<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) November 5, 1999
Advanta Conduit Receivables, Inc., as Sponsor
on behalf of Advanta Mortgage Loan Trust 1999-4
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Nevada 333-75295 88-0360305
- ------------------------------- ------------------------ -------------------------------
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation) Identification No.)
</TABLE>
Advanta Conduit Receivables, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 333-75925 88-0360305
- ---------------------------- ------------- -------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) ID Number)
Attention: General Counsel
10790 Rancho Bernardo Road
San Diego, California 92127
- -------------------------------- ----------
(Address of principal (Zip Code)
executive offices)
Registrant's Telephone Number,
including area code: (858) 676-3099
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE> 2
Item 5. Other Events
In connection with the offering of the Advanta Mortgage Loan Trust,
1999-4, Advanta Mortgage Loan Asset Backed Notes, Series 1999-4 described in a
Prospectus Supplement related to the offered notes, 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) Exhibits
Exhibit No. Description
----------- -----------
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 1999-4
By: Advanta Conduit Receivables, Inc.
By: /s/ Michael Coco
--------------------------------
Name: Michael Coco
Title: Vice President
By: Advanta Conduit Receivables, Inc
By: /s/ Michael Coco
--------------------------------
Name: Michael Coco
Title: Vice President
Dated: November 5, 1999
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
<S> <C>
99.1. Related Computational Materials
(as defined in Item 5 above).
</TABLE>
<PAGE> 1
EXHIBIT 99.1
<PAGE> 2
<TABLE>
<S> <C>
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA - BOSTON - CHICAGO - DALLAS - LOS ANGELES ASSET-BACKED SECURITIES GROUP
NEW YORK - SAN FRANCISCO - WASHINGTON D.C. 245 Park Avenue
BEIJING - BUENOS AIRES - DUBLIN - GENEVA - HONG KONG New York, N.Y. 10167
LONDON - Lugano - PARIS - SHANGHAI - TOKYO (212) 272-2000; (212) 272-7294 fax
</TABLE>
FAX TRANSMITTAL
COMPUTATIONAL MATERIAL
[ADVANTA LOGO]
Advanta Mortgage Loan Trust 1999-4
- --------------------------------------------------------------------------------
FAX TO: DATE: 11/04/99
COMPANY: # PAGES (incl. cover): 21
FAX NO: PHONE NO:
- --------------------------------------------------------------------------------
FROM: PHONE NO:
- --------------------------------------------------------------------------------
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information," please refer to this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
GENERAL INFORMATION: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE> 3
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
$200,000,000
(APPROXIMATE)
ADVANTA MORTGAGE LOAN TRUST 1999-4
MORTGAGE LOAN ASSET-BACKED NOTES, SERIES 1999-4
ADVANTA CONDUIT RECEIVABLES, INC.
SPONSOR
ADVANTA MORTGAGE CORP. USA
MASTER SERVICER
Ambac Assurance Corporation
NOTE INSURER
$200,000,000 FLOATING RATE NOTES
(APPROXIMATE)
Computational Materials
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 1
<PAGE> 4
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
<TABLE>
<CAPTION>
PRELIMINARY SUMMARY OF TERMS
<S> <C>
TITLE OF SECURITIES: Advanta Mortgage Loan Trust 1999-4, Mortgage
Loan Asset-Backed Notes, Series 1999-4
(the "Notes").
DESCRIPTION OF TRANSACTION: A single class of Notes wrapped by Ambac
Assurance Corporation ("Ambac") and
collateralized by a pool of adjustable-rate-
first-lien mortgages.
MORTGAGE LOANS: The adjustable rate mortgage loans are
secured by single-family residences that
may be detached, part of a two- to four-
family dwelling, a condominium unit or a
unit in a planned unit development. It
is anticipated that at the end of the
pre-funding period, there will be
approximately $[207,792,000] of adjustable
rate mortgage loans. As of the Statistical
Calculation Date, the principal balance of
the mortgage loans is expected to be
$[133,943,952]. The actual amount of
mortgage loans delivered on the closing
date may be higher than the balance of
the statistical pool.
INDENTURE TRUSTEE: Bankers Trust Company of California, N.A.
SPONSOR: Advanta Conduit Receivables, Inc.
MASTER SERVICER: Advanta Mortgage Corp. USA
STATISTICAL CALCULATION DATE: Opening of business on October 23, 1999
INITIAL CUT-OFF DATE: Opening of business on November 1, 1999
PRICING DATE(1): November [8/9], 1999
CLOSING DATE(1): November [17], 1999
FORM OF NOTES: Book entry form, same day funds (through
DTC, Euroclear and Cedelbank).
PREPAYMENT PRICING ASSUMPTION: 28% CPR
OPTIONAL REDEMPTION: 10% clean-up call
PAYMENT DATE: The 25th day of each month or, if such day
is not a business day, the next succeeding
business day, beginning on December 27, 1999.
