<PAGE> 1
[BEAR, STEARNS& CO. INC. LETTERHEAD]
FAX TRANSMITTAL
Computational Material
[ADVANTA LOGO]
ADVANTA MORTGAGE LOAN TRUST 2000-2
FAX TO: DATE: August 14, 2000
COMPANY: # PAGES(incl. cover): 24
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> 2
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
$[649,728,000]
(APPROXIMATE)
ADVANTA MORTGAGE LOAN TRUST 2000-2
MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2000-2
ADVANTA CONDUIT RECEIVABLES, INC.
SPONSOR
ADVANTA MORTGAGE CORP. USA
MASTER SERVICER
AMBAC ASSURANCE CORPORATION
CERTIFICATE INSURER
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 LOGO]
Page 1
<PAGE> 3
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
TRANSACTION HIGHLIGHTS(2)(3)
<TABLE>
<CAPTION>
CLASS DESCRIPTION EXPECTED RATINGS BALANCE AVERAGE LIFE MODIFIED DURATION PAYMENT WINDOW TO DAY COUNT
(S&P/MOODY'S) TO CALL / MTY TO CALL / MTY CALL / MTY
<S> <C> <C> <C> <C> <C> <C> <C>
A-1(1) FRM Floater SEQ AAA/Aaa $258,839,000 0.85 / 0.85 0.79 / 0.79 21 / 21 Actual/360
A-2 FRM Fixed SEQ AAA/Aaa 54,646,000 2.00 / 2.00 1.80 / 1.80 7 / 7 30/360
A-3 FRM Fixed SEQ AAA/Aaa 123,250,000 3.00 / 3.00 2.59 / 2.59 21 / 21 30/360
A-4 FRM Fixed SEQ AAA/Aaa 83,139,000 5.00 / 5.00 3.98 / 3.98 32 / 32 30/360
A-5 FRM Fixed SEQ AAA/Aaa 64,854,000 8.00 / 10.36 5.64 / 6.62 22 / 100 30/360
A-6 FRM NAS Class AAA/Aaa 65,000,000 6.39 / 6.56 4.84 / 4.92 63 / 137 30/360
</TABLE>
(1) CLASS A-1 CERTIFICATES ARE NOT AVAILABLE.
(2) ALL CERTIFICATES ARE PRICED TO CALL. AFTER THE CALL DATE, CLASS A-4,
A-5 AND A-6 COUPONS STEP UP BY 0.75%.
(3) CLASS A-1, A-4, A-5 AND A-6 CERTIFICATES ARE SUBJECT TO AN AVAILABLE
FUNDS CAP; CLASS A-1 HAS AN AVAILABLE FUNDS CAP CARRY FORWARD FEATURE
(I.E. SUPPLEMENTAL INTEREST, NOT COVERED BY AMBAC).
<TABLE>
<CAPTION>
SUMMARY OF TERMS
<S> <C>
TITLE OF SECURITIES: Advanta Mortgage Loan Trust 2000-2, Mortgage Loan Asset-Backed Certificates,
Series 2000-2.
DESCRIPTION OF TRANSACTION: One floating rate class of Certificates (the "A-1 Certificates") and 5 fixed rate
classes of Certificates (the "A-2 Certificates," the "A-3 Certificates," the "A-4
Certificates," the "A-5 Certificates" and the "A-6 Certificates," together the
"Fixed Rate Certificates," and together with the "A-1 Certificates," the
"Certificates") wrapped by Ambac Assurance Corporation ("Ambac") and
collateralized by a pool of fixed rate, first and second lien mortgages (the
"Mortgage Loans").
MORTGAGE LOANS: The Mortgage Loans are secured by single-family residences that may be detached,
part of a two- to four-family dwelling, a condominium unit, a prefabricated home,
or a unit in a planned unit development. It is anticipated that as of the
closing date, there will be approximately $656,292,000 of fixed-rate mortgage
loans. As of the Statistical Calculation Date, the principal balance of the
mortgage loans was $656,291,736.97. The actual principal balance of mortgage
loans delivered on the closing date may be higher than the principal 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
CERTIFICATE INSURER: Ambac Assurance Corporation is rated AAA/Aaa by Standard & Poor's and Moody's.
The Certificate Insurer guarantees timely interest, capped at the Available Funds
Cap Rate, and ultimate principal payments on the Certificates.
Interest shortfalls due to the application of the Soldiers' and Sailors' Civil Relief
Act of 1940 or the Available Funds Cap Rate Carry Forward Amounts 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 LOGO]
Page 2
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ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
SUMMARY OF TERMS (CONT'D)
<TABLE>
<S> <C>
STATISTICAL CALCULATION DATE: Opening of business on August 1, 2000
INITIAL CUT-OFF DATE: Opening of business on August 1, 2000
PRICING DATE(1): August [17], 2000
CLOSING DATE(1): August [23], 2000
FORM OF SETTLEMENT CERTIFICATES: Book entry form, same day funds (through DTC, Euroclear and Clearstream).
PREPAYMENT PRICING ASSUMPTION: 120% PPC, which equates to 3.6% CPR in the first month, increasing to 24% CPR over
12 months, and remaining at 24% CPR thereafter on a seasoning adjusted basis.
OPTIONAL REDEMPTION DATE: The Payment Date after the aggregate principal balance of the mortgage loans is
less than or equal to 10% of the aggregate original principal balance of the
Class A Certificates.
PAYMENT DATE: The 25th day of each month or, if such day is not a business day, the next
succeeding business day, beginning on September 25, 2000.
SERVICING FEE: 50 basis points per annum.
INTEREST ACCRUAL PERIOD: The Interest Accrual Period for each payment date (x) for the Class A-1
Certificates is the period from the preceding payment date, or, in the case of
the first payment date, from the closing date, through the day preceding the
payment date and (y) for the class A-2, A-3, A-4, A-5 and A-6 certificates is the
prior calendar month. All calculations of interest on the Class A-1 Certificates
will be made on the basis of the actual number of days elapsed in the related
Interest Accrual Period, divided by 360.
All calculations of interest on the Fixed Rate Certificates will be made on the
basis of a 360-day year consisting of 12 months of 30 days each.
STEP-UP PAYMENT DATE: The "Step-Up Payment Date" is the payment date immediately following the calendar
month in which the optional redemption of the Certificates is first permitted to
occur.
STEP-UP COUPONS: After the Step-up Payment Date, the Class A-4, A-5 and A-6 coupons step up by
0.75%.
CLASS A-6 NAS CERTIFICATES: The Class A-6 NAS Certificates pay according to the following schedule (of its
pro-rata share):
September 2000 - August 2003: 0%
September 2003 - August 2005: 45%
September 2005 - August 2006: 80%
September 2006 - August 2007: 100%
September 2007 and thereafter: 300%
</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.
Page 3 [BEAR STEARNS LOGO]
<PAGE> 5
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
SUMMARY OF TERMS (CONT'D)
<TABLE>
<S> <C>
AVAILABLE FUNDS CAP RATE: The "Available Funds Cap Rate" for any payment date is an amount, expressed as a
per annum rate (x) for the class A-1 certificates, calculated on the basis of a
360-day year and the actual number of days elapsed in the related Interest
Accrual Period; and (y) for the class A-4, A-5 and A-6 certificates, on the basis
of a 360 day year consisting of 12 months of 30 days each, equal to:
(1) the aggregate amount of interest accrued and collected or advanced on
all of the Mortgage Loans during the prior calendar month - net of any
shortfalls arising due to the application of the Soldiers' and Sailors'
Civil Relief Act - minus the aggregate amount of the servicing fee, the
trustee's fee and the premiums due to the certificate insurer, on that
payment date, divided by,
(2) the aggregate principal balance of the Mortgage Loans as of the opening
of business on the first day of the prior calendar month.
