<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) June 11, 1998
Prudential Securities Secured Financing Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-27355 13-3526694
---------------------------- ------------------------ ----------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
One New York Plaza
New York, New York
(Address of Principal 10292
------------------ ----------
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
1998-2, Mortgage Pass-Through Certificates, Series 1998-2 described in a
Prospectus Supplement dated June 2, 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
1998-2
Registrant
By: /s/ Norman Chaleff
---------------------------
Name: Norman Chaleff
Title: Vice President
Dated: June 11, 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 1998-2
APPROXIMATE CLASS SIZES
[$38,700,000] Class A-1 FLOATING RATE CERTIFICATES
[$14,200,000] Class A-2 FIXED RATE CERTIFICATES
[$24,900,000] Class A-3 FIXED RATE CERTIFICATES
[$14,100,000] Class A-4 FIXED RATE CERTIFICATES
[$14,480,000] Class A-5 FIXED RATE CERTIFICATES
[$11,820,000] 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 1998-2 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 1998-2
PRICING INFORMATION
----------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Class: A-1* A-2 A-3 A-4 A-5** A-6
NAS Bond
Approximate
Face Amount: [38,700,000] [14,200,000] [24,900,000] [14,100,000] [14,480,000] [11,820,000]
Coupon: [] [] [] [] [] []
Price: [] [] [] [] [] []
Yield: [] [] [] [] [] []
Spread: [] [] [] [] [] []
Exp Avg Life
to Maturity: [0.959]yrs [1.999]yrs [3.098]yrs [4.992]yrs [9.957]yrs [6.571]yrs
Exp Avg Life
to Call: [0.959]yrs [1.999]yrs [3.098]yrs [4.992]yrs [8.017]yrs [6.439]yrs
Exp 1st
Prin Pmt: [07/25/98] [02/25/00] [10/25/00] [07/25/02] [08/25/04] [07/25/01]
Exp Mat
to call: [02/25/00] [10/25/00] [07/25/02] [08/25/04] [12/25/06] [12/25/06]
Exp Mat: [02/25/00] [10/25/00] [07/25/02] [08/25/04] [12/25/13] [06/25/13]
Stated Mat: [09/25/12] [06/25/13] [02/25/14] [11/25/20] [10/25/28] [10/25/28]
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: [-----------------------------------------------XXX/98--------------------------------]
Investor
Settle Date: 6/18/98 6/18/98 6/18/98 6/18/98 6/18/98 6/18/98
Cut-off Date
(Close of Business): 5/31/98 5/31/98 5/31/98 5/31/98 5/31/98 5/31/98
Pmt Delay: 0 days 24 days 24 days 24 days 24 days 24 days
Dated Date: 6/18/98 6/1/98 6/1/98 6/1/98 6/1/98 6/1/98
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: 7/25/98 7/25/98 7/25/98 7/25/98 7/25/98 7/25/98
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 1998-2
*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 + [TBD]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 [0.745]% 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
----------------------------------
July 1998 to June 2001 ==> 0%
July 2001 to June 2003 ==> 45%
July 2003 to June 2004 ==> 80%
July 2004 to June 2005 ==> 100%
July 2005 and thereafter ==> 300%
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 1998-2
SUMMARY OF TERMS
--------------------------
Title of Securities: ABFS Mortgage Loan Trust 1998-2 Mortgage Pass-Through
Certificates, Series 1998-2 Class A-1 ("Floating Rate
Certificates") Class A-2, A-3, A-4, A-5, and 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 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: [$118,200,000]
Securities Offered: 100% FSA-guaranteed, pass-through certificates.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing.
Pricing Date: TBD
Investor
Settlement Date: [6/18/98]
Form of Certificates: Book-Entry form, same-day funds through DTC, Euroclear
and CEDEL
Pass-Through Rate: [ L + TBD ]% on Class A-1 Certificates* [TBD ]% on Class
A-2 Certificates [TBD ]% on Class A-3 Certificates [TBD
]% on Class A-4 Certificates [TBD ]% on Class A-5
Certificates [TBD ]% 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.
