<PAGE> 1
- -------------------------------------------------------------------------------
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) March 19, 1998
Advanta Mortgage Loan Trust 1998-1
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
New York 333-37107-03 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)
</TABLE>
Registrant's telephone number, including area code (619) 674-1800
(Former name or former address, if changed since last report)
- -------------------------------------------------------------------------------
<PAGE> 2
Item 5. Other Events
In connection with the offering of Advanta Mortgage Loan Trust
1998-1 Mortgage Loan Asset-Backed Certificates, Series 1998-1, described in a
Prospectus Supplement dated as of March 12, 1998, 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> 3
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 1998-1
By: Advanta Mortgage Conduit Services,
Inc., as Sponsor
By: /s/ Mark T. Dunsheath
--------------------------------
Name: Mark T. Dunsheath
Title: Vice President
Dated: May 7, 1998
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. Description Page No.
- ----------- ----------- --------
<S> <C> <C>
99.1 Related Computational 5
Materials (as defined
in Item 5 above).
</TABLE>
<PAGE> 1
EXHIBIT 99.1
MORGAN STANLEY DEAN WITTER [GRAPHIC] March 10, 1998
Asset Finance Group
ABS/MBS Capital Markets
COMPUTATIONAL MATERIALS
$900,000,000
(APPROXIMATE)
ADVANTA MORTGAGE LOAN TRUST 1998-1
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> 2
MORGAN STANLEY DEAN WITTER [GRAPHIC] March 10, 1998
Asset Finance Group
ABS/MBS Capital Markets
$900,000,000 ADVANTA MORTGAGE LOAN TRUST 1998-1
ADVANTA MORTGAGE CORP., USA -- MASTER SERVICER
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Ratings Avg Life Modified
S&P/Fitch/ To Mat / Duration Day Count Bench- Price
Class(1) Description Moody's Balance(1) Window(2) (Mat) mark Talk
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 FRM Floater AAA/AAA/Aaa 143,000,000 0.85 / 18 0.81 Actual/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
A-2 FRM TAC AAA/AAA/Aaa 89,000,000 2.00 / 13 1.83 30/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
A-3 FRM TAC AAA/AAA/Aaa 64,000,000 3.00 / 13 2.65 30/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
A-4 FRM TAC AAA/AAA/Aaa 42,000,000 4.00 / 13 3.42 30/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
A-5 FRM TAC AAA/AAA/Aaa 68,000,000 5.78 / 45 4.65 30/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
A-6 FRM NAS AAA/AAA/Aaa 50,000,000 6.54 / 142 5.09 30/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
A-7 (1) Floater AAA/AAA/Aaa 330,000,000 3.90 / 211 3.06 Actual/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
A-8 ARM Fixed NAS AAA/AAA/Aaa 44,000,000 2.36 / 163 2.13 30/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
M-1 ARM Mezzanine AA/AA/Aa2 26,000,000 5.85 / 139 4.69 Actual/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
M-2 ARM Mezzanine A/A/A 23,000,000 5.76 / 126 4.59 Actual/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
B-1 ARM Subordinate BBB/BBB/Baa2 21,000,000 5.56 / 106 4.42 Actual/360 + [ ]
- ---------------------------------------------------------------------------------------------------------------------------------
FFPIO FRM NAS IO AAAr/AAA/Aaa (50,000,000) Not
Available
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes: (1) Class A-7 Certificates consists of two Components: Component One is
supported by the fixed rate loan group with a component balance of
approximately $44,000,000 and Component Two is supported by the
adjustable rate loan group with a component balance of approximately
$286,000,000.
(2) Based on the pricing prepayment speed. See details below.
<TABLE>
<CAPTION>
<S> <C>
SPONSOR: Advanta Mortgage Conduit Services, Inc..
("Advanta Conduit")
MASTER SERVICER: Advanta Mortgage Corp. USA ("Advanta")
TRUSTEE: Bankers Trust Company of California, N.A.
EXPECTED PRICING DATE: March 11 - 12, 1998.
EXPECTED SETTLEMENT DATE: March 19, 1998 through DTC, Euroclear, and CEDEL.
DISTRIBUTION DATES: The 25th of each month, beginning April 25, 1998.
OPTIONAL CLEAN-UP CALL: 10% of original pool balance.
MORTGAGE LOANS: The Trust will consist of two mortgage loan
groups: "Group I" loans are conventional,
fixed-rate, one- to four-family B & C home
equity mortgage loans and collateralize the
Classes A-1, A-2, A-3, A-4, A-5, A-6 and A-7
Component One Certificates. "Group II" loans
are conventional, adjustable-rate, one- to
four-family B & C home equity mortgage loans
and collateralize the Classes A-7 Component
Two and A-8 Certificates, respectively.
</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> 3
TRANSACTION HIGHLIGHTS (CONT'D)
<TABLE>
<CAPTION>
<S> <C>
CLASS A-7 CERTIFICATES: Class A-7 Certificates consist of two components:
- $43,000,000 Component One is supported by the
fixed rate loan group
- $287,000,000 Component Two is supported by the
adjustable rate loan group
CLASS A-7 COUPON STEP-UP: If the 10% optional clean-up call is not exercised,
the certificate spread to LIBOR steps up to 200% its
initial spread.
CLASSES M-1, M-2 AND B-1 If the 10% optional clean-up call is not exercised,
COUPON STEP UP: the certificate spread to LIBOR steps up to 150% its
initial spread.
CLASS A-7 INTEREST SHORTFALL Any interest rate shortfalls resulting from the Net
CARRY-FORWARD FEATURE: Funds Cap will accrue interest at the applicable Class
Pass-Through Rate and will be due and payable to
Certificateholders on future remittance dates, subject
to certain limitations for each Component as described
in the Prospectus Supplement.