SERVICING FEE: 75 basis points per annum
PRE-FUNDING ACCOUNT: The Trust may purchase
additional mortgage loans on or before
February [29], 2000 for inclusion in the
pool. At the closing, the indenture
trustee will hold in trust, from the
proceeds of the sale of the Notes,
approximately $[71.1] million, which may
be applied to the purchase of additional
mortgage loans for inclusion in the pool.
</TABLE>
- -------------
(1) Subject to change.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 2
<PAGE> 5
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
<TABLE>
<CAPTION>
PRELIMINARY SUMMARY OF TERMS
<S> <C>
INTEREST ACCRUAL PERIOD: Interest will accrue on the Notes from
the preceding Payment Date (or from the
Closing Date in the case of the first
Payment Date) through the day prior to
the current Payment Date based on an
Actual/360 day basis.
The Notes will settle flat.
NOTE INTEREST RATE: The Note Interest Rate applicable to the
Notes for any payment date is the lesser
of:
(1) for any payment date which occurs
on or prior to the Step-Up Payment
Date, LIBOR plus ___% per annum,
and for any payment date
thereafter, LIBOR plus [double the
original spread] __% per annum,
this rate being the "Note Formula
Rate", and
(2) the Available Funds Cap Rate for
that payment date.
The shortfall between the stated interest
for the Notes and the Available Funds Cap
Rate, if any, will be carried forward to
subsequent payment dates, but those
amounts are not covered by the note
insurance policy and are not guaranteed
by the Sponsor or the Master Servicer.
AVAILABLE FUNDS CAP RATE: The "Available Funds Cap Rate" for any
payment date is an amount, expressed as a
per annum rate and calculated on the
basis of a 360-day year and the actual
number of days elapsed in the period
beginning on the prior payment date to
and including the day prior to the
applicable payment date, equal to:
(1) (a) the aggregate amount of
interest accrued and collected or
advanced on all of the mortgage
loans in the pool minus the
aggregate of the servicing fee, the
indenture trustee's fee, the owner
trustee's fee and the premiums due
to the note insurer on that payment
date and (b) commencing on the
seventh payment date following the
closing date, minus an amount equal
to 0.75% per annum times the
aggregate principal balance of the
mortgage loans in the pool as of
the opening of business on the
first date of the prior calendar
month, divided by,
(2) the aggregate principal balance of
the mortgage loans in the pool as
of the opening of business on the
first day of the prior calendar
month.
STEP-UP PAYMENT DATE: The "Step-Up Payment Date" is the payment
date immediately following the calendar
month which the optional redemption of
the Notes is first permitted to occur.
NOTE RATINGS: AAA by Standard & Poor's Rating Service;
Aaa by Moody's Investors Service, Inc.
NOTE INSURER: Ambac is rated AAA/Aaa by Standard and
Poor's and Moody's. Timely interest
capped at the Available Funds Cap Rate
and ultimate principal payments on the
Notes will be 100% guaranteed by Ambac.
Interest shortfalls due to the
application of the Soldiers' and Sailors'
Civil Relief Act of 1940 or application
of the Available Funds Cap are not
guaranteed by Ambac.
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 3
<PAGE> 6
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
<TABLE>
<CAPTION>
PRELIMINARY SUMMARY OF TERMS
<S> <C>
ERISA CONSIDERATIONS: Subject to the conditions and
considerations discussed in the
prospectus supplement, the Notes are
ERISA eligible.
TAXATION: Debt for federal income tax purposes.
LEGAL INVESTMENT: The Notes are not expected to be SMMEA
eligible.
CREDIT ENHANCEMENT: 1) The use of excess cashflow to cover
losses and to distribute principal
in order to create overcollateralization;
2) Subordination of distributions on the
trust certificates to the required
distributions on the Notes;
3) Allocation of losses on the mortgage
loans to the trust certificates; and
4) The note insurance policy.
PROSPECTUS: The Notes are being offered pursuant to a
prospectus supplemented by a prospectus
supplement (together, the "Prospectus").
Complete information with respect to the
Notes and the collateral securing them is
contained in the Prospectus. The
information herein is qualified in its
entirety by the information appearing in
the Prospectus. To the extent that the
information herein is inconsistent with
the Prospectus, the Prospectus shall
govern in all respects. Sales of the
Notes may not be consummated unless the
purchaser has received the Prospectus.
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 4
<PAGE> 7
<TABLE>
<CAPTION>
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
PRELIMINARY SUMMARY OF TERMS
<S> <C>
DISTRIBUTIONS OF PRINCIPAL AND Owners of notes will be entitled to
INTEREST: receive payments of interest each month. The
amount of principal the owners of notes
will be entitled to receive will vary
depending on a number of factors,
including the payments received on the
mortgage loans in the pool. Each month,
the indenture trustee will calculate the
amounts to be paid to the owners of the
notes.
