<PAGE>
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 24, 1997
Prudential Securities Secured Financing Corporation
---------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-16511 13-3526694
- ---------------------------- ---------------------- -------------------
State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One New York Plaza New York, New York 10292
- ---------------------------------------- -----------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-1000
No Change
------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- -------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
------------
In connection with the offering of ABFS Mortgage Loan Trust 1997-1,
Mortgage Pass-Through Certificates, Series 1997-1, described in a
Prospectus Supplement dated as of March 24, 1997, certain "Computational
Materials" within the meanings of the May 20, 1994 Kidder, Peabody
No-Action Letter and the February 17, 1995 Public Securities Association
No-Action Letter were furnished to certain prospective investors (the "Related
Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
----------------------------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibits 99.1 and 99.2. Related Computational Materials (as
defined in Item 5 above).
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed
on its behalf by the undersigned thereunto duly authorized.
PRUDENTIAL SECURITIES SECURED FINANCING
CORPORATION
as Depositor and on behalf of ABFS
Mortgage Loan Trust 1997-1
Registrant
By: /s/ Norman Chaleff
-------------------------------
Name: Norman Chaleff
Title: Vice President
Dated: March 28, 1996
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Related Computational
Materials (as defined
in Item 5 above).
99.2 Related Computational
Materials (as defined
in Item 5 above).
<PAGE>
EXHIBIT 99.1
------------
American Business Financial Services 1997-1
[$33,300,000] Class A-1 Fixed-Rate Certificates
[$20,800,000] Class A-2 Fixed-Rate Certificates
[$18,650,000] Class A-3 Fixed-Rate Certificates
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the American Business Financial
Services Mortgage Loan Trust 1997-1 transaction, and not by, or as agent for
American Business Financial Services, Inc. ("ABFS" or the "Company") or any of
its affiliates. The analysis in this report is accurate to the best of PSI's
knowledge and is based on information provided by the Company. PSI makes no
representations as to the accuracy of such information provided to it by the
Company. All assumptions and information in this report reflect PSI's judgment
as of this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the assumptions;
there may be differences between these assumptions and your actual business
practices. Further, PSI does not guarantee any results and there is no
guarantee as to the liquidity of the instruments involved in this analysis. The
decision to adopt any strategy remains your responsibility. PSI (or any of its
affiliates) or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments thereon referred
to herein, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in
the securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the
analysis with respect to you, and PSI strongly urges you to seek advice from
your counsel, accountant and tax advisor.
<PAGE>
American Business Financial Services 1997-1
Summary of Transaction
This transaction is the fifth securitization for American Business Financial
Services, Inc. ("ABFS" or the "Company") and its second public securitization.
It is also the first securitization since ABFS listed on NASDAQ in February.
The Company originates loans through two subsidiaries, Upland Mortgage
("Upland") and American Business Credit ("ABC"), both located in Bala Cynwyd,
PA. Upland originates consumer purpose home equity loans and ABC originates
business purpose home equity loans. Upland and ABC generally service the loans
retained in their respective portfolios and will service the loans to be
included in the securitization.
Three tranches of Class A Certificates will be offered. It is expected that the
Class A-1 Certificates, the Class A-2 Certificates and the Class A-3
Certificates will have average lives of approximately [1.05 years], [3.04
years] and [6.71 years] (to call), respectively, based on a pricing speed of
[23% HEP]. Interest will be paid on the 15th day of each month on a 30/360
basis. The transaction will feature a 10% cleanup call by the Servicer with a
coupon stepup of 75 basis points should the cleanup call not be exercised.
This transaction features credit enhancement in the form of a 100% guaranty of
timely payment of interest and eventual payment of principal from Financial
Security Assurance, Inc. ("FSA"). The transaction will be rated AAA/Aaa by S&P
and Moody's based on the guaranty from FSA. Beginning with an initial
overcollateralization ("O/C") level of [3%], excess spread from the transaction
will be used to pay down the Class A Certificates to an O/C target of [TBD%].
In addition, excess spread of approximately [] basis points will be available
each month for credit enhancement.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
American Business Financial Services 1997-1
Title of Securities: American Business Financial Services Mortgage Loan Trust
1997-1, Class A Fixed Rate Certificates, (the
"Certificates").
Collateral: The collateral consists of business and consumer purpose
fixed-rate home equity loans.
Approximate Size: [$72,750,000]
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3
---------- --------- ---------
<S> <C> <C> <C>
Approximate Face Amount: [$33,300,000] [$20,800,000] [$18,650,000]
Average Life to Maturity: [1.05 yrs.] [3.04 yrs.] [7.55 yrs.]
Average Life to 10% Call: [1.05 yrs.] [3.04 yrs.] [6.71 yrs.]
Price: [TBD] [TBD] [TBD]
Spread: [TBD] [TBD] [TBD]
Coupon: [TBD] [TBD] [TBD]
Step-up: 75 bps will be added to the coupon after the 10%
clean-up call date.
Yield (CBE): [TBD] [TBD] [TBD]
Pricing Speed: 23% HEP 23% HEP 23% HEP
Day Count: 30/360 30/360 30/360
Expected Maturity: [04/15/99 09/15/01 04/15/12]
Expected Maturity to 10% Call: [04/15/99 09/15/01 06/15/05]
Final Maturity: [05/15/10 04/15/12 08/15/28]
</TABLE>
Payment Date: The 15th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on April 15, 1997.
Payment Delay: 14 days.
Interest Accrual
Period: Interest will accrue from the 1st day of the
preceeding month until the 30th day of the preceeding
month.
Pricing Date: March [13], 1997
Settlement Date: March [27], 1997
Servicer: American Business Credit, Inc.
Servicing Fee: 50 basis points per annum.
Trustee: The Chase Manhattan Bank
Certificate Ratings: The Certificates will be rated AAA/Aaa by Standard &
Poor's and Moody's.
Certificate Insurer: Financial Security Assurance, Inc. ("FSA"). FSA's
claims-paying ability is rated AAA/Aaa by Standard and
Poor's and Moody's.
Certificate Insurance: Timely payment of interest and eventual payment of
principal on the Certificates will be 100% guaranteed
by FSA.
<PAGE>
Cashflow Priority: 1) Repayment of unreimbursed Servicer advances;
2) Servicing fee;
3) Trustee fee;
4) FSA fee;
5) Repayment of unreimbursed Surety payments;
6) Accrued monthly interest for Class A
Certificateholders (pro-rata);
7) Monthly principal to the Class A Certificateholders
(sequential pay);
8) Excess cashflow to build over-collateralization
("O/C"); and
9) Any remaining excess cashflow to the holders of
the Class R Certificates.
<PAGE>
Credit Enhancement: 1) 100% wrap from FSA guaranteeing timely payment of
interest and eventual payment of principal.
2) Overcollateralization.
3) Excess monthly cash flow.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF
YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT
YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
American Business Financial Services 1997-1
Overcollateralization: The credit enhancement provisions of the Trust are
intended to provide for the limited acceleration of the
Certificates relative to the amortization of the
related collateral, generally in the early months of
the transaction. Accelerated amortization is achieved
by applying certain excess interest collected on the
collateral to the payment of principal on the
Certificates, resulting in the build up of
overcollateralization ("O/C"). By paying down the
principal balance of the Certificates faster than the
principal amortization of the respective collateral
pool, an overcollateralization amount equal to the
excess of the aggregate principal balance of the
Collateral Pool over the principal balance of the
related Certificates is created. Excess cashflow will
be directed to build the O/C amount until the pool
reaches its required O/C target. Upon this event, the
acceleration feature will cease, unless it is once
again necessary to maintain the required O/C level.
Overcollateralization
Levels (Approx.): Initial O/C based O/C Target based on
on original collateral original collateral
balance:[TBD%] balance:[TBD]
These O/C percentages are subject to step-downs
beginning in month [30] if certain tests are met.