CREDIT ENHANCEMENT: - Fixed Loan Group Certificates (including Class A-7
Component One): MBIA guaranty
- Adjustable Loan Group Certificates (including Class A-7
Component Two): Subordination
PRICING SPEED: - Fixed Loan Group Certificates (including Class A-7
Component One): The fixed rate certificates assume 115%
PPC which equates to a ramped CPR starting at 3.5% CPR
in the first month increasing to 23.0% CPR over 12 months,
and remaining at 23.0% CPR thereafter on a seasoning
adjusted basis.
- Adjustable Loan Group Certificates (including Class A-7
Component Two): 25% CPR
TRUST TAX STATUS: REMIC Trust.
ERISA ELIGIBILITY: The Certificates are expected to be ERISA eligible.
SMMEA ELIGIBILITY: The Certificates are NOT expected to be SMMEA eligible.
FIXED PAY IO OFF FIXED (FFPIO The FPIO class pays a 5.0% coupon off the A-6 class balance
CLASS) for 30 months.
CLASS A-8 PRINCIPAL PAYMENT Class A-8 will receive the following percentage of its pro
PERCENTAGE: rata share:
0 - 22 months: 0%
23 months and thereafter: 500%
CLASS A-6 PRINCIPAL PAYMENT Class A-6 will receive the following percentage of its pro
PERCENTAGE: rata share:
0 - 36 months: 0%
37 - 60 months: 45%
61 - 72 months: 80%
73 - 84 months: 100%
85 months and thereafter: 300%
</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> 4
AVERAGE LIFE SENSITIVITIES (PRICED TO MATURITY)
<TABLE>
<CAPTION>
PPM 115 0 50 100 115 150 200 250
CPR 25 0 10 20 25 30 40 50
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-1
FRM Floater
Average Life 0.85 7.06 1.51 0.93 0.85 0.71 0.59 0.52
Mod Duration 0.81 5.41 1.41 0.89 0.81 0.69 0.58 0.50
First Prin 4/25/98 4/25/98 4/25/98 4/25/98 4/25/98 4/25/98 4/25/98 4/25/98
Last Prin 9/25/99 12/25/10 2/25/01 11/25/99 9/25/99 6/25/99 3/25/99 1/25/99
Payment Window 18 153 35 20 18 15 12 10
Class A-2
FRM Fixed TAC
Average Life 2.00 14.37 4.11 2.25 2.00 1.98 1.53 1.25
Mod Duration 1.83 9.19 3.52 2.04 1.83 1.81 1.42 1.17
First Prin 9/25/99 12/25/10 2/25/01 11/25/99 9/25/99 9/25/99 6/25/99 3/25/99
Last Prin 9/25/00 1/25/13 8/25/03 1/25/01 9/25/00 8/25/00 1/25/00 9/25/99
Payment Window 13 26 31 15 13 12 8 7
Class A-3
FRM Fixed TAC
Average Life 3.00 16.14 6.68 3.44 3.00 2.89 2.15 1.71
Mod Duration 2.65 9.82 5.28 3.00 2.65 2.57 1.95 1.58
First Prin 9/25/00 1/25/13 8/25/03 1/25/01 9/25/00 8/25/00 1/25/00 9/25/99
Last Prin 9/25/01 7/25/16 7/25/06 4/25/02 9/25/01 8/25/01 8/25/00 2/25/00
Payment Window 13 43 36 16 13 13 8 6
Class A-4
FRM Fixed TAC
Average Life 4.00 20.01 9.69 4.62 4.00 3.87 2.77 2.15
Mod Duration 3.42 10.86 6.97 3.88 3.42 3.32 2.46 1.95
First Prin 9/25/01 7/25/16 7/25/06 4/25/02 9/25/01 8/25/01 8/25/00 2/25/00
Last Prin 9/25/02 5/25/20 3/25/09 5/25/03 9/25/02 8/25/02 4/25/01 7/25/00
Payment Window 13 47 33 14 13 13 9 6
</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> 5
<TABLE>
<CAPTION>
PPM 115 0 50 100 115 150 200 250
CPR 25 0 10 20 25 30 40 50
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-5
FRM Fixed TAC
Average Life 5.78 25.00 13.26 6.98 5.78 6.84 4.22 2.96
Mod Duration 4.65 11.89 8.57 5.40 4.65 5.24 3.55 2.61
First Prin 9/25/02 5/25/20 3/25/09 5/25/03 9/25/02 8/25/02 4/25/01 7/25/00
Last Prin 5/25/06 7/25/25 1/25/13 11/25/07 5/25/06 1/25/12 6/25/08 3/25/02
Payment Window 45 63 47 55 45 114 87 21
Class A-6
NAS Class
Average Life 6.54 11.63 8.09 6.80 6.54 6.09 5.62 4.70
Mod Duration 5.09 7.73 5.97 5.24 5.09 4.81 4.51 3.90
First Prin 4/25/01 4/25/01 4/25/01 4/25/01 4/25/01 4/25/01 4/25/01 4/25/01
Last Prin 1/25/13 8/25/27 6/25/25 1/25/13 1/25/13 11/25/11 4/25/08 1/25/06
Payment Window 142 317 291 142 142 128 85 58
Class A-8
ARM Fixed NAS
Average Life 2.36 12.78 3.16 2.49 2.36 2.27 2.20 2.00
Mod Duration 2.13 8.06 2.75 2.23 2.13 2.05 2.00 1.82
First Prin 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00 2/25/00 11/25/99
Last Prin 8/25/13 8/25/27 11/25/25 4/25/17 8/25/13 1/25/11 12/25/00 7/25/00
Payment Window 163 331 310 207 163 132 11 9
Class M-1A
ARM Mezzanine
Average Life 5.85 27.29 13.72 7.27 5.85 5.18 5.91 2.58
