12 3 204,338.64 0.1 11.566 68,113 77.81 76.15
1999-01 8 1,112,216.35 0.52 11.773 139,027 71.334 61.46
1999-02 34 3,581,257.27 1.68 10.381 105,331 77.369 66.38
1999-03 279 29,836,297.87 13.97 10.61 106,940 76.615 69.92
1999-04 333 32,495,304.67 15.21 10.873 97,583 75.377 67.94
1999-05 124 14,461,103.50 6.77 10.697 116,622 76.27 58.08
1999-09 2 169,782.78 0.08 10.457 84,891 72.109 68.67
1999-10 1 35,985.69 0.02 10.5 35,986 52.17 100
1999-11 2 183,699.25 0.09 10.367 91,850 83.28 65.6
1999-12 2 626,260.94 0.29 11.046 313,130 79.976 33.65
2000-01 2 178,711.17 0.08 9.841 89,356 77.942 100
2000-02 26 3,353,722.86 1.57 9.935 128,989 68.102 60.57
2000-03 81 8,697,583.74 4.07 9.49 107,378 76.093 87.41
2000-04 114 10,660,907.16 4.99 10.286 93,517 77.702 96.84
2000-05 77 7,005,945.79 3.28 9.827 90,986 78.96 91.63
2000-06 1 161,500.00 0.08 9.2 161,500 85 100
2002-03 106 9,847,358.67 4.61 10.502 92,900 77.18 100
2002-04 270 25,025,661.22 11.72 10.509 92,688 78.744 98.2
2002-05 128 13,183,058.96 6.17 10.44 102,993 80.754 99.03
2002-06 1 50,150.00 0.02 13 50,150 85 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 2,040 213,578,422.78 100 10.424 104,695 76.997 79.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Current Balance Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
1 - 20,000 349 5,660,923.81 1.91 12.401 16,220 66.829 94.9
20,001 - 30,000 641 16,513,725.28 5.58 11.727 25,762 68.088 92.65
30,001 - 40,000 688 24,380,193.16 8.24 11.377 35,436 70.02 93.22
40,001 - 50,000 669 30,330,866.73 10.25 11.103 45,338 72.537 87.72
50,001 - 60,000 557 30,616,280.96 10.34 10.859 54,966 74.095 90.42
60,001 - 70,000 404 26,273,408.22 8.88 10.905 65,033 74.243 84.12
70,001 - 80,000 283 21,210,126.40 7.17 10.682 74,947 74.975 86.56
80,001 - 90,000 240 20,407,879.03 6.9 10.678 85,033 75.012 81.21
90,001 - 100,000 187 17,869,122.15 6.04 10.826 95,557 77.164 77.93
100,001 - 125,000 306 34,230,377.19 11.57 10.522 111,864 77.337 82.06
125,001 - 150,000 153 21,054,508.59 7.11 10.597 137,611 77.175 73.66
150,001 - 200,000 135 23,178,993.55 7.83 10.576 171,696 74.715 60.18
200,001 - 250,000 54 12,054,348.26 4.07 10.161 223,229 77.449 64.02
250,001 - 300,000 25 6,886,220.06 2.33 10.211 275,449 75.827 64.08
300,001 - 400,000 10 3,376,381.14 1.14 10.254 337,638 78.204 69.57
400,001 - 500,000 3 1,402,661.63 0.47 10.465 467,554 71.907 0
500,001 - 600,000 1 510,000.00 0.17 9.5 510,000 61.81 0
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 6,092.25
Max: 510,000.00
Average: 62,902.45
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Current Coupon Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
7.251 - 7.500 4 467,993.78 0.16 7.49 116,998 62.894 100
7.501 - 7.750 1 55,800.00 0.02 7.75 55,800 67.23 100
7.751 - 8.000 7 747,562.98 0.25 7.966 106,795 68.894 100
8.001 - 8.250 50 2,738,132.26 0.93 8.213 54,763 54.555 100
8.251 - 8.500 41 3,826,644.53 1.29 8.436 93,333 66.567 83.86
8.501 - 8.750 125 7,832,029.32 2.65 8.695 62,656 66.965 93.61
