<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) September 28, 1998
Prudential Securities Secured Financing Corporation
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-61939 13-3526694
- ----------------------------- ------------------------ --------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
One New York Plaza 10292
New York, New York -------------------
(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
1998-3, Mortgage Pass-Through Certificates, Series 1998-3 described in a
Prospectus Supplement dated September 14, 1998, certain "Computational
Materials" within the meanings of the May 20, 1994 Kidder, Peabody No-Action
Letter and the February 17, 1995 Public Securities Association No-Action
Letter were furnished to certain prospective investors (the "Related
Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
------------------------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in
Item 5 above).
<PAGE>
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 1998-3
Registrant
By: /s/ Evan Mitnick
-------------------------
Name: Evan Mitnick
Title: Vice President
Dated: September 28, 1998
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined
in Item 5 above).
<PAGE>
EXHIBIT 99.1
------------
<PAGE>
PRELIMINARY
BACKGROUND INFORMATION
American Business Financial Services
ABFS Mortgage Loan Trust 1998-3
APPROXIMATE CLASS SIZES
- -------------------------------------------------------------------------------
FIXED RATE CERTIFICATES
*********Conforming Fixed Rate Collateral*********
[$43,100,000] Class A-1 FIXED RATE CERTIFICATES
[$30,000,000] Class A-2 FIXED RATE CERTIFICATES
[$105,100,000] Class A-3 FIXED RATE CERTIFICATES
- -------------------------------------------------------------------------------
FLOATING RATE CERTIFICATES
*********Non-Conforming Fixed Rate Collateral*********
[$19,800,000] Class A-4 FLOATING 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 1998-3 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 1998-3
PRICING INFORMATION
(FIXED RATE CERTIFICATES)
--------------------------------------
Class: A-1 A-2 A-3
Approximate
Face Amount: [43,100,000] [30,000,000] [105,100,000]
Coupon: [6.400] [6.020] [6.295]
Price: [100-00] [100-00] [100-00]
Yield: [5.926] [5.831] [6.271]
Spread: [90] [100] [147]
Exp Avg Life
to Maturity: [0.806]yrs [1.628]yrs [5.136]yrs
Exp Avg Life
to Call: [0.806]yrs [1.628]yrs [4.740]yrs
Exp 1st
Prin Pmt: [10/25/1998] [12/25/1999] [10/25/2000]
Exp Mat
to call: [12/25/1999] [10/25/2000] [10/25/2006]
Exp Mat: [12/25/1999] [10/25/2000] [11/25/2014]
Stated Mat: [11/25/2009] [07/25/2014] [01/25/2030]
Exp Rating
(S&P/Moody's): AAA/Aaa AAA/Aaa AAA/Aaa
Pricing Spd: 25% HEP 25% HEP 25% HEP
Pricing Date: [--------------9/14/98--------------]
Investor
Settle Date: [--------------9/29/98--------------]
Cut-off Date
(Close of Business): 8/31/98 8/31/98 8/31/98
Pmt Delay: 24 days 24 days 24 days
Dated Date: 9/1/98 9/1/98 9/1/98
Int Pmt: 30/360 30/360 30/360
Pmt Terms: Monthly Monthly Monthly
1st Int.
Pmt Date: 10/25/98 10/25/98 10/25/98
Collateral
Type ("Pool A"): Fixed Rate Fixed Rate Fixed Rate
Conforming Conforming Conforming
SMMEA
Eligibility: non-SMMEA non-SMMEA non-SMMEA
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 1998-3
*Class A-3 Coupon Step-up: Class A-3 is priced to
call. If the Servicer does not exercise the
Cleanup Call, the coupon on Class A-3 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 Fixed Rate
Certificateholders;
7) Monthly principal to the Fixed Rate
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.
Fixed Rate Class A Certificate
Principal Paydown: 1) To the Class A-1 through A-3 Certificates,
in sequential order
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 1998-3
PRICING INFORMATION
(FLOATING RATE CERTIFICATES)
--------------------------------------
Class: A-4**
Approximate
Face Amount: [19,800,000]
Coupon: [5.882]
Price: [100-00]
Yield: [6.041]
Spread: [30]
Exp Avg Life
to Maturity: [3.430]yrs
Exp Avg Life
to Call: [3.157]yrs
Exp 1st
Prin Pmt: [10/25/1998]
Exp Mat
to call: [06/25/2006]
Exp Mat: [10/25/2013]
Stated Mat: [10/25/2029]
Exp Rating
(S&P/Moody's): AAA/Aaa
Pricing Spd: 25% HEP
Pricing Date: [09/14/1998]
Investor
Settle Date: [9/29/98]
Cut-off Date
(Close of Business): 8/31/98
Pmt Delay: 0 days
Dated Date: [9/29/98]
Int Pmt: actual/360
Pmt Terms: Monthly
1st Int.