Mod Duration 4.69 12.98 8.71 5.53 4.69 4.29 4.86 2.36
First Prin 7/25/01 5/25/22 6/25/04 4/25/01 7/25/01 10/25/01 9/25/02 7/25/00
Last Prin 1/25/13 12/25/27 11/25/25 10/25/16 1/25/13 4/25/10 10/25/06 1/25/01
Payment Window 139 68 258 187 139 103 50 7
</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> 6
<TABLE>
<CAPTION>
PPM 115 0 50 100 115 150 200 250
CPR 25 0 10 20 25 30 40 50
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class M-2A
ARM Mezzanine
Average Life 5.76 27.29 13.67 7.20 5.76 4.94 4.44 4.75
Mod Duration 4.59 12.69 8.57 5.45 4.59 4.09 3.79 3.99
First Prin 5/25/01 5/25/22 6/25/04 4/25/01 5/25/01 7/25/01 11/25/01 1/25/01
Last Prin 10/25/11 11/25/27 1/25/25 4/25/15 10/25/11 4/25/09 1/25/06 10/25/05
Payment Window 126 67 248 169 126 94 51 58
Class B-1A
ARM Subordinate
Average Life 5.56 27.27 13.46 7.00 5.56 4.71 3.92 3.88
Mod Duration 4.42 12.05 8.26 5.26 4.42 3.88 3.36 3.34
First Prin 4/25/01 5/25/22 6/25/04 4/25/01 4/25/01 5/25/01 6/25/01 7/25/01
Last Prin 1/25/10 9/25/27 6/25/23 3/25/13 1/25/10 11/25/07 1/25/05 4/25/03
Payment Window 106 65 229 144 106 79 44 22
Class A-7
Combined Floater
Average Life 3.90 22.27 8.77 4.84 3.90 2.04 1.09 0.75
Mod Duration 3.06 11.63 5.81 3.67 3.06 1.76 1.02 0.72
First Prin 4/25/98 4/25/98 4/25/98 4/25/98 4/25/98 4/25/98 4/25/98 4/25/98
Last Prin 10/25/15 1/25/28 1/25/27 12/25/19 10/25/15 9/25/12 6/25/08 11/25/99
Payment Window 211 358 346 261 211 174 123 20
</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> 7
GROUP I - COLLATERAL SUMMARY
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
INITIAL GROUP I LOANS
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NUMBER OF LOANS 4,912
TOTAL OUTSTANDING PRINCIPAL BALANCE $296,020,904
BALLOON (% OF TOTAL) 20.44%
LEVEL PAY (% OF TOTAL) 79.56%
AVERAGE PRINCIPAL BALANCE $60,265 $3,841 - $700,000
WEIGHTED AVERAGE LOAN RATE 10.59% 7.25% - 17.85%
WEIGHTED AVERAGE ORIGINAL TERM (MOS.) 260 36 - 360
WEIGHTED AVERAGE REMAINING TERM (MOS.) 258 18 - 360
WEIGHTED AVERAGE CLTV 75.29% 8.00% - 95.00%
WEIGHTED AVERAGE SECOND MORTGAGE RATIO 34.56% (for second liens only)
LIEN POSITION (FIRST/SECOND) 93.89% / 6.11%
PROPERTY TYPE
SINGLE FAMILY/PUD 87.37%
CONDO/TOWNHOUSE/ROWHOUSE 3.79%
TWO TO FOUR FAMILY 4.94%
PREFABRICATED SINGLE FAMILY 3.63%
OTHER 0.27%
OCCUPANCY STATUS
OWNER OCCUPIED 93.62%
INVESTOR OWNER 6.38%
GEOGRAPHIC DISTRIBUTION
other states account individually for less MI 14.21%
than 5% of Group I pool balance CA 9.01%
PA 6.02%
NJ 5.09%
ORIGINATION YEAR 1998 32.89% 1990 0.07%
1997 66.48% 1989 0.09%
1996 0.39% 1988 0.03%
1995 0.02% pre 1988 0.02%
1994 0.03%
CREDIT CLASS A/A- 68.81% C 11.64%
B 16.06% D 3.50%
PREPAYMENT PENALTY Yes 73.54%
No 26.46%
- ----------------------------------------------------------------------------------------------------------------------------------
</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> 8
GROUP II - COLLATERAL SUMMARY (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
INITIAL GROUP II LOANS
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NUMBER OF LOANS 2,934
TOTAL OUTSTANDING PRINCIPAL BALANCE $257,393,792
BALLOON (% OF TOTAL) 0.01%
LEVEL PAY (% OF TOTAL) 99.99%
AVERAGE PRINCIPAL BALANCE $87,728 $13,400 - $573,361
WEIGHTED AVERAGE LOAN RATE 10.48% 6.9% - 16.99%
WEIGHTED AVERAGE MARGIN 6.30% 2.95% - 12.1%
WEIGHTED AVERAGE ORIGINAL TERM (MOS.) 358 120 - 360
WEIGHTED AVERAGE REMAINING TERM (MOS.) 357 119 - 360
WEIGHTED AVERAGE MAXIMUM RATE 17.03% 13.74% - 23.49%
WEIGHTED AVERAGE PERIODIC CAP - SUBSEQUENT 1.17% 1.0% - 2.0%
WEIGHTED AVERAGE FLOOR 9.76% 3.0% - 16.99%
INDEX 6 month LIBOR 97.66%
1 Yr CMT 2.32%
3 Yr CMT 0.02%
WEIGHTED AVERAGE CLTV 78.62% 13.51% - 95.00
LIEN POSITION (FIRST/SECOND) 99.97% / 0.03%
PROPERTY TYPE
SINGLE FAMILY/PUD 90.42%
CONDO/TOWNHOUSE/ROWHOUSE 2.69%
TWO TO FOUR FAMILY 4.65%
PREFABRICATED SINGLE FAMILY 2.13%
OTHER 0.11%
OCCUPANCY STATUS
OWNER OCCUPIED / INVESTOR OWNER 95.18% / 4.82%
GEOGRAPHIC DISTRIBUTION
other states account individually for less MI 26.90%