Distributions will be made on each
payment date to the owners of the notes
as of the record date. The record date
for the notes is the business day
immediately preceding the payment date.
Owners of notes will receive payments on
the 25th day of each month, or, if such
day is not a business day, on the next
business day. The first payment date is
December 27, 1999.
In summary, on each payment date the
funds available to be distributed will be
applied in the following order of
priority:
- first, to pay fees due to the
master servicer, the indenture
trustee, the owner trustee and the
note insurer;
- second, to pay interest on the
notes;
- third, to pay principal of the
notes;
- fourth, to reimburse the note
insurer;
- fifth, to build
overcollateralization to its
required level
- sixth, to pay any interest
carry-forward amounts;
- seventh, to reimburse the master
servicer for unreimbursed advances
and other expenses; and
- eighth, to make a distribution to
the owners of the trust
certificates.
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 5
<PAGE> 8
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
Sensitivity Tables
<TABLE>
<CAPTION>
CLASS A-1 (TO 10% CALL)
- ----------------------------------------------------------------------------------------------------------------------
% PREPAYMENT ASSUMPTION: 0% 10% 20% 28% 35% 45% 55%
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ILLUSTRATIVE YIELD @ PAR (30/360 BEY) 5.915% 5.915% 5.914% 5.914% 5.914% 5.913% 5.912%
AVERAGE LIFE (YEARS) 20.32 7.20 3.71 2.59 2.00 1.46 1.05
MODIFIED DURATION (YEARS) 11.01 5.13 3.04 2.23 1.77 1.33 0.98
FIRST PRINCIPAL PAYMENT 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99
LAST PRINCIPAL PAYMENT 12/25/27 01/25/18 07/25/09 08/25/06 01/25/05 09/25/03 04/25/02
PRINCIPAL LOCKOUT (MONTHS) 0 0 0 0 0 0 0
PRINCIPAL WINDOW (MONTHS) 337 218 116 81 62 46 29
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-1 (TO MATURITY)
- ----------------------------------------------------------------------------------------------------------------------
% PREPAYMENT ASSUMPTION: 0% 10% 20% 28% 35% 45% 55%
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ILLUSTRATIVE YIELD @ PAR (30/360 BEY) 5.915% 5.923% 5.933% 5.936% 5.938% 5.939% 5.951%
AVERAGE LIFE (YEARS) 20.37 7.63 4.06 2.84 2.19 1.59 1.19
MODIFIED DURATION (YEARS) 11.02 5.26 3.21 2.38 1.90 1.43 1.09
FIRST PRINCIPAL PAYMENT 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99 12/25/99
LAST PRINCIPAL PAYMENT 05/25/29 01/25/28 04/25/21 05/25/15 12/25/11 09/25/08 07/25/06
PRINCIPAL LOCKOUT (MONTHS) 0 0 0 0 0 0 0
PRINCIPAL WINDOW (MONTHS) 354 338 257 186 145 106 80
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 6
<PAGE> 9
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
DECREMENT TABLE (TO 10% CALL)
PERCENTAGE OF INITIAL NOTE PRINCIPAL BALANCE OUTSTANDING
<TABLE>
<CAPTION>
0.00% 10.00% 20.00% 28.00% 35.00% 45.00% 55.00%
DATES CPR CPR CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100 100
November 25, 1999 100 100 100 100 100 100 100
November 25, 2000 97 87 77 69 61 51 41
November 25, 2001 96 77 60 47 37 25 15
November 25, 2002 95 68 46 34 25 15 0
November 25, 2003 95 60 37 24 16 0 0
November 25, 2004 94 53 29 17 10 0 0
November 25, 2005 93 47 23 12 0 0 0
November 25, 2006 92 41 18 0 0 0 0
November 25, 2007 91 37 14 0 0 0 0
November 25, 2008 90 33 11 0 0 0 0
November 25, 2009 88 29 0 0 0 0 0
November 25, 2010 87 26 0 0 0 0 0
November 25, 2011 85 23 0 0 0 0 0
November 25, 2012 83 20 0 0 0 0 0
November 25, 2013 81 18 0 0 0 0 0
November 25, 2014 79 15 0 0 0 0 0
November 25, 2015 76 13 0 0 0 0 0
November 25, 2016 73 12 0 0 0 0 0
November 25, 2017 70 10 0 0 0 0 0
November 25, 2018 66 0 0 0 0 0 0
November 25, 2019 62 0 0 0 0 0 0
November 25, 2020 57 0 0 0 0 0 0
November 25, 2021 52 0 0 0 0 0 0
November 25, 2022 46 0 0 0 0 0 0
November 25, 2023 41 0 0 0 0 0 0
November 25, 2024 34 0 0 0 0 0 0
November 25, 2025 27 0 0 0 0 0 0
November 25, 2026 19 0 0 0 0 0 0
November 25, 2027 10 0 0 0 0 0 0
Weighted Average Life
to 10% Call (years): 20.32 7.20 3.71 2.59 2.00 1.46 1.05
Last Principal Payment