Pmt Date: 10/25/98
Collateral
Type ("Pool B"): Fixed Rate
Non-Conforming
SMMEA
Eligibility: non-SMMEA
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 1998-3
**Class A-4 Pass-Through Rate: The lesser of:
1) One Month LIBOR + [30]bps
2) Available Funds Cap
**Class A-4 Coupon Step-up: Class A-4 is priced to the
call. If the Servicer does not exercise the
Cleanup Call, the Class A-4 Pass-Through Rate
will equal the lesser of:
1) One Month LIBOR + (2 x [30]bps)
2) Available Funds Cap
Available Funds Cap: A rate equal to the weighted
average gross coupon rate on the Pool B
Mortgage Loans for such Distribution Date less
the Expense Fee Rate and the Credit Spread
Rate.
Expense Fee Rate = 0.73% for servicing fee,
trustee fee and surety fee. Credit Spread Rate
= 0.75% to provide excess spread for building
overcollateralization and for covering any
losses which may occur.
LIBOR Interest Carryover: If, on any Disbribution Date, the Class A-4
Pass-Through is based upon the Available Funds
Cap, the excess of (i) the amount of interest
Class A-4 would be entitled to receive on such
Disbribution Date at the then-applicable LIBOR
Rate over (ii) the amount of accrued interest
for such Distribution Date at the Available
Funds Cap, together with the unpaid protion of
any such excess from prior Disbribution Dates
(and interest accrued thereon at the
then-applicable LIBOR Rate) is referred to as
the LIBOR Interest Carryover. Any LIBOR
Interest Carryover will be carried forward to
the next Distribution Date until paid from
sources of funds and in the priority set forth
in the Pooling and Servicing Agreement. The
LIBOR Interest Carryover will not be insured
by the FSA guarantee.
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 and LIBOR Interest
Carryover for Class A-4 Certificateholders;
7) Monthly principal to the Class A-4
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-4 Certificate
Principal Paydown: All principal collected from Pool B is passed
through to the Class A-4 Certificateholders.
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 1998-3
SUMMARY OF TERMS
--------------------------
Title of Securities: ABFS Mortgage Loan Trust 1998-3 Mortgage Pass-Through
Certificates, Series 1998-3 Class A-1, A-2, A-3 (the
"Fixed Rate Certificates") and Class A-4 (the
"Floating Rate Certificates", together with the Fixed
Rate Certificates, the "Class A Certificates").
Depositor: Prudential Securities Secured Financing Corporation
Servicer: American Business Credit, Inc.
Upland Mortgage and New Jersey Mortgage Investment
Company will act as subservicers.
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: [$198,000,000]
Securities Offered: 100% FSA-guaranteed, pass-through certificates.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing.
Pricing Date: [9/14/98]
Investor
Settlement Date: [9/29/98]
Form of Certificates: Book-Entry form, same-day funds through DTC, Euroclear
and CEDEL
Pass-Through Rate: [6.400]% on Class A-1 Certificates
[6.020]% on Class A-2 Certificates
[6.295]% on Class A-3 Certificates
[1M L + 0.30]% on Class A-4 Certificates*
*Subject to the Class A-4 Available Funds Cap
Prepayment
Assumption: 25% HEP (2.5% CPR in month 1 with monthly incremental
increases of 2.5% CPR until the speed reaches 25% 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 October 1998. The payment
delay will be 24 days for the Fixed Rate Certificates
and zero days for the Floating Rate Certificates.
Interest 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.
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.
<PAGE>
Optional
Cleanup Call: The Servicer may call the Class A Certificates
on any Remittance Date when the then-outstanding
collateral balance (Pool A & Pool B) is less than or
equal to 10% of the original collateral balance (Pool
A & Pool B).
The Servicer may also call the Class A-4 seperately on
any Remittance Date when the then-outstanding Class
A-4 principal balance is less than or equal to 10% of
the original Class A-4 principal 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 1998-3
Fixed Rate Certificates
Credit Enhancement: 1) 100% wrap from FSA.
2) Overcollateralization.
3) Excess monthly cashflow from Pool A and Pool B
(once O/C requirements of the Floating Rate
Certificates are satisfied).
Floating Rate Certificates
Credit Enhancement: 1) 100% wrap from FSA.
2) Overcollateralization.
3) Excess monthly cashflow from Pool B and Pool A
(once O/C requirements of the Fixed Rate
Certificates are satisfied).
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 Class A Certificates.