Pre-funding Account: On the Settlement Date, an aggregate cash amount ("the
Pre-funded Amount"), which will equal approximately
[$25,000,000] will be deposited in a Pre-funding
Account. During the period ("the Funding Period")
from the Settlement Date until the earlier of: (i) the
date on which the amount in the Pre-funding Account is
less than $100,000, (ii) the date on which any Servicer
default occurs, or (iii) 90 days from the Settlement
Date, the Pre-funding Amount will remain in the
Pre-funding Account. The Pre-funding Account will be
reduced during the Funding Period by amounts used to
purchase subsequent mortgages in accordance with
the Pooling and Servicing Agreement. Any Pre-funded
Amount remaining at the end of the Funding Period (net
of reinvestment income payable to the Class R
Certificateholders) will be distributed to the Class A
Certificateholders on the July 1997 Distribution Date
as a partial prepayment of principal of such
Certificates.
Clean-up Call: The Servicer has the right to purchase the mortgage
loans from the Trust when the outstanding aggregate
principal balance of the mortgage loans has declined to
10% or less of the initial aggregate principal balance
of the mortgage loans plus the initial amount in the
Pre-funding Account. The option to purchase the
mortgage loans is at par plus 30 days' accrued interest.
If the Servicer does not exercise the Clean-up Call,
the coupon on any outstanding Class A Certificates
increases by 75 basis points.
ERISA
Considerations: The Certificates will be not be ERISA eligible until
the completion of the Funding Period. Investors should
consult with their counsel with respect to the
consequences under ERISA and the Internal Revenue Code
of the Plan's acquisition and ownership of such
certificates.
Taxation: REMIC.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU
DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
RUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
American Business Financial Services 1997-1
Available Pool
Information: As of February 28, 1997, the Initial Cutoff Date:
Loans: 698
Balance: $38,887,811.52
WAC: 12.61%
WAM: 196 months (balloon loans to balloon
date)
WA CLTV: 70.69%
% 1st Lien: 66.72%
% 2nd Lien: 31.73%
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information
with respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received the
Prospectus.
Further Information: Trading: Rob Karr or Greg Richter at (212) 778-2741,
Banking: Evan Mitnick (212) 778-7469
FSG: Januar Laude at (212) 778-7176 or Jacqui
Galdieri at (212) 778-2612.
COPIES OF PROSPECTUS: PLEASE SEND AN E-MAIL WITH CLIENT'S NAME ADDRESS AND
PHONE NUMBER TO EVAN MITNICK AT: MITNICKE
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $33,300,000.00 DATED DATE: 03/01/97
COUPON: TBD ABFS71 FIRST PAYMENT: 04/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $33,300,000.00 BOND A1 PRICE-YIELD TABLE YIELD TABLE DATE: 03/27/97
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 6.556 6.556 6.556 6.556 6.556 6.556
99-24+ 6.540 6.542 6.541 6.539 6.538 6.538
99-25 6.524 6.529 6.527 6.523 6.521 6.520
99-25+ 6.508 6.515 6.512 6.507 6.504 6.502
99-26 6.492 6.501 6.497 6.490 6.487 6.484
99-26+ 6.476 6.487 6.483 6.474 6.470 6.466
99-27 6.460 6.474 6.468 6.457 6.453 6.448
99-27+ 6.444 6.460 6.453 6.441 6.435 6.430
99-28 6.428 6.446 6.439 6.425 6.418 6.412
99-28+ 6.412 6.433 6.424 6.408 6.401 6.394
99-29 6.396 6.419 6.409 6.392 6.384 6.376
99-29+ 6.380 6.405 6.395 6.376 6.367 6.358
99-30 6.364 6.391 6.380 6.359 6.349 6.340
99-30+ 6.348 6.378 6.366 6.343 6.332 6.322
99-31 6.332 6.364 6.351 6.327 6.315 6.304
99-31+ 6.317 6.350 6.336 6.310 6.298 6.287
100-00 6.301 6.337 6.322 6.294 6.281 6.269
100-00+ 6.285 6.323 6.307 6.278 6.264 6.251
100-01 6.269 6.309 6.293 6.261 6.247 6.233
100-01+ 6.253 6.296 6.278 6.245 6.230 6.215
100-02 6.237 6.282 6.263 6.229 6.212 6.197
100-02+ 6.221 6.268 6.249 6.212 6.195 6.179
100-03 6.205 6.255 6.234 6.196 6.178 6.161
100-03+ 6.189 6.241 6.220 6.180 6.161 6.143
100-04 6.173 6.227 6.205 6.163 6.144 6.126
100-04+ 6.158 6.214 6.190 6.147 6.127 6.108
100-05 6.142 6.200 6.176 6.131 6.110 6.090
100-05+ 6.126 6.186 6.161 6.115 6.093 6.072
100-06 6.110 6.173 6.147 6.098 6.076 6.054
100-06+ 6.094 6.159 6.132 6.082 6.059 6.036
100-07 6.078 6.146 6.118 6.066 6.041 6.019
100-07+ 6.062 6.132 6.103 6.049 6.024 6.001
First Payment 0.050 0.050 0.050 0.050 0.050 0.050
Average Life 1.050 1.231 1.149 1.022 0.971 0.928
Last Payment 2.050 2.467 2.300 1.967 1.800 1.717
Mod.Dur. @ 100-00 0.977 1.137 1.065 0.952 0.908 0.869
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $20,800,000.00 DATED DATE: 03/01/97
COUPON: TBD ABFS71 FIRST PAYMENT: 04/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $20,800,000.00 BOND A2 PRICE-YIELD TABLE YIELD TABLE DATE: 03/27/97
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 6.942 6.943 6.943 6.942 6.942 6.941
99-24+ 6.936 6.938 6.938 6.936 6.935 6.934
99-25 6.930 6.934 6.932 6.930 6.929 6.927
99-25+ 6.925 6.929 6.927 6.924 6.922 6.920
99-26 6.919 6.924 6.922 6.918 6.916 6.913
99-26+ 6.913 6.919 6.917 6.912 6.909 6.906
99-27 6.907 6.914 6.911 6.905 6.903 6.900
99-27+ 6.901 6.909 6.906 6.899 6.896 6.893
99-28 6.895 6.904 6.901 6.893 6.890 6.886
99-28+ 6.889 6.900 6.896 6.887 6.883 6.879
99-29 6.883 6.895 6.890 6.881 6.877 6.872
99-29+ 6.878 6.890 6.885 6.875 6.870 6.865
99-30 6.872 6.885 6.880 6.869 6.864 6.858
99-30+ 6.866 6.880 6.875 6.863 6.857 6.851
99-31 6.860 6.875 6.869 6.857 6.851 6.844
99-31+ 6.854 6.871 6.864 6.851 6.844 6.837
100-00 6.848 6.866 6.859 6.845 6.838 6.830
100-00+ 6.842 6.861 6.854 6.839 6.831 6.824
100-01 6.837 6.856 6.848 6.833 6.825 6.817
100-01+ 6.831 6.851 6.843 6.827 6.818 6.810
100-02 6.825 6.846 6.838 6.820 6.812 6.803
100-02+ 6.819 6.842 6.833 6.814 6.805 6.796
100-03 6.813 6.837 6.827 6.808 6.799 6.789
100-03+ 6.807 6.832 6.822 6.802 6.792 6.782
100-04 6.801 6.827 6.817 6.796 6.786 6.775
100-04+ 6.796 6.822 6.812 6.790 6.779 6.768
100-05 6.790 6.817 6.806 6.784 6.773 6.761
100-05+ 6.784 6.813 6.801 6.778 6.766 6.755
100-06 6.778 6.808 6.796 6.772 6.760 6.748
100-06+ 6.772 6.803 6.791 6.766 6.753 6.741
100-07 6.766 6.798 6.785 6.760 6.747 6.734
100-07+ 6.760 6.793 6.780 6.754 6.741 6.727
First Payment 2.050 2.467 2.300 1.967 1.800 1.717
Average Life 3.051 3.791 3.458 2.936 2.728 2.545
Last Payment 4.467 5.550 5.050 4.300 3.967 3.717
Mod.Dur. @ 100-00 2.653 3.212 2.964 2.562 2.399 2.252
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $18,650,000.00 DATED DATE: 03/01/97
COUPON: TBD ABFS71 FIRST PAYMENT: 04/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $18,650,000.00 BOND A3 PRICE-YIELD TABLE YIELD TABLE DATE: 03/27/97
****** TO CALL ******
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 7.533 7.534 7.534 7.533 7.532 7.532
99-24+ 7.530 7.532 7.531 7.530 7.529 7.528
99-25 7.527 7.529 7.528 7.527 7.526 7.525
99-25+ 7.524 7.526 7.525 7.523 7.522 7.521
99-26 7.521 7.524 7.523 7.520 7.519 7.518
99-26+ 7.518 7.521 7.520 7.517 7.516 7.514
99-27 7.515 7.518 7.517 7.514 7.512 7.510
99-27+ 7.512 7.516 7.514 7.511 7.509 7.507
99-28 7.509 7.513 7.511 7.507 7.505 7.503
99-28+ 7.505 7.511 7.509 7.504 7.502 7.500
99-29 7.502 7.508 7.506 7.501 7.499 7.496
99-29+ 7.499 7.505 7.503 7.498 7.495 7.493