than 4% of Group II pool balance CA 11.50%
OH 5.18%
NJ 4.40%
ORIGINATION YEAR 1998 23.46%
1997 76.54%
CREDIT CLASS A/A- 55.65% C 15.90%
B 23.30% D 5.14%
PREPAYMENT PENALTY Yes 76.70%
No 23.30%
- ----------------------------------------------------------------------------------------------------------------------------------
</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> 9
GROUP I
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Number of Principal Principal
State Mortgage Loans Balance Balance
- ----- -------------- ------- -------
<S> <C> <C> <C>
Alabama 45 2,366,072.53 0.80
Alaska 1 78,369.99 0.03
Arizona 153 9,206,470.61 3.11
Arkansas 28 1,170,314.06 0.40
California 282 26,683,805.97 9.01
Colorado 115 8,121,415.13 2.74
Connecticut 32 2,971,306.55 1.00
Delaware 25 1,833,291.98 0.62
District of Columbia 12 823,023.41 0.28
Florida 261 14,607,874.59 4.93
Georgia 129 7,733,009.48 2.61
Hawaii 2 284,799.12 0.10
Idaho 17 631,343.86 0.21
Illinois 111 6,473,846.29 2.19
Indiana 155 7,517,254.25 2.54
Iowa 97 4,429,407.91 1.50
Kansas 89 3,977,630.87 1.34
Kentucky 51 2,273,844.38 0.77
Louisiana 54 2,361,023.24 0.80
Maine 12 631,556.70 0.21
Maryland 122 9,541,020.85 3.22
Massachusetts 29 2,005,637.80 0.68
Michigan 926 42,066,403.30 14.21
Minnesota 38 2,598,434.16 0.88
Mississippi 14 455,110.87 0.15
Missouri 169 9,049,664.57 3.06
Montana 10 406,153.74 0.14
Nebraska 35 1,887,197.13 0.64
Nevada 25 2,254,414.22 0.76
New Hampshire 5 259,327.68 0.09
New Jersey 160 15,068,382.64 5.09
New Mexico 33 2,346,657.03 0.79
New York 111 8,421,942.21 2.85
North Carolina 168 9,937,808.87 3.36
North Dakota 3 114,879.69 0.04
Ohio 263 14,611,983.34 4.94
Oklahoma 77 3,720,243.88 1.26
Oregon 70 5,413,409.17 1.83
Pennsylvania 300 17,809,501.32 6.02
Rhode Island 12 905,953.71 0.31
South Carolina 70 3,500,398.63 1.18
South Dakota 9 438,429.45 0.15
Tennessee 93 5,272,071.18 1.78
Texas 51 3,440,237.46 1.16
Utah 56 4,463,226.04 1.51
Vermont 15 1,027,294.12 0.35
Virginia 168 11,071,247.79 3.74
Washington 100 8,296,070.36 2.80
West Virginia 42 1,670,960.75 0.56
Wisconsin 54 2,884,031.57 0.97
Wyoming 13 907,149.87 0.31
----- -------------- ----
Total: 4,912 296,020,904.32 100
</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> 10
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Number of Principal Principal
CLTV Ratios Mortgage Loans Balance Balance
- ----------- -------------- ------- -------
<S> <C> <C> <C>
90.001 - 95.000 16 975,832.87 0.33
85.001 - 90.000 301 24,049,844.82 8.12
80.001 - 85.000 1,283 86,040,594.17 29.07
75.001 - 80.000 1,016 67,738,665.37 22.88
70.001 - 75.000 657 41,685,287.70 14.08
65.001 - 70.000 400 23,157,826.03 7.82
60.001 - 65.000 332 17,583,448.66 5.94
55.001 - 60.000 225 9,998,029.99 3.38
50.001 - 55.000 141 7,061,649.33 2.39
0.001 - 50.000 541 17,729,725.38 5.99
----- -------------- -----
Total: 4,912 296,020,904.32 100
</TABLE>
Minimum: 8.00
Maximum: 95.00
Weighted Average by Original
Balance: 75.29
Weighted Average by Current
Balance: 75.31
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> 11
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Number of Principal Principal
LTV Ratios Mortgage Loans Balance Balance
- ---------- -------------- ------- -------
<S> <C> <C> <C>
90.001 - 95.000 16 975,832.87 0.33
85.001 - 90.000 283 23,540,949.55 7.95
80.001 - 85.000 1,056 78,478,219.86 26.51
75.001 - 80.000 895 63,636,525.94 21.5
70.001 - 75.000 601 39,343,847.57 13.29
65.001 - 70.000 365 21,882,571.69 7.39
60.001 - 65.000 312 16,889,964.09 5.71
55.001 - 60.000 215 9,751,038.97 3.29
50.001 - 55.000 138 7,155,861.68 2.42
0.001 - 50.000 1,031 34,366,092.10 11.61
----- -------------- -----
Total: 4,912 296,020,904.32 100
</TABLE>
Minimum: 4.07
Maximum: 95.00
Weighted Average by Original 72.14
Balance:
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Number of Principal Principal
Junior Lien Ratios Mortgage Loans Balance Balance
- ------------------ -------------- ------- -------
<S> <C> <C> <C>
0.01 - 10.00 11 162,009.94 0.9