to 10% Call (years) 12/25/27 1/25/18 7/25/09 8/25/06 1/25/05 9/25/03 4/25/02
Payment Window
to 10% Call (months) 337 218 116 81 62 46 29
</TABLE>
The weighted average life of the notes has been determined by (i)
multiplying the amount of each principal payment by the number of years
from the date of issuance to the related payment dates, (ii) adding the
results and (iii) dividing the sum of the principal balance for the
notes as of the closing date.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 7
<PAGE> 10
ADVANTA MORTGAGE LOAN TRUST 1999-4
- -------------------------------------------------------------------------------
Terms Sheets & Computational Materials
DECREMENT TABLE (TO MATURITY)
PERCENTAGE OF INITIAL NOTE PRINCIPAL BALANCE OUTSTANDING
<TABLE>
<CAPTION>
0.00% 10.00% 20.00% 28.00% 35.00% 45.00% 55.00%
DATES CPR CPR CPR CPR CPR CPR CPR
- -------------------- ----- ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100 100
November 25, 1999 100 100 100 100 100 100 100
November 25, 2000 97 87 77 69 61 51 41
November 25, 2001 96 77 60 47 37 25 15
November 25, 2002 95 68 46 34 25 15 8
November 25, 2003 95 60 37 24 16 8 4
November 25, 2004 94 53 29 17 10 4 1
November 25, 2005 93 47 23 12 7 2 *
November 25, 2006 92 41 18 9 4 1 0
November 25, 2007 91 37 14 6 3 * 0
November 25, 2008 90 33 11 4 1 0 0
November 25, 2009 88 29 9 3 1 0 0
November 25, 2010 87 26 7 2 * 0 0
November 25, 2011 85 23 6 1 * 0 0
November 25, 2012 83 20 4 1 0 0 0
November 25, 2013 81 18 3 * 0 0 0
November 25, 2014 79 15 2 * 0 0 0
November 25, 2015 76 13 2 0 0 0 0
November 25, 2016 73 12 1 0 0 0 0
November 25, 2017 70 10 1 0 0 0 0
November 25, 2018 66 9 1 0 0 0 0
November 25, 2019 62 7 * 0 0 0 0
November 25, 2020 57 6 * 0 0 0 0
November 25, 2021 52 5 0 0 0 0 0
November 25, 2022 46 4 0 0 0 0 0
November 25, 2023 41 3 0 0 0 0 0
November 25, 2024 34 2 0 0 0 0 0
November 25, 2025 27 1 0 0 0 0 0
November 25, 2026 19 1 0 0 0 0 0
November 25, 2027 10 * 0 0 0 0 0
November 25, 2028 1 0 0 0 0 0 0
Weighted Average Life
to Maturity (years): 20.37 7.63 4.06 2.84 2.19 1.59 1.19
Last Principal Payment
to Maturity (years) 5/25/29 1/25/28 4/25/21 5/25/15 12/25/11 9/25/08 7/25/06
Payment Window
to Maturity (months) 354 338 257 186 145 106 80
</TABLE>
* indicates greater than zero but less than 0.5%
The weighted average life of the notes has been determined by (i) multiplying
the amount of each principal payment by the number of years from the date of
issuance to the related payment dates, (ii) adding the results and (iii)
dividing the sum of the principal balance for the notes as of the closing date.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 8
<PAGE> 11
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
OVERVIEW OF COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
<TABLE>
<CAPTION>
Total Minimum Maximum
----- ------- -------
<S> <C> <C> <C>
TOTAL NUMBER OF LOANS: 1,391
TOTAL OUTSTANDING LOAN BALANCE: $133,943,952.42 $12,700.41 $563,026.07
AVERAGE LOAN PRINCIPAL AMOUNT: $96,293.28
WA GROSS COUPON: 9.29% 4.00% 15.13%
WA GROSS MARGIN: 5.25% 1.90% 16.50%
WA INITIAL PERIODIC CAP: 2.39% 1.00% 3.00%
WA PERIODIC CAP: 1.03% 1.00% 2.00%
WA LIFETIME CAP: 6.97% 6.00% 8.00%
LOAN TYPE:
Fully Amortizing: 100%
Balloon: 0%
WA REMAINING TERM TO MATURITY (MONTHS): 347 57 360
WA SEASONING (MONTHS): 2 0 28
WA ORIGINAL TERM (MONTHS): 349 60 360
LIEN POSITION:
First Lien: 100%
Junior Lien: 0%
WA LTV: 79.40% 11.53% 100.00%
PRODUCT TYPE:
6-month LIBOR loans: 1.65%
1/29 6-month LIBOR loans: 3.65%
2/28 6-month LIBOR loans: 13.61%
3/27 6-month LIBOR loans: 58.40%
5/25 6-month LIBOR loans: 21.03%
6 month/1 yr. CMT loans: 0.08%
1/1 yr. CMT loans: 0.76%
3/1 yr. CMT loans: 0.65%
5/1 yr. CMT loans: 0.17%
DOCUMENTATION:
Full: 93.78%
Lite: 6.22%
PROPERTY TYPE:
SF Detached/De Minimus PUD: 89.25%
SF Rowhouse/Townhouse/Condo: 3.08%
Two to Four Family Home: 3.72%
Prefabricated Single Family: 3.95%
GEOGRAPHIC DISTRIBUTION:
(equal or greater than 5%) CA: 12.93%
WA: 9.43%
MI: 6.93%
NY: 5.56%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 9
<PAGE> 12
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE % OF AGGREGATE