Overcollateralization: The credit enhancement provisions of the Trust are
intended to provide for the limited acceleration of
the Class A Certificates relative to the amortization
of the related collateral (i.e., Pool A for the Fixed
Rate Certificates and Pool B for the Floating Rate
Certificates), generally in the early months of the
transaction. Accelerated amortization is achieved by
applying certain excess interest collected on the
related 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 related 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. On the first payment date, 0% of the
excess cashflow available from each pool will be
directed to build O/C; after the first payment date,
80% of the excess cashflow available from the related
collateral will be directed to build O/C until the
pool initially reaches its required O/C target. After
each pool initially reaches its required O/C target,
the acceleration feature will cease, unless it is once
again necessary to maintain its required O/C level. If
the required O/C level is not maintained, 100% of the
excess cashflow will be applied to build O/C, as
necessary, to maintain the required O/C level. If
either Pool's O/C target is reached before the
other's, 80% of the excess cashflow from the
"satisfied" Pool will be directed to build O/C on the
"unsatisfied" Pool until the "unsatisfied" Pool
initially reaches its required O/C target. Under this
scenario, after the "unsatisfied" Pool initially
reaches its required O/C target, the acceleration
feature from the "satisfied" and "unsatisfied" Pools'
excess cashflow will cease. If the acceleration
feature is once again necessary to maintain either of
the Pool's required O/C level and the other Pool's
required O/C level is satisfied, 100% of the excess
cashflow from the "satisfied" Pool (in addition to the
excess cashflow from the "unsatisfied" Pool) will be
applied to build O/C, as necessary, to maintain such
Pool's required O/C level.
<PAGE>
Overcollateralization
Levels for Pool A &
Pool B (Approx.): Initial O/C based on original collateral balance: [1.0%]
O/C Target based on original collateral balance: [5.0%]
These O/C percentages are subject to step-downs
beginning in month [30] if certain tests are met.
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 1998-3
Pool A
Pre-funding Account: On the Settlement Date, an aggregate cash amount (the
"Pool A Pre-funded Amount"), which will equal
approximately [$70,000,000] will be deposited in the
Pool 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
Pool A 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 Pool A
Pre-funding Amount will remain in the Pool A
Pre-funding Account. The Pool A 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 Pool A
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
Fixed Rate Certificateholders on the December 25, 1998
Distribution Date as a partial prepayment of principal
of such Certificates.
Pool B
Pre-funding Account: There will not be any Pre-funding Account for Pool B.
Pool B will be entirely funded with collateral on the
Settlement Date.
Servicing Fee: 50 basis points per annum.
ERISA Considerations: The Fixed Rate Certificates will not be ERISA eligible
during the Funding Period. However, the Fixed Rate
Certificates may be ERISA eligible after the Funding
Period.
The Floating Rate Certificates may be ERISA eligible.
Investors should consult with their counsel with
respect to the consequences under ERISA and the
Internal Revenue Code of a 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, Shelby Carvalho
at (212) 778-4127 or
Katya Sverdlov at (212) 778-8038.
FSG: Januar Laude at (212) 778-7176 or YQ Zhang
at (212) 778-1196.
COPIES OF PROSPECTUS: PLEASE SEND AN E-MAIL WITH CLIENT'S NAME ADDRESS AND
PHONE NUMBER TO KATYA SVERDLOV AT:
IMPACT ID: SVERDLOV
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>
- --------------------------------------------------------------------------------
- ABFS983 CONFORMING
- Cut Off Date of Tape is 08/21/98
- Fixed
- $73,051,622.82
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 1,049