10.01 - 20.00 134 3,356,683.55 18.55
20.01 - 30.00 162 5,205,218.80 28.77
30.01 - 40.00 103 4,105,692.78 22.69
40.01 - 50.00 62 2,667,194.38 14.74
50.01 - 60.00 20 876,003.69 4.84
60.01 - 70.00 16 692,239.46 3.83
70.01 - 80.00 12 621,209.01 3.43
80.01 - 90.00 6 285,804.35 1.58
90.01 - 100.00 2 118,946.54 0.66
--- ------------- -----
Total: 528 18,091,002.50 100
</TABLE>
Minimum: 5.37
Maximum: 92.63
Weighted Average by Original 34.56
Balance:
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> 12
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Current Number of Principal Principal
Mortgage Rates Mortgage Loans Balance Balance
- -------------- -------------- ------- -------
<S> <C> <C> <C>
7.001 - 8.000 46 4,321,228.38 1.46
8.001 - 9.000 530 44,474,808.88 15.02
9.001 - 10.000 1,113 83,276,475.41 28.13
10.001 - 11.000 993 65,160,135.02 22.01
11.001 - 12.000 865 45,545,866.05 15.39
12.001 - 13.000 892 35,363,038.60 11.95
13.001 - 14.000 331 12,526,479.90 4.23
14.001 - 15.000 103 3,902,268.59 1.32
15.001 - 16.000 28 1,006,141.07 0.34
16.001 - 17.000 8 366,320.29 0.12
17.001 - 18.000 3 78,142.13 0.03
----- -------------- -----
Total: 4,912 296,020,904.32 100
</TABLE>
Minimum: 7.2500
Maximum: 17.8500
Weighted Average: 10.59
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Current Number of Principal Principal
Mortgage Rates Mortgage Loans Balance Balance
- -------------- -------------- ------- -------
<S> <C> <C> <C>
13 - 24 3 20,518.66 0.01
25 - 36 1 20,489.70 0.01
37 - 48 4 22,122.65 0.01
49 - 60 31 754,182.40 0.25
61 - 72 8 155,159.71 0.05
73 - 84 29 742,776.27 0.25
85 - 96 16 601,487.29 0.2
97 - 108 5 275,351.58 0.09
109 - 120 191 6,220,669.39 2.1
121 - 132 3 94,718.59 0.03
133 - 144 23 1,045,068.57 0.35
145 - 156 4 255,649.57 0.09
157 - 168 7 220,493.28 0.07
169 - 180 2,238 117,292,377.47 39.62
181 - 192 3 144,315.78 0.05
193 - 204 1 31,956.66 0.01
205 - 216 2 124,100.00 0.04
217 - 228 54 3,427,760.24 1.16
229 - 240 712 45,367,560.35 15.33
277 - 288 1 192,500.00 0.07
289 - 300 18 1,555,356.25 0.53
301 - 312 1 85,774.89 0.03
325 - 336 2 189,300.63 0.06
337 - 348 12 1,089,656.12 0.37
349 - 360 1,543 116,091,558.27 39.22
----- -------------- -----
Total: 4,912 296,020,904.32 100
</TABLE>
Minimum: 18
Maximum: 360
Weighted Average: 258.0
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> 13
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Number of Principal Principal
Principal Balances Mortgage Loans Balance Balance
- ------------------ -------------- ------- -------
<S> <C> <C> <C>
0.01 - 5,000.00 4 17,925.34 0.01
5,000.01 - 10,000.00 59 553,189.44 0.19
10,000.01 - 15,000.00 132 1,791,866.08 0.61
15,000.01 - 20,000.00 248 4,560,940.40 1.54
20,000.01 - 25,000.00 343 7,899,955.51 2.67
25,000.01 - 30,000.00 386 10,760,830.21 3.64
30,000.01 - 35,000.00 338 11,075,217.02 3.74
35,000.01 - 40,000.00 368 13,939,687.12 4.71
40,000.01 - 45,000.00 333 14,232,241.89 4.81
45,000.01 - 50,000.00 345 16,507,223.12 5.58
50,000.01 - 55,000.00 309 16,218,717.75 5.48
55,000.01 - 60,000.00 279 16,092,738.80 5.44
60,000.01 - 65,000.00 258 16,214,295.10 5.48
65,000.01 - 70,000.00 194 13,167,705.08 4.45
70,000.01 - 75,000.00 170 12,378,097.25 4.18
75,000.01 - 80,000.00 150 11,637,576.04 3.93
80,000.01 - 85,000.00 108 8,949,364.25 3.02
85,000.01 - 90,000.00 107 9,366,991.13 3.16
90,000.01 - 95,000.00 73 6,750,663.02 2.28
95,000.01 - 100,000.00 87 8,511,140.78 2.88
100,000.01 - 150,000.00 401 48,052,846.11 16.23
150,000.01 - 200,000.00 125 21,070,319.33 7.12
200,000.01 - 250,000.00 45 10,016,636.46 3.38
250,000.01 - 300,000.00 26 6,913,926.32 2.34
300,000.01 - 350,000.00 12 3,882,239.12 1.31
350,000.01 - 400,000.00 6 2,144,830.75 0.72
400,000.01 - 450,000.00 1 417,000.00 0.14
450,000.01 - 500,000.00 1 479,751.16 0.16
500,000.01 - 550,000.00 2 1,077,500.63 0.36
600,000.01 - 650,000.00 1 639,489.11 0.22
650,000.01 - 700,000.00 1 700,000.00 0.24
- ------------------------------------------------------------------------------------------------