AVAILABLE FUNDS CAP CARRY For any Payment Date, if the amount of interest due on the Class A-1 Certificates
FORWARD: is calculated at the Available Funds Cap Rate, then the difference between the
amount of interest due and the amount that would have been due if interest were
calculated at the stated rate of LIBOR + [__]% (such stated rate, the "Formula
Rate") (such difference the "Available Funds Cap Carry Forward Amount") will be
payable (together with interest thereon at the Formula Rate) on future payment
dates to the extent of the funds available therefor as described below under the
section "Distributions of Principal and Interest". Payment of such amounts are
not guaranteed by the Certificate Insurer, the Sponsor or the Master Servicer.
CERTIFICATE RATINGS: AAA by Standard & Poor's Ratings Services; Aaa by Moody's Investors Service, Inc.
ERISA CONSIDERATIONS: Subject to the conditions and considerations discussed in the prospectus
supplement, the Certificates are ERISA eligible.
LEGAL INVESTMENT: The Certificates are not expected to be SMMEA eligible.
TAXATION: The trust will be treated as a REMIC for federal income tax purposes.
CREDIT ENHANCEMENT:
1) The use of excess cashflow (including, until the overcollateralization target
is initially reached, prepayment penalties) to cover losses and to distribute
principal in order to create overcollateralization;
2) Subordination of distributions on the subordinate certificates to the required
distributions on the Certificates;
3) Allocation of losses on the Mortgage Loans to the subordinate certificates; and
4) The certificate insurance policy.
</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.
Page 4 [BEAR STEARNS LOGO]
<PAGE> 6
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
SUMMARY OF TERMS (CONT'D)
<TABLE>
<S> <C>
PROSPECTUS: The Certificates are being offered pursuant to a prospectus supplemented by a
prospectus supplement (together, the "Prospectus"). Complete information with
respect to the Certificates 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 Certificates may not be consummated unless the purchaser
has received the Prospectus.
DISTRIBUTIONS OF PRINCIPAL Owners of the Certificates will be entitled to receive payments of interest each
AND INTEREST: month. The amount of principal the owners of Certificates are entitled to
receive will vary depending on a number of factors, including the payments
received on the Mortgage Loans. Each month, the indenture trustee will calculate
the amounts to be paid to the owners of the Certificates.
Distributions will be made on each payment date to the owners of the
Certificates as of the record date. The record date for the Class A-1
Certificates is the business day immediately preceding the payment date, unless
the Class A-1 Certificates are issued in definitive form, in which case the
record date shall be the last business day of the prior calendar month. The
record date for the Class A-2, A-3, A-4, A-5 and A-6 Certificates is the last
business day of the prior calendar month.
Owners of Certificates 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 will be September 25, 2000.
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 trustee and the certificate
insurer;
- second, to pay interest on the certificates;
- third, to pay principal of the certificates;
- fourth, to reimburse the certificate insurer;
- fifth, to reimburse the master servicer for unreimbursed advances and other
expenses; and
- sixth, to make a distribution to the owners of the subordinate certificates, a
portion of which may be used to pay any available funds cap carry forward
amounts on the Class A-1 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.
Page 5 [BEAR STEARNS LOGO]
<PAGE> 7
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
RECENT DEVELOPMENTS
DEVELOPMENTS CONCERNING ADVANTA CORP. AND ITS SUBSIDIARIES
Advanta Corp. is the parent of the sponsor and the master servicer. The
ability of Advanta Corp.'s subsidiaries to honor their financial and other
obligations is to some extent influenced by the financial condition of Advanta
Corp. Such obligations, as they are related to the trust and the offered
certificates, primarily consist of the sponsor's obligation to repurchase
mortgage loans which are inconsistent with representations and warranties in the
pooling and servicing agreement, as well as the obligations of the master
servicer pursuant to the pooling and servicing agreement. To the extent the
sponsor's and master servicer's ability to perform such obligations is adversely
affected, the mortgage loans may experience an increased level of delinquencies
and losses.
The prospectus supplement contains forward-looking statements that are
subject to risks and uncertainties that could cause actual results to materially
differ from those projected. Additional risks that may affect Advanta Corp.'s
performance are detailed in Advanta Corp.'s filings with the Securities and
Exchange Commission, including its most recent Annual Report on Form 10-K and
its Quarterly Reports on Form 10-Q.
Regulatory Developments. On June 2, 2000, Advanta issued a press
release announcing that its banking subsidiaries, Advanta National Bank and
Advanta Bank Corp., each of which is an originator, had reached agreements with
their respective bank regulatory agencies. The agreements primarily relate to
the banks' subprime lending operations, and outline a series of steps to modify
processes, many of which have already begun, and formalize and document certain
practices and procedures relating to sub-prime lending. Advanta anticipates that
limitations and restrictions imposed by the agreements and the changes to
existing processes and procedures will decrease Advanta's mortgage loan
origination volume in the near term.
The agreements establish temporary asset growth limits at Advanta
National Bank and deposit growth limits at Advanta Bank Corp. In addition, the
agreements contain restrictions on taking brokered deposits at Advanta National
Bank and require that as of September 30, 2000, Advanta National Bank have
capital ratios equal to their capital ratios on March 31, 2000.
The agreements also provide that Advanta change its charge-off policy
for delinquent mortgage loans in its owned and managed portfolio to 180 days,
for which it is presently reserved, however the master servicer's charge-off
policy for mortgage loans owned by securitization trusts will remain unchanged.
In addition the agreements provide that Advanta modify its accounting processes
and methodology for its allowance for loan losses and valuation of residual
assets.
On July 31, 2000, Advanta Corp. issued a press release stating that one
of its banking subsidiaries, Advanta National Bank, had reached an agreement
with its bank regulatory agency regarding the carrying value of the bank's
retained interests and contractual mortgage servicing rights in mortgage
securitizations and its allowance for loan losses. The agreement provides that
the carrying value for the bank's retained interests and contractual mortgage
servicing rights will be reduced by $201 million and $13 million, respectively.
In addition, pursuant to the agreement, Advanta National Bank recorded a $22
million non-cash charge to increase its allowance for mortgage loan loss
reserves at June 30, 2000. The agreement further provides that the bank will
maintain its allowance for loan losses at a level of at least 5.38% of the
unpaid principal balance of all loans owned by the bank or reported on its
books, less any loans held for sale.
On August 2, 2000, Advanta Corp. reported a net loss for the second
quarter of $192.7 million, largely because of these non-cash charges recorded by
Advanta National Bank.
During the second half of calendar year 2000, Advanta Corp. expects pro
forma operating earnings per share to be in the range of $0.90-$1.10. This
primarily reflects the impact of the regulatory agreements on the businesses
which operate through Advanta National Bank and Advanta Bank Corp. In
particular, this reflects lower mortgage loan originations partially offset by
the results of the business card unit. Together with the pro forma operating
results of $1.28 through June 30 2000, the pro forma operating results for the
full year are expected to be in the range of $2.18-$2.38 per diluted share, a 7%
to 17% increase from the $2.04 earned in 1999.
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.