8.751 - 9.000 183 15,483,652.92 5.23 8.948 84,610 71.95 86.19
9.001 - 9.250 165 13,228,014.77 4.47 9.208 80,170 73.068 83.5
9.251 - 9.500 221 16,672,679.41 5.63 9.458 75,442 73.216 72
9.501 - 9.750 249 18,581,107.73 6.28 9.691 74,623 74.588 86.33
9.751 - 10.000 364 27,119,465.39 9.16 9.952 74,504 74.613 80.23
10.001 - 10.250 195 13,877,139.95 4.69 10.188 71,165 75.888 82.64
10.251 - 10.500 285 20,419,882.64 6.9 10.444 71,649 75.361 76.66
10.501 - 10.750 257 17,079,648.42 5.77 10.688 66,458 74.772 74.09
10.751 - 11.000 310 23,123,392.41 7.81 10.944 74,592 76.51 76
11.001 - 11.250 190 11,113,893.19 3.76 11.191 58,494 75.581 83.08
11.251 - 11.500 260 15,803,413.56 5.34 11.437 60,782 76.65 75.84
11.501 - 11.750 247 14,440,351.24 4.88 11.681 58,463 75.441 77.2
11.751 - 12.000 266 15,035,209.08 5.08 11.937 56,523 76.448 75.26
12.001 - 12.250 165 8,881,795.16 3 12.181 53,829 75.933 82.08
12.251 - 12.500 208 9,913,940.85 3.35 12.444 47,663 75.77 87.12
12.501 - 12.750 147 7,409,936.13 2.5 12.679 50,408 75.734 87.62
12.751 - 13.000 178 7,699,397.92 2.6 12.937 43,255 75.782 89.66
13.001 - 13.250 111 4,553,829.88 1.54 13.176 41,025 77.33 92.14
13.251 - 13.500 116 4,969,444.20 1.68 13.437 42,840 75.594 97.61
13.501 - 13.750 73 3,524,695.62 1.19 13.69 48,284 66.7 73.32
13.751 - 14.000 90 3,585,001.47 1.21 13.957 39,833 72.626 89.57
14.001 - 14.250 36 1,408,380.20 0.48 14.174 39,122 71.378 85.55
14.251 - 14.500 62 2,328,423.13 0.79 14.451 37,555 70.011 96.69
14.501 - 14.750 25 838,659.74 0.28 14.708 33,546 69.428 92.87
14.751 - 15.000 27 922,097.02 0.31 14.946 34,152 70.539 84.92
15.001 - 15.250 9 514,405.47 0.17 15.214 57,156 72.039 62.91
15.251 - 15.500 13 603,962.46 0.2 15.463 46,459 67.241 100
15.501 - 15.750 6 238,653.95 0.08 15.652 39,776 63.359 100
15.751 - 16.000 6 251,423.68 0.08 15.936 41,904 66.485 100
16.001 - 16.250 2 93,439.85 0.03 16.25 46,720 63.258 100
16.251 - 16.500 4 106,392.86 0.04 16.473 26,598 66.052 100
16.501 - 16.750 4 402,021.50 0.14 16.742 100,505 65.786 7.85
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
16.751 - 17.000 1 18,600.00 0.01 16.99 18,600 60 100
17.001 - 17.250 1 18,853.21 0.01 17.25 18,853 41.65 100
17.251 - 17.500 1 26,648.28 0.01 17.45 26,648 62.64 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 7.450
Max: 17.450
Weighted Average: 10.847
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Original Term Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
36 2 52,314.19 0.02 11.04 26,157 72.087 100
48 1 14,730.47 0 13.427 14,730 21.75 100
60 43 1,173,023.83 0.4 11.561 27,280 70.955 100
72 6 181,722.31 0.06 9.287 30,287 60.74 100
80 1 14,861.24 0.01 8.75 14,861 28.85 100
84 41 1,089,827.60 0.37 11.374 26,581 64.408 100
96 16 439,748.55 0.15 11.217 27,484 70.652 100
108 8 286,708.35 0.1 11.113 35,839 63.515 61.63
120 257 9,537,269.89 3.22 10.85 37,110 68.514 96.8
130 1 20,409.20 0.01 9.5 20,409 42.27 100
132 2 155,501.04 0.05 9.451 77,751 68.555 100
