<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 3, 1998
Prudential Securities Secured Financing Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 333-27355 13-3526694
---------------------------------------------- ------------------------ ----------------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
One New York Plaza
New York, New York 10292
---------------------------------------------- ----------------
(Address of Principal Executive Offices) (Zip Code)
</TABLE>
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
1998-1, Mortgage Pass-Through Certificates, Series 1998-1 described in a
Prospectus Supplement dated February 1998, certain "Computational Materials"
within the meanings of the May 20, 1994 Kidder, Peabody No-Action Letter and
the February 17, 1995 Public Securities Association No-Action Letter were
furnished to certain prospective investors (the "Related Computational
Materials").
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in
Item 5 above).
2
<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 1998-1
Registrant
By: /s/ Norman Chaleff
------------------------------
Name: Norman Chaleff
Title: Vice President
Dated: February 27, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99.1 Related Computational Materials (as defined
in Item 5 above).
<PAGE>
EXHIBIT 99.1
PRELIMINARY
BACKGROUND INFORMATION
American Business Financial Services
ABFS Mortgage Loan Trust 1998-1
APPROXIMATE CLASS SIZES
[$39,900,000] Class A-1 FLOATING RATE CERTIFICATES
[$10,000,000] Class A-2 FIXED RATE CERTIFICATES
[$19,900,000] Class A-3 FIXED RATE CERTIFICATES
[$11,400,000] Class A-4 FIXED RATE CERTIFICATES
[$11,725,000] Class A-5 FIXED RATE CERTIFICATES
[$10,500,000] Class A-6 FIXED RATE CERTIFICATES
Non-Accelerated Senior
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the American Business Financial
Services Mortgage Loan Trust 1998-1 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 its 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 - ABFS Mortgage Loan Trust 1998-1
PRICING INFORMATION
----------------------------------
<TABLE>
<CAPTION>
Class: A-1* A-2 A-3 A-4 A-5** A-6
NAS Bond
<S> <C> <C> <C> <C> <C> <C>
Approximate
Face Amount: [39,900,000] [10,000,000] [19,900,000] [11,400,000] [11,725,000] [10,500,000]
Coupon: [L +.13]% [6.490 6.490 6.695 7.145 6.595]
Price: [100-0] [100-0] [100-0] [100-0] [100-0] [100-0]
Yield: [N/A ]% [6.351 6.421 6.681 7.171 6.599]
Spread: [ 13 78 85 107 145 93]
Exp Avg Life
to Maturity: [0.927]yrs [2.091]yrs [3.136]yrs [5.010]yrs [9.982]yrs [6.490]yrs
Exp Avg Life
to Call: [0.927]yrs [2.091]yrs [3.136]yrs [5.010]yrs [7.938]yrs [6.351]yrs
Exp 1st
Prin Pmt: [03/25/98 12/25/99 07/25/00 04/25/02 05/25/04 03/25/01]
Exp Mat
to call: [12/25/99 07/25/00 04/25/02 05/25/04 07/25/06 07/25/06]
Exp Mat: [12/25/99 07/25/00 04/25/02 05/25/04 05/25/13 01/25/13]
Stated Mat: [01/25/13 01/25/13 01/25/14 09/25/20 06/25/29 06/25/29]
Exp Rating
(S&P/Moody's): AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa
Pricing Spd: 23% HEP 23% HEP 23% HEP 23% HEP 23% HEP 23% HEP
Pricing Date: [------------------------------------------------2/27/98---------------------------------]
Investor
Settle Date: 3/12/98 3/12/98 3/12/98 3/12/98 3/12/98 3/12/98
Cut-off Date
(Close of Business): 1/31/98 1/31/98 1/31/98 1/31/98 1/31/98 1/31/98
Pmt Delay: 0 days 24 days 24 days 24 days 24 days 24 days
Dated Date: 3/12/98 2/1/98 2/1/98 2/1/98 2/1/98 2/1/98
Int Pmt: actual/360 30/360 30/360 30/360 30/360 30/360
Pmt Terms: Monthly Monthly Monthly Monthly Monthly Monthly
1st Int.