Page 6 [BEAR STEARNS LOGO]
<PAGE> 8
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
RECENT DEVELOPMENTS (CONT'D)
Strategic Developments. On May 17, 2000, Advanta Corp. issued a press
release stating that it had retained Salomon Smith Barney to assist it in
studying possible strategic alternatives for Advanta's mortgage and leasing
business units. Although there are no specific actions contemplated at this
time, these strategic alternatives could include the sale of, or strategic
alliances or partnerships in respect of, all or a portion of Advanta's mortgage
loan origination and servicing businesses. Advanta has entered into preliminary
discussions with a number of parties and has begun the due diligence process.
The transaction documents do not prohibit the sale or merger of the
master servicer into another corporate entity, although they do place
restrictions on any such sale or merger, including the requirement that any such
sale or merger not cause a downgrade in the ratings of the offered certificates.
In the event that any strategic alternative involving the master servicer is
implemented in the future, the servicing of the mortgage loans could be
affected.
Litigation Developments. On January 22, 1999, Fleet Financial Group,
Inc. and some of its affiliates filed a complaint against Advanta Corp. and some
of its subsidiaries in Delaware Chancery Court bringing a lawsuit relating to
the transaction between Advanta Corp. and some of its affiliates and Fleet
Financial Group, Inc. and some of its affiliates which closed on February 20,
1998. Pursuant to the transaction Advanta Corp. contributed substantially all of
its consumer credit card business to a limited liability company controlled by
Fleet Financial Group, Inc. Fleet's allegations, which Advanta denies, center
around Fleet's assertions that Advanta has failed to complete certain
post-closing adjustments to the value of the assets and liabilities that Advanta
contributed to the transaction. Fleet seeks damages of approximately $141
million.
On February 16, 1999, Advanta Corp. filed an answer to the complaint
denying the material allegations of the complaint. Advanta Corp. also filed
counterclaims against Fleet Financial Group, Inc. and some of its affiliates
seeking damages of approximately $101 million from Fleet. Formal discovery has
begun and is ongoing. Although the outcome of this litigation cannot be
determined, Advanta Corp. does not expect this litigation to have a material
adverse effect on the financial position or future operating results of Advanta
Corp. or Advanta Mortgage Corp. USA.
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.
Page 7 [BEAR STEARNS LOGO]
<PAGE> 9
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
SENSITIVITY TABLES (TO 10% CALL AND MATURITY)
<TABLE>
<CAPTION>
CLASS A-1 (TO CALL & TO MATURITY)
---------------------------------------------------------------------------------------------------------------------------------
% PREPAYMENT ASSUMPTION (PPC) 0% 50% 100% 120% 150% 200% 250%
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Illustrative Yield @ Par (Actual/360 BEY) 6.96% 6.96% 6.96% 6.96% 6.96% 6.96% 6.96%
Average Life (years) 10.95 1.90 1.01 0.85 0.69 0.53 0.43
Modified Duration (years) 7.05 1.68 0.93 0.79 0.65 0.50 0.41
First Principal Payment 09/25/00 09/25/00 09/25/00 09/25/00 09/25/00 09/25/00 09/25/00
Last Principal Payment 03/25/15 11/25/04 09/25/02 05/25/02 01/25/02 08/25/01 06/25/01
Principal Lockout (months) 0 0 0 0 0 0 0
Principal Window (months) 175 51 25 21 17 12 10
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-2 (TO CALL & TO MATURITY)
---------------------------------------------------------------------------------------------------------------------------------
% PREPAYMENT ASSUMPTION (PPC) 0% 50% 100% 120% 150% 200% 250%
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Illustrative Yield @ Par (30/360 BEY) 7.60% 7.53% 7.42% 7.38% 7.31% 7.19% 7.07%
Average Life (years) 14.59 4.89 2.41 2.00 1.58 1.16 0.91
Modified Duration (years) 8.58 3.95 2.13 1.80 1.45 1.08 0.85
First Principal Payment 03/25/15 11/25/04 09/25/02 05/25/02 01/25/02 08/25/01 06/25/01
Last Principal Payment 03/25/15 03/25/06 05/25/03 11/25/02 05/25/02 12/25/01 08/25/01
Principal Lockout (months) 174 50 24 20 16 11 9
Principal Window (months) 1 17 9 7 5 5 3
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-3 (TO CALL & TO MATURITY)
---------------------------------------------------------------------------------------------------------------------------------
% PREPAYMENT ASSUMPTION (PPC) 0% 50% 100% 120% 150% 200% 250%
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Illustrative Yield @ Par (30/360 BEY) 7.73% 7.71% 7.63% 7.60% 7.55% 7.46% 7.36%
Average Life (years) 14.80 8.22 3.68 3.00 2.33 1.68 1.28
Modified Duration (years) 8.58 5.84 3.09 2.59 2.06 1.52 1.18
First Principal Payment 03/25/15 03/25/06 05/25/03 11/25/02 05/25/02 12/25/01 08/25/01
Last Principal Payment 05/25/17 03/25/12 07/25/05 07/25/04 08/25/03 09/25/02 03/25/02
Principal Lockout (months) 174 66 32 26 20 15 11
Principal Window (months) 27 73 27 21 16 10 8
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-4 (TO CALL & TO MATURITY)
---------------------------------------------------------------------------------------------------------------------------------
% PREPAYMENT ASSUMPTION (PPC) 0% 50% 100% 120% 150% 200% 250%
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Illustrative Yield @ Par (30/360 BEY) 7.97% 7.96% 7.91% 7.89% 7.85% 7.79% 7.71%
Average Life (years) 19.86 13.65 6.49 5.00 3.76 2.55 1.89
Modified Duration (years) 9.70 8.08 4.87 3.98 3.14 2.23 1.69
First Principal Payment 05/25/17 03/25/12 07/25/05 07/25/04 08/25/03 09/25/02 03/25/02
Last Principal Payment 01/25/23 03/25/15 11/25/09 02/25/07 04/25/05 10/25/03 10/25/02
Principal Lockout (months) 200 138 58 46 35 24 18
Principal Window (months) 69 37 53 32 21 14 8
---------------------------------------------------------------------------------------------------------------------------------
</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.