STATE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
California...................... 93 $ 17,317,438.30 12.93%
Washington...................... 106 12,635,454.77 9.43
Michigan........................ 115 9,276,398.68 6.93
New York........................ 62 7,447,122.58 5.56
Colorado........................ 41 5,745,388.72 4.29
Ohio............................ 74 5,525,133.53 4.12
Florida......................... 63 5,123,884.97 3.83
Illinois........................ 50 4,673,317.57 3.49
Pennsylvania.................... 66 4,600,349.45 3.43
Virginia........................ 52 4,300,315.42 3.21
Other........................... 669 57,299,148.43 42.78
-------------- ----------------- -----------------
TOTAL....................... 1,391 $ 133,943,952.42 100.00%
============== ================= =================
</TABLE>
The mortgaged properties in the pool are located in 48 states and the
District of Columbia.
DISTRIBUTION OF LTV RATIOS
<TABLE>
<CAPTION>
RANGE OF NUMBER OF AGGREGATE % OF AGGREGATE
LTV RATIOS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
95.01 - 100.00%........... 7 $ 776,681.36 0.58%
90.01 - 95.00............ 7 430,622.57 0.32
85.01 - 90.00............ 76 8,182,902.44 6.11
80.01 - 85.00............ 564 60,038,696.49 44.82
75.01 - 80.00............ 301 30,278,286.55 22.61
70.01 - 75.00............ 224 19,275,386.98 14.39
60.01 - 70.00............ 107 8,950,790.74 6.68
0.01 - 60.00............ 105 6,010,585.29 4.49
--------------- ----------------- -------------
TOTAL....................... 1,391 $ 133,943,952.42 100.00%
=============== ================= =============
</TABLE>
<TABLE>
<S> <C>
Minimum LTV: 11.53%
Maximum LTV: 100.00%
Weighted Average LTV: 79.40%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 10
<PAGE> 13
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF CURRENT MORTGAGE COUPON RATES
<TABLE>
<CAPTION>
RANGE OF CURRENT NUMBER OF AGGREGATE % OF AGGREGATE
MORTGAGE COUPON RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
3.001 - 4.000%........... 1 $ 208,386.23 0.16%
5.001 - 6.000............ 17 2,388,531.32 1.78
6.001 - 7.000............ 92 11,096,274.16 8.28
7.001 - 8.000............ 154 19,107,459.23 14.27
8.001 - 9.000............ 251 27,378,089.75 20.44
9.001 - 10.000............ 331 31,666,829.39 23.65
10.001 - 11.000............ 257 24,376,018.94 18.20
11.001 - 12.000............ 151 9,929,004.30 7.41
12.001 - 13.000............ 87 5,594,978.38 4.18
13.001 - 14.000............ 40 1,825,801.89 1.36
14.001 - 15.000............ 8 313,589.62 0.23
15.001 - 16.000............ 2 58,989.21 0.04
--------------- ----------------- -------------
TOTAL....................... 1,391 $ 133,943,952.42 100.00%
=============== ================= =============
</TABLE>
<TABLE>
<S> <C>
Minimum Coupon Rate: 4.00%
Maximum Coupon Rate: 15.13%
Weighted Average Coupon Rate: 9.29%
</TABLE>
DISTRIBUTION OF REMAINING TERM TO MATURITY
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE % OF AGGREGATE
MONTHS REMAINING MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1 - 60................ 3 $ 88,168.80 0.07%
61 - 120................ 14 625,574.28 0.47
121 - 180................ 44 2,176,863.28 1.63
181 - 240................ 93 6,472,560.29 4.83
241 - 300................ 9 711,056.28 0.53
301 - 360................ 1,228 123,869,729.49 92.47
------------ ----------------- -----------
TOTAL....................... 1,391 $ 133,943,952.42 100.00%
============ ================== ===========
</TABLE>
<TABLE>
<S> <C>
Minimum Remaining Term: 57 months
Maximum Remaining Term: 360 months
Weighted Average Remaining Term: 347 months
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 11
<PAGE> 14
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF PRINCIPAL BALANCES
<TABLE>
<CAPTION>
RANGE OF NUMBER OF AGGREGATE % OF AGGREGATE
PRINCIPAL BALANCES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- -------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
$ 1 - $ 25,000......... 34 $ 710,639.25 0.53%
25,001 - 50,000......... 281 11,262,145.24 8.41
50,001 - 75,000......... 380 23,499,891.75 17.54
75,001 - 100,000......... 210 18,339,419.45 13.69