<PAGE>
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 July 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 1998-2
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. On the first payment
date, 0% of the excess cashflow available will be
directed to build O/C; after the first payment date, 80%
of the excess cashflow available will be directed to
build O/C until the pool initially reaches its required
O/C target. After the pool initially reaches it required
O/C target, the acceleration feature will cease, unless
it is once again necessary to maintain the 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.]
Overcollateralization
Levels (Approx.): [Initial O/C based on original collateral balance:
[1.50%] O/C Target based on original collateral balance:
[5.00%] These O/C percentages are subject to step-downs
beginning in month [36] if certain tests are met.]
Pre-funding Account: On the Settlement Date, an aggregate cash amount ("the
Pre-funded Amount"), which will equal approximately
[$20,000,000] 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 August 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.
<PAGE>
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>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT BALANCE: $38,700,000.00 DATED DATE: 06/18/98
CURRENT COUPON: TBD abfs82 FIRST PAYMENT: 07/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $38,700,000.00 BOND A-1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 06/18/98
ASSUMED CONSTANT LIBOR-1M 5.6523
PRICING SPEED
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 32.664 29.246 30.679 33.296 34.488 35.620
99-24+ 30.995 27.790 29.134 31.588 32.705 33.766
99-25 29.326 26.336 27.590 29.879 30.922 31.912
99-25+ 27.658 24.881 26.045 28.171 29.140 30.059
99-26 25.990 23.427 24.502 26.464 27.358 28.206
99-26+ 24.322 21.973 22.958 24.757 25.576 26.354
99-27 22.655 20.519 21.415 23.050 23.794 24.501
99-27+ 20.988 19.066 19.872 21.343 22.013 22.650
99-28 19.321 17.613 18.329 19.637 20.233 20.798
99-28+ 17.655 16.161 16.787 17.931 18.452 18.947
99-29 15.989 14.708 15.245 16.226 16.672 17.096
99-29+ 14.323 13.256 13.703 14.521 14.893 15.246
99-30 12.658 11.804 12.162 12.816 13.113 13.396
99-30+ 10.993 10.353 10.621 11.111 11.335 11.547
99-31 9.328 8.902 9.080 9.407 9.556 9.697
99-31+ 7.664 7.451 7.540 7.703 7.778 7.848
100-00 6.000 6.000 6.000 6.000 6.000 6.000
100-00+ 4.336 4.550 4.460 4.297 4.223 4.152
100-01 2.673 3.100 2.921 2.594 2.445 2.304
100-01+ 1.010 1.650 1.382 0.892 0.669 0.457
100-02 -0.652 0.201 -0.157 -0.810 -1.108 -1.390
100-02+ -2.315 -1.249 -1.696 -2.512 -2.884 -3.237
100-03 -3.977 -2.697 -3.234 -4.213 -4.660 -5.083
100-03+ -5.638 -4.146 -4.772 -5.914 -6.435 -6.929