Page 8 [BEAR STEARNS LOGO]
<PAGE> 10
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
SENSITIVITY TABLES (to 10% Call)
<TABLE>
<CAPTION>
CLASS A-5 (TO CALL)
---------------------------------------------------------------------------------------------------------------------------------
% PREPAYMENT ASSUMPTION (PPC) 0% 50% 100% 120% 150% 200% 250%
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Illustrative Yield @ Par (30/360 BEY) 8.38% 8.37% 8.35% 8.34% 8.31% 8.26% 8.20%
Average Life (years) 22.66 14.59 9.95 8.00 5.92 3.95 2.72
Modified Duration (years) 9.90 8.19 6.55 5.64 4.51 3.24 2.35
First Principal Payment 01/25/23 03/25/15 11/25/09 02/25/07 04/25/05 10/25/03 10/25/02
Last Principal Payment 04/25/23 03/25/15 08/25/10 11/25/08 02/25/07 03/25/05 01/25/04
Principal Lockout (months) 268 174 110 77 55 37 25
Principal Window (months) 4 1 10 22 23 18 16
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-6 (TO CALL)
---------------------------------------------------------------------------------------------------------------------------------
% PREPAYMENT ASSUMPTION (PPC) 0% 50% 100% 120% 150% 200% 250%
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Illustrative Yield @ Par (30/360 BEY) 7.70% 7.68% 7.66% 7.66% 7.65% 7.62% 7.59%
Average Life (years) 12.80 8.36 6.83 6.39 5.61 4.34 3.40
Modified Duration (years) 7.82 5.85 5.08 4.84 4.38 3.57 2.90
First Principal Payment 09/25/03 09/25/03 09/25/03 09/25/03 09/25/03 09/25/03 09/25/03
Last Principal Payment 03/25/15 03/25/15 08/25/10 11/25/08 02/25/07 03/25/05 01/25/04
Principal Lockout (months) 36 36 36 36 36 36 36
Principal Window (months) 139 139 84 63 42 19 5
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SENSITIVITY TABLES (to Maturity)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-5 (TO MATURITY)
-----------------------------------------------------------------------------------------------------------------------------------
% PREPAYMENT ASSUMPTION (PPC) 0% 50% 100% 120% 150% 200% 250%
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Illustrative Yield @ Par (30/360 BEY) 8.39% 8.42% 8.45% 8.46% 8.44% 8.29% 8.20%
Average Life (years) 24.05 16.77 12.42 10.36 7.44 4.12 2.73
Modified Duration (years) 10.10 8.71 7.45 6.62 5.23 3.35 2.35
First Principal Payment 01/25/23 03/25/15 11/25/09 02/25/07 04/25/05 10/25/03 10/25/02
Last Principal Payment 06/25/26 06/25/24 12/25/17 05/25/15 11/25/14 11/25/10 03/25/04
Principal Lockout (months) 268 174 110 77 55 37 25
Principal Window (months) 42 112 98 100 116 86 18
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-6 (to maturity)
-----------------------------------------------------------------------------------------------------------------------------------
% Prepayment Assumption (PPC) 0% 50% 100% 120% 150% 200% 250%
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Illustrative Yield @ Par (30/360 BEY) 7.70% 7.68% 7.67% 7.67% 7.71% 7.79% 7.79%
Average Life (years) 12.80 8.36 6.91 6.56 6.18 5.71 4.56
Modified Duration (years) 7.82 5.85 5.11 4.92 4.70 4.41 3.69
First Principal Payment 09/25/03 09/25/03 09/25/03 09/25/03 09/25/03 09/25/03 09/25/03
Last Principal Payment 03/25/15 03/25/15 03/25/15 01/25/15 10/25/14 09/25/10 04/25/08
Principal Lockout (months) 36 36 36 36 36 36 36
Principal Window (months) 139 139 139 137 134 85 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.
Page 9 [BEAR STEARNS LOGO]
<PAGE> 11
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
DECREMENT TABLE (TO 10% CALL AND TO MATURITY)
PERCENTAGE OF INITIAL CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
TO 10% CALL AND TO MATURITY
---------------------------
PERCENTAGE OF INITIAL CLASS A-1 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
<TABLE>
<CAPTION>
SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7
% PREPAYMENT ASSUMPTION 0% 50% 100% 120% 150% 200% 250%
DATES
------------------------ ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100 100
August 25, 2001 92 68 45 36 22 0 0
August 25, 2002 89 44 2 0 0 0 0
August 25, 2003 87 22 0 0 0 0 0
August 25, 2004 85 3 0 0 0 0 0
August 25, 2005 83 0 0 0 0 0 0
August 25, 2006 80 0 0 0 0 0 0
August 25, 2007 77 0 0 0 0 0 0
August 25, 2008 75 0 0 0 0 0 0
August 25, 2009 72 0 0 0 0 0 0
August 25, 2010 69 0 0 0 0 0 0
August 25, 2011 66 0 0 0 0 0 0
August 25, 2012 62 0 0 0 0 0 0
August 25, 2013 58 0 0 0 0 0 0
August 25, 2014 52 0 0 0 0 0 0
August 25, 2015 0 0 0 0 0 0 0
August 25, 2016 0 0 0 0 0 0 0
August 25, 2017 0 0 0 0 0 0 0
August 25, 2018 0 0 0 0 0 0 0
August 25, 2019 0 0 0 0 0 0 0
August 25, 2020 0 0 0 0 0 0 0
August 25, 2021 0 0 0 0 0 0 0
August 25, 2022 0 0 0 0 0 0 0
August 25, 2023 0 0 0 0 0 0 0
August 25, 2024 0 0 0 0 0 0 0
August 25, 2025 0 0 0 0 0 0 0
August 25, 2026 0 0 0 0 0 0 0
August 25, 2027 0 0 0 0 0 0 0
August 25, 2028 0 0 0 0 0 0 0
August 25, 2029 0 0 0 0 0 0 0
August 25, 2030 0 0 0 0 0 0 0
Weighted Average Life
to 10% Call and
to Maturity (years): 10.95 1.90 1.01 0.85 0.69 0.53 0.43
First Principal Payment
to 10% Call and
to Maturity (date): 9/25/00 9/25/00 9/25/00 9/25/00 9/25/00 9/25/00 9/25/00
Last Principal Payment
to 10% Call and
to Maturity (date): 3/25/15 11/25/04 9/25/02 5/25/02 1/25/02 8/25/01 6/25/01
Payment Window
to 10% Call and
to Maturity (months): 175 51 25 21 17 12 10
Modified Duration
to 10% Call and
to Maturity (years): 7.05 1.68 0.93 0.79 0.65 0.50 0.41
</TABLE>
The weighted average life of each indicated class of
Class A Certificates 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 respective principal
balance for the related Class A Certificates 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 LOGO]
Page 10
<PAGE> 12
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
DECREMENT TABLE (TO 10% CALL AND TO MATURITY)
PERCENTAGE OF INITIAL CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
TO 10% CALL AND TO MATURITY