Pmt Date: 3/25/98 3/25/98 3/25/98 3/25/98 3/25/98 3/25/98
Collateral
Type: Fixed Rate Fixed Rate Fixed Rate Fixed Rate Fixed Rate Fixed Rate
SMMEA
Eligibility: non-SMMEA non-SMMEA non-SMMEA non-SMMEA non-SMMEA non-SMMEA
</TABLE>
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
American Business Financial Services - ABFS Mortgage Loan Trust 1998-1
*Class A-1 Net Funds Cap: The Pass-Through Rate on the Class A-1
Certificates will equal the lesser of:
1) Class A-1 Pass-Through Rate (One Month
LIBOR + [13]bps)
2) Available Funds Cap
Available Funds Cap: A rate equal to the weighted average net coupon
rate (i.e., the gross weighted average coupon
less [0.78]% for servicing fee, trustee fee and
certificate insurer premium) for the Mortgage
Loans for such Distribution Date.
**Class A-5 Coupon Step-up: Class A-5 is priced to call. If the servicer
does not exercise the Cleanup Call, the coupon
on Class A-5 will increase 50 basis points.
Cashflow Priority: 1) Repayment of unreimbursed Servicer advances;
2) Servicing fee;
3) Trustee fee;
4) Surety 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 (as described below);
8) Excess cashflow to build
over-collateralization ("O/C"); and
9) Any remaining excess cashflow to the
holders of the Class R Certificates.
Class A Certificate
Principal Paydown: 1) To the Class A-6 Certificateholders -- the
Class A-6 Lockout Remittance Amount
2) To the Class A-1 through A-6 Certificates,
in sequential order
Class A-6 Lockout
Remittance Amount: The applicable Class A-6 Lockout Percentage
multiplied by the Class A-6 Lockout
Pro Rata Remittance Amount for such Payment Date.
THE CLASS A-6 Lockout Pertcentage
----------------------------------
March 1998 to February 2001 ==# 0%
March 2001 to February 2003 ==# 45%
March 2003 to February 2004 ==# 80%
March 2004 to February 2005 ==# 100%
March 2005 and thereafter ==# 300%
# equals greater than
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
American Business Financial Services - ABFS Mortgage Loan Trust 1998-1
SUMMARY OF TERMS
--------------------------
Title of Securities: ABFS Mortgage Loan Trust 1998-1 Mortgage Pass-Through
Certificates, Series 1998-1 Class A-1 ("Floating Rate
Certificates")
Class A-2, A-3, A-4, A-5, A-6 ("Fixed-Rate
Certificates", together with the Floating Rate
Certificates, the "Class A Certificates").
Depositor: Prudential Securities Secured Financing Corporation
Servicer: American Business Credit, Inc.
Upland Mortgage will act as subservicer.
Originators: American Business Credit, Inc., Home American Credit,
Inc., d/b/a Upland Mortgage and New Jersey Mortgage
Investment Corp. originated or purchased the Mortgage
Loans.
Trustee: The Chase Manhattan Bank, a New York banking
corporation.
Aggregate
Certificate Balance: [$103,425,000]
Securities Offered: 100% FSA-guaranteed, pass-through certificates.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing.
Pricing Date: 2/27/98
Investor
Settlement Date: 3/12/98
Form of Certificates: Book-Entry form, same-day funds through DTC, Euroclear
and CEDEL
Pass-Through Rate: [ L + 13 ]% on Class A-1 Certificates*
[ 6.490 ]% on Class A-2 Certificates
[ 6.490 ]% on Class A-3 Certificates
[ 6.695 ]% on Class A-4 Certificates
[ 7.145 ]% on Class A-5 Certificates
[ 6.595 ]% on Class A-6 Certificates (NAS Bond)
*Subject to the Class A-1 Net Funds Cap
Prepayment
Assumption: 23% HEP (2.3% CPR in month 1 with monthly incremental
increases of 2.3% CPR until the speed reaches 23% CPR
in month 10 based on loan seasoning). This means that
seasoned loans will start further up on the prepayment
curve.
Payment Date: The 25th day of each month (or, if any such date is
not a business day, the first business day thereafter)
commencing in March 1998. The payment delay will be
zero days for the Floating Rate Certificates and 24
days for the Fixed Rate Certificates.
Interest Accrual
Period: With respect to any Distribution Date, interest on the
Floating Rate Certificates will accrue during the
period from the Distribution Date in the immediately
preceding month (or, in the case of the first
Distribution Date, from the Closing Date) to the day
immediately preceding the related Distribution Date.
Interest on the Floating Rate Certificates will be
calculated on the basis of a 360-day year for the
actual number of days elapsed in each Accrual Period.