Aggregate Unpaid Principal Balance: $73,051,622.82
Aggregate Original Principal Balance: $73,106,987.47
Weighted Average Net Coupon: 10.840%
Net Coupon Range: 7.490% - 16.000%
Weighted Average Gross Coupon: 11.340%
Gross Coupon Range: 7.990% - 16.500%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $69,639.30
Average Original Principal Balance: $69,692.08
Maximum Unpaid Principal Balance: $225,000.00
Minimum Unpaid Principal Balance: $9,992.72
Maximum Original Principal Balance: $225,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date):
252.467
Stated Rem Term Range: 36.000 - 360.000
Weighted Avg. Amortized Rem. Term: 299.985
Amortized Rem Term Range: 35.999 - 360.098
Weighted Average Age (Original Term - Rem Term): 0.378
Age Range: 0.000 - 4.000
Weighted Average Original Term: 252.845
Original Term Range: 36.000 - 360.000
Weighted Average Combined LTV: 76.182
Combined LTV Range: 8.330% - 90.000%
- --------------------------------------------------------------------------------
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% 4 375,702.66 0.51
8.00% < Gross Coupon <= 8.25% 1 90,000.00 0.12
8.25% < Gross Coupon <= 8.50% 18 1,779,557.24 2.44
8.50% < Gross Coupon <= 8.75% 7 588,168.07 0.81
8.75% < Gross Coupon <= 9.00% 27 1,810,685.86 2.48
9.00% < Gross Coupon <= 9.25% 12 1,023,805.96 1.40
9.25% < Gross Coupon <= 9.50% 73 5,257,763.79 7.20
9.50% < Gross Coupon <= 9.75% 36 2,354,931.27 3.22
9.75% < Gross Coupon <= 10.00% 73 6,370,967.88 8.72
10.00% < Gross Coupon <= 10.25% 18 1,717,167.20 2.35
10.25% < Gross Coupon <= 10.50% 89 7,096,803.94 9.71
10.50% < Gross Coupon <= 10.75% 28 2,065,957.22 2.83
10.75% < Gross Coupon <= 11.00% 124 9,689,259.69 13.26
11.00% < Gross Coupon <= 11.25% 19 1,428,580.64 1.96
11.25% < Gross Coupon <= 11.50% 68 5,574,266.52 7.63
11.50% < Gross Coupon <= 11.75% 52 2,790,263.16 3.82
11.75% < Gross Coupon <= 12.00% 110 6,977,155.15 9.55
12.00% < Gross Coupon <= 12.25% 21 1,068,831.23 1.46
12.25% < Gross Coupon <= 12.50% 39 1,883,484.22 2.58
12.50% < Gross Coupon <= 12.75% 9 388,642.34 0.53
12.75% < Gross Coupon <= 13.00% 55 3,052,779.86 4.18
13.00% < Gross Coupon <= 13.25% 8 595,912.85 0.82
13.25% < Gross Coupon <= 13.50% 21 1,023,248.53 1.40
13.50% < Gross Coupon <= 13.75% 3 90,600.00 0.12
13.75% < Gross Coupon <= 14.00% 28 1,545,190.84 2.12
14.00% < Gross Coupon <= 14.25% 4 136,498.05 0.19
14.25% < Gross Coupon <= 14.50% 2 262,700.00 0.36
14.50% < Gross Coupon <= 14.75% 2 58,683.24 0.08
14.75% < Gross Coupon <= 15.00% 5 150,466.27 0.21
15.00% < Gross Coupon <= 15.25% 1 100,000.00 0.14
15.25% < Gross Coupon <= 15.50% 2 85,000.00 0.12
15.50% < Gross Coupon <= 15.75% 3 180,000.00 0.25
15.75% < Gross Coupon <= 16.00% 80 5,102,830.46 6.99
16.00% < Gross Coupon <= 16.25% 6 300,718.68 0.41
16.25% < Gross Coupon <= 16.50% 1 35,000.00 0.05
- -------------------------------------------------------------------------------
Total.......... 1049 $ 73,051,622.82 100.00%
===============================================================================
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>
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 15,000.00 0.02%
48 < Orig. Term <= 60 29 756,316.40 1.04%
60 < Orig. Term <= 72 2 26,000.00 0.04%
72 < Orig. Term <= 84 10 458,764.22 0.63%
84 < Orig. Term <= 96 3 73,970.05 0.10%
96 < Orig. Term <= 108 3 80,640.28 0.11%
108 < Orig. Term <= 120 73 2,282,127.28 3.12%
132 < Orig. Term <= 144 4 233,321.31 0.32%
168 < Orig. Term <= 180 459 30,615,029.38 41.91%
180 < Orig. Term <= 192 2 222,500.00 0.30%
192 < Orig. Term <= 204 1 60,000.00 0.08%
228 < Orig. Term <= 240 169 10,072,965.46 13.79%
240 < Orig. Term <= 252 1 64,000.00 0.09%
288 < Orig. Term <= 300 10 503,630.09 0.69%
312 < Orig. Term <= 324 1 144,000.00 0.20%
324 < Orig. Term <= 336 2 140,000.00 0.19%
336 < Orig. Term <= 348 14 1,014,746.52 1.39%
348 < Orig. Term <= 360 265 26,288,611.83 35.99%
- -------------------------------------------------------------------
Total............ 1,049 73,051,622.82 100.00%
===================================================================