99-30 7.496 7.503 7.500 7.495 7.492 7.489
99-30+ 7.493 7.500 7.497 7.492 7.489 7.486
99-31 7.490 7.498 7.495 7.488 7.485 7.482
99-31+ 7.487 7.495 7.492 7.485 7.482 7.478
100-00 7.484 7.492 7.489 7.482 7.479 7.475
100-00+ 7.481 7.490 7.486 7.479 7.475 7.471
100-01 7.478 7.487 7.483 7.476 7.472 7.468
100-01+ 7.475 7.484 7.481 7.473 7.469 7.464
100-02 7.472 7.482 7.478 7.470 7.465 7.461
100-02+ 7.469 7.479 7.475 7.466 7.462 7.457
100-03 7.466 7.477 7.472 7.463 7.458 7.454
100-03+ 7.463 7.474 7.469 7.460 7.455 7.450
100-04 7.459 7.471 7.467 7.457 7.452 7.447
100-04+ 7.456 7.469 7.464 7.454 7.448 7.443
100-05 7.453 7.466 7.461 7.451 7.445 7.439
100-05+ 7.450 7.464 7.458 7.447 7.442 7.436
100-06 7.447 7.461 7.455 7.444 7.438 7.432
100-06+ 7.444 7.458 7.453 7.441 7.435 7.429
100-07 7.441 7.456 7.450 7.438 7.432 7.425
100-07+ 7.438 7.453 7.447 7.435 7.428 7.422
First Payment 4.467 5.550 5.050 4.300 3.967 3.717
Average Life 6.719 8.312 7.583 6.454 5.981 5.568
Last Payment 8.217 10.133 9.217 7.883 7.300 6.800
Mod.Dur. @ 100-00 5.069 5.940 5.555 4.915 4.631 4.375
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
- --------------------------------------------------------------------------------
- ABFS 1997-1
- Cut Off Date of Tape is 2/28/97
- FIXED RATE COLLATERAL
- $38,887,811.52
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 698
Aggregate Unpaid Principal Balance: $38,887,811.52
Aggregate Original Principal Balance: $38,976,322.46
Weighted Average Net Coupon: 12.109%
Net Coupon Range: 8.490% - 16.000%
Weighted Average Gross Coupon: 12.609%
Gross Coupon Range: 8.990% - 16.500%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $55,713.20
Average Original Principal Balance: $55,840.00
Maximum Unpaid Principal Balance: $360,000.00
Minimum Unpaid Principal Balance: $7,480.35
Maximum Original Principal Balance: $360,000.00
Minimum Original Principal Balance: $8,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat/Bln Date): 195.921
Stated Rem Term Range: 33.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru Date): 1.165
Age Range: 0.000 - 7.000
Weighted Average Original Term (to Mat/Bln Date): 197.086
Original Term Range: 36.000 - 360.000
Weighted Average Combined LTV: 70.694
Combined LTV Range: 5.670% - 90.000%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
<S> <C> <C> <C>
8.75% -- Gross Coupon -- = 9.00% 1 97,746.46 0.25
9.00% -- Gross Coupon -- = 9.25% 2 230,960.00 0.59
9.25% -- Gross Coupon -- = 9.50% 9 597,330.00 1.54
9.50% -- Gross Coupon -- = 9.75% 30 1,571,715.59 4.04
9.75% -- Gross Coupon -- = 10.00% 30 2,148,362.18 5.52
10.00% -- Gross Coupon -- = 10.25% 46 2,541,092.16 6.53
10.25% -- Gross Coupon -- = 10.50% 40 2,609,966.99 6.71
10.50% -- Gross Coupon -- = 10.75% 21 750,005.47 1.93
10.75% -- Gross Coupon -- = 11.00% 52 2,631,733.26 6.77
11.00% -- Gross Coupon -- = 11.25% 28 1,490,885.28 3.83
11.25% -- Gross Coupon -- = 11.50% 33 1,969,705.50 5.07
11.50% -- Gross Coupon -- = 11.75% 29 1,371,320.56 3.53
11.75% -- Gross Coupon -- = 12.00% 35 2,181,407.90 5.61
12.00% -- Gross Coupon -- = 12.25% 8 532,899.94 1.37
12.25% -- Gross Coupon -- = 12.50% 34 1,805,519.92 4.64
12.50% -- Gross Coupon -- = 12.75% 11 732,340.55 1.88
12.75% -- Gross Coupon -- = 13.00% 32 1,784,800.17 4.59
13.00% -- Gross Coupon -- = 13.25% 24 823,695.68 2.12
13.25% -- Gross Coupon -- = 13.50% 19 898,221.15 2.31
13.50% -- Gross Coupon -- = 13.75% 10 206,555.99 0.53
13.75% -- Gross Coupon -- = 14.00% 41 1,243,788.72 3.20
14.00% -- Gross Coupon -- = 14.25% 1 55,000.00 0.14
14.25% -- Gross Coupon -- = 14.50% 20 845,549.44 2.17
14.50% -- Gross Coupon -- = 14.75% 1 23,963.18 0.06
14.75% -- Gross Coupon -- = 15.00% 11 397,274.01 1.02
15.00% -- Gross Coupon -- = 15.25% 2 73,862.82 0.19
15.25% -- Gross Coupon -- = 15.50% 3 119,600.00 0.31
15.50% -- Gross Coupon -- = 15.75% 34 2,551,252.17 6.56
15.75% -- Gross Coupon -- = 16.00% 87 6,216,244.99 15.99
16.00% -- Gross Coupon -- = 16.25% 2 301,589.99 0.78
16.25% -- Gross Coupon -- = 16.50% 2 83,421.45 0.21
- ------------------------------------------------------------------------------
Total.......... 698 $ 38,887,811.52 100.00%
=============================================================================
</TABLE>
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
24 -- Orig. Term -- = 36 1 7,480.35 0.02%
48 -- Orig. Term -- = 60 28 723,542.16 1.86%
72 -- Orig. Term -- = 84 17 500,697.29 1.29%
84 -- Orig. Term -- = 96 1 41,688.10 0.11%
108 -- Orig. Term -- = 120 93 2,546,200.19 6.55%
132 -- Orig. Term -- = 144 4 160,940.91 0.41%
168 -- Orig. Term -- = 180 369 23,277,407.80 59.86%
228 -- Orig. Term -- = 240 161 9,424,132.16 24.23%
348 -- Orig. Term -- = 360 24 2,205,722.56 5.67%
- ------------------------------------------------------------------------
Total............ 698 38,887,811.52 100.00%
======================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
24 -- Rem Term -- = 36 1 7,480.35 0.02%
48 -- Rem Term -- = 60 28 723,542.16 1.86%
72 -- Rem Term -- = 84 17 500,697.29 1.29%
84 -- Rem Term -- = 96 1 41,688.10 0.11%
108 -- Rem Term -- = 120 93 2,546,200.19 6.55%
132 -- Rem Term -- = 144 4 160,940.91 0.41%
168 -- Rem Term -- = 180 369 23,277,407.80 59.86%
228 -- Rem Term -- = 240 161 9,424,132.16 24.23%
348 -- Rem Term -- = 360 24 2,205,722.56 5.67%
- -----------------------------------------------------------------------
Total............ 698 38,887,811.52 100.00%
=======================================================================
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
5.000 -- CLTV -- = 10 2 69,806.25 0.18
10.000 -- CLTV -- = 15 3 42,135.93 0.11
15.000 -- CLTV -- = 20 6 146,305.10 0.38
20.000 -- CLTV -- = 25 8 203,838.50 0.52
25.000 -- CLTV -- = 30 10 447,948.68 1.15
30.000 -- CLTV -- = 35 11 338,453.04 0.87
35.000 -- CLTV -- = 40 18 847,737.38 2.18
40.000 -- CLTV -- = 45 14 560,501.15 1.44
45.000 -- CLTV -- = 50 33 1,695,749.14 4.36
50.000 -- CLTV -- = 55 22 1,280,414.24 3.29
55.000 -- CLTV -- = 60 35 2,328,385.12 5.99
60.000 -- CLTV -- = 65 54 3,644,431.97 9.37
65.000 -- CLTV -- = 70 75 4,076,499.00 10.48
70.000 -- CLTV -- = 75 85 5,003,281.10 12.87
75.000 -- CLTV -- = 80 150 8,936,077.98 22.98
80.000 -- CLTV -- = 85 97 4,398,523.34 11.31
85.000 -- CLTV -- = 90 75 4,867,723.60 12.52
- ------------------------------------------------------------------------
Total.................... 698 $ 38,887,811.52 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 -- Balance -- = 10,000 11 107,090.94 0.28
10,000 -- Balance -- = 15,000 49 648,576.50 1.67
15,000 -- Balance -- = 20,000 59 1,089,055.94 2.80
20,000 -- Balance -- = 25,000 69 1,617,745.77 4.16
25,000 -- Balance -- = 30,000 58 1,618,927.40 4.16
30,000 -- Balance -- = 35,000 52 1,714,902.57 4.41
35,000 -- Balance -- = 40,000 60 2,305,191.41 5.93
40,000 -- Balance -- = 45,000 43 1,866,923.19 4.80
45,000 -- Balance -- = 50,000 30 1,449,639.43 3.73
50,000 -- Balance -- = 55,000 30 1,593,456.35 4.10
55,000 -- Balance -- = 60,000 27 1,582,436.01 4.07
60,000 -- Balance -- = 65,000 30 1,894,389.02 4.87
65,000 -- Balance -- = 70,000 18 1,239,046.26 3.19
70,000 -- Balance -- = 75,000 12 868,399.97 2.23
75,000 -- Balance -- = 80,000 13 1,018,747.93 2.62
80,000 -- Balance -- = 85,000 12 999,371.60 2.57