With respect to any Distribution Date, interest on the
Fixed Rate Certificates will accrue during the prior
calendar month and will be calculated based on a
360-day year consisting of twelve 30-day months.
Optional
Cleanup Call: The Servicer may call the Class A Certificates on any
Remittance Date when the then-outstanding collateral
balance is less than or equal to 10% of the original
collateral balance.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
American Business Financial Services - ABFS Mortgage Loan Trust 1998-1
Credit Enhancement: 1) 100% wrap from FSA.
2) Overcollateralization.
3) Excess monthly cashflow.
Certificate Insurer: Financial Security Assurance Inc. ("FSA").
FSA's claims-paying ability is rated "AAA" by Standard
& Poor's and "Aaa" by Moody's Investors Service.
Certificate Insurance
Policy: The Certificate Insurance Policy will provide 100%
coverage of timely interest and ultimate principal
payments due on the Certificates.
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 original collateral balance: [1.5%]
O/C Target based on original collateral balance: [5.5%]
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
[$10,000,000] 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 May 25, 1998 Distribution
Date as a partial prepayment of principal of such
Certificates.
Servicing Fee: 50 basis points per annum.
ERISA Considerations: The Class A Certificates will not be ERISA eligible
during the Funding Period. However, the Class A
Certificates may be ERISA eligible after 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.
Legal Investment: None of the Class A Certificates will be SMMEA-eligible.
Certificates Ratings: S&P: "AAA" for all Class A Certificates.
Moody's: "Aaa" for all Class A Certificates.
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: Greg Richter or Rob Karr at (212) 778-2741,
Banking: Evan Mitnick (212) 778-7469 or Shelby Carvalho
at (212) 778-4127.
FSG: Januar Laude at (212) 778-7176 or Joe Astorina
at (212) 778-2667.
COPIES OF PROSPECTUS: PLEASE SEND AN E-MAIL WITH CLIENT'S NAME ADDRESS AND
PHONE NUMBER TO SHELBY CARVALHO AT:
IMPACT ID: CARVALHO
CCMAIL: [email protected]
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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 1998-1
- Cut Off Date of Tape is 1/31/98
- Fixed
- $57,621,881.57
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 932
Aggregate Unpaid Principal Balance: $57,621,881.57
Aggregate Original Principal Balance: $57,681,802.52
Weighted Average Net Coupon: 11.508%
Net Coupon Range: 7.490% - 16.490%
Weighted Average Gross Coupon: 12.008%
Gross Coupon Range: 7.990% - 16.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $61,826.05
Average Original Principal Balance: $61,890.35
Maximum Unpaid Principal Balance: $382,500.00
Minimum Unpaid Principal Balance: $9,876.15
Maximum Original Principal Balance: $382,500.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date): 222.521
Stated Rem Term Range: 11.000 - 360.000
Weighted Average Age (Original Term - Rem Term): 0.810
Age Range: 0.000 - 9.000
Weighted Average Original Term: 223.331
Original Term Range: 12.000 - 360.000
Weighted Average Combined LTV: 71.777
Combined LTV Range: 7.460% - 94.760%
- --------------------------------------------------------------------------------
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
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
7.75% * Gross Coupon *= 8.00% 3 201,273.97 0.35
8.00% * Gross Coupon *= 8.25% 5 267,438.32 0.46
8.25% * Gross Coupon *= 8.50% 1 74,789.04 0.13
8.50% * Gross Coupon *= 8.75% 3 138,286.99 0.24
8.75% * Gross Coupon *= 9.00% 10 881,517.71 1.53
9.00% * Gross Coupon *= 9.25% 5 616,362.60 1.07