100-04 -7.299 -5.594 -6.309 -7.615 -8.210 -8.774
100-04+ -8.960 -7.042 -7.846 -9.315 -9.984 -10.620
100-05 -10.621 -8.490 -9.383 -11.015 -11.759 -12.464
100-05+ -12.281 -9.937 -10.920 -12.715 -13.533 -14.309
100-06 -13.941 -11.384 -12.456 -14.414 -15.306 -16.153
100-06+ -15.601 -12.831 -13.992 -16.113 -17.079 -17.996
100-07 -17.260 -14.277 -15.528 -17.812 -18.852 -19.840
100-07+ -18.919 -15.723 -17.063 -19.510 -20.625 -21.683
First Payment 0.103 0.103 0.103 0.103 0.103 0.103
Average Life 0.959 1.106 1.039 0.936 0.895 0.860
Last Payment 1.686 2.019 1.853 1.603 1.519 1.436
Mod.Dur. @ 100-00 0.904 1.036 0.976 0.883 0.846 0.814
Accrued Interest 0.000 0.000 0.000 0.000 0.000 0.000
</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>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT BALANCE: $14,200,000.00 DATED DATE: 06/01/98
COUPON: TBD abfs82 FIRST PAYMENT: 07/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $14,200,000.00 BOND A-2 BE-YIELD TABLE YIELD TABLE DATE: 06/18/98
PREPAYMENT SPEED
PRICING SPEED
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 6.266 6.281 6.275 6.263 6.257 6.251
99-24+ 6.257 6.274 6.267 6.254 6.247 6.241
99-25 6.249 6.267 6.259 6.245 6.238 6.231
99-25+ 6.240 6.260 6.252 6.236 6.229 6.221
99-26 6.232 6.253 6.244 6.227 6.219 6.211
99-26+ 6.223 6.246 6.236 6.219 6.210 6.201
99-27 6.214 6.239 6.229 6.210 6.201 6.192
99-27+ 6.206 6.231 6.221 6.201 6.191 6.182
99-28 6.197 6.224 6.213 6.192 6.182 6.172
99-28+ 6.189 6.217 6.206 6.183 6.173 6.162
99-29 6.180 6.210 6.198 6.175 6.163 6.152
99-29+ 6.172 6.203 6.190 6.166 6.154 6.142
99-30 6.163 6.196 6.183 6.157 6.145 6.132
99-30+ 6.155 6.189 6.175 6.148 6.135 6.122
99-31 6.146 6.182 6.167 6.139 6.126 6.113
99-31+ 6.138 6.175 6.160 6.131 6.117 6.103
100-00 6.129 6.168 6.152 6.122 6.107 6.093
100-00+ 6.121 6.161 6.144 6.113 6.098 6.083
100-01 6.112 6.153 6.137 6.104 6.089 6.073
100-01+ 6.104 6.146 6.129 6.096 6.079 6.063
100-02 6.095 6.139 6.121 6.087 6.070 6.053
100-02+ 6.087 6.132 6.114 6.078 6.061 6.043
100-03 6.078 6.125 6.106 6.069 6.051 6.034
100-03+ 6.070 6.118 6.098 6.060 6.042 6.024
100-04 6.061 6.111 6.091 6.052 6.033 6.014
100-04+ 6.053 6.104 6.083 6.043 6.023 6.004
100-05 6.044 6.097 6.075 6.034 6.014 5.994
100-05+ 6.036 6.090 6.068 6.025 6.005 5.984
100-06 6.027 6.083 6.060 6.017 5.995 5.974
100-06+ 6.019 6.076 6.053 6.008 5.986 5.965
100-07 6.010 6.069 6.045 5.999 5.977 5.955
100-07+ 6.002 6.061 6.037 5.990 5.967 5.945
First Payment 1.686 2.019 1.853 1.603 1.519 1.436
Average Life 1.999 2.436 2.237 1.933 1.813 1.708
Last Payment 2.353 2.853 2.603 2.269 2.103 2.019
Mod.Dur. @ 100-00 1.830 2.199 2.032 1.773 1.669 1.578
Accrued Interest 0.296 0.296 0.296 0.296 0.296 0.296