144 34 1,745,052.43 0.59 10.894 51,325 75.854 98.29
156 8 310,701.87 0.1 10.294 38,838 72.529 100
168 2 33,003.73 0.01 11.868 16,502 82.111 100
180 2,414 136,266,326.94 46.04 11.138 56,448 74.412 84.03
181 2 52,806.86 0.02 8.333 26,403 55.852 100
182 2 24,382.48 0.01 14.99 12,191 74.415 100
192 6 353,904.99 0.12 9.623 58,984 76.045 100
204 3 134,226.30 0.05 9.252 44,742 75.384 100
216 6 287,727.88 0.1 10.572 47,955 71.646 100
222 1 69,384.36 0.02 9.5 69,384 73.16 100
228 128 8,364,831.54 2.83 9.973 65,350 74.188 93.66
239 105 6,824,818.58 2.31 9.54 64,998 75.505 95.48
240 220 12,244,003.91 4.14 11.214 55,655 75.443 96.86
276 2 125,642.63 0.04 9.618 62,821 74.586 100
300 10 660,448.00 0.22 9.687 66,045 73.996 100
348 1 119,943.97 0.04 10.25 119,944 82.76 100
360 1,383 115,372,693.02 38.98 10.612 83,422 74.62 72.39
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 36
Max: 360
Weighted Average: 252
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Stated Remaining Term Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
25 - 36 2 52,314.19 0.02 11.04 26,157 72.087 100
37 - 48 1 14,730.47 0 13.427 14,730 21.75 100
49 - 60 43 1,173,023.83 0.4 11.561 27,280 70.955 100
61 - 72 6 181,722.31 0.06 9.287 30,287 60.74 100
73 - 84 44 1,157,492.52 0.39 11.527 26,307 63.806 100
85 - 96 16 439,748.55 0.15 11.217 27,484 70.652 100
97 - 108 8 286,708.35 0.1 11.113 35,839 63.515 61.63
109 - 120 258 9,563,918.17 3.23 10.868 37,069 68.498 96.81
121 - 132 3 175,910.24 0.06 9.457 58,637 65.505 100
133 - 144 34 1,745,052.43 0.59 10.894 51,325 75.854 98.29
145 - 156 8 310,701.87 0.1 10.294 38,838 72.529 100
157 - 168 10 597,614.86 0.2 10.228 59,761 75.202 49.51
169 - 180 2,404 135,655,070.71 45.84 11.138 56,429 74.41 84.18
181 - 192 9 398,287.47 0.13 9.904 44,254 76.143 100
193 - 204 3 134,226.30 0.05 9.252 44,742 75.384 100
205 - 216 6 287,727.88 0.1 10.572 47,955 71.646 100
217 - 228 130 8,475,216.41 2.86 9.983 65,194 74.208 93.74
229 - 240 324 19,027,821.98 6.43 10.61 58,728 75.455 96.36
265 - 276 2 125,642.63 0.04 9.618 62,821 74.586 100
289 - 300 10 660,448.00 0.22 9.687 66,045 73.996 100
325 - 336 2 236,930.94 0.08 10.696 118,465 69.566 21.73
337 - 348 17 1,229,174.58 0.42 10.969 72,304 77.238 85.37
349 - 360 1,365 114,026,531.47 38.53 10.607 83,536 74.611 72.38
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 35
Max: 360
Weighted Average: 251
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Seasoning Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
=<0 1,577 93,933,558.29 31.74 10.728 59,565 74.992 86.86
1 - 2 2,318 144,914,603.97 48.96 10.868 62,517 75.097 82.69
3 - 4 291 20,269,272.35 6.85 10.86 69,654 72.631 75.6
5 - 6 245 17,308,741.85 5.85 11.062 70,648 70.279 60.76
7 - 8 151 10,920,465.86 3.69 11.134 72,321 69.02 73.21
9 - 10 85 6,116,125.22 2.07 10.941 71,954 70.325 61.05
11 - 12 13 892,578.06 0.3 10.892 68,660 71.639 46.93
13 - 14 6 362,417.67 0.12 10.235 60,403 79.814 70.07