PERCENTAGE OF INITIAL CLASS A-2 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
<TABLE>
<CAPTION>
SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7
% PREPAYMENT ASSUMPTION 0% 50% 100% 120% 150% 200% 250%
DATES
------------------------ ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100 100
August 25, 2001 100 100 100 100 100 93 0
August 25, 2002 100 100 100 40 0 0 0
August 25, 2003 100 100 0 0 0 0 0
August 25, 2004 100 100 0 0 0 0 0
August 25, 2005 100 37 0 0 0 0 0
August 25, 2006 100 0 0 0 0 0 0
August 25, 2007 100 0 0 0 0 0 0
August 25, 2008 100 0 0 0 0 0 0
August 25, 2009 100 0 0 0 0 0 0
August 25, 2010 100 0 0 0 0 0 0
August 25, 2011 100 0 0 0 0 0 0
August 25, 2012 100 0 0 0 0 0 0
August 25, 2013 100 0 0 0 0 0 0
August 25, 2014 100 0 0 0 0 0 0
August 25, 2015 0 0 0 0 0 0 0
August 25, 2016 0 0 0 0 0 0 0
August 25, 2017 0 0 0 0 0 0 0
August 25, 2018 0 0 0 0 0 0 0
August 25, 2019 0 0 0 0 0 0 0
August 25, 2020 0 0 0 0 0 0 0
August 25, 2021 0 0 0 0 0 0 0
August 25, 2022 0 0 0 0 0 0 0
August 25, 2023 0 0 0 0 0 0 0
August 25, 2024 0 0 0 0 0 0 0
August 25, 2025 0 0 0 0 0 0 0
August 25, 2026 0 0 0 0 0 0 0
August 25, 2027 0 0 0 0 0 0 0
August 25, 2028 0 0 0 0 0 0 0
August 25, 2029 0 0 0 0 0 0 0
August 25, 2030 0 0 0 0 0 0 0
Weighted Average Life
to 10% Call and
to Maturity (years): 14.59 4.89 2.41 2.00 1.58 1.16 0.91
First Principal Payment
to 10% Call and
to Maturity (date): 3/25/15 11/25/04 9/25/02 5/25/02 1/25/02 8/25/01 6/25/01
Last Principal Payment
to 10% Call and
to Maturity (date): 3/25/15 3/25/06 5/25/03 11/25/02 5/25/02 12/25/01 8/25/01
Payment Window
to 10% Call and
to Maturity (months): 1 17 9 7 5 5 3
Modified Duration
to 10% Call and
to Maturity (years): 8.58 3.95 2.13 1.80 1.45 1.08 0.85
</TABLE>
The weighted average life of each indicated class of
Class A Certificates 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 respective principal
balance for the related Class A Certificates 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 LOGO]
Page 11
<PAGE> 13
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
DECREMENT TABLE (TO 10% CALL AND TO MATURITY)
PERCENTAGE OF INITIAL CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
TO 10% CALL AND TO MATURITY
PERCENTAGE OF INITIAL CLASS A-3 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
<TABLE>
<CAPTION>
SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7
% PREPAYMENT ASSUMPTION 0% 50% 100% 120% 150% 200% 250%
DATES
------------------------ ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100 100
August 25, 2001 100 100 100 100 100 100 92
August 25, 2002 100 100 100 100 73 6 0
August 25, 2003 100 100 79 44 0 0 0
August 25, 2004 100 100 31 0 0 0 0
August 25, 2005 100 100 0 0 0 0 0
August 25, 2006 100 87 0 0 0 0 0
August 25, 2007 100 64 0 0 0 0 0
August 25, 2008 100 50 0 0 0 0 0
August 25, 2009 100 36 0 0 0 0 0
August 25, 2010 100 21 0 0 0 0 0
August 25, 2011 100 7 0 0 0 0 0
August 25, 2012 100 0 0 0 0 0 0
August 25, 2013 100 0 0 0 0 0 0
August 25, 2014 100 0 0 0 0 0 0
August 25, 2015 14 0 0 0 0 0 0
August 25, 2016 6 0 0 0 0 0 0
August 25, 2017 0 0 0 0 0 0 0
August 25, 2018 0 0 0 0 0 0 0
August 25, 2019 0 0 0 0 0 0 0
August 25, 2020 0 0 0 0 0 0 0
August 25, 2021 0 0 0 0 0 0 0
August 25, 2022 0 0 0 0 0 0 0
August 25, 2023 0 0 0 0 0 0 0
August 25, 2024 0 0 0 0 0 0 0
August 25, 2025 0 0 0 0 0 0 0
August 25, 2026 0 0 0 0 0 0 0
August 25, 2027 0 0 0 0 0 0 0
August 25, 2028 0 0 0 0 0 0 0
August 25, 2029 0 0 0 0 0 0 0
August 25, 2030 0 0 0 0 0 0 0
Weighted Average Life
to 10% Call and
to Maturity (years): 14.80 8.22 3.68 3.00 2.33 1.67 1.28
First Principal Payment
to 10% Call and
to Maturity (date): 3/25/15 3/25/06 5/25/03 11/25/02 5/25/02 12/25/01 8/25/01
Last Principal Payment
to 10% Call and
to Maturity (date): 5/25/17 3/25/12 7/25/05 7/25/04 8/25/03 9/25/02 3/25/02
Payment Window
to 10% Call and
to Maturity (months): 27 73 27 21 16 10 8
Modified Duration
to 10% Call and
to Maturity (years): 8.58 5.84 3.09 2.59 2.06 1.52 1.18
</TABLE>
The weighted average life of each indicated class of
Class A Certificates 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 respective principal
balance for the related Class A Certificates 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.
Page 12 [BEAR STEARNS LOGO]
<PAGE> 14
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
DECREMENT TABLE (TO 10% CALL AND TO MATURITY)
PERCENTAGE OF INITIAL CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
TO 10% CALL AND TO MATURITY
PERCENTAGE OF INITIAL CLASS A-4 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
<TABLE>
<CAPTION>
SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7
% PREPAYMENT ASSUMPTION 0% 50% 100% 120% 150% 200% 250%
DATES
----------------------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100 100
August 25, 2001 100 100 100 100 100 100 100
August 25, 2002 100 100 100 100 100 100 23
August 25, 2003 100 100 100 100 97 6 0
August 25, 2004 100 100 100 95 31 0 0
August 25, 2005 100 100 92 43 0 0 0
August 25, 2006 100 100 54 10 0 0 0
August 25, 2007 100 100 26 0 0 0 0
August 25, 2008 100 100 17 0 0 0 0
August 25, 2009 100 100 3 0 0 0 0
August 25, 2010 100 100 0 0 0 0 0
August 25, 2011 100 100 0 0 0 0 0
August 25, 2012 100 90 0 0 0 0 0
August 25, 2013 100 71 0 0 0 0 0
August 25, 2014 100 52 0 0 0 0 0
August 25, 2015 100 0 0 0 0 0 0
August 25, 2016 100 0 0 0 0 0 0
August 25, 2017 96 0 0 0 0 0 0
August 25, 2018 82 0 0 0 0 0 0
August 25, 2019 66 0 0 0 0 0 0
August 25, 2020 49 0 0 0 0 0 0
August 25, 2021 30 0 0 0 0 0 0
August 25, 2022 9 0 0 0 0 0 0
August 25, 2023 0 0 0 0 0 0 0
August 25, 2024 0 0 0 0 0 0 0
August 25, 2025 0 0 0 0 0 0 0
August 25, 2026 0 0 0 0 0 0 0
August 25, 2027 0 0 0 0 0 0 0
August 25, 2028 0 0 0 0 0 0 0
August 25, 2029 0 0 0 0 0 0 0
August 25, 2030 0 0 0 0 0 0 0
Weighted Average Life
to 10% Call and
to Maturity (years): 19.86 13.65 6.49 5.00 3.76 2.55 1.88