</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>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT BALANCE: $24,900,000.00 DATED DATE: 06/01/98
COUPON: TBD abfs82 FIRST PAYMENT: 07/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $24,900,000.00 BOND A-3 BE-YIELD TABLE YIELD TABLE DATE: 06/18/98
PREPAYMENT SPEED
PRICING SPEED
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 6.361 6.373 6.368 6.359 6.354 6.349
99-24+ 6.355 6.368 6.363 6.353 6.348 6.343
99-25 6.350 6.364 6.358 6.347 6.341 6.336
99-25+ 6.344 6.359 6.353 6.341 6.335 6.329
99-26 6.338 6.354 6.348 6.335 6.329 6.322
99-26+ 6.333 6.350 6.343 6.329 6.322 6.315
99-27 6.327 6.345 6.338 6.323 6.316 6.309
99-27+ 6.321 6.340 6.333 6.317 6.310 6.302
99-28 6.316 6.336 6.328 6.311 6.303 6.295
99-28+ 6.310 6.331 6.323 6.306 6.297 6.288
99-29 6.304 6.326 6.317 6.300 6.291 6.282
99-29+ 6.298 6.322 6.312 6.294 6.284 6.275
99-30 6.293 6.317 6.307 6.288 6.278 6.268
99-30+ 6.287 6.312 6.302 6.282 6.272 6.261
99-31 6.281 6.308 6.297 6.276 6.265 6.254
99-31+ 6.276 6.303 6.292 6.270 6.259 6.248
100-00 6.270 6.299 6.287 6.264 6.252 6.241
100-00+ 6.264 6.294 6.282 6.258 6.246 6.234
100-01 6.258 6.289 6.277 6.252 6.240 6.227
100-01+ 6.253 6.285 6.272 6.246 6.233 6.221
100-02 6.247 6.280 6.267 6.240 6.227 6.214
100-02+ 6.241 6.275 6.262 6.235 6.221 6.207
100-03 6.236 6.271 6.257 6.229 6.214 6.200
100-03+ 6.230 6.266 6.252 6.223 6.208 6.194
100-04 6.224 6.261 6.247 6.217 6.202 6.187
100-04+ 6.219 6.257 6.242 6.211 6.195 6.180
100-05 6.213 6.252 6.236 6.205 6.189 6.173
100-05+ 6.207 6.248 6.231 6.199 6.183 6.167
100-06 6.202 6.243 6.226 6.193 6.176 6.160
100-06+ 6.196 6.238 6.221 6.187 6.170 6.153
100-07 6.190 6.234 6.216 6.181 6.164 6.146
100-07+ 6.184 6.229 6.211 6.176 6.157 6.140
First Payment 2.353 2.853 2.603 2.269 2.103 2.019
Average Life 3.098 3.903 3.535 2.974 2.754 2.564
Last Payment 4.103 5.269 4.686 3.936 3.603 3.353
Mod.Dur. @ 100-00 2.733 3.356 3.075 2.634 2.456 2.301
Accrued Interest 0.299 0.299 0.299 0.299 0.299 0.299
</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>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT BALANCE: $14,100,000.00 DATED DATE: 06/01/98
COUPON: TBD abfs82 FIRST PAYMENT: 07/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $14,100,000.00 BOND A-4 BE-YIELD TABLE YIELD TABLE DATE: 06/18/98
PREPAYMENT SPEED
PRICING SPEED
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 6.585 6.594 6.590 6.583 6.579 6.576
99-24+ 6.581 6.591 6.587 6.579 6.575 6.571
99-25 6.577 6.588 6.584 6.575 6.571 6.567
99-25+ 6.574 6.586 6.580 6.571 6.567 6.562
99-26 6.570 6.583 6.577 6.567 6.562 6.557
99-26+ 6.566 6.580 6.574 6.563 6.558 6.553
99-27 6.562 6.577 6.571 6.559 6.554 6.548
99-27+ 6.558 6.574 6.567 6.556 6.550 6.544
99-28 6.555 6.571 6.564 6.552 6.545 6.539