85,000 -- Balance -- = 90,000 17 1,497,423.09 3.85
90,000 -- Balance -- = 95,000 7 653,147.29 1.68
95,000 -- Balance -- = 100,000 15 1,478,735.39 3.80
100,000 -- Balance -- = 105,000 11 1,135,014.50 2.92
105,000 -- Balance -- = 110,000 7 757,550.34 1.95
110,000 -- Balance -- = 115,000 3 337,500.00 0.87
115,000 -- Balance -- = 120,000 4 475,532.25 1.22
120,000 -- Balance -- = 125,000 5 612,150.00 1.57
125,000 -- Balance -- = 130,000 3 384,000.00 0.99
130,000 -- Balance -- = 135,000 4 536,166.33 1.38
135,000 -- Balance -- = 140,000 4 551,805.65 1.42
140,000 -- Balance -- = 145,000 4 572,791.85 1.47
145,000 -- Balance -- = 150,000 5 743,949.47 1.91
150,000 -- Balance -- = 200,000 20 3,523,428.17 9.06
200,000 -- Balance -- = 250,000 13 3,049,716.90 7.84
250,000 -- Balance -- = 300,000 1 285,000.00 0.73
300,000 -- Balance -- = 350,000 1 320,000.00 0.82
350,000 -- Balance -- = 400,000 1 360,000.00 0.93
- ----------------------------------------------------------------------------
Total.................... 698 $ 38,887,811.52 100.00%
=============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 -- Balance -- = 10,000 11 107,090.94 0.28
10,000 -- Balance -- = 15,000 49 648,576.50 1.67
15,000 -- Balance -- = 20,000 59 1,089,055.94 2.80
20,000 -- Balance -- = 25,000 71 1,667,380.24 4.29
25,000 -- Balance -- = 30,000 56 1,569,292.93 4.04
30,000 -- Balance -- = 35,000 52 1,714,902.57 4.41
35,000 -- Balance -- = 40,000 60 2,305,191.41 5.93
40,000 -- Balance -- = 45,000 43 1,866,923.19 4.80
45,000 -- Balance -- = 50,000 30 1,449,639.43 3.73
50,000 -- Balance -- = 55,000 30 1,593,456.35 4.10
55,000 -- Balance -- = 60,000 27 1,582,436.01 4.07
60,000 -- Balance -- = 65,000 30 1,894,389.02 4.87
65,000 -- Balance -- = 70,000 18 1,239,046.26 3.19
70,000 -- Balance -- = 75,000 12 868,399.97 2.23
75,000 -- Balance -- = 80,000 13 1,018,747.93 2.62
80,000 -- Balance -- = 85,000 12 999,371.60 2.57
85,000 -- Balance -- = 90,000 17 1,497,423.09 3.85
90,000 -- Balance -- = 95,000 7 653,147.29 1.68
95,000 -- Balance -- = 100,000 16 1,578,417.45 4.06
100,000 -- Balance -- = 105,000 10 1,035,332.44 2.66
105,000 -- Balance -- = 110,000 7 757,550.34 1.95
110,000 -- Balance -- = 115,000 3 337,500.00 0.87
115,000 -- Balance -- = 120,000 4 475,532.25 1.22
120,000 -- Balance -- = 125,000 5 612,150.00 1.57
125,000 -- Balance -- = 130,000 3 384,000.00 0.99
130,000 -- Balance -- = 135,000 4 536,166.33 1.38
135,000 -- Balance -- = 140,000 4 551,805.65 1.42
140,000 -- Balance -- = 145,000 4 572,791.85 1.47
145,000 -- Balance -- = 150,000 5 743,949.47 1.91
150,000 -- Balance -- = 200,000 20 3,523,428.17 9.06
200,000 -- Balance -- = 250,000 13 3,049,716.90 7.84
250,000 -- Balance -- = 300,000 1 285,000.00 0.73
300,000 -- Balance -- = 350,000 1 320,000.00 0.82
350,000 -- Balance -- = 400,000 1 360,000.00 0.93
- ----------------------------------------------------------------------------
Total.................... 698 $ 38,887,811.52 100.00%
============================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
CT 4 493,000.00 1.27
DE 25 1,890,464.69 4.86
FL 2 209,750.00 0.54
GA 18 1,289,731.21 3.32
MD 29 1,470,184.24 3.78
NC 48 2,079,737.04 5.35
NJ 195 11,182,211.15 28.76
NY 38 2,642,097.45 6.79
PA 307 15,965,468.05 41.06
VA 32 1,665,167.69 4.28
- --------------------------------------------------------------------------
Total............... 698 $ 38,887,811.52 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family Detached 501 27,104,358.95 69.70
2-6 Family 19 1,414,909.07 3.64
7+ Family 2 81,780.27 0.21
Townhouses 119 4,730,396.78 12.16
PUD 2 76,500.00 0.20
Condominiums 7 206,827.42 0.53
Commercial 8 570,389.88 1.47
Mixed Use Properties 24 2,410,373.06 6.20
Multiple Properties 16 2,292,276.09 5.89
- --------------------------------------------------------------------------
Total............... 698 $ 38,887,811.52 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 631 34,060,858.94 87.59
Investor 38 1,698,910.28 4.37
Vacation/Second Home 2 35,000.00 0.09
Corporate 11 800,766.21 2.06
Multiple Prop./Occupancy 16 2,292,276.09 5.89
- --------------------------------------------------------------------------
Total.................. 698 $ 38,887,811.52 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 357 25,947,369.45 66.72
2 336 12,339,957.04 31.73
Multiple 5 600,485.03 1.54
- --------------------------------------------------------------------------
Total............... 698 $ 38,887,811.52 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 577 28,791,628.58 74.04
Partially Amortizing 121 10,096,182.94 25.96
- --------------------------------------------------------------------------
Total.................. 698 $ 38,887,811.52 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
BORROWER CLASS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Business Loans 127 9,287,738.96 23.88
Home Equity Loans 571 29,600,072.56 76.12
- --------------------------------------------------------------------------
Total............... 698 $ 38,887,811.52 100.00%
==========================================================================
LOAN CLASS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
COMMERCIAL 8 570,389.88 1.47
RESID. WITH BUSINESS 31 3,729,355.01 9.59
RESIDENTIAL 659 34,588,066.63 88.94
- -----------------------------------------------------------------
Total.......... 698 $ 38,887,811.52 100.00%
=================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
EXHIBIT 99.2
American Business Financial Services 1997-1
[$32,100,000] Class A-1 Fixed-Rate Certificates
[$20,600,000] Class A-2 Fixed-Rate Certificates
[$20,050,000] Class A-3 Fixed-Rate Certificates
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the American Business Financial
Services Mortgage Loan Trust 1997-1 transaction, and not by, or as agent for
American Business Financial Services, Inc. ("ABFS" or the "Company") or any of
its affiliates. The analysis in this report is accurate to the best of PSI's
knowledge and is based on information provided by the Company. PSI makes no
representations as to the accuracy of such information provided to it by the
Company. All assumptions and information in this report reflect PSI's judgment
as of this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the assumptions;
there may be differences between these assumptions and your actual business
practices. Further, PSI does not guarantee any results and there is no
guarantee as to the liquidity of the instruments involved in this analysis. The
decision to adopt any strategy remains your responsibility. PSI (or any of its
affiliates) or their officers, directors, analysts or employees may have
positions in securities, commodities or derivative instruments thereon referred
to herein, and may, as principal or agent, buy or sell such securities,
commodities or derivative instruments. In addition, PSI may make a market in
the securities referred to herein. Neither the information nor the assumptions
reflected herein shall be construed to be, or constitute, an offer to sell or
buy or a solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the
analysis with respect to you, and PSI strongly urges you to seek advice from
your counsel, accountant and tax advisor.