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 15,000.00 0.02%
48 < Rem Term <= 60 29 756,316.40 1.04%
60 < Rem Term <= 72 2 26,000.00 0.04%
72 < Rem Term <= 84 10 458,764.22 0.63%
84 < Rem Term <= 96 3 73,970.05 0.10%
96 < Rem Term <= 108 3 80,640.28 0.11%
108 < Rem Term <= 120 73 2,282,127.28 3.12%
132 < Rem Term <= 144 4 233,321.31 0.32%
168 < Rem Term <= 180 459 30,615,029.38 41.91%
180 < Rem Term <= 192 2 222,500.00 0.30%
192 < Rem Term <= 204 1 60,000.00 0.08%
228 < Rem Term <= 240 169 10,072,965.46 13.79%
240 < Rem Term <= 252 1 64,000.00 0.09%
288 < Rem Term <= 300 10 503,630.09 0.69%
312 < Rem Term <= 324 1 144,000.00 0.20%
324 < Rem Term <= 336 2 140,000.00 0.19%
336 < Rem Term <= 348 14 1,014,746.52 1.39%
348 < Rem Term <= 360 265 26,288,611.83 35.99%
- -------------------------------------------------------------------
Total............ 1,049 73,051,622.82 100.00%
===================================================================
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>
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 1 15,000.00 0.02
10.000 < CLTV <= 15.000 4 72,696.19 0.10
15.000 < CLTV <= 20.000 9 198,944.77 0.27
20.000 < CLTV <= 25.000 18 655,620.31 0.90
25.000 < CLTV <= 30.000 9 334,568.21 0.46
30.000 < CLTV <= 35.000 19 682,027.01 0.93
35.000 < CLTV <= 40.000 20 842,235.71 1.15
40.000 < CLTV <= 45.000 20 1,026,064.12 1.40
45.000 < CLTV <= 50.000 33 1,810,138.06 2.48
50.000 < CLTV <= 55.000 36 1,676,111.77 2.29
55.000 < CLTV <= 60.000 43 2,687,630.97 3.68
60.000 < CLTV <= 65.000 51 3,303,448.03 4.52
65.000 < CLTV <= 70.000 82 5,211,533.42 7.13
70.000 < CLTV <= 75.000 116 7,856,066.90 10.75
75.000 < CLTV <= 80.000 202 14,244,185.52 19.50
80.000 < CLTV <= 85.000 196 13,400,699.04 18.34
85.000 < CLTV <= 90.000 190 19,034,652.79 26.06
- --------------------------------------------------------------------------
Total.................... 1,049 $73,051,622.82 100.00%
==========================================================================
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>
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 9 89,992.72 0.12
10,000 < Balance <= 15,000 31 412,078.24 0.56
15,000 < Balance <= 20,000 60 1,084,054.70 1.48
20,000 < Balance <= 25,000 65 1,520,663.68 2.08
25,000 < Balance <= 30,000 69 1,955,983.16 2.68
30,000 < Balance <= 35,000 55 1,824,766.57 2.50
35,000 < Balance <= 40,000 71 2,685,113.64 3.68
40,000 < Balance <= 45,000 48 2,090,156.67 2.86
45,000 < Balance <= 50,000 48 2,313,765.47 3.17
50,000 < Balance <= 55,000 45 2,380,255.30 3.26
55,000 < Balance <= 60,000 64 3,704,872.91 5.07
60,000 < Balance <= 65,000 43 2,712,353.69 3.71
65,000 < Balance <= 70,000 37 2,507,505.04 3.43
70,000 < Balance <= 75,000 35 2,539,331.09 3.48
75,000 < Balance <= 80,000 37 2,883,894.15 3.95
80,000 < Balance <= 85,000 23 1,900,880.36 2.60
85,000 < Balance <= 90,000 25 2,194,712.15 3.00
90,000 < Balance <= 95,000 14 1,304,234.74 1.79
95,000 < Balance <= 100,000 30 2,942,871.50 4.03
100,000 < Balance <= 105,000 14 1,443,746.80 1.98
105,000 < Balance <= 110,000 23 2,473,831.10 3.39
110,000 < Balance <= 115,000 18 2,021,045.83 2.77
115,000 < Balance <= 120,000 26 3,061,343.28 4.19
120,000 < Balance <= 125,000 22 2,701,353.50 3.70
125,000 < Balance <= 130,000 15 1,913,818.53 2.62
130,000 < Balance <= 135,000 15 1,996,949.83 2.73
135,000 < Balance <= 140,000 6 820,365.00 1.12
140,000 < Balance <= 145,000 14 1,999,716.96 2.74
145,000 < Balance <= 150,000 12 1,781,281.95 2.44
150,000 < Balance <= 200,000 54 9,313,299.07 12.75
200,000 < Balance <= 250,000 21 4,477,385.19 6.13
- --------------------------------------------------------------------------
Total.................... 1049 $ 73,051,622.82 100.00%
==========================================================================
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>
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 9 89,992.72 0.12
10,000 < Balance <= 15,000 31 412,078.24 0.56
15,000 < Balance <= 20,000 60 1,084,054.70 1.48
20,000 < Balance <= 25,000 65 1,520,663.68 2.08