99-28+ 6.551 6.568 6.561 6.548 6.541 6.535
99-29 6.547 6.565 6.557 6.544 6.537 6.530
99-29+ 6.543 6.562 6.554 6.540 6.533 6.526
99-30 6.540 6.559 6.551 6.536 6.529 6.521
99-30+ 6.536 6.556 6.547 6.532 6.524 6.517
99-31 6.532 6.553 6.544 6.528 6.520 6.512
99-31+ 6.528 6.550 6.541 6.524 6.516 6.508
100-00 6.525 6.547 6.537 6.520 6.512 6.503
100-00+ 6.521 6.544 6.534 6.516 6.507 6.498
100-01 6.517 6.541 6.531 6.512 6.503 6.494
100-01+ 6.513 6.538 6.528 6.508 6.499 6.489
100-02 6.509 6.535 6.524 6.505 6.495 6.485
100-02+ 6.506 6.532 6.521 6.501 6.491 6.480
100-03 6.502 6.529 6.518 6.497 6.486 6.476
100-03+ 6.498 6.526 6.514 6.493 6.482 6.471
100-04 6.494 6.523 6.511 6.489 6.478 6.467
100-04+ 6.491 6.520 6.508 6.485 6.474 6.462
100-05 6.487 6.517 6.504 6.481 6.469 6.458
100-05+ 6.483 6.514 6.501 6.477 6.465 6.453
100-06 6.479 6.511 6.498 6.473 6.461 6.449
100-06+ 6.476 6.508 6.495 6.469 6.457 6.444
100-07 6.472 6.506 6.491 6.465 6.453 6.440
100-07+ 6.468 6.503 6.488 6.462 6.448 6.435
First Payment 4.103 5.269 4.686 3.936 3.603 3.353
Average Life 4.992 6.701 5.849 4.763 4.360 4.020
Last Payment 6.186 9.019 7.769 5.853 5.269 4.853
Mod.Dur. @ 100-00 4.137 5.258 4.717 3.976 3.686 3.435
Accrued Interest 0.309 0.309 0.309 0.309 0.309 0.309
</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>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT BALANCE: $14,480,000.00 DATED DATE: 06/01/98
COUPON: TBD abfs82 FIRST PAYMENT: 07/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $14,480,000.00 BOND A-5 BE-YIELD TABLE YIELD TABLE DATE: 06/18/98
Run to Maturity
---------------
PREPAYMENT SPEED
PRICING SPEED
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 7.027 7.017 7.023 7.027 7.026 7.022
99-24+ 7.025 7.015 7.021 7.025 7.023 7.019
99-25 7.022 7.013 7.019 7.023 7.021 7.017
99-25+ 7.020 7.011 7.017 7.020 7.018 7.014
99-26 7.018 7.009 7.015 7.018 7.016 7.011
99-26+ 7.016 7.007 7.012 7.016 7.013 7.008
99-27 7.013 7.005 7.010 7.013 7.011 7.006
99-27+ 7.011 7.003 7.008 7.011 7.008 7.003
99-28 7.009 7.001 7.006 7.009 7.006 7.000
99-28+ 7.007 6.999 7.004 7.006 7.003 6.998
99-29 7.004 6.997 7.002 7.004 7.001 6.995
99-29+ 7.002 6.995 7.000 7.002 6.998 6.992
99-30 7.000 6.993 6.998 6.999 6.995 6.989
99-30+ 6.998 6.991 6.996 6.997 6.993 6.987
99-31 6.995 6.990 6.994 6.995 6.990 6.984
99-31+ 6.993 6.988 6.992 6.992 6.988 6.981
100-00 6.991 6.986 6.990 6.990 6.985 6.979
100-00+ 6.988 6.984 6.988 6.988 6.983 6.976
100-01 6.986 6.982 6.986 6.985 6.980 6.973
100-01+ 6.984 6.980 6.984 6.983 6.978 6.970
100-02 6.982 6.978 6.982 6.981 6.975 6.968
100-02+ 6.979 6.976 6.980 6.978 6.973 6.965
100-03 6.977 6.974 6.978 6.976 6.970 6.962
100-03+ 6.975 6.972 6.976 6.973 6.968 6.959
100-04 6.973 6.970 6.974 6.971 6.965 6.957