<PAGE>
American Business Financial Services 1997-1
Summary of Transaction
This transaction is the fifth securitization for American Business Financial
Services, Inc. ("ABFS" or the "Company") and its second public securitization.
It is also the first securitization since ABFS listed on NASDAQ in February.
The Company originates loans through two subsidiaries, Upland Mortgage
("Upland") and American Business Credit ("ABC"), both located in Bala Cynwyd,
PA. Upland originates consumer purpose home equity loans and ABC originates
business purpose home equity loans. Upland and ABC generally service the loans
retained in their respective portfolios and will service the loans to be
included in the securitization.
Three tranches of Class A Certificates will be offered. It is expected that the
Class A-1 Certificates, the Class A-2 Certificates and the Class A-3
Certificates will have average lives of approximately [1.05 years], [3.05
years] and [6.67 years] (to call), respectively, based on a pricing speed of
[23% HEP]. Interest will be paid on the 15th day of each month on a 30/360
basis. The transaction will feature a 10% cleanup call by the Servicer with a
coupon stepup of 75 basis points should the cleanup call not be exercised.
This transaction features credit enhancement in the form of a 100% guaranty of
timely payment of interest and eventual payment of principal from Financial
Security Assurance, Inc. ("FSA"). The transaction will be rated AAA/Aaa by S&P
and Moody's based on the guaranty from FSA. Beginning with an initial
overcollateralization ("O/C") level of [3%], excess spread from the transaction
will be used to pay down the Class A Certificates to an O/C target of [TBD%].
In addition, excess spread of approximately [] basis points will be available
each month for credit enhancement.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION
IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
American Business Financial Services 1997-1
Title of Securities: American Business Financial Services Mortgage Loan
Trust 1997-1, Class A Fixed Rate Certificates, (the
"Certificates").
Collateral: The collateral consists of business and consumer
purpose fixed-rate home equity loans.
Approximate Size: [$72,750,000]
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3
--------- --------- ---------
<S> <C> <C> <C>
Approximate Face Amount: [$32,100,000] [$20,600,000] [$20,050,000]
Average Life to Maturity: [1.05 yrs.] [3.05 yrs.] [7.40 yrs.]
Average Life to 10% Call: [1.05 yrs.] [3.05 yrs.] [6.67 yrs.]
Price: [ ] [ ] [ ]
Spread: [ ] [ ] [ ]
Coupon: [ ] [ ] [ ]
Step-up: 75 bps will be added to the coupon after the 10%
clean-up call date.
Yield (CBE): [ ] [ ] [ ]
Pricing Speed: 23% HEP 23% HEP 23% HEP
Day Count: 30/360 30/360 30/360
Expected Maturity: [04/15/99 08/15/01 12/15/11]
Expected Maturity to 10% Call: [04/15/99 08/15/01 06/15/05]
Final Maturity: [02/15/10 02/15/12 08/15/28]
</TABLE>
Payment Date: The 15th day of each month or, if such day is not a
business day, the next succeeding business day,
beginning on April 15, 1997.
Payment Delay: 14 days.
Interest Accrual
Period: Interest will accrue from the 1st day of the
preceeding month until the 30th day of the preceeding
month.
Pricing Date: March [14], 1997
Settlement Date: March [27], 1997
Servicer: American Business Credit, Inc.
Servicing Fee: 50 basis points per annum.
Trustee: The Chase Manhattan Bank
Certificate Ratings: The Certificates will be rated AAA/Aaa by Standard &
Poor's and Moody's.
Certificate Insurer: Financial Security Assurance, Inc. ("FSA"). FSA's
claims-paying ability is rated AAA/Aaa by Standard and
Poor's and Moody's.
Certificate Insurance: Timely payment of interest and eventual payment of
principal on the Certificates will be 100% guaranteed
by FSA.
<PAGE>
Cashflow Priority: 1) Repayment of unreimbursed Servicer advances;
2) Servicing fee;
3) Trustee fee;
4) FSA fee;
5) Repayment of unreimbursed Surety payments;
6) Accrued monthly interest for Class A
Certificateholders (pro-rata);
7) Monthly principal to the Class A Certificateholders
(sequential pay);
8) Excess cashflow to build over-collateralization
("O/C"); and
9) Any remaining excess cashflow to the holders of
the Class R Certificates.
Credit Enhancement: 1) 100% wrap from FSA guaranteeing timely payment of
interest and eventual payment of principal.
2) Overcollateralization.
3) Excess monthly cash flow.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
American Business Financial Services 1997-1
Overcollateralization: The credit enhancement provisions of the Trust are
intended to provide for the limited acceleration of the
Certificates relative to the amortization of the
related collateral, generally in the early months of
the transaction. Accelerated amortization is achieved
by applying certain excess interest collected on the
collateral to the payment of principal on the
Certificates, resulting in the build up of
overcollateralization ("O/C"). By paying down the
principal balance of the Certificates faster than the
principal amortization of the respective collateral
pool, an overcollateralization amount equal to the
excess of the aggregate principal balance of the
Collateral Pool over the principal balance of the
related Certificates is created. Excess cashflow will
be directed to build the O/C amount until the pool
reaches its required O/C target. Upon this event, the
acceleration feature will cease, unless it is once
again necessary to maintain the required O/C level.
Overcollateralization
Levels (Approx.): Initial O/C based on O/C Target based on
original collateral original collateral
balance:[TBD%] balance:[TBD]
These O/C percentages are subject to step-downs
beginning in month [30] if certain tests are met.
Pre-funding Account: On the Settlement Date, an aggregate cash amount ("the
Pre-funded Amount"), which will equal approximately
[$25,000,000] will be deposited in a Pre-funding
Account. During the period ("the Funding Period")
from the Settlement Date until the earlier of: (i) the
date on which the amount in the Pre-funding Account is
less than $100,000, (ii) the date on which any Servicer
default occurs, or (iii) 90 days from the Settlement
Date, the Pre-funding Amount will remain in the
Pre-funding Account. The Pre-funding Account will be
reduced during the Funding Period by amounts used to
purchase subsequent mortgages in accordance with
the Pooling and Servicing Agreement. Any Pre-funded
Amount remaining at the end of the Funding Period (net
of reinvestment income payable to the Class R
Certificateholders) will be distributed to the Class A
Certificateholders on the July 1997 Distribution Date
as a partial prepayment of principal of such
Certificates.
Clean-up Call: The Servicer has the right to purchase the mortgage
loans from the Trust when the outstanding aggregate
principal balance of the mortgage loans has declined to
10% or less of the initial aggregate principal balance
of the mortgage loans plus the initial amount in the
Pre-funding Account. The option to purchase the
mortgage loans is at par plus 30 days' accrued interest.
If the Servicer does not exercise the Clean-up Call,
the coupon on any outstanding Class A Certificates
increases by 75 basis points.