15 - 16 5 369,673.98 0.12 10.497 73,935 76.025 90.84
17 - 18 4 290,986.25 0.1 11.436 72,747 75.07 100
19 - 20 3 181,551.05 0.06 11.444 60,517 81.586 100
21 - 22 1 38,658.20 0.01 10.875 38,658 90 100
23 - 24 1 41,000.51 0.01 12.7 41,001 80 100
27 - 28 1 185,440.79 0.06 10.75 185,441 64.1 0
31 - 32 1 51,490.15 0.02 10.5 51,490 89.25 100
69 - 70 1 26,648.28 0.01 17.45 26,648 62.64 100
103 - 104 2 52,803.68 0.02 15.482 26,402 61.222 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 0
Max: 104
Weighted Average: 2
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Current LTV Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
5.01 - 10.00 53 950,442.43 0.32 12.968 17,933 71.318 94.62
10.01 - 15.00 125 3,068,041.07 1.04 12.405 24,544 70.273 75.43
15.01 - 20.00 193 5,954,036.38 2.01 12.169 30,850 71.818 84.61
20.01 - 25.00 175 5,404,342.75 1.83 11.967 30,882 67.804 84.92
25.01 - 30.00 122 4,091,142.37 1.38 11.994 33,534 69.239 89.4
30.01 - 35.00 130 5,257,693.34 1.78 11.235 40,444 56.53 90.56
35.01 - 40.00 94 3,910,827.43 1.32 10.784 41,605 48.216 90.78
40.01 - 45.00 89 3,609,812.21 1.22 10.896 40,560 48.153 85.87
45.01 - 50.00 119 5,864,738.52 1.98 10.458 49,284 49.607 73.4
50.01 - 55.00 124 6,642,207.72 2.24 10.715 53,566 54.192 86.61
55.01 - 60.00 223 13,681,469.52 4.62 10.391 61,352 58.32 72.07
60.01 - 65.00 278 18,536,476.74 6.26 11.274 66,678 63.956 66.75
65.01 - 70.00 433 29,143,058.03 9.85 10.683 67,305 68.581 72.88
70.01 - 75.00 582 40,151,395.28 13.57 10.71 68,989 74.097 69.61
75.01 - 80.00 942 70,513,879.41 23.83 10.741 74,855 79.415 78.31
80.01 - 85.00 861 64,290,872.98 21.72 10.718 74,670 84.455 95.16
85.01 - 90.00 149 14,129,102.55 4.77 10.78 94,826 88.953 100
90.01 - 95.00 11 580,362.57 0.2 12.504 52,760 92.002 100
95.01 - 100.00 2 176,114.86 0.06 11.526 88,057 96.382 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 5.15
Max: 96.66
Weighted Average: 70.25
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Combined Current LTV Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
5.01 - 10.00 2 29,180.73 0.01 10.458 14,590 8.754 100
10.01 - 15.00 6 142,669.32 0.05 9.599 23,778 12.421 61.5
15.01 - 20.00 17 449,542.05 0.15 10.468 26,444 17.213 87.34
20.01 - 25.00 26 812,573.85 0.27 9.964 31,253 22.995 84.53
25.01 - 30.00 26 836,730.09 0.28 10.32 32,182 27.633 79.7
30.01 - 35.00 64 2,511,797.41 0.85 10.476 39,247 32.849 86.03
35.01 - 40.00 67 3,014,465.11 1.02 10.394 44,992 38.097 88.03
40.01 - 45.00 79 3,109,437.87 1.05 10.765 39,360 42.905 86.67
45.01 - 50.00 129 6,087,438.03 2.06 10.564 47,189 47.955 72.36
50.01 - 55.00 132 6,881,801.13 2.33 10.796 52,135 52.748 86.79
55.01 - 60.00 238 14,283,586.91 4.83 10.437 60,015 57.993 70.49
60.01 - 65.00 312 19,303,804.10 6.52 11.346 61,871 63.637 66.84
65.01 - 70.00 474 30,499,743.45 10.31 10.757 64,345 68.519 72.55
70.01 - 75.00 673 43,194,303.76 14.59 10.826 64,182 74.03 69.74
75.01 - 80.00 1,083 74,916,380.50 25.31 10.818 69,175 79.351 79.04