100,001 - 150,000......... 268 32,460,673.82 24.23
150,001 - 200,000......... 116 19,938,427.98 14.89
200,001 - 250,000......... 42 9,365,278.62 6.99
250,001 - 300,000......... 35 9,478,376.40 7.08
300,001 - 350,000......... 16 5,092,131.84 3.80
350,001 - 400,000......... 5 1,913,644.62 1.43
400,001 - 450,000......... 2 825,297.38 0.62
450,001 - 500,000......... 1 495,000.00 0.37
500,001 - 600,000......... 1 563,026.07 0.42
-------- ----------------- ----------
TOTAL....................... 1,391 $ 133,943,952.42 100.00%
======== ================= ==========
</TABLE>
<TABLE>
<S> <C>
Minimum Principal Balance: $12,700.41
Maximum Principal Balance: $563,026.07
Average Principal Balance: $96,293.28
</TABLE>
DISTRIBUTION OF PROPERTY TYPES
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE % OF AGGREGATE
PROPERTY TYPE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ----------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
SF Detached/DeMinimus PUD.......... 1,225 $ 119,545,179.24 89.25%
SF Row House/Townhouse/Condo....... 52 4,126,047.79 3.08
Two to Four Family Home............ 44 4,980,702.31 3.72
Prefabricated Single Family........ 70 5,292,023.08 3.95
-------- ------------------ ---------
TOTAL.......................... 1,391 $ 133,943,952.42 100.00%
======== ================== =========
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 12
<PAGE> 15
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF OCCUPANCY STATUS
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE % OF AGGREGATE
OCCUPANCY STATUS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- ----------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Owner Occupied..................... 1,359 $ 131,903,871.58 98.48%
Non-Owner Occupied................. 32 2,040,080.84 1.52
------- ----------------- ---------
TOTAL.......................... 1,391 $ 133,943,952.42 100.00%
======= ================= =========
</TABLE>
Owner Occupied includes vacation and second homes.
DISTRIBUTION OF SEASONING
<TABLE>
<CAPTION>
MONTHS ELAPSED NUMBER OF AGGREGATE % OF AGGREGATE
SINCE ORIGINATION MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
- --------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
0 - 6..................... 1,307 $ 124,330,965.97 92.82%
7 - 12..................... 61 7,228,848.10 5.40
13 - 24..................... 21 2,247,426.27 1.68
25 - 36..................... 2 136,712.08 0.10
-------- ------------------ ---------
TOTAL ..................... 1,391 $ 133,943,952.42 100.00%
======== ================== =========
</TABLE>
<TABLE>
<S> <C>
Minimum Seasoning: 0 months
Maximum Seasoning: 28 months
Weighted Average Seasoning: 2 months
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 13
<PAGE> 16
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF MAXIMUM MORTGAGE COUPON RATES
<TABLE>
<CAPTION> % OF AGGREGATE
RANGE OF MAXIMUM NUMBER OF AGGREGATE PRINCIPAL
MORTGAGE COUPON RATES MORTGAGE LOANS PRINCIPAL BALANCE BALANCE
--------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
10.01 - 11.00%.......... 1 $ 208,386.23 0.16%
12.01 - 13.00........... 17 2,388,531.32 1.78
13.01 - 14.00........... 96 11,500,108.12 8.59
14.01 - 15.00........... 155 19,414,494.10 14.49
15.01 - 16.00........... 255 27,647,772.88 20.65
16.01 - 17.00........... 341 33,291,512.94 24.86
17.01 - 18.00........... 251 22,942,814.84 17.13
18.01 - 19.00........... 139 8,735,371.92 6.52
19.01 - 20.00........... 86 5,616,579.35 4.19
20.01 - 21.00........... 40 1,825,801.89 1.36
21.01 - 22.00........... 8 313,589.62 0.23
22.01 - 23.00........... 2 58,989.21 0.04
-------- ------------------ ---------
TOTAL....................... 1,391 $ 133,943,952.42 100.00%
======== ================== =========
</TABLE>
<TABLE>
<S> <C>
Minimum Maximum Mortgage Coupon Rate: 11.00%
Maximum Maximum Mortgage Coupon Rate: 22.13%
Weighted Average Maximum Mortgage Coupon Rates: 16.25%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 14
<PAGE> 17
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF MINIMUM MORTGAGE COUPON RATES
<TABLE>
<CAPTION>
% OF AGGREGATE
RANGE OF MINIMUM NUMBER OF AGGREGATE PRINCIPAL