9.25% * Gross Coupon *= 9.50% 17 1,096,167.23 1.90
9.50% * Gross Coupon *= 9.75% 23 1,430,200.30 2.48
9.75% * Gross Coupon *= 10.00% 82 6,517,657.73 11.31
10.00% * Gross Coupon *= 10.25% 25 1,567,919.49 2.72
10.25% * Gross Coupon *= 10.50% 54 3,671,796.45 6.37
10.50% * Gross Coupon *= 10.75% 25 2,061,046.99 3.58
10.75% * Gross Coupon *= 11.00% 112 6,971,306.94 12.10
11.00% * Gross Coupon *= 11.25% 14 691,353.49 1.20
11.25% * Gross Coupon *= 11.50% 48 3,283,072.12 5.70
11.50% * Gross Coupon *= 11.75% 40 2,232,033.60 3.87
11.75% * Gross Coupon *= 12.00% 100 5,695,662.34 9.88
12.00% * Gross Coupon *= 12.25% 11 737,829.14 1.28
12.25% * Gross Coupon *= 12.50% 40 1,771,831.08 3.07
12.50% * Gross Coupon *= 12.75% 24 1,116,153.77 1.94
12.75% * Gross Coupon *= 13.00% 41 2,369,046.56 4.11
13.00% * Gross Coupon *= 13.25% 8 648,532.19 1.13
13.25% * Gross Coupon *= 13.50% 27 1,123,450.06 1.95
13.50% * Gross Coupon *= 13.75% 9 348,689.17 0.61
13.75% * Gross Coupon *= 14.00% 50 2,354,442.11 4.09
14.00% * Gross Coupon *= 14.25% 2 300,158.95 0.52
14.25% * Gross Coupon *= 14.50% 9 331,303.32 0.57
14.50% * Gross Coupon *= 14.75% 1 21,000.00 0.04
14.75% * Gross Coupon *= 15.00% 18 809,935.21 1.41
15.25% * Gross Coupon *= 15.50% 4 185,423.26 0.32
15.50% * Gross Coupon *= 15.75% 8 451,589.18 0.78
15.75% * Gross Coupon *= 16.00% 106 6,791,529.05 11.79
16.00% * Gross Coupon *= 16.25% 4 494,000.00 0.86
16.75% * Gross Coupon *= 17.00% 3 369,083.21 0.64
- --------------------------------------------------------------------------------
Total.......... 932 $57,621,881.57 100.00%
================================================================================
* means less than symbol
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
0 * Orig. Term *= 12 1 22,110.39 0.04%
48 * Orig. Term *= 60 20 389,684.50 0.68%
72 * Orig. Term *= 84 10 432,774.96 0.75%
84 * Orig. Term *= 96 2 57,513.14 0.10%
108 * Orig. Term *= 120 73 2,190,258.51 3.80%
132 * Orig. Term *= 144 3 97,423.85 0.17%
144 * Orig. Term *= 156 1 49,000.00 0.09%
168 * Orig. Term *= 180 507 33,757,791.84 58.59%
180 * Orig. Term *= 192 2 102,935.06 0.18%
228 * Orig. Term *= 240 161 7,827,869.73 13.58%
240 * Orig. Term *= 252 1 125,800.00 0.22%
288 * Orig. Term *= 300 3 196,900.00 0.34%
348 * Orig. Term *= 360 148 12,371,819.59 21.47%
- -------------------------------------------------------------------
Total............ 932 57,621,881.57 100.00%
===================================================================
* means less than symbol
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
1 * Rem Term *= 12 1 22,110.39 0.04%
48 * Rem Term *= 60 20 389,684.50 0.68%
72 * Rem Term *= 84 10 432,774.96 0.75%
84 * Rem Term *= 96 2 57,513.14 0.10%
108 * Rem Term *= 120 73 2,190,258.51 3.80%
132 * Rem Term *= 144 3 97,423.85 0.17%
144 * Rem Term *= 156 1 49,000.00 0.09%
168 * Rem Term *= 180 508 33,825,910.30 58.70%
180 * Rem Term *= 192 1 34,816.60 0.06%
228 * Rem Term *= 240 161 7,827,869.73 13.58%
240 * Rem Term *= 252 1 125,800.00 0.22%
288 * Rem Term *= 300 3 196,900.00 0.34%
348 * Rem Term *= 360 148 12,371,819.59 21.47%
- -------------------------------------------------------------------
Total............ 932 57,621,881.57 100.00%
===================================================================
* means less than symbol
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 *= 10.000 4 46,787.21 0.08
10.000 * CLTV *= 15.000 5 112,902.92 0.20
15.000 * CLTV *= 20.000 9 199,384.21 0.35
20.000 * CLTV *= 25.000 9 316,576.74 0.55
25.000 * CLTV *= 30.000 13 512,037.78 0.89
30.000 * CLTV *= 35.000 19 615,265.25 1.07
35.000 * CLTV *= 40.000 18 786,901.95 1.37
40.000 * CLTV *= 45.000 21 765,138.11 1.33
45.000 * CLTV *= 50.000 42 2,143,582.46 3.72