80.01 - 85.00 1,180 73,847,224.41 24.95 10.933 62,582 84.387 95.56
85.01 - 90.00 184 15,278,860.01 5.16 10.895 83,037 88.809 99.24
90.01 - 95.00 11 580,362.57 0.2 12.504 52,760 92.002 100
95.01 - 100.00 2 176,114.86 0.06 11.526 88,057 96.382 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 8.37
Max: 96.66
Weighted Average: 74.29
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Junior Loan Ratio Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
0.001 - 10.000 20 335,778.17 1.43 13.42 16,789 81.074 84.78
10.001 - 20.000 147 3,638,727.86 15.48 12.612 24,753 80.08 90.31
20.001 - 30.000 266 8,018,114.60 34.1 12.26 30,143 76.984 83
30.001 - 40.000 171 5,947,409.66 25.3 12.363 34,780 76.342 88.19
40.001 - 50.000 71 2,505,046.34 10.65 12.097 35,282 75.39 94
50.001 - 60.000 18 655,547.56 2.79 12.01 36,419 69.624 92.38
60.001 - 70.000 23 901,693.82 3.84 11.911 39,204 67.253 78.44
70.001 - 80.000 16 766,530.68 3.26 11.257 47,908 68.772 97.75
80.001 - 90.000 10 442,144.11 1.88 12.197 44,214 65.878 100
90.001 - 100.000 5 299,814.52 1.28 11.665 59,963 72.945 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 747 23,510,807.32 100 12.278 31,474 76.083 87.75
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Min: 6.33
Max: 95.59
Weighted Average: 33.88
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Product Type Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Fixed - 5 Year 38 841,135.80 0.28 11.476 22,135 67.426 100
Fixed - 10 Year 324 11,304,257.96 3.82 10.854 34,890 67.783 96.33
Fixed - 15 Year 1,437 63,787,585.29 21.55 10.853 44,389 72.632 89.55
Fixed - 20 Year 473 28,356,086.90 9.58 10.403 59,949 75.014 95.69
Fixed - 25 Year 12 786,090.63 0.27 9.676 65,508 74.09 100
Fixed - 30 Year 1,384 115,492,636.99 39.02 10.611 83,448 74.629 72.42
Balloon - 15/30 1,037 75,388,222.59 25.47 11.374 72,698 75.937 79.94
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Lien Position Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
1st Lien 3,958 272,445,208.84 92.06 10.724 68,834 74.13 80.77
2nd Lien 746 23,454,638.34 7.93 12.274 31,441 76.156 87.72
3rd Lien 1 56,168.98 0.02 13.97 56,169 45.57 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Balloon Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Balloon 1,037 75,388,222.59 25.47 11.374 72,698 75.937 79.94
Non-Balloon 3,668 220,567,793.57 74.53 10.667 60,133 73.72 81.79
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Property Type Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Single Family Residence 4,304 271,637,045.22 91.78 10.854 63,113 74.403 81.22
Rowhouse/Townhouse/Condo 216 11,279,404.12 3.81 10.908 52,219 75.333 81.94
Two to Four Family Homes 182 12,679,778.58 4.28 10.61 69,669 70.659 82.35
Other 3 359,788.24 0.12 12.329 119,929 79.93 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Occupancy Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Investor Property 348 18,018,975.67 6.09 11.085 51,779 70.908 74.91