ERISA
Considerations: The Certificates will be not be ERISA eligible until
the completion of the Funding Period. Investors should
consult with their counsel with respect to the
consequences under ERISA and the Internal Revenue Code
of the Plan's acquisition and ownership of such
certificates.
Taxation: REMIC.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
American Business Financial Services 1997-1
Available Pool
Information: As of February 28, 1997, the Initial Cutoff Date:
Loans: 698
Balance: $38,887,811.52
WAC: 12.61%
WAM: 196 months (balloon loans to balloon
date)
WA CLTV: 70.69%
% 1st Lien: 66.72%
% 2nd Lien: 31.73%
Prospectus: The Certificates are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the "Prospectus"). Complete information
with respect to the Certificates and the Collateral is
contained in the Prospectus. The foregoing is
qualified in its entirety by the information appearing
in the Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Certificates may
not be consumated unless the purchaser has received
the Prospectus.
Further Information: Trading: Rob Karr or Greg Richter at (212) 778-2741,
Banking: Evan Mitnick (212) 778-7469
FSG: Januar Laude at (212) 778-7176 or Jacqui
Galdieri at (212) 778-2612.
COPIES OF PROSPECTUS: PLEASE SEND AN E-MAIL WITH CLIENT'S NAME ADDRESS AND
PHONE NUMBER TO EVAN MITNICK AT: MITNICKE
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $32,100,000.00 DATED DATE: 03/01/97
COUPON: TBD abfs71 FIRST PAYMENT: 04/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $32,100,000.00 BOND A1 PRICE-YIELD TABLE YIELD TABLE DATE: 03/27/97
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 6.610 6.611 6.611 6.610 6.610 6.610
99-24+ 6.594 6.597 6.596 6.594 6.592 6.591
99-25 6.578 6.584 6.581 6.577 6.575 6.573
99-25+ 6.562 6.570 6.567 6.561 6.558 6.555
99-26 6.546 6.556 6.552 6.544 6.541 6.537
99-26+ 6.530 6.543 6.538 6.528 6.523 6.519
99-27 6.514 6.529 6.523 6.511 6.506 6.501
99-27+ 6.498 6.516 6.508 6.495 6.489 6.483
99-28 6.482 6.502 6.494 6.479 6.471 6.465
99-28+ 6.466 6.488 6.479 6.462 6.454 6.447
99-29 6.450 6.475 6.465 6.446 6.437 6.428
99-29+ 6.435 6.461 6.450 6.430 6.420 6.410
99-30 6.419 6.448 6.436 6.413 6.402 6.392
99-30+ 6.403 6.434 6.421 6.397 6.385 6.374
99-31 6.387 6.420 6.407 6.380 6.368 6.356
99-31+ 6.371 6.407 6.392 6.364 6.351 6.338
100-00 6.355 6.393 6.377 6.348 6.333 6.320
100-00+ 6.339 6.380 6.363 6.331 6.316 6.302
100-01 6.323 6.366 6.348 6.315 6.299 6.284
100-01+ 6.307 6.353 6.334 6.299 6.282 6.266
100-02 6.291 6.339 6.319 6.282 6.265 6.248
100-02+ 6.275 6.326 6.305 6.266 6.247 6.230
100-03 6.259 6.312 6.290 6.250 6.230 6.212
100-03+ 6.244 6.298 6.276 6.233 6.213 6.194
100-04 6.228 6.285 6.261 6.217 6.196 6.176
100-04+ 6.212 6.271 6.247 6.201 6.179 6.158
100-05 6.196 6.258 6.232 6.184 6.161 6.140
100-05+ 6.180 6.244 6.218 6.168 6.144 6.122
100-06 6.164 6.231 6.203 6.152 6.127 6.104
100-06+ 6.148 6.217 6.189 6.135 6.110 6.086
100-07 6.132 6.204 6.174 6.119 6.093 6.068
100-07+ 6.117 6.190 6.160 6.103 6.076 6.050
First Payment 0.050 0.050 0.050 0.050 0.050 0.050
Average Life 1.050 1.244 1.156 1.020 0.967 0.920
Last Payment 2.050 2.550 2.300 1.967 1.883 1.717
Mod.Dur. @ 100-00 0.977 1.147 1.070 0.950 0.903 0.861
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $20,600,000.00 DATED DATE: 03/01/97
COUPON: TBD abfs71 FIRST PAYMENT: 04/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $20,600,000.00 BOND A2 PRICE-YIELD TABLE YIELD TABLE DATE: 03/27/97
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-23 7.030 7.029 7.030 7.030 7.030 7.031
99-23+ 7.024 7.024 7.024 7.024 7.024 7.024
99-24 7.018 7.020 7.019 7.018 7.017 7.017
99-24+ 7.012 7.015 7.014 7.012 7.011 7.010
99-25 7.006 7.010 7.008 7.006 7.004 7.003
99-25+ 7.001 7.005 7.003 7.000 6.998 6.996
99-26 6.995 7.000 6.998 6.994 6.991 6.989
99-26+ 6.989 6.995 6.993 6.988 6.985 6.982
99-27 6.983 6.990 6.987 6.981 6.978 6.975
99-27+ 6.977 6.986 6.982 6.975 6.972 6.968
99-28 6.971 6.981 6.977 6.969 6.965 6.961
99-28+ 6.965 6.976 6.972 6.963 6.959 6.955
99-29 6.959 6.971 6.966 6.957 6.952 6.948
99-29+ 6.954 6.966 6.961 6.951 6.946 6.941
99-30 6.948 6.961 6.956 6.945 6.939 6.934
99-30+ 6.942 6.956 6.951 6.939 6.933 6.927
99-31 6.936 6.952 6.945 6.933 6.926 6.920
99-31+ 6.930 6.947 6.940 6.927 6.920 6.913
100-00 6.924 6.942 6.935 6.921 6.913 6.906
100-00+ 6.918 6.937 6.930 6.915 6.907 6.899
100-01 6.912 6.932 6.924 6.908 6.900 6.892
100-01+ 6.907 6.927 6.919 6.902 6.894 6.885
100-02 6.901 6.922 6.914 6.896 6.887 6.879
100-02+ 6.895 6.918 6.909 6.890 6.881 6.872
100-03 6.889 6.913 6.903 6.884 6.875 6.865
100-03+ 6.883 6.908 6.898 6.878 6.868 6.858
100-04 6.877 6.903 6.893 6.872 6.862 6.851
100-04+ 6.871 6.898 6.888 6.866 6.855 6.844
100-05 6.866 6.893 6.882 6.860 6.849 6.837
100-05+ 6.860 6.889 6.877 6.854 6.842 6.830
100-06 6.854 6.884 6.872 6.848 6.836 6.823
100-06+ 6.848 6.879 6.867 6.842 6.829 6.816
First Payment 2.050 2.550 2.300 1.967 1.883 1.717
Average Life 3.049 3.789 3.456 2.934 2.727 2.544
Last Payment 4.383 5.467 4.967 4.217 3.883 3.633
Mod.Dur. @ 99-31 2.648 3.206 2.958 2.558 2.395 2.249
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
CURRENT BALANCE: $20,048,000.00 DATED DATE: 03/01/97
COUPON: TBD abfs71 FIRST PAYMENT: 04/15/97
FACTOR: 1.0000000000 TOTAL CLASSES: 3
ORIGINAL BALANCE: $20,048,000.00 BOND A3 PRICE-YIELD TABLE YIELD TABLE DATE: 03/27/97
PREPAYMENT SPEED
PRICING SPEED
<S> <C> <C> <C> <C> <C> <C>
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-23 7.642 7.642 7.642 7.642 7.641 7.641
99-23+ 7.638 7.639 7.639 7.638 7.638 7.638
99-24 7.635 7.637 7.636 7.635 7.635 7.634
99-24+ 7.632 7.634 7.633 7.632 7.631 7.630
99-25 7.629 7.631 7.630 7.629 7.628 7.627
99-25+ 7.626 7.629 7.628 7.626 7.624 7.623
99-26 7.623 7.626 7.625 7.622 7.621 7.620
99-26+ 7.620 7.623 7.622 7.619 7.618 7.616
99-27 7.617 7.621 7.619 7.616 7.614 7.612
99-27+ 7.614 7.618 7.616 7.613 7.611 7.609
99-28 7.611 7.615 7.613 7.610 7.607 7.605
99-28+ 7.607 7.613 7.611 7.606 7.604 7.602
99-29 7.604 7.610 7.608 7.603 7.601 7.598
99-29+ 7.601 7.607 7.605 7.600 7.597 7.594
99-30 7.598 7.605 7.602 7.597 7.594 7.591
99-30+ 7.595 7.602 7.599 7.594 7.590 7.587
99-31 7.592 7.600 7.596 7.590 7.587 7.584
99-31+ 7.589 7.597 7.594 7.587 7.584 7.580
100-00 7.586 7.594 7.591 7.584 7.580 7.577
100-00+ 7.583 7.592 7.588 7.581 7.577 7.573
100-01 7.580 7.589 7.585 7.578 7.573 7.569