25,000 < Balance <= 30,000 69 1,955,983.16 2.68
30,000 < Balance <= 35,000 56 1,859,566.57 2.55
35,000 < Balance <= 40,000 70 2,650,313.64 3.63
40,000 < Balance <= 45,000 48 2,090,156.67 2.86
45,000 < Balance <= 50,000 49 2,363,629.29 3.24
50,000 < Balance <= 55,000 44 2,330,391.48 3.19
55,000 < Balance <= 60,000 64 3,704,872.91 5.07
60,000 < Balance <= 65,000 43 2,712,353.69 3.71
65,000 < Balance <= 70,000 37 2,507,505.04 3.43
70,000 < Balance <= 75,000 35 2,539,331.09 3.48
75,000 < Balance <= 80,000 37 2,883,894.15 3.95
80,000 < Balance <= 85,000 23 1,900,880.36 2.60
85,000 < Balance <= 90,000 25 2,194,712.15 3.00
90,000 < Balance <= 95,000 14 1,304,234.74 1.79
95,000 < Balance <= 100,000 30 2,942,871.50 4.03
100,000 < Balance <= 105,000 14 1,443,746.80 1.98
105,000 < Balance <= 110,000 23 2,473,831.10 3.39
110,000 < Balance <= 115,000 18 2,021,045.83 2.77
115,000 < Balance <= 120,000 26 3,061,343.28 4.19
120,000 < Balance <= 125,000 22 2,701,353.50 3.70
125,000 < Balance <= 130,000 15 1,913,818.53 2.62
130,000 < Balance <= 135,000 15 1,996,949.83 2.73
135,000 < Balance <= 140,000 6 820,365.00 1.12
140,000 < Balance <= 145,000 14 1,999,716.96 2.74
145,000 < Balance <= 150,000 12 1,781,281.95 2.44
150,000 < Balance <= 200,000 54 9,313,299.07 12.75
200,000 < Balance <= 250,000 21 4,477,385.19 6.13
- --------------------------------------------------------------------------
Total.................... 1049 $ 73,051,622.82 100.00%
==========================================================================
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>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Colorado 1 60,000.00 0.08
Connecticut 17 925,266.51 1.27
Delaware 22 1,728,025.13 2.37
Florida 54 4,382,775.09 6.00
Georgia 105 6,700,020.28 9.17
Illinois 11 1,018,499.74 1.39
Indiana 3 190,600.00 0.26
Maryland 25 1,801,293.69 2.47
Michigan 1 42,903.02 0.06
Mississippi 16 892,854.40 1.22
New Jersey 277 20,119,873.43 27.54
New York 146 14,115,272.31 19.32
North Carolina 12 695,666.93 0.95
Ohio 27 1,401,611.15 1.92
Pennsylvania 304 16,954,616.55 23.21
South Carolina 4 195,734.57 0.27
Tennessee 8 420,563.25 0.58
Virginia 16 1,406,046.77 1.92
- --------------------------------------------------------------------------
Total............... 1049 $ 73,051,622.82 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Mixed Use 31 2,248,814.11 3.08
PUD 8 480,896.32 0.66
Commercial 9 777,581.13 1.06
Townhouses 99 4,490,631.96 6.15
2-4 Family 86 8,016,299.14 10.97
Condominiums 16 711,734.61 0.97
Single Family Detached 793 55,906,679.32 76.53
Mobile Home 6 198,986.23 0.27
5+ Family 1 220,000.00 0.30
- --------------------------------------------------------------------------
Total............... 1049 $ 73,051,622.82 100.00%
==========================================================================
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>
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 930 65,458,924.45 89.61
Investor 65 3,765,779.73 5.15
Vacation/Second Home 14 800,523.40 1.10
Business 40 3,026,395.24 4.14
- --------------------------------------------------------------------------
Total.................. 1049 $ 73,051,622.82 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 812 65,264,916.82 89.34
2 237 7,786,706.00 10.66
- --------------------------------------------------------------------------
Total............... 1049 $ 73,051,622.82 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 741 50,454,874.87 69.07
Partially Amortizing 308 22,596,747.95 30.93
- --------------------------------------------------------------------------
Total.................. 1049 $ 73,051,622.82 100.00%
==========================================================================
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>
- --------------------------------------------------------------------------------
- ABFS983 NONCONFORMING
- Cut Off Date of Tape is 08/21/98
- Fixed
- $13,431,312.08
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 67
Aggregate Unpaid Principal Balance: $13,431,312.08