100-04+ 6.970 6.968 6.972 6.969 6.963 6.954
100-05 6.968 6.966 6.970 6.966 6.960 6.951
100-05+ 6.966 6.964 6.968 6.964 6.958 6.949
100-06 6.964 6.963 6.966 6.962 6.955 6.946
100-06+ 6.961 6.961 6.964 6.959 6.953 6.943
100-07 6.959 6.959 6.961 6.957 6.950 6.940
100-07+ 6.957 6.957 6.959 6.955 6.948 6.938
First Payment 6.186 9.019 7.769 5.853 5.269 4.853
Average Life 9.957 12.472 11.474 9.486 8.596 7.769
Last Payment 15.519 18.853 17.436 15.186 15.019 14.936
Mod.Dur. @ 100-00 6.891 8.072 7.631 6.649 6.177 5.721
Accrued Interest 0.325 0.325 0.325 0.325 0.325 0.325
</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>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT BALANCE: $14,480,000.00 DATED DATE: 06/01/98
COUPON: TBD abfs82 FIRST PAYMENT: 07/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $14,480,000.00 BOND A-5 BE-YIELD TABLE YIELD TABLE DATE: 06/18/98
Run to the Call
------------------
PREPAYMENT SPEED
PRICING SPEED
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 6.955 6.961 6.959 6.953 6.950 6.947
99-24+ 6.952 6.959 6.956 6.951 6.947 6.944
99-25 6.949 6.956 6.954 6.948 6.945 6.941
99-25+ 6.947 6.954 6.952 6.945 6.942 6.938
99-26 6.944 6.952 6.949 6.942 6.939 6.935
99-26+ 6.942 6.950 6.947 6.940 6.936 6.932
99-27 6.939 6.948 6.945 6.937 6.933 6.928
99-27+ 6.936 6.946 6.942 6.934 6.930 6.925
99-28 6.934 6.943 6.940 6.932 6.927 6.922
99-28+ 6.931 6.941 6.938 6.929 6.924 6.919
99-29 6.929 6.939 6.935 6.926 6.921 6.916
99-29+ 6.926 6.937 6.933 6.923 6.918 6.913
99-30 6.923 6.935 6.931 6.921 6.915 6.910
99-30+ 6.921 6.933 6.928 6.918 6.912 6.906
99-31 6.918 6.931 6.926 6.915 6.909 6.903
99-31+ 6.916 6.928 6.924 6.913 6.906 6.900
100-00 6.913 6.926 6.921 6.910 6.904 6.897
100-00+ 6.910 6.924 6.919 6.907 6.901 6.894
100-01 6.908 6.922 6.917 6.904 6.898 6.891
100-01+ 6.905 6.920 6.915 6.902 6.895 6.887
100-02 6.902 6.918 6.912 6.899 6.892 6.884
100-02+ 6.900 6.915 6.910 6.896 6.889 6.881
100-03 6.897 6.913 6.908 6.894 6.886 6.878
100-03+ 6.895 6.911 6.905 6.891 6.883 6.875
100-04 6.892 6.909 6.903 6.888 6.880 6.872
100-04+ 6.889 6.907 6.901 6.885 6.877 6.869
100-05 6.887 6.905 6.898 6.883 6.874 6.865
100-05+ 6.884 6.903 6.896 6.880 6.871 6.862
100-06 6.882 6.900 6.894 6.877 6.869 6.859
100-06+ 6.879 6.898 6.891 6.875 6.866 6.856
100-07 6.876 6.896 6.889 6.872 6.863 6.853
100-07+ 6.874 6.894 6.887 6.869 6.860 6.850
First Payment 6.186 9.019 7.769 5.853 5.269 4.853
Average Life 8.017 10.435 9.404 7.614 6.907 6.285
Last Payment 8.519 10.686 9.686 8.186 7.603 7.019
Mod.Dur. @ 100-00 5.975 7.233 6.725 5.745 5.328 4.945
Accrued Interest 0.325 0.325 0.325 0.325 0.325 0.325
</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>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT BALANCE: $11,820,000.00 DATED DATE: 06/01/98