100-01+ 7.576 7.586 7.582 7.574 7.570 7.566
100-02 7.573 7.584 7.580 7.571 7.567 7.562
100-02+ 7.570 7.581 7.577 7.568 7.563 7.559
100-03 7.567 7.578 7.574 7.565 7.560 7.555
100-03+ 7.564 7.576 7.571 7.562 7.557 7.551
100-04 7.561 7.573 7.568 7.558 7.553 7.548
100-04+ 7.558 7.570 7.565 7.555 7.550 7.544
100-05 7.555 7.568 7.563 7.552 7.546 7.541
100-05+ 7.552 7.565 7.560 7.549 7.543 7.537
100-06 7.549 7.563 7.557 7.546 7.540 7.534
100-06+ 7.546 7.560 7.554 7.542 7.536 7.530
First Payment 4.383 5.467 4.967 4.217 3.883 3.633
Average Life 6.665 8.247 7.523 6.403 5.934 5.524
Last Payment 8.217 10.133 9.217 7.883 7.300 6.800
Mod.Dur. @ 99-31 5.018 5.877 5.498 4.865 4.585 4.331
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE
SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED
FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- --------------------------------------------------------------------------------
- ABFS 1997-1
- Cut Off Date of Tape is 2/28/97
- FIXED RATE COLLATERAL
- $38,887,811.52
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 698
Aggregate Unpaid Principal Balance: $38,887,811.52
Aggregate Original Principal Balance: $38,976,322.46
Weighted Average Net Coupon: 12.109%
Net Coupon Range: 8.490% - 16.000%
Weighted Average Gross Coupon: 12.609%
Gross Coupon Range: 8.990% - 16.500%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $55,713.20
Average Original Principal Balance: $55,840.00
Maximum Unpaid Principal Balance: $360,000.00
Minimum Unpaid Principal Balance: $7,480.35
Maximum Original Principal Balance: $360,000.00
Minimum Original Principal Balance: $8,000.00
Weighted Avg. Stated Rem. Term (PTD to Mat/Bln Date): 195.921
Stated Rem Term Range: 33.000 - 360.000
Weighted Average Age (First Pay thru Paid Thru Date): 1.165
Age Range: 0.000 - 7.000
Weighted Average Original Term (to Mat/Bln Date): 197.086
Original Term Range: 36.000 - 360.000
Weighted Average Combined LTV: 70.694
Combined LTV Range: 5.670% - 90.000%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
8.75% -- Gross Coupon -- = 9.00% 1 97,746.46 0.25
9.00% -- Gross Coupon -- = 9.25% 2 230,960.00 0.59
9.25% -- Gross Coupon -- = 9.50% 9 597,330.00 1.54
9.50% -- Gross Coupon -- = 9.75% 30 1,571,715.59 4.04
9.75% -- Gross Coupon -- = 10.00% 30 2,148,362.18 5.52
10.00% -- Gross Coupon -- = 10.25% 46 2,541,092.16 6.53
10.25% -- Gross Coupon -- = 10.50% 40 2,609,966.99 6.71
10.50% -- Gross Coupon -- = 10.75% 21 750,005.47 1.93
10.75% -- Gross Coupon -- = 11.00% 52 2,631,733.26 6.77
11.00% -- Gross Coupon -- = 11.25% 28 1,490,885.28 3.83
11.25% -- Gross Coupon -- = 11.50% 33 1,969,705.50 5.07
11.50% -- Gross Coupon -- = 11.75% 29 1,371,320.56 3.53
11.75% -- Gross Coupon -- = 12.00% 35 2,181,407.90 5.61
12.00% -- Gross Coupon -- = 12.25% 8 532,899.94 1.37
12.25% -- Gross Coupon -- = 12.50% 34 1,805,519.92 4.64
12.50% -- Gross Coupon -- = 12.75% 11 732,340.55 1.88
12.75% -- Gross Coupon -- = 13.00% 32 1,784,800.17 4.59
13.00% -- Gross Coupon -- = 13.25% 24 823,695.68 2.12
13.25% -- Gross Coupon -- = 13.50% 19 898,221.15 2.31
13.50% -- Gross Coupon -- = 13.75% 10 206,555.99 0.53
13.75% -- Gross Coupon -- = 14.00% 41 1,243,788.72 3.20
14.00% -- Gross Coupon -- = 14.25% 1 55,000.00 0.14
14.25% -- Gross Coupon -- = 14.50% 20 845,549.44 2.17
14.50% -- Gross Coupon -- = 14.75% 1 23,963.18 0.06
14.75% -- Gross Coupon -- = 15.00% 11 397,274.01 1.02
15.00% -- Gross Coupon -- = 15.25% 2 73,862.82 0.19
15.25% -- Gross Coupon -- = 15.50% 3 119,600.00 0.31
15.50% -- Gross Coupon -- = 15.75% 34 2,551,252.17 6.56
15.75% -- Gross Coupon -- = 16.00% 87 6,216,244.99 15.99
16.00% -- Gross Coupon -- = 16.25% 2 301,589.99 0.78
16.25% -- Gross Coupon -- = 16.50% 2 83,421.45 0.21
- ----------------------------------------------------------------------------
Total.......... 698 $ 38,887,811.52 100.00%
============================================================================
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
24 -- Orig. Term -- = 36 1 7,480.35 0.02%
48 -- Orig. Term -- = 60 28 723,542.16 1.86%
72 -- Orig. Term -- = 84 17 500,697.29 1.29%
84 -- Orig. Term -- = 96 1 41,688.10 0.11%
108 -- Orig. Term -- = 120 93 2,546,200.19 6.55%
132 -- Orig. Term -- = 144 4 160,940.91 0.41%
168 -- Orig. Term -- = 180 369 23,277,407.80 59.86%
228 -- Orig. Term -- = 240 161 9,424,132.16 24.23%
348 -- Orig. Term -- = 360 24 2,205,722.56 5.67%
- ----------------------------------------------------------------------
Total............ 698 38,887,811.52 100.00%
======================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
24 -- Rem Term -- = 36 1 7,480.35 0.02%
48 -- Rem Term -- = 60 28 723,542.16 1.86%
72 -- Rem Term -- = 84 17 500,697.29 1.29%
84 -- Rem Term -- = 96 1 41,688.10 0.11%
108 -- Rem Term -- = 120 93 2,546,200.19 6.55%
132 -- Rem Term -- = 144 4 160,940.91 0.41%
168 -- Rem Term -- = 180 369 23,277,407.80 59.86%
228 -- Rem Term -- = 240 161 9,424,132.16 24.23%
348 -- Rem Term -- = 360 24 2,205,722.56 5.67%
- ----------------------------------------------------------------------
Total............ 698 38,887,811.52 100.00%
======================================================================
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
5.000 -- CLTV -- = 10 2 69,806.25 0.18
10.000 -- CLTV -- = 15 3 42,135.93 0.11
15.000 -- CLTV -- = 20 6 146,305.10 0.38
20.000 -- CLTV -- = 25 8 203,838.50 0.52
25.000 -- CLTV -- = 30 10 447,948.68 1.15
30.000 -- CLTV -- = 35 11 338,453.04 0.87
35.000 -- CLTV -- = 40 18 847,737.38 2.18
40.000 -- CLTV -- = 45 14 560,501.15 1.44
45.000 -- CLTV -- = 50 33 1,695,749.14 4.36
50.000 -- CLTV -- = 55 22 1,280,414.24 3.29
55.000 -- CLTV -- = 60 35 2,328,385.12 5.99
60.000 -- CLTV -- = 65 54 3,644,431.97 9.37
65.000 -- CLTV -- = 70 75 4,076,499.00 10.48
70.000 -- CLTV -- = 75 85 5,003,281.10 12.87
75.000 -- CLTV -- = 80 150 8,936,077.98 22.98
80.000 -- CLTV -- = 85 97 4,398,523.34 11.31
85.000 -- CLTV -- = 90 75 4,867,723.60 12.52
- --------------------------------------------------------------------------
Total.................... 698 $ 38,887,811.52 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
ORIGINAL MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 -- Balance -- = 10,000 11 107,090.94 0.28
10,000 -- Balance -- = 15,000 49 648,576.50 1.67
15,000 -- Balance -- = 20,000 59 1,089,055.94 2.80
20,000 -- Balance -- = 25,000 69 1,617,745.77 4.16