Aggregate Original Principal Balance: $13,441,255.00
Weighted Average Net Coupon: 11.633%
Net Coupon Range: 8.490% - 15.490%
Weighted Average Gross Coupon: 12.133%
Gross Coupon Range: 8.990% - 15.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $200,467.34
Average Original Principal Balance: $200,615.75
Maximum Unpaid Principal Balance: $380,000.00
Minimum Unpaid Principal Balance: $24,000.00
Maximum Original Principal Balance: $380,000.00
Minimum Original Principal Balance: $24,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date):
243.497
Stated Rem Term Range: 119.000 - 360.000
Weighted Avg. Amortized Rem. Term: 315.524
Amortized Rem Term Range: 118.963 - 360.009
Weighted Average Age (Original Term - Rem Term): 0.393
Age Range: 0.000 - 3.000
Weighted Average Original Term: 243.890
Original Term Range: 120.000 - 360.000
Weighted Average Combined LTV: 72.054
Combined LTV Range: 25.910% - 90.680%
- --------------------------------------------------------------------------------
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
8.75% < Gross Coupon <= 9.00% 7 1,580,626.44 11.77
9.00% < Gross Coupon <= 9.25% 1 340,000.00 2.53
9.50% < Gross Coupon <= 9.75% 3 785,090.15 5.85
9.75% < Gross Coupon <= 10.00% 3 795,482.01 5.92
10.00% < Gross Coupon <= 10.25% 3 865,915.46 6.45
10.50% < Gross Coupon <= 10.75% 3 718,491.79 5.35
10.75% < Gross Coupon <= 11.00% 9 2,036,855.11 15.16
11.00% < Gross Coupon <= 11.25% 1 54,600.00 0.41
11.25% < Gross Coupon <= 11.50% 2 391,500.00 2.91
11.50% < Gross Coupon <= 11.75% 2 367,000.00 2.73
11.75% < Gross Coupon <= 12.00% 1 274,000.00 2.04
12.00% < Gross Coupon <= 12.25% 1 25,000.00 0.19
12.25% < Gross Coupon <= 12.50% 3 212,825.38 1.58
12.75% < Gross Coupon <= 13.00% 5 829,801.00 6.18
13.00% < Gross Coupon <= 13.25% 1 60,000.00 0.45
13.75% < Gross Coupon <= 14.00% 2 565,500.00 4.21
14.75% < Gross Coupon <= 15.00% 1 94,000.00 0.70
15.50% < Gross Coupon <= 15.75% 5 805,745.16 6.00
15.75% < Gross Coupon <= 16.00% 14 2,628,879.58 19.57
- -------------------------------------------------------------------------------
Total.......... 67 $ 13,431,312.08 100.00%
===============================================================================
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>
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
108 < Orig. Term <= 120 2 214,825.38 1.60%
168 < Orig. Term <= 180 40 7,979,284.83 59.41%
228 < Orig. Term <= 240 7 597,351.61 4.45%
348 < Orig. Term <= 360 18 4,639,850.26 34.55%
- -------------------------------------------------------------------
Total............ 67 13,431,312.08 100.00%
===================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
108 < Rem Term <= 120 2 214,825.38 1.60%
168 < Rem Term <= 180 40 7,979,284.83 59.41%
228 < Rem Term <= 240 7 597,351.61 4.45%
348 < Rem Term <= 360 18 4,639,850.26 34.55%
- -------------------------------------------------------------------
Total............ 67 13,431,312.08 100.00%
===================================================================
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
25.000 < CLTV <= 30.000 2 384,613.81 2.86
40.000 < CLTV <= 45.000 1 265,000.00 1.97
45.000 < CLTV <= 50.000 3 940,000.00 7.00
50.000 < CLTV <= 55.000 1 350,000.00 2.61
55.000 < CLTV <= 60.000 4 696,536.67 5.19
60.000 < CLTV <= 65.000 4 651,973.10 4.85
65.000 < CLTV <= 70.000 9 1,974,094.13 14.70
70.000 < CLTV <= 75.000 13 2,153,953.60 16.04
75.000 < CLTV <= 80.000 7 1,466,726.44 10.92
80.000 < CLTV <= 85.000 14 2,625,423.65 19.55
85.000 < CLTV <= 90.000 7 1,737,165.30 12.93
90.000 < CLTV <= 95.000 2 185,825.38 1.38
- --------------------------------------------------------------------------
Total.................... 67 $13,431,312.08 100.00%
==========================================================================
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>
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
20,000 < Balance <= 25,000 2 49,000.00 0.36
25,000 < Balance <= 30,000 1 29,987.28 0.22
35,000 < Balance <= 40,000 3 119,735.63 0.89
40,000 < Balance <= 45,000 1 42,764.33 0.32