Owner Occupied 4,357 277,937,040.49 93.91 10.832 63,791 74.504 81.74
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Documentation Level Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Full Documentation 4,090 240,671,603.29 81.32 10.849 58,844 75.084 100
Light Documentation 195 18,725,065.09 6.33 10.808 96,026 72.778 0
Stated Documentation 420 36,559,347.78 12.35 10.855 87,046 69.801 0
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Geographic Distribution Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
AL 34 1,037,701.87 0.35 10.48 30,521 74.053 100
AR 25 1,102,485.27 0.37 10.284 44,099 79.644 100
AZ 97 5,865,586.21 1.98 10.971 60,470 78.186 92.61
CA 310 32,565,566.89 11 10.052 105,050 73.297 64.48
CO 114 8,058,154.72 2.72 10.713 70,686 75.136 83.08
CT 32 3,179,264.48 1.07 10.735 99,352 70.058 70.69
DC 13 1,057,771.87 0.36 10.336 81,367 78.662 93.04
DE 31 1,894,115.49 0.64 9.865 61,100 73.388 92.51
FL 392 24,345,529.80 8.23 11.114 62,106 74.503 66.53
GA 136 7,905,260.67 2.67 11.026 58,127 76.987 84.75
HI 4 647,735.63 0.22 9.829 161,934 75.717 67.91
IA 21 893,931.92 0.3 11.51 42,568 74.702 89.82
ID 23 1,376,878.33 0.47 10.511 59,864 75.937 67.83
IL 196 12,645,510.34 4.27 11.024 64,518 74.837 93.08
IN 232 10,770,303.54 3.64 11.185 46,424 77.559 94.93
KS 75 3,914,873.92 1.32 11.922 52,198 76.565 96.83
KY 30 1,886,465.92 0.64 10.798 62,882 74.249 68.31
LA 62 2,962,877.81 1 10.358 47,788 76.751 95.99
MA 99 7,146,227.86 2.41 10.771 72,184 68.824 78.19
MD 134 9,263,369.17 3.13 10.716 69,130 73.76 83.94
ME 10 509,590.89 0.17 10.687 50,959 69.879 93.54
MI 256 13,370,519.03 4.52 11.399 52,229 74.633 89.31
MN 52 2,784,130.86 0.94 11.119 53,541 75.382 86.28
MO 178 8,220,828.11 2.78 11.818 46,184 76.479 96.08
MS 29 1,397,787.15 0.47 10.692 48,200 75.078 81.27
MT 12 539,981.05 0.18 11.086 44,998 77.289 75.26
NC 184 10,077,059.87 3.4 11.329 54,767 78.552 96.47
ND 1 50,374.07 0.02 12.5 50,374 74.1 100
NE 28 1,694,383.25 0.57 11.39 60,514 78.975 100
NH 13 926,552.30 0.31 11.082 71,273 71.824 89.69
NJ 132 10,661,450.90 3.6 11.122 80,769 70.906 76.15
NM 20 1,239,320.15 0.42 10.456 61,966 67.097 53.01
NV 59 5,408,520.87 1.83 10.278 91,670 76.115 72.55
NY 249 20,003,220.48 6.76 10.865 80,334 67.732 72.85
OH 282 15,072,373.71 5.09 10.486 53,448 74.575 89.7
OK 50 2,723,408.16 0.92 11.307 54,468 79.1 79.34
OR 80 6,719,866.60 2.27 10.175 83,998 73.517 71.14
PA 335 15,968,059.87 5.4 10.979 47,666 74.714 95.16
RI 24 1,778,887.26 0.6 10.692 74,120 68.761 57.82
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
SC 140 7,308,208.53 2.47 11.174 52,201 77.168 93.92
SD 11 658,197.45 0.22 11.053 59,836 73.905 100
TN 57 3,084,145.58 1.04 10.827 54,108 74.798 87.82
TX 13 756,121.23 0.26 12.301 58,163 74.851 59.46
UT 96 6,424,293.01 2.17 10.865 66,920 79.201 74.42
VA 112 5,940,484.22 2.01 11.106 53,040 73.734 91.82
VT 13 778,365.59 0.26 10.613 59,874 69.263 100
WA 134 9,678,573.94 3.27 10.397 72,228 74.061 67.64