MORTGAGE COUPON RATES MORTGAGE LOANS PRINCIPAL BALANCE BALANCE
--------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
3.01 - 4.00%............ 1 $ 208,386.23 0.16%
5.01 - 6.00............. 21 3,252,203.14 2.43
6.01 - 7.00............. 95 11,511,720.57 8.59
7.01 - 8.00............. 480 50,244,535.05 37.52
8.01 - 9.00............. 150 16,721,386.22 12.48
9.01 - 10.00............. 218 20,405,706.01 15.24
10.01 - 11.00............. 198 18,464,171.78 13.78
11.01 - 12.00............. 116 7,321,885.25 5.47
12.01 - 13.00............. 70 3,954,202.05 2.95
13.01 - 14.00............. 32 1,487,177.29 1.11
14.01 - 15.00............. 8 313,589.62 0.23
15.01 - 16.00............. 2 58,989.21 0.04
-------- ------------------ --------
TOTAL....................... 1,391 $ 133,943,952.42 100.00%
======== ================== ========
</TABLE>
<TABLE>
<S> <C>
Minimum Minimum Mortgage Coupon Rate: 4.00%
Maximum Minimum Mortgage Coupon Rate: 15.13%
Weighted Average Minimum Mortgage Coupon Rates: 8.72%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 15
<PAGE> 18
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF MARGINS
<TABLE>
<CAPTION>
% OF AGGREGATE
RANGE OF NUMBER OF AGGREGATE PRINCIPAL
MARGINS MORTGAGE LOANS PRINCIPAL BALANCE BALANCE
------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1.001 - 2.000%........... 4 $ 322,365.43 0.24%
2.001 - 3.000............ 129 14,148,225.35 10.56
3.001 - 4.000............ 164 18,136,520.96 13.54
4.001 - 5.000............ 278 31,911,091.11 23.83
5.001 - 6.000............ 258 27,557,931.00 20.58
6.001 - 7.000............ 268 24,436,975.14 18.24
7.001 - 8.000............ 154 10,513,430.14 7.85
8.001 - 9.000............ 72 4,234,582.83 3.16
9.001 - 10.000............ 46 1,945,184.78 1.45
10.001 - 11.000............ 15 577,346.99 0.43
11.001 12.000............ 1 48,000.00 0.04
13.001 - 14.000............ 1 46,400.00 0.03
16.001 - 17.000............ 1 65,898.69 0.05
-------- ------------------ -------
TOTAL....................... 1,391 $ 133,943,952.42 100.00%
======== ================== =======
</TABLE>
<TABLE>
<S> <C>
Minimum Margin: 1.90%
Maximum Margin 16.50%
Weighted Average Margin: 5.25%
</TABLE>
DISTRIBUTION OF COUPON RATE ADJUSTMENT FREQUENCIES
<TABLE>
<CAPTION>
% OF AGGREGATE
RATE CHANGE PERIOD NUMBER OF AGGREGATE PRINCIPAL
(MONTHS) MORTGAGE LOANS PRINCIPAL BALANCE BALANCE
--------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
6............................ 1,367 $ 131,716,922.61 98.34%
12............................ 24 2,227,029.81 1.66
-------- ------------------ -------
TOTAL........................ 1,391 $ 133,943,952.42 100.00%
======== ================== =======
</TABLE>
Interest rate adjustments follow an initial fixed-rate period for 97.51% of
the aggregate principal balance of the mortgage loans in the pool.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 16
<PAGE> 19
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF INITIAL PERIODIC COUPON RATE ADJUSTMENT CAPS
<TABLE>
<CAPTION>
% OF AGGREGATE
PERIODIC COUPON RATE NUMBER OF AGGREGATE PRINCIPAL
ADJUSTMENT CAP MORTGAGE LOANS PRINCIPAL BALANCE BALANCE
- ----------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1.000%........................... 386 $ 37,782,944.53 28.21%
1.500............................ 19 2,064,429.40 1.54
2.000............................ 34 2,801,923.10 2.09
2.800............................ 1 48,331.68 0.04
3.000............................ 951 91,246,323.71 68.12
------- ------------------ --------
TOTAL........................ 1,391 $ 133,943,952.42 100.00%
======= ================== ========
</TABLE>
<TABLE>
<S> <C>
Minimum Initial Periodic Coupon Rate Adjustment Cap: 1.00%
Maximum Initial Periodic Coupon Rate Adjustment Cap: 3.00%
Weighted Average Initial Periodic Coupon Rate Adjustment Cap: 2.39%
</TABLE>
DISTRIBUTION OF PERIODIC COUPON RATE ADJUSTMENT CAPS
<TABLE>
<CAPTION>
% OF AGGREGATE
PERIODIC COUPON RATE NUMBER OF AGGREGATE PRINCIPAL
ADJUSTMENT CAP MORTGAGE LOANS PRINCIPAL BALANCE BALANCE
- ----------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1.000%........................... 1,334 $ 128,235,928.36 95.74%