50,000 < Balance <= 55,000 1 54,600.00 0.41
55,000 < Balance <= 60,000 4 234,411.71 1.75
60,000 < Balance <= 65,000 1 65,000.00 0.48
65,000 < Balance <= 70,000 2 139,933.45 1.04
75,000 < Balance <= 80,000 1 79,000.00 0.59
85,000 < Balance <= 90,000 1 89,536.67 0.67
90,000 < Balance <= 95,000 1 94,000.00 0.70
95,000 < Balance <= 100,000 1 100,000.00 0.74
100,000 < Balance <= 105,000 2 207,000.00 1.54
105,000 < Balance <= 110,000 1 108,000.00 0.80
115,000 < Balance <= 120,000 2 239,626.44 1.78
145,000 < Balance <= 150,000 2 292,000.00 2.17
150,000 < Balance <= 200,000 3 512,094.13 3.81
200,000 < Balance <= 250,000 11 2,557,847.91 19.04
250,000 < Balance <= 300,000 12 3,375,223.71 25.13
300,000 < Balance <= 350,000 13 4,294,050.82 31.97
350,000 < Balance <= 400,000 2 747,500.00 5.57
- --------------------------------------------------------------------------
Total.................... 67 $ 13,431,312.08 100.00%
==========================================================================
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
20,000 < Balance <= 25,000 2 49,000.00 0.36
25,000 < Balance <= 30,000 1 29,987.28 0.22
35,000 < Balance <= 40,000 3 119,735.63 0.89
40,000 < Balance <= 45,000 1 42,764.33 0.32
50,000 < Balance <= 55,000 1 54,600.00 0.41
55,000 < Balance <= 60,000 4 234,411.71 1.75
60,000 < Balance <= 65,000 1 65,000.00 0.48
65,000 < Balance <= 70,000 2 139,933.45 1.04
75,000 < Balance <= 80,000 1 79,000.00 0.59
85,000 < Balance <= 90,000 1 89,536.67 0.67
90,000 < Balance <= 95,000 1 94,000.00 0.70
95,000 < Balance <= 100,000 1 100,000.00 0.74
100,000 < Balance <= 105,000 2 207,000.00 1.54
105,000 < Balance <= 110,000 1 108,000.00 0.80
115,000 < Balance <= 120,000 2 239,626.44 1.78
145,000 < Balance <= 150,000 2 292,000.00 2.17
150,000 < Balance <= 200,000 3 512,094.13 3.81
200,000 < Balance <= 250,000 11 2,557,847.91 19.04
250,000 < Balance <= 300,000 12 3,375,223.71 25.13
300,000 < Balance <= 350,000 13 4,294,050.82 31.97
350,000 < Balance <= 400,000 2 747,500.00 5.57
- --------------------------------------------------------------------------
Total.................... 67 $ 13,431,312.08 100.00%
==========================================================================
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>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Connecticut 2 482,000.00 3.59
Georgia 6 1,643,200.00 12.23
Maryland 1 310,891.79 2.31
New Jersey 24 4,550,286.66 33.88
New York 19 3,687,415.17 27.45
Ohio 2 279,000.00 2.08
Pennsylvania 11 2,255,518.46 16.79
Virginia 2 223,000.00 1.66
- --------------------------------------------------------------------------
Total............... 67 $ 13,431,312.08 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Mixed Use 6 1,222,355.52 9.10
PUD 1 297,109.90 2.21
Commercial 3 724,150.48 5.39
2-4 Family 3 537,000.00 4.00
Condominiums 1 70,000.00 0.52
Single Family Detached 52 10,300,696.18 76.69
5+ Family 1 280,000.00 2.08
- --------------------------------------------------------------------------
Total............... 67 $ 13,431,312.08 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 55 10,852,179.64 80.80
Investor 2 513,000.00 3.82
Vacation/Second Home 1 119,626.44 0.89
Business 9 1,946,506.00 14.49
- --------------------------------------------------------------------------
Total.................. 67 $ 13,431,312.08 100.00%
==========================================================================
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>
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 34 9,952,622.44 74.10
2 33 3,478,689.64 25.90
- --------------------------------------------------------------------------
Total............... 67 $ 13,431,312.08 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 45 7,922,654.73 58.99
Partially Amortizing 22 5,508,657.35 41.01
- --------------------------------------------------------------------------
Total.................. 67 $ 13,431,312.08 100.00%
==========================================================================
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.