Total: 4,912 296,020,904.32 100
</TABLE>
Minimum: 3,841
Maximum: 700,000
Average: 60,265
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> 14
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Months Elapsed Number of Principal Principal
Since Origination Mortgage Loans Balance Balance
- ----------------- -------------- ------- -------
<S> <C> <C> <C>
=< 0 1,357 72,624,867.28 24.53
1- 6 3,448 217,614,024.91 73.51
7- 12 60 3,906,320.29 1.32
13 - 24 14 1,150,371.49 0.39
25 - 36 1 44,849.57 0.02
49 - 60 1 85,774.89 0.03
85 - 96 9 219,539.06 0.07
97 - 108 11 254,665.92 0.09
109 - 120 4 81,151.03 0.03
121 - 132 4 23,228.23 0.01
133 - 144 3 16,111.65 0.01
----- -------------- -----
Total: 4,912 296,020,904.32 100
</TABLE>
Minimum: 0
Maximum: 140
Weighted Average: 1.8
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> 15
GROUP II
<TABLE>
<CAPTION>
Aggregate Weighted Weighted Initial Average Average
Principal Average Average Periodic Periodic Maximum
Loan Type Balance Coupon Margin Cap Cap Rate
- --------- ------- ------ ------ --- --- ----
<S> <C> <C> <C> <C> <C> <C>
6 mo LIBOR 6.68 10.38 6.23 1.30 1.29 17.07
1 Yr CMT 1.96 9.57 5.31 1.96 2.00 16.45
1 Yr Fix,6 mo LIBOR 0.10 10.54 6.53 2.77 1.23 16.88
2 Yr Fix,1 Yr CMT 0.05 8.83 4.45 3.00 2.00 15.83
2 Yr Fix,6 mo LIBOR 68.53 10.58 6.55 2.97 1.16 16.98
3 Yr Fix,1 Yr CMT 0.31 10.54 5.96 3.00 2.00 16.92
3 Yr Fix,6 mo LIBOR 15.95 10.30 5.91 2.99 1.10 17.20
5 Yr Fix,6 mo LIBOR 6.42 10.26 4.96 1.74 1.04 17.22
------ ----- ---- ---- ---- -----
Total: 100.00 10.48 6.30 2.76 1.17 17.03
</TABLE>
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Number of Principal Principal
State Mortgage Loans Balance Balance
- ----- -------------- ------- -------
<S> <C> <C> <C>
Alabama 5 415,208.89 0.16
Arizona 60 5,747,198.53 2.23
Arkansas 4 214,150.00 0.08
California 180 29,590,252.82 11.50
Colorado 70 8,011,760.21 3.11
Connecticut 46 4,736,966.31 1.84
Delaware 12 922,474.93 0.36
Florida 96 8,312,396.28 3.23
Georgia 20 1,907,354.95 0.74
Hawaii 3 592,310.68 0.23
Idaho 16 1,201,828.22 0.47
Illinois 77 8,273,129.93 3.21
Indiana 62 4,392,917.95 1.71
Iowa 41 2,126,338.76 0.83
Kansas 24 1,540,511.11 0.60
Kentucky 37 2,156,404.81 0.84
Louisiana 18 1,848,251.11 0.72
Maine 4 350,053.15 0.14
Maryland 47 5,118,636.54 1.99
Massachusetts 43 3,924,367.59 1.52
Michigan 997 69,246,888.30 26.90
Minnesota 51 4,291,782.57 1.67
Mississippi 2 97,461.93 0.04
Missouri 29 1,794,623.65 0.70
Montana 7 708,009.34 0.28
Nebraska 7 404,778.68 0.16
Nevada 39 4,020,115.83 1.56
New Hampshire 5 364,886.56 0.14
New Jersey 98 11,324,393.10 4.40
New Mexico 21 1,694,425.59 0.66
New York 69 7,773,778.51 3.02
North Carolina 47 2,986,081.75 1.16
Ohio 185 13,343,199.97 5.18
Oklahoma 22 1,865,903.35 0.72
Oregon 91 10,268,078.45 3.99
Pennsylvania 65 5,801,493.91 2.25
Rhode Island 7 601,158.49 0.23
South Carolina 7 867,547.08 0.34
South Dakota 7 383,809.08 0.15
Tennessee 36 2,523,703.48 0.98
Texas 54 4,608,146.42 1.79
Utah 57 5,879,398.97 2.28
Vermont 2 145,950.00 0.06
Virginia 38 3,173,625.44 1.23
Washington 66 7,847,688.08 3.05
West Virginia 17 1,072,861.08 0.42
Wisconsin 40 2,657,196.55 1.03
Wyoming 3 264,293.44 0.10
----- -------------- ----
Total: 2,934 257,393,792.37 100
</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> 16
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Number of Principal Principal
CLTV Ratios Mortgage Loans Balance Balance
- ----------- -------------- ------- -------
<S> <C> <C> <C>
90.001 - 95.000 8 986,497.21 0.38
85.001 - 90.000 361 38,440,205.19 14.93
80.001 - 85.000 794 74,291,435.68 28.86
75.001 - 80.000 789 68,180,065.37 26.49
70.001 - 75.000 339 30,728,600.63 11.94
65.001 - 70.000 209 15,940,613.50 6.19
60.001 - 65.000 200 14,541,341.99 5.65
55.001 - 60.000 74 5,273,335.51 2.05
50.001 - 55.000 53 3,572,691.37 1.39
0.001 - 50.000 107 5,439,005.92 2.11
----- -------------- -----
Total: 2,934 257,393,792.37 100
</TABLE>
Minimum: 13.51
Maximum: 95.00
Weighted Average by Original Balance: 78.62
Weighted Average by Original Balance: 78.62