1.500............................ 26 2,979,042.03 2.22
2.000............................ 31 2,728,982.03 2.04
-------- ------------------ ---------
TOTAL........................ 1,391 $ 133,943,952.42 100.00%
======== ================== =========
</TABLE>
<TABLE>
<S> <C>
Minimum Initial Periodic Coupon Rate Adjustment Cap: 1.00%
Maximum Initial Periodic Coupon Rate Adjustment Cap: 2.00%
Weighted Average Initial Periodic Coupon Rate Adjustment Cap: 1.03%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 17
<PAGE> 20
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF LIFETIME COUPON RATE ADJUSTMENT CAPS
<TABLE>
<CAPTION>
% OF AGGREGATE
LIFETIME COUPON RATE NUMBER OF AGGREGATE PRINCIPAL
ADJUSTMENT CAP MORTGAGE LOANS PRINCIPAL BALANCE BALANCE
- ----------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
6.000%........................... 38 $ 4,060,720.75 3.03%
6.350............................ 1 202,788.91 0.15
6.500............................ 1 117,296.76 0.09
7.000............................ 1,350 129,453,546.00 96.65
8.000............................ 1 109,600.00 0.08
-------- ------------------ ------
TOTAL........................ 1,391 $ 133,943,952.42 100.00%
======== ================== ======
</TABLE>
<TABLE>
<S> <C>
Minimum Lifetime Coupon Rate Adjustment Cap: 6.00%
Maximum Lifetime Coupon Rate Adjustment Cap 8.00%
Weighted Average Lifetime Coupon Rate Adjustment Cap: 6.97%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 18
<PAGE> 21
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF NEXT COUPON RATE ADJUSTMENT DATES
<TABLE>
<CAPTION>
NEXT COUPON RATE NUMBER OF AGGREGATE % OF AGGREGATE
ADJUSTMENT DATE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
--------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
November, 1999 2 $ 220,126.78 0.16%
December, 1999 1 87,231.01 0.07
January, 2000 1 66,693.96 0.05
February, 2000 9 759,775.40 0.57
March, 2000 16 1,748,928.98 1.31
April, 2000 11 1,291,806.40 0.96
June, 2000 1 161,210.62 0.12
July, 2000 3 196,727.60 0.15
August, 2000 6 424,664.17 0.32
September, 2000 7 623,190.02 0.47
October, 2000 52 4,574,256.48 3.42
November, 2000 12 1,489,663.67 1.11
December, 2000 2 222,604.60 0.17
January, 2001 2 227,881.91 0.17
February, 2001 11 927,592.06 0.69
March, 2001 13 1,694,323.15 1.26
April, 2001 18 2,584,499.38 1.93
May, 2001 9 871,222.35 0.65
June, 2001 12 1,355,201.95 1.01
July, 2001 11 1,475,856.38 1.10
August, 2001 19 2,140,917.64 1.60
September, 2001 27 2,768,995.59 2.07
October, 2001 11 1,363,499.30 1.02
November, 2001 3 231,915.00 0.17
December, 2001 4 678,431.85 0.51
January, 2002 4 398,334.82 0.30
February, 2002 4 448,507.13 0.33
March, 2002 5 522,679.40 0.39
April, 2002 22 1,867,331.44 1.39
May, 2002 46 4,560,172.54 3.40
June, 2002 36 4,009,897.62 2.99
July, 2002 45 4,583,163.82 3.42
August, 2002 106 9,539,605.91 7.12
September, 2002 294 28,533,148.26 21.29
October, 2002 262 21,797,835.41 16.27
November, 2002 11 1,093,610.00 0.82
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 19
<PAGE> 22
ADVANTA MORTGAGE LOAN TRUST 1999-4
- --------------------------------------------------------------------------------
Terms Sheets & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CUT-OFF DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF NEXT COUPON RATE ADJUSTMENT DATES (CONT'D.)
<TABLE>
<CAPTION>
% OF AGGREGATE
NEXT COUPON RATE NUMBER OF AGGREGATE PRINCIPAL
ADJUSTMENT DATE MORTGAGE LOANS PRINCIPAL BALANCE BALANCE
--------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
April, 2004 5 305,391.39 0.23
May, 2004 14 1,508,289.93 1.13
June, 2004 6 561,644.80 0.42
July, 2004 25 2,941,179.08 2.20
August, 2004 94 8,357,759.12 6.24
September, 2004 126 12,357,610.74 9.23
October, 2004 22 2,320,574.76 1.73
November, 2004 1 50,000.00 0.04
------- ------------------ ----------
TOTAL........................ 1,391 $ 133,943,952.42 100.00%
======= ================== ==========
</TABLE>
<TABLE>
<S> <C>
Weighted Average Next Coupon Rate Adjustment Date: October 2002
Weighted Average Number of Months to Next Coupon Rate Adjustment Date: 36
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS
Page 20