25,000 -- Balance -- = 30,000 58 1,618,927.40 4.16
30,000 -- Balance -- = 35,000 52 1,714,902.57 4.41
35,000 -- Balance -- = 40,000 60 2,305,191.41 5.93
40,000 -- Balance -- = 45,000 43 1,866,923.19 4.80
45,000 -- Balance -- = 50,000 30 1,449,639.43 3.73
50,000 -- Balance -- = 55,000 30 1,593,456.35 4.10
55,000 -- Balance -- = 60,000 27 1,582,436.01 4.07
60,000 -- Balance -- = 65,000 30 1,894,389.02 4.87
65,000 -- Balance -- = 70,000 18 1,239,046.26 3.19
70,000 -- Balance -- = 75,000 12 868,399.97 2.23
75,000 -- Balance -- = 80,000 13 1,018,747.93 2.62
80,000 -- Balance -- = 85,000 12 999,371.60 2.57
85,000 -- Balance -- = 90,000 17 1,497,423.09 3.85
90,000 -- Balance -- = 95,000 7 653,147.29 1.68
95,000 -- Balance -- = 100,000 15 1,478,735.39 3.80
100,000 -- Balance -- = 105,000 11 1,135,014.50 2.92
105,000 -- Balance -- = 110,000 7 757,550.34 1.95
110,000 -- Balance -- = 115,000 3 337,500.00 0.87
115,000 -- Balance -- = 120,000 4 475,532.25 1.22
120,000 -- Balance -- = 125,000 5 612,150.00 1.57
125,000 -- Balance -- = 130,000 3 384,000.00 0.99
130,000 -- Balance -- = 135,000 4 536,166.33 1.38
135,000 -- Balance -- = 140,000 4 551,805.65 1.42
140,000 -- Balance -- = 145,000 4 572,791.85 1.47
145,000 -- Balance -- = 150,000 5 743,949.47 1.91
150,000 -- Balance -- = 200,000 20 3,523,428.17 9.06
200,000 -- Balance -- = 250,000 13 3,049,716.90 7.84
250,000 -- Balance -- = 300,000 1 285,000.00 0.73
300,000 -- Balance -- = 350,000 1 320,000.00 0.82
350,000 -- Balance -- = 400,000 1 360,000.00 0.93
- ---------------------------------------------------------------------------
Total.................... 698 $ 38,887,811.52 100.00%
============================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 -- Balance -- = 10,000 11 107,090.94 0.28
10,000 -- Balance -- = 15,000 49 648,576.50 1.67
15,000 -- Balance -- = 20,000 59 1,089,055.94 2.80
20,000 -- Balance -- = 25,000 71 1,667,380.24 4.29
25,000 -- Balance -- = 30,000 56 1,569,292.93 4.04
30,000 -- Balance -- = 35,000 52 1,714,902.57 4.41
35,000 -- Balance -- = 40,000 60 2,305,191.41 5.93
40,000 -- Balance -- = 45,000 43 1,866,923.19 4.80
45,000 -- Balance -- = 50,000 30 1,449,639.43 3.73
50,000 -- Balance -- = 55,000 30 1,593,456.35 4.10
55,000 -- Balance -- = 60,000 27 1,582,436.01 4.07
60,000 -- Balance -- = 65,000 30 1,894,389.02 4.87
65,000 -- Balance -- = 70,000 18 1,239,046.26 3.19
70,000 -- Balance -- = 75,000 12 868,399.97 2.23
75,000 -- Balance -- = 80,000 13 1,018,747.93 2.62
80,000 -- Balance -- = 85,000 12 999,371.60 2.57
85,000 -- Balance -- = 90,000 17 1,497,423.09 3.85
90,000 -- Balance -- = 95,000 7 653,147.29 1.68
95,000 -- Balance -- = 100,000 16 1,578,417.45 4.06
100,000 -- Balance -- = 105,000 10 1,035,332.44 2.66
105,000 -- Balance -- = 110,000 7 757,550.34 1.95
110,000 -- Balance -- = 115,000 3 337,500.00 0.87
115,000 -- Balance -- = 120,000 4 475,532.25 1.22
120,000 -- Balance -- = 125,000 5 612,150.00 1.57
125,000 -- Balance -- = 130,000 3 384,000.00 0.99
130,000 -- Balance -- = 135,000 4 536,166.33 1.38
135,000 -- Balance -- = 140,000 4 551,805.65 1.42
140,000 -- Balance -- = 145,000 4 572,791.85 1.47
145,000 -- Balance -- = 150,000 5 743,949.47 1.91
150,000 -- Balance -- = 200,000 20 3,523,428.17 9.06
200,000 -- Balance -- = 250,000 13 3,049,716.90 7.84
250,000 -- Balance -- = 300,000 1 285,000.00 0.73
300,000 -- Balance -- = 350,000 1 320,000.00 0.82
350,000 -- Balance -- = 400,000 1 360,000.00 0.93
- ---------------------------------------------------------------------------
Total.................... 698 $ 38,887,811.52 100.00%
============================================================================
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
CT 4 493,000.00 1.27
DE 25 1,890,464.69 4.86
FL 2 209,750.00 0.54
GA 18 1,289,731.21 3.32
MD 29 1,470,184.24 3.78
NC 48 2,079,737.04 5.35
NJ 195 11,182,211.15 28.76
NY 38 2,642,097.45 6.79
PA 307 15,965,468.05 41.06
VA 32 1,665,167.69 4.28
- --------------------------------------------------------------------------
Total............... 698 $ 38,887,811.52 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Single Family Detached 501 27,104,358.95 69.70
2-6 Family 19 1,414,909.07 3.64
7+ Family 2 81,780.27 0.21
Townhouses 119 4,730,396.78 12.16
PUD 2 76,500.00 0.20
Condominiums 7 206,827.42 0.53
Commercial 8 570,389.88 1.47
Mixed Use Properties 24 2,410,373.06 6.20
Multiple Properties 16 2,292,276.09 5.89
- --------------------------------------------------------------------------
Total............... 698 $ 38,887,811.52 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 631 34,060,858.94 87.59
Investor 38 1,698,910.28 4.37
Vacation/Second Home 2 35,000.00 0.09
Corporate 11 800,766.21 2.06
Multiple Prop./Occupancy 16 2,292,276.09 5.89
- --------------------------------------------------------------------------
Total.................. 698 $ 38,887,811.52 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 357 25,947,369.45 66.72
2 336 12,339,957.04 31.73
Multiple 5 600,485.03 1.54
- --------------------------------------------------------------------------
Total............... 698 $ 38,887,811.52 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 577 28,791,628.58 74.04
Partially Amortizing 121 10,096,182.94 25.96
- --------------------------------------------------------------------------
Total.................. 698 $ 38,887,811.52 100.00%
==========================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
BORROWER CLASS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Business Loans 127 9,287,738.96 23.88
Home Equity Loans 571 29,600,072.56 76.12
- --------------------------------------------------------------------------
Total............... 698 $ 38,887,811.52 100.00%
==========================================================================
LOAN CLASS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
COMMERCIAL 8 570,389.88 1.47
RESID. WITH BUSINESS 31 3,729,355.01 9.59
RESIDENTIAL 659 34,588,066.63 88.94
- -----------------------------------------------------------------
Total.......... 698 $ 38,887,811.52 100.00%
=================================================================
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL
SECURITIES INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS
COLLATERAL TERMSHEETS, AND WILL BE SUPERSEDED BY THE
COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