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> 17
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Current Number of Principal Principal
Mortgage Rates Mortgage Loans Balance Balance
- -------------- -------------- ------- -------
<S> <C> <C> <C>
6.001 - 7.000 3 273,632.78 0.11
7.001 - 8.000 46 5,976,111.47 2.32
8.001 - 9.000 219 28,720,430.48 11.16
9.001 - 10.000 615 65,973,040.25 25.63
10.001 - 11.000 1,003 80,757,512.29 31.38
11.001 - 12.000 724 52,355,416.40 20.34
12.001 - 13.000 186 13,271,610.13 5.16
13.001 - 14.000 55 3,946,244.95 1.53
14.001 - 15.000 55 4,151,553.88 1.61
15.001 - 16.000 26 1,889,268.75 0.73
16.001 - 17.000 2 78,970.99 0.03
----- -------------- -----
Total: 2,934 257,393,792.37 100
</TABLE>
Minimum: 6.90
Maximum: 16.99
Weighted Average: 10.48
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Remaining Term Number of Principal Principal
to Maturity Mortgage Loans Balance Balance
- ----------- -------------- ------- -------
<S> <C> <C> <C>
109 -120 2 106,708.56 0.04
169 -180 28 1,665,909.72 0.65
217 -228 3 183,834.58 0.07
229 -240 11 842,812.12 0.33
289 -300 5 283,781.57 0.11
349 -360 2,885 254,310,745.82 98.8
----- -------------- ----
Total: 2,934 257,393,792.37 100
</TABLE>
Minimum: 119
Maximum: 360
Weighted Average: 356.8
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> 18
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Number of Principal Principal
Principal Balances Mortgage Loans Balance Balance
- ------------------ -------------- ------- -------
<S> <C> <C> <C>
10,000.01 -15,000.00 8 116,671.98 0.05
15,000.01 -20,000.00 27 500,375.07 0.19
20,000.01 -25,000.00 45 1,056,056.48 0.41
25,000.01 -30,000.00 83 2,346,028.72 0.91
30,000.01 -35,000.00 106 3,507,750.54 1.36
35,000.01 -40,000.00 146 5,585,997.41 2.17
40,000.01 -45,000.00 154 6,597,844.11 2.56
45,000.01 -50,000.00 160 7,644,299.03 2.97
50,000.01 -55,000.00 165 8,687,554.46 3.38
55,000.01 -60,000.00 209 12,025,391.06 4.67
60,000.01 -65,000.00 163 10,233,758.28 3.98
65,000.01 -70,000.00 134 9,099,860.17 3.54
70,000.01 -75,000.00 135 9,800,400.65 3.81
75,000.01 -80,000.00 128 9,942,064.04 3.86
80,000.01 -85,000.00 118 9,769,919.67 3.8
85,000.01 -90,000.00 109 9,570,012.08 3.72
90,000.01 -95,000.00 76 7,059,332.04 2.74
95,000.01 -100,000.00 113 11,041,947.60 4.29
100,000.01 -150,000.00 527 63,648,172.57 24.73
150,000.01 -200,000.00 199 34,144,368.70 13.27
200,000.01 -250,000.00 69 15,163,415.51 5.89
250,000.01 -300,000.00 30 8,083,907.40 3.14
300,000.01 -350,000.00 13 4,175,943.53 1.62
350,000.01 -450,000.00 8 2,967,163.24 1.15
450,000.01 -500,000.00 4 1,943,142.63 0.75
500,000.01 -550,000.00 3 1,547,277.84 0.6
550,000.01 -600,000.00 2 1,135,137.56 0.44
----- -------------- ----
Total: 2,934 257,393,792.37 100
</TABLE>
Minimum: 13,400
Maximum: 573,361
Average: 87,728
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> 19
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Months Elapsed Number of Principal Principal
Since Origination Mortgage Loans Balance Balance
- ----------------- -------------- ------- -------
<S> <C> <C> <C>
=<0 807 59,624,712.32 23.16
1 -6 2,095 195,058,864.40 75.78
7 -12 32 2,710,215.65 1.05
----- -------------- -----
Total: 2,934 257,393,792.37 100
</TABLE>
Minimum: 0
Maximum: 11
Weighted Average: 1.3
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Maximum Number of Principal Principal
Mortgage Rates Mortgage Loans Balance Balance
- ----------------- -------------- ------- -------
<S> <C> <C> <C>
13.500 - 13.999 6 690,720.40 0.27
14.000 - 14.499 20 2,245,127.62 0.87
14.500 - 14.999 48 7,131,207.36 2.77
15.000 - 15.499 93 12,631,316.59 4.91
15.500 - 15.999 282 28,026,707.55 10.89
16.000 - 16.499 615 54,930,515.49 21.34
16.500 - 16.999 355 33,224,482.99 12.91
17.000 - 17.499 425 34,788,800.78 13.52
17.500 - 17.999 505 37,126,030.30 14.42
18.000 - 18.499 210 18,067,675.76 7.02
18.500 - 18.999 133 11,164,936.84 4.34
19.000 - 19.499 80 5,606,281.84 2.18
19.500 - 19.999 51 3,473,154.48 1.35