First Principal Payment
to 10% Call and
to Maturity (date): 5/25/17 3/25/12 7/25/05 7/25/04 8/25/03 9/25/02 3/25/02
Last Principal Payment
to 10% Call and
to Maturity (date): 1/25/23 3/25/15 11/25/09 2/25/07 4/25/05 10/25/03 10/25/02
Payment Window
to 10% Call and
to Maturity (months): 69 37 53 32 21 14 8
Modified Duration
to 10% Call and
to Maturity (years): 9.70 8.08 4.88 3.98 3.14 2.23 1.69
</TABLE>
The weighted average life of each indicated class of Class A
Certificates 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 respective principal
balance for the related Class A Certificates 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 LOGO]
Page 13
<PAGE> 15
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
DECREMENT TABLE (TO 10% CALL)
PERCENTAGE OF INITIAL CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
TO 10% CALL
PERCENTAGE OF INITIAL CLASS A-5 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
<TABLE>
<CAPTION>
SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7
% PREPAYMENT ASSUMPTION 0% 50% 100% 120% 150% 200% 250%
DATES
----------------------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100 100
August 25, 2001 100 100 100 100 100 100 100
August 25, 2002 100 100 100 100 100 100 100
August 25, 2003 100 100 100 100 100 100 23
August 25, 2004 100 100 100 100 100 44 0
August 25, 2005 100 100 100 100 83 0 0
August 25, 2006 100 100 100 100 54 0 0
August 25, 2007 100 100 100 85 0 0 0
August 25, 2008 100 100 100 79 0 0 0
August 25, 2009 100 100 100 0 0 0 0
August 25, 2010 100 100 0 0 0 0 0
August 25, 2011 100 100 0 0 0 0 0
August 25, 2012 100 100 0 0 0 0 0
August 25, 2013 100 100 0 0 0 0 0
August 25, 2014 100 100 0 0 0 0 0
August 25, 2015 100 0 0 0 0 0 0
August 25, 2016 100 0 0 0 0 0 0
August 25, 2017 100 0 0 0 0 0 0
August 25, 2018 100 0 0 0 0 0 0
August 25, 2019 100 0 0 0 0 0 0
August 25, 2020 100 0 0 0 0 0 0
August 25, 2021 100 0 0 0 0 0 0
August 25, 2022 100 0 0 0 0 0 0
August 25, 2023 0 0 0 0 0 0 0
August 25, 2024 0 0 0 0 0 0 0
August 25, 2025 0 0 0 0 0 0 0
August 25, 2026 0 0 0 0 0 0 0
August 25, 2027 0 0 0 0 0 0 0
August 25, 2028 0 0 0 0 0 0 0
August 25, 2029 0 0 0 0 0 0 0
August 25, 2030 0 0 0 0 0 0 0
Weighted Average Life
to 10% Call (years): 22.66 14.59 9.95 8.00 5.92 3.95 2.72
First Principal Payment
to 10% Call (date): 1/25/23 3/25/15 11/25/09 2/25/07 4/25/05 10/25/03 10/25/02
Last Principal Payment
to 10% Call (date): 4/25/23 3/25/15 8/25/10 11/25/08 2/25/07 3/25/05 1/25/04
Payment Window
to 10% Call (months): 4 1 10 22 23 18 16
Modified Duration
to 10% Call (years): 9.90 8.19 6.55 5.64 4.51 3.24 2.35
</TABLE>
The weighted average life of each indicated class of Class A
Certificates 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 respective principal
balance for the related Class A Certificates 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 LOGO]
Page 14
<PAGE> 16
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
DECREMENT TABLE (TO 10% CALL)
PERCENTAGE OF INITIAL CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
TO 10% CALL
PERCENTAGE OF INITIAL CLASS A-6 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
<TABLE>
<CAPTION>
SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7
% PREPAYMENT ASSUMPTION 0% 50% 100% 120% 150% 200% 250%
DATES
----------------------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100 100
August 25, 2001 100 100 100 100 100 100 100
August 25, 2002 100 100 100 100 100 100 100
August 25, 2003 100 100 100 100 100 100 100
August 25, 2004 100 95 90 88 85 79 0
August 25, 2005 99 90 81 78 72 0 0
August 25, 2006 98 81 67 62 54 0 0
August 25, 2007 97 72 53 46 0 0 0
August 25, 2008 92 50 26 19 0 0 0
August 25, 2009 88 35 12 0 0 0 0
August 25, 2010 83 24 0 0 0 0 0
August 25, 2011 78 16 0 0 0 0 0
August 25, 2012 72 11 0 0 0 0 0
August 25, 2013 66 7 0 0 0 0 0
August 25, 2014 58 5 0 0 0 0 0
August 25, 2015 0 0 0 0 0 0 0
August 25, 2016 0 0 0 0 0 0 0
August 25, 2017 0 0 0 0 0 0 0
August 25, 2018 0 0 0 0 0 0 0
August 25, 2019 0 0 0 0 0 0 0
August 25, 2020 0 0 0 0 0 0 0
August 25, 2021 0 0 0 0 0 0 0
August 25, 2022 0 0 0 0 0 0 0
August 25, 2023 0 0 0 0 0 0 0
August 25, 2024 0 0 0 0 0 0 0
August 25, 2025 0 0 0 0 0 0 0
August 25, 2026 0 0 0 0 0 0 0
August 25, 2027 0 0 0 0 0 0 0
August 25, 2028 0 0 0 0 0 0 0
August 25, 2029 0 0 0 0 0 0 0
August 25, 2030 0 0 0 0 0 0 0
Weighted Average Life
to 10% Call (years): 12.80 8.36 6.83 6.39 5.61 4.34 3.40
First Principal Payment
to 10% Call (date): 9/25/03 9/25/03 9/25/03 9/25/03 9/25/03 9/25/03 9/25/03
Last Principal Payment
to 10% Call (date): 3/25/15 3/25/15 8/25/10 11/25/08 2/25/07 3/25/05 1/25/04
Payment Window
to 10% Call (months): 139 139 84 63 42 19 5
Modified Duration
to 10% Call (years): 7.82 5.85 5.08 4.84 4.38 3.57 2.90
</TABLE>
The weighted average life of each indicated class of
Class A Certificates 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 respective principal
balance for the related Class A Certificates 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 LOGO]
Page 15
<PAGE> 17
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
DECREMENT TABLE (TO MATURITY)
PERCENTAGE OF INITIAL CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
TO MATURITY
PERCENTAGE OF INITIAL CLASS A-5 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
<TABLE>
<CAPTION>
SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7
% PREPAYMENT ASSUMPTION 0% 50% 100% 120% 150% 200% 250%
DATES
----------------------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100 100
August 25, 2001 100 100 100 100 100 100 100
August 25, 2002 100 100 100 100 100 100 100
August 25, 2003 100 100 100 100 100 100 23
August 25, 2004 100 100 100 100 100 44 0
August 25, 2005 100 100 100 100 83 10 0
August 25, 2006 100 100 100 100 54 2 0
August 25, 2007 100 100 100 85 37 1 0
August 25, 2008 100 100 100 79 37 1 0
August 25, 2009 100 100 100 66 30 1 0