WI 36 1,928,678.74 0.65 10.884 53,574 72.378 83.54
WV 31 1,318,568.65 0.45 10.758 42,534 75.514 97.67
WY 8 414,452.93 0.14 11.706 51,807 77.685 100
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Number of Aggregate Aggregate Weighted Average Weighted Percent
Mortgage Principal Principal Average Current Average Full
Credit Grade Loans Balance Balance Coupon Balance CLTV Doc
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
A 1,147 71,925,827.47 24.3 10.607 62,708 76.95 84.17
B 863 50,162,141.98 16.95 11.443 58,125 74.654 88.44
C 483 25,861,643.98 8.74 12.117 53,544 72.814 88.54
A+ 941 65,545,527.32 22.15 9.882 69,655 74.326 75.08
A- 788 54,472,197.09 18.41 10.7 69,127 74.378 73.34
B+ 3 219,617.62 0.07 10.672 73,206 80.137 100
B- 15 919,841.85 0.31 12.602 61,323 79.886 100
C- 85 5,562,888.29 1.88 12.045 65,446 67.987 74.2
D 161 7,660,937.46 2.59 13.329 47,583 64.639 90.03
Unknown 1 27,641.87 0.01 12.125 27,642 35.9 100
A++ 137 7,703,493.08 2.6 9.056 56,230 68.05 99.57
D1 10 626,633.52 0.21 12.56 62,663 71.943 50.17
D2 71 5,267,624.63 1.78 12.976 74,192 69.184 67.17
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
Total: 4,705 295,956,016.16 100 10.847 62,902 74.285 81.32
- --------------------------- ------------ -------------- --------- -------- -------- -------- -------
</TABLE>
- --------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Advanta Mortgage Corp.. with respect to the expected characteristics
of the pool of home equity loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the home equity loans will differ from the assumptions used in preparing these
materials, which are hypothetical in nature. Changes in the assumptions may have
a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that the loans will prepay at a
constant rate or follow a predictable pattern. This information may not be used
or otherwise disseminated in connection with the offer or sale of these or any
other securities, except in connection with the initial offer or sale of these
securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO
THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR
THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available
upon request. These materials do not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the loans contained herein, shall be deemed
superseded, amended and supplemented in their entirety by such Prospectus and
Prospectus Supplement. To Our Readers Worldwide: In addition, please note that
this information has been provided by Morgan Stanley & Co. Incorporated and
approved by Morgan Stanley & Co. International Limited, a member of the
Securities and Futures Authority, and Morgan Stanley Japan Ltd. We recommend
that investors obtain the advice of their Morgan Stanley & Co. International
Limited or Morgan Stanley Japan Ltd. representative about the investment
concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.
SECURITIES AND FUTURES AUTHORITY.