20.000 - 20.499 21 1,708,764.36 0.66
20.500 - 20.999 28 2,165,473.56 0.84
21.000 - 21.499 30 2,314,900.77 0.9
21.500 - 21.999 24 1,589,066.31 0.62
22.000 - 22.499 4 361,279.16 0.14
22.500 - 22.999 3 104,129.22 0.04
23.000 - 23.499 1 43,220.99 0.02
----- -------------- -----
Total: 2,934 257,393,792.37 100
</TABLE>
Minimum: 13.74
Maximum: 23.49
Weighted Average: 17.03
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> 20
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Minimum Number of Principal Principal
Mortgage Rates Mortgage Loans Balance Balance
- -------------- -------------- ------- -------
<S> <C> <C> <C>
3.000 - 3.499 1 573,360.89 0.22
3.500 - 3.999 3 606,893.73 0.24
4.000 - 4.499 4 552,921.44 0.21
4.500 - 4.999 9 834,021.02 0.32
5.000 - 5.499 50 4,909,358.81 1.91
5.500 - 5.999 142 11,865,651.27 4.61
6.000 - 6.499 94 9,333,479.64 3.63
6.500 - 6.999 58 4,850,568.28 1.88
7.000 - 7.499 31 2,938,904.39 1.14
7.500 - 7.999 38 4,007,336.92 1.56
8.000 - 8.499 56 6,936,934.53 2.7
8.500 - 8.999 237 27,444,700.30 10.66
9.000 - 9.499 138 15,699,471.68 6.1
9.500 - 9.999 332 35,342,947.07 13.73
10.000 - 10.499 537 40,998,867.60 15.93
10.500 - 10.999 314 27,444,668.88 10.66
11.000 - 11.499 286 20,157,914.96 7.83
11.500 - 11.999 339 23,579,357.18 9.16
12.000 - 12.499 94 6,961,547.94 2.7
12.500 - 12.999 45 2,958,779.92 1.15
13.000 - 13.499 30 2,019,744.25 0.78
13.500 - 13.999 17 1,360,449.51 0.53
14.000 - 14.499 22 1,776,845.76 0.69
14.500 - 14.999 27 2,166,146.20 0.84
15.000 - 15.499 23 1,587,681.68 0.62
15.500 - 15.999 5 406,267.53 0.16
16.000 - 16.499 1 35,750.00 0.01
16.500 - 16.999 1 43,220.99 0.02
----- -------------- -----
Total: 2,934 257,393,792.37 100
</TABLE>
Minimum: 3.00
Maximum: 16.99
Weighted Average: 9.76
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> 21
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Range of Number of Principal Principal
Margins Mortgage Loans Balance Balance
- ------- -------------- ------- -------
<S> <C> <C> <C>
2.001 - 3.000 9 1,296,923.00 0.5
3.001 - 4.000 70 7,229,509.43 2.81
4.001 - 5.000 289 31,476,228.25 12.23
5.001 - 6.000 594 61,047,456.32 23.72
6.001 - 7.000 1,084 90,251,233.60 35.06
7.001 - 8.000 696 51,168,053.83 19.88
8.001 - 9.000 137 10,922,039.80 4.24
9.001 - 10.000 46 3,365,292.01 1.31
10.001 - 11.000 8 593,835.14 0.23
12.001 - 13.000 1 43,220.99 0.02
----- -------------- -----
Total: 2,934 257,393,792.37 100
</TABLE>
Minimum: 2.95
Maximum: 12.10
Weighted Average: 6.30
<TABLE>
<CAPTION>
Aggregate % of Aggregate
Next Interest Number of Principal Principal
Adjustment Date Mortgage Loans Balance Balance
- --------------- -------------- ------- -------
<S> <C> <C> <C>
1998-03 8 1,250,625.03 0.49
1998-04 8 666,760.41 0.26
1998-05 12 1,025,698.91 0.4
1998-06 54 5,770,371.85 2.24
1998-07 68 7,163,901.01 2.78
1998-08 14 1,144,485.76 0.44
1998-09 4 670,923.48 0.26
1998-10 4 509,660.45 0.2
1998-11 12 1,532,861.70 0.6
1998-12 10 664,060.32 0.26
1999-01 10 1,390,366.59 0.54
1999-02 4 554,000.00 0.22
1999-03 1 150,000.00 0.06
1999-04 1 147,320.13 0.06
1999-05 3 185,190.41 0.07
1999-06 5 397,845.66 0.15
1999-07 11 815,543.95 0.32
1999-08 4 217,466.79 0.08
1999-09 27 2,624,441.13 1.02
1999-10 58 5,084,993.52 1.98
1999-11 109 10,568,122.97 4.11
1999-12 327 34,117,991.85 13.26
2000-01 916 78,223,352.29 30.39
2000-02 533 37,064,151.20 14.4
2000-03 112 7,069,625.00 2.75
2000-04 3 200,537.82 0.08
2000-05 1 68,786.91 0.03
2000-06 1 153,654.88 0.06
2000-07 2 252,598.60 0.1
2000-08 1 57,894.47 0.02
2000-09 2 193,437.56 0.08
2000-10 11 1,183,695.55 0.46
2000-11 34 3,008,978.32 1.17
2000-12 119 10,619,846.85 4.13
2001-01 181 17,238,507.70 6.7
2001-02 96 8,878,064.07 3.45
2002-11 5 376,393.13 0.15
2002-12 50 5,055,752.17 1.96
2003-01 67 6,619,592.48 2.57
2003-02 44 4,261,291.45 1.66
2003-03 2 215,000.00 0.08
----- -------------- -----
Total: 2,934 257,393,792.37 100
</TABLE>
Minimum: 1998-03
Maximum: 2003-03
Weighted Average: 3/18/00
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.