August 25, 2010 100 100 85 51 20 1 0
August 25, 2011 100 100 69 38 13 0 0
August 25, 2012 100 100 54 27 7 0 0
August 25, 2013 100 100 41 19 3 0 0
August 25, 2014 100 100 31 13 1 0 0
August 25, 2015 100 52 5 0 0 0 0
August 25, 2016 100 43 2 0 0 0 0
August 25, 2017 100 35 * 0 0 0 0
August 25, 2018 100 28 0 0 0 0 0
August 25, 2019 100 22 0 0 0 0 0
August 25, 2020 100 17 0 0 0 0 0
August 25, 2021 100 11 0 0 0 0 0
August 25, 2022 100 7 0 0 0 0 0
August 25, 2023 81 3 0 0 0 0 0
August 25, 2024 48 0 0 0 0 0 0
August 25, 2025 20 0 0 0 0 0 0
August 25, 2026 0 0 0 0 0 0 0
August 25, 2027 0 0 0 0 0 0 0
August 25, 2028 0 0 0 0 0 0 0
August 25, 2029 0 0 0 0 0 0 0
47720 0 0 0 0 0 0 0
Weighted Average Life
to Maturity (years): 24.05 16.77 12.42 10.36 7.44 4.12 2.73
First Principal Payment
to Maturity (date): 1/25/23 3/25/15 11/25/09 2/25/07 4/25/05 10/25/03 10/25/02
Last Principal Payment
to Maturity (date): 6/25/26 6/25/24 12/25/17 5/25/15 11/25/14 11/25/10 3/25/04
Payment Window
to Maturity (months): 42 112 98 100 116 86 18
Modified Duration
to Maturity (years): 10.10 8.71 7.45 6.62 5.23 3.35 2.35
</TABLE>
* indicates greater than zero but less than 0.5%
The weighted average life of each indicated class of
Class A Certificates 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 respective principal
balance for the related Class A Certificates 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 LOGO]
Page 16
<PAGE> 18
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
DECREMENT TABLE (TO MATURITY)
PERCENTAGE OF INITIAL CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
TO MATURITY
PERCENTAGE OF INITIAL CLASS A-6 CERTIFICATE PRINCIPAL BALANCE OUTSTANDING
<TABLE>
<CAPTION>
SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7
% PREPAYMENT ASSUMPTION 0% 50% 100% 120% 150% 200% 250%
DATES
----------------------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Initial Percentage 100 100 100 100 100 100 100
August 25, 2001 100 100 100 100 100 100 100
August 25, 2002 100 100 100 100 100 100 100
August 25, 2003 100 100 100 100 100 100 100
August 25, 2004 100 95 90 88 85 79 61
August 25, 2005 99 90 81 78 72 63 28
August 25, 2006 98 81 67 62 54 40 11
August 25, 2007 97 72 53 46 37 22 3
August 25, 2008 92 50 26 19 14 11 0
August 25, 2009 88 35 12 8 4 4 0
August 25, 2010 83 24 6 3 1 * 0
August 25, 2011 78 16 3 1 * 0 0
August 25, 2012 72 11 1 * * 0 0
August 25, 2013 66 7 1 * * 0 0
August 25, 2014 58 5 * * * 0 0
August 25, 2015 0 0 0 0 0 0 0
August 25, 2016 0 0 0 0 0 0 0
August 25, 2017 0 0 0 0 0 0 0
August 25, 2018 0 0 0 0 0 0 0
August 25, 2019 0 0 0 0 0 0 0
August 25, 2020 0 0 0 0 0 0 0
August 25, 2021 0 0 0 0 0 0 0
August 25, 2022 0 0 0 0 0 0 0
August 25, 2023 0 0 0 0 0 0 0
August 25, 2024 0 0 0 0 0 0 0
August 25, 2025 0 0 0 0 0 0 0
August 25, 2026 0 0 0 0 0 0 0
August 25, 2027 0 0 0 0 0 0 0
August 25, 2028 0 0 0 0 0 0 0
August 25, 2029 0 0 0 0 0 0 0
August 25, 2030 0 0 0 0 0 0 0
Weighted Average Life
to Maturity (years): 12.80 8.36 6.91 6.56 6.18 5.71 4.56
First Principal Payment
to Maturity (date): 9/25/03 9/25/03 9/25/03 9/25/03 9/25/03 9/25/03 9/25/03
Last Principal Payment
to Maturity (date): 3/25/15 3/25/15 3/25/15 1/25/15 10/25/14 9/25/10 4/25/08
Payment Window
to Maturity (months): 139 139 139 137 134 85 56
Modified Duration
to Maturity (years): 7.82 5.85 5.11 4.92 4.70 4.41 3.69
</TABLE>
* indicates greater than zero but less than 0.5%
The weighted average life of each indicated class of
Class A Certificates 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 respective principal
balance for the related Class A Certificates 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 LOGO]
Page 17
<PAGE> 19
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
OVERVIEW OF COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CALCULATION DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
SUMMARY OF COLLATERAL
<TABLE>
<CAPTION>
TOTAL MINIMUM MAXIMUM
--------------- ------------ -------------
<S> <C> <C> <C>
TOTAL NUMBER OF LOANS: 7,895
TOTAL OUTSTANDING LOAN BALANCE: $656,291,736.97
AVERAGE LOAN PRINCIPAL AMOUNT: $ 83,127.52 $ 9,010.35 $ 493,343.52
WA GROSS COUPON: 10.49% 5.03% 19.20%
WA FICO(1): 604
LOAN TYPE:
Balloon: 61.18%
Fully Amortizing: 38.82%
WA REMAINING TERM TO MATURITY (MONTHS): 225 30 360
WA SEASONING (MONTHS): 8 0 136
LIEN POSITION:
First Lien: 97.32%
Second Lien: 2.68%
WA CLTV: 80.62% 7.41% 100.00%
PROPERTY TYPE:
SF Detached/De Minimus PUD: 85.59%
SF Rowhouse/Townhouse/Condo: 5.96%
Two to Four Family Home: 5.83%
Prefabricated Single Family: 2.62%
GEOGRAPHIC DISTRIBUTION:
(equal or greater than 5%)
CA: 11.35%
IL: 10.54%
OH: 6.96%
PA: 6.95%
FL: 6.55%
MD: 5.63%
MI: 5.45%
</TABLE>
------------------------------------
(1) Weighted Average FICO Score does not include loans with FICOs of zero.
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 LOGO]
Page 18
<PAGE> 20
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CALCULATION DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
GEOGRAPHIC DISTRIBUTION (TOP TEN STATES)
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE % OF AGGREGATE
STATE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
California ...... 585 $ 74,512,060.06 11.35%
Illinois ........ 771 69,196,943.30 10.54
Ohio ............ 658 45,708,313.18 6.96
Pennsylvania .... 750 45,623,909.34 6.95
Florida ......... 558 42,998,566.87 6.55
Maryland ........ 392 36,931,901.21 5.63
Michigan ........ 507 35,756,646.52 5.45
New York ........ 374 29,602,724.07 4.51
New Jersey ...... 264 28,785,144.58 4.39
Washington ...... 212 24,522,722.18 3.74
Other ........... 2,824 222,652,805.66 33.93
-------------- ----------------- -----------------
TOTAL ...... 7,895 $ 656,291,736.97 100.00%
============== ================= =================
</TABLE>
The mortgaged properties are located in a total of 49 states and the District of
Columbia.