50.000 * CLTV *= 55.000 33 2,161,376.62 3.75
55.000 * CLTV *= 60.000 56 3,508,752.20 6.09
60.000 * CLTV *= 65.000 59 3,533,415.93 6.13
65.000 * CLTV *= 70.000 95 6,175,937.26 10.72
70.000 * CLTV *= 75.000 142 9,144,196.58 15.87
75.000 * CLTV *= 80.000 212 13,454,441.30 23.35
80.000 * CLTV *= 85.000 120 8,163,070.35 14.17
85.000 * CLTV *= 90.000 72 5,724,597.27 9.93
90.000 * CLTV *= 95.000 3 257,517.43 0.45
- --------------------------------------------------------------------------
Total.................... 932 $57,621,881.57 100.00%
==========================================================================
* means less than symbol
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
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 12 119,534.42 0.21
10,000 * Balance *= 15,000 45 598,333.23 1.04
15,000 * Balance *= 20,000 53 981,845.70 1.70
20,000 * Balance *= 25,000 67 1,545,781.36 2.68
25,000 * Balance *= 30,000 72 2,044,890.51 3.55
30,000 * Balance *= 35,000 79 2,605,159.56 4.52
35,000 * Balance *= 40,000 69 2,637,972.59 4.58
40,000 * Balance *= 45,000 48 2,073,819.76 3.60
45,000 * Balance *= 50,000 44 2,132,939.45 3.70
50,000 * Balance *= 55,000 37 1,936,610.04 3.36
55,000 * Balance *= 60,000 57 3,309,004.48 5.74
60,000 * Balance *= 65,000 35 2,210,689.86 3.84
65,000 * Balance *= 70,000 36 2,465,494.96 4.28
70,000 * Balance *= 75,000 28 2,033,199.62 3.53
75,000 * Balance *= 80,000 27 2,108,688.86 3.66
80,000 * Balance *= 85,000 19 1,564,149.17 2.71
85,000 * Balance *= 90,000 30 2,633,146.28 4.57
90,000 * Balance *= 95,000 14 1,293,489.28 2.24
95,000 * Balance *= 100,000 28 2,743,968.41 4.76
100,000 * Balance *= 105,000 10 1,027,788.34 1.78
105,000 * Balance *= 110,000 6 644,911.48 1.12
110,000 * Balance *= 115,000 18 2,032,046.97 3.53
115,000 * Balance *= 120,000 10 1,186,039.74 2.06
120,000 * Balance *= 125,000 8 985,012.14 1.71
125,000 * Balance *= 130,000 9 1,145,721.71 1.99
130,000 * Balance *= 135,000 8 1,058,098.35 1.84
135,000 * Balance *= 140,000 9 1,249,787.40 2.17
140,000 * Balance *= 145,000 5 719,800.00 1.25
145,000 * Balance *= 150,000 2 296,939.92 0.52
150,000 * Balance *= 200,000 23 3,874,204.32 6.72
200,000 * Balance *= 250,000 12 2,673,108.10 4.64
250,000 * Balance *= 300,000 7 1,905,724.33 3.31
300,000 * Balance *= 350,000 2 674,817.26 1.17
350,000 * Balance *= 400,000 3 1,109,163.97 1.92
- --------------------------------------------------------------------------
Total.................... 932 $57,621,881.57 100.00%
==========================================================================
* means less than symbol
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
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 12 119,534.42 0.21
10,000 * Balance *= 15,000 45 598,333.23 1.04
15,000 * Balance *= 20,000 53 981,845.70 1.70
20,000 * Balance *= 25,000 67 1,545,781.36 2.68
25,000 * Balance *= 30,000 72 2,044,890.51 3.55
30,000 * Balance *= 35,000 79 2,605,159.56 4.52
35,000 * Balance *= 40,000 69 2,637,972.59 4.58
40,000 * Balance *= 45,000 48 2,073,819.76 3.60
45,000 * Balance *= 50,000 44 2,132,939.45 3.70
50,000 * Balance *= 55,000 38 1,991,586.20 3.46
55,000 * Balance *= 60,000 56 3,254,028.32 5.65
60,000 * Balance *= 65,000 34 2,145,285.66 3.72
65,000 * Balance *= 70,000 37 2,530,899.16 4.39
70,000 * Balance *= 75,000 28 2,033,199.62 3.53
75,000 * Balance *= 80,000 27 2,108,688.86 3.66
80,000 * Balance *= 85,000 19 1,564,149.17 2.71
85,000 * Balance *= 90,000 30 2,633,146.28 4.57
90,000 * Balance *= 95,000 14 1,293,489.28 2.24
95,000 * Balance *= 100,000 29 2,843,966.36 4.94
100,000 * Balance *= 105,000 9 927,790.39 1.61
105,000 * Balance *= 110,000 6 644,911.48 1.12
110,000 * Balance *= 115,000 18 2,032,046.97 3.53