DISTRIBUTION OF CLTVs
<TABLE>
<CAPTION>
RANGE OF NUMBER OF AGGREGATE % OF AGGREGATE
CLTV RATIOS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
0.01 - 60.00% ................ 732 $ 38,197,459.87 5.82%
60.01 - 70.00 ................. 706 47,144,577.66 7.18
70.01 - 75.00 ................. 823 65,657,029.98 10.00
75.01 - 80.00 ................. 1,668 147,799,541.89 22.52
80.01 - 85.00 ................. 1,994 169,466,440.40 25.82
85.01 - 90.00 ................. 1,841 176,677,433.61 26.93
90.01 - 95.00 ................. 10 837,449.66 0.13
95.01 - 100.00 ................ 121 10,511,803.90 1.60
-------------- ----------------- -----------------
TOTAL ...................... 7,895 $656,291,736.97 100.00%
============== ================= =================
</TABLE>
Minimum CLTV: 7.41%
Maximum CLTV: 100.00%
Weighted Average CLTV: 80.62%
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 LOGO]
Page 19
<PAGE> 21
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CALCULATION DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
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 .......... 8 $ 137,617.68 0.02%
61 - 120 .......... 106 3,696,665.76 0.56
121 - 180 .......... 5,214 444,194,543.97 67.69
181 - 240 .......... 320 22,461,641.95 3.42
241 - 300 .......... 26 2,164,381.39 0.33
301 - 360 .......... 2,221 183,636,886.22 27.98
-------------- ----------------- -----------------
TOTAL ........... 7,895 $ 656,291,736.97 100.00%
============== ================= =================
</TABLE>
Minimum Remaining Term: 30 Months
Maximum Remaining Term: 360 Months
Weighted Average Remaining Term: 225 Months
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>
$1,000 - $25,000 ............ 436 $ 8,725,815.60 1.33%
25,001 - 50,000 ............ 1,924 73,538,358.13 11.21
50,001 - 75,000 ............ 2,037 126,323,601.80 19.25
75,001 - 100,000 ............ 1,262 108,941,835.76 16.60
100,001 - 150,000 ............ 1,406 170,464,631.72 25.96
150,001 - 200,000 ............ 525 89,866,213.70 13.69
200,001 - 250,000 ............ 183 40,815,455.20 6.22
250,001 - 300,000 ............ 72 19,860,523.59 3.03
300,001 - 350,000 ............ 27 8,606,885.97 1.31
350,001 - 400,000 ............ 15 5,625,036.62 0.86
400,001 - 450,000 ............ 7 3,030,035.36 0.46
450,001 - 500,000 ............ 1 493,343.52 0.08
-------------- ----------------- -----------------
TOTAL ..................... 7,895 $ 656,291,736.97 100.00%
============== ================= =================
Minimum Principal Balance: $ 9,010.35
Maximum Principal Balance: $ 493,343.52
Average Principal Balance: $ 83,127.52
</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 LOGO]
Page 20
<PAGE> 22
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CALCULATION 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 NUMBER OF AGGREGATE % OF AGGREGATE
MORTGAGE COUPON RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
--------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
5.001 - 6.000%..... 1 $ 98,279.24 0.01%
6.001 - 7.000 ..... 44 4,406,126.88 0.67
7.001 - 8.000 ..... 207 20,689,242.67 3.15
8.001 - 9.000 ..... 846 90,922,995.80 13.85
9.001 - 10.000 ..... 1,787 166,869,247.21 25.44
10.001 - 11.000 ..... 1,895 156,899,383.21 23.91
11.001 - 12.000 ..... 1,489 113,160,248.05 17.24
12.001 - 13.000 ..... 983 69,164,912.62 10.54
13.001 - 14.000 ..... 402 24,684,420.86 3.76
14.001 - 15.000 ..... 163 6,917,061.51 1.05
15.001 - 16.000 ..... 50 1,769,361.72 0.27
16.001 - 17.000 ..... 20 557,232.36 0.08
17.001 - 18.000 ..... 5 98,841.67 0.02
18.001 - 19.000 ..... 2 34,424.65 0.01
19.001 - 20.000 ..... 1 19,958.52 0.00
-------------- ----------------- -----------------
TOTAL ............. 7,895 $ 656,291,736.97 100.00%
============== ================= =================
</TABLE>
Minimum Current Mortgage Coupon Rate: 5.03%
Maximum Current Mortgage Coupon Rate: 19.20%
Weighted Average Current Mortgage Coupon Rate: 10.49%
LIEN POSITION
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE % OF AGGREGATE
LIEN POSITION MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
First Lien.... 7,456 $ 638,703,157.17 97.32%
Second Lien... 439 17,588,579.80 2.68
-------------- ----------------- -----------------
TOTAL ..... 7,895 $ 656,291,736.97 100.00%
============== ================= =================
</TABLE>
AMORTIZATION TYPE
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE % OF AGGREGATE
AMORTIZATION TYPE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Balloon ............ 4,346 $ 401,520,115.32 61.18%
Fully Amortizing ... 3,549 254,771,621.65 38.82
-------------- ----------------- -----------------
TOTAL ........... 7,895 $ 656,291,736.97 100.00%
============== ================= =================
</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 LOGO]
Page 21
<PAGE> 23
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CALCULATION DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
DISTRIBUTION OF JUNIOR LIEN RATIOS
<TABLE>
<CAPTION>
RANGE OF NUMBER OF AGGREGATE % OF AGGREGATE
JUNIOR LIEN RATIOS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------------------ -------------- ----------------- -----------------
<S> <C> <C> <C>
0.01 - 10.00% ............... 8 $ 146,775.77 0.83%
10.01 - 20.00 ................ 97 3,007,094.45 17.10
20.01 - 30.00 ................ 170 6,511,398.73 37.02
30.01 - 40.00 ................ 97 4,449,302.39 25.30
40.01 - 50.00 ................ 32 1,687,551.68 9.59
50.01 - 60.00 ................ 17 850,563.58 4.84
60.01 - 70.00 ................ 10 529,649.68 3.01
70.01 - 80.00 ................ 6 302,867.60 1.72
80.01 - 90.00 ................ 1 74,967.40 0.43
90.01 - 100.00 ............... 1 28,408.52 0.16
-------------- ----------------- -----------------
TOTAL ..................... 439 $ 17,588,579.80 100.00%
============== ================= =================
</TABLE>
Minimum Junior Lien Ratio: 5.88%
Maximum Junior Lien Ratio: 90.41%
Weighted Average Junior Lien Ratio: 31.03%
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 ......... 6,523 $ 561,728,026.69 85.59%
SF Row House/Townhouse/Condo ...... 664 39,130,313.80 5.96
Two to Four Family Home ........... 437 38,253,969.51 5.83
Prefabricated Single Family ....... 271 17,179,426.97 2.62
-------------- ----------------- -----------------
TOTAL .......................... 7,895 $ 656,291,736.97 100.00%
============== ================= =================
</TABLE>
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 ...... 7,632 $ 640,866,736.81 97.65%
Non-Owner Occupied .. 263 15,425,000.16 2.35
-------------- ----------------- -----------------
TOTAL ............ 7,895 $ 656,291,736.97 100.00%
============== ================= =================
</TABLE>
Owner Occupied includes vacation and second homes.
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 LOGO]
Page 22
<PAGE> 24
ADVANTA MORTGAGE LOAN TRUST 2000-2
Term Sheet & Computational Materials
COLLATERAL CHARACTERISTICS AS OF THE STATISTICAL CALCULATION DATE
The information contained herein will be superceded by the description of the
collateral contained in the Prospectus Supplement.
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 ............. 4,052 $ 342,075,948.17 52.13%
7 - 12 ............ 2,681 220,341,947.80 33.57
13 - 24 ........... 735 64,600,026.60 9.84
25 - 142 .......... 427 29,273,814.40 4.46
-------------- ----------------- -----------------
TOTAL ......... 7,895 $ 656,291,736.97 100.00%
============== ================= =================
</TABLE>
Minimum Seasoning: 0 Months
Maximum Seasoning: 136 Months
Weighted Average Seasoning: 8 Months
DISTRIBUTION OF PREPAYMENT PENALTY TYPES
<TABLE>
<CAPTION>
PREPAYMENT NUMBER OF AGGREGATE % OF AGGREGATE
DESCRIPTION MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------------------ -------------- ----------------- -----------------
<S> <C> <C> <C>
5 Years
12 Months Interest ...... 3,615 $ 306,712,024.75 46.74%
6 Months of Interest ... 1,189 96,078,973.30 14.64
Other .................. 281 20,422,698.06 3.11
4 Years
6 Months Interest ...... 9 1,212,025.44 0.18
Other .................. 7 783,128.15 0.12
3 Years
12 Months of Interest ... 609 62,421,065.66 9.51
6 Months of Interest ... 323 26,036,535.25 3.97
Other .................. 324 22,264,368.09 3.39
2 Years
6 Months of Interest ... 101 10,190,369.49 1.55
Other .................. 20 1,740,777.84 0.27
1 Year
6 Months of Interest ... 156 14,885,614.79 2.27
Other .................. 51 4,666,066.15 0.71
Other ........................ 652 51,808,569.70 7.89
No Prepayment Penalty ........ 558 37,069,520.30 5.65
-------------- ----------------- -----------------
TOTAL ................... 7,895 $ 656,291,736.97 100.00%
============== ================= =================
</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 LOGO]
Page 23