115,000 * Balance *= 120,000 10 1,186,039.74 2.06
120,000 * Balance *= 125,000 8 985,012.14 1.71
125,000 * Balance *= 130,000 9 1,145,721.71 1.99
130,000 * Balance *= 135,000 8 1,058,098.35 1.84
135,000 * Balance *= 140,000 9 1,249,787.40 2.17
140,000 * Balance *= 145,000 5 719,800.00 1.25
145,000 * Balance *= 150,000 2 296,939.92 0.52
150,000 * Balance *= 200,000 23 3,874,204.32 6.72
200,000 * Balance *= 250,000 12 2,673,108.10 4.64
250,000 * Balance *= 300,000 7 1,905,724.33 3.31
300,000 * Balance *= 350,000 2 674,817.26 1.17
350,000 * Balance *= 400,000 3 1,109,163.97 1.92
- --------------------------------------------------------------------------
Total.................... 932 $ 57,621,881.57 100.00%
==========================================================================
* means less than symbol
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Arizona 1 24,910.60 0.04
Connecticut 4 147,886.96 0.26
Delaware 45 2,650,941.24 4.60
Florida 17 845,167.24 1.47
Georgia 59 3,772,615.62 6.55
Illinois 10 494,756.81 0.86
Indiana 5 171,364.48 0.30
Kentucky 9 375,136.10 0.65
Maryland 30 1,984,473.90 3.44
Michigan 1 29,664.65 0.05
North Carolina 33 1,412,421.74 2.45
New Jersey 245 17,935,856.23 31.13
New York 112 8,258,844.07 14.33
Ohio 31 1,690,141.09 2.93
Pennsylvania 291 15,935,914.07 27.66
South Carolina 1 31,000.00 0.05
Virginia 38 1,860,786.77 3.23
- --------------------------------------------------------------------------
Total............... 932 $ 57,621,881.57 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
PUD 16 912,471.33 1.58
Commercial 8 700,994.99 1.22
2-4 Resid 86 7,263,741.65 12.61
Townhouses 44 1,489,563.24 2.59
Condominiums 9 482,618.05 0.84
Single Family 730 42,393,318.28 73.57
Mobile Home 1 48,600.00 0.08
5+ Family 2 157,700.00 0.27
Mixed Use 22 2,177,297.51 3.78
Multiple Properties 14 1,995,576.52 3.46
- --------------------------------------------------------------------------
Total............... 932 $ 57,621,881.57 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 808 47,894,923.28 83.12
Investor 68 4,364,669.15 7.57
Vacation/Second Home 11 435,370.12 0.76
Business 29 2,798,342.50 4.86
Multiple Prop. / Occup. 16 2,128,576.52 3.69
- --------------------------------------------------------------------------
Total.................. 932 $ 57,621,881.57 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 633 45,662,151.09 79.24
2 287 10,281,414.14 17.84
Multiple 12 1,678,316.34 2.91
- --------------------------------------------------------------------------
Total............... 932 $ 57,621,881.57 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 695 37,260,439.27 64.66
Partially Amortizing 237 20,361,442.30 35.34
- --------------------------------------------------------------------------
Total.................. 932 $ 57,621,881.57 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
COLLATERAL CLASS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loan Class Loans Balance Balance
Commercial 8 700,994.99 1.22
Resid. w/ Business 34 3,977,924.03 6.90
Residential 890 52,942,962.55 91.88
- -----------------------------------------------------------------
Total.......... 932 $ 57,621,881.57 100.00%
=================================================================
BORROWER CLASS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Home Equity 453 22,895,678.62 39.73
Business 118 8,115,176.29 14.08
NJMIC Home Equity 359 26,482,026.66 45.96
NJMIC Business 2 129,000.00 0.22
- --------------------------------------------------------------------------
Total............... 932 $ 57,621,881.57 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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.