COUPON: TBD abfs82 FIRST PAYMENT: 07/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $11,820,000.00 BOND A-6 BE-YIELD TABLE YIELD TABLE DATE: 06/18/98
PREPAYMENT SPEED
PRICING SPEED
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 6.482 6.484 6.483 6.482 6.481 6.481
99-24+ 6.479 6.481 6.480 6.479 6.478 6.478
99-25 6.476 6.478 6.477 6.476 6.475 6.475
99-25+ 6.473 6.475 6.474 6.473 6.472 6.471
99-26 6.470 6.472 6.471 6.470 6.469 6.468
99-26+ 6.467 6.469 6.468 6.467 6.466 6.465
99-27 6.464 6.466 6.465 6.463 6.463 6.462
99-27+ 6.461 6.463 6.462 6.460 6.460 6.459
99-28 6.458 6.461 6.459 6.457 6.456 6.456
99-28+ 6.455 6.458 6.456 6.454 6.453 6.453
99-29 6.452 6.455 6.454 6.451 6.450 6.449
99-29+ 6.449 6.452 6.451 6.448 6.447 6.446
99-30 6.446 6.449 6.448 6.445 6.444 6.443
99-30+ 6.443 6.446 6.445 6.442 6.441 6.440
99-31 6.440 6.443 6.442 6.439 6.438 6.437
99-31+ 6.437 6.440 6.439 6.436 6.435 6.434
100-00 6.434 6.437 6.436 6.433 6.432 6.431
100-00+ 6.431 6.435 6.433 6.430 6.429 6.427
100-01 6.428 6.432 6.430 6.427 6.426 6.424
100-01+ 6.425 6.429 6.427 6.424 6.422 6.421
100-02 6.422 6.426 6.424 6.421 6.419 6.418
100-02+ 6.419 6.423 6.421 6.418 6.416 6.415
100-03 6.415 6.420 6.418 6.415 6.413 6.412
100-03+ 6.412 6.417 6.415 6.412 6.410 6.409
100-04 6.409 6.414 6.412 6.409 6.407 6.406
100-04+ 6.406 6.412 6.409 6.406 6.404 6.402
100-05 6.403 6.409 6.406 6.402 6.401 6.399
100-05+ 6.400 6.406 6.403 6.399 6.398 6.396
100-06 6.397 6.403 6.401 6.396 6.395 6.393
100-06+ 6.394 6.400 6.398 6.393 6.392 6.390
100-07 6.391 6.397 6.395 6.390 6.388 6.387
100-07+ 6.388 6.394 6.392 6.387 6.385 6.384
First Payment 3.103 3.103 3.103 3.103 3.103 3.103
Average Life 6.571 6.986 6.804 6.503 6.382 6.277
Last Payment 15.019 15.019 15.019 15.019 15.019 14.769
Mod.Dur. @ 100-00 5.151 5.399 5.291 5.109 5.034 4.969
Accrued Interest 0.304 0.304 0.304 0.304 0.304 0.304
</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>
- --------------------------------------------------------------------------------
- ABFS82
- Cut Off Date of Tape is 5/31/98
- fix
- $74,038,487.51
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 984
Aggregate Unpaid Principal Balance: $74,038,487.51
Aggregate Original Principal Balance: $74,098,085.75
Weighted Average Net Coupon: 10.959%
Net Coupon Range: 7.740% - 17.490%
Weighted Average Gross Coupon: 11.459%
Gross Coupon Range: 8.240% - 17.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $75,242.37
Average Original Principal Balance: $75,302.93
Maximum Unpaid Principal Balance: $375,000.00
Minimum Unpaid Principal Balance: $9,708.20
Maximum Original Principal Balance: $375,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date):
226.871
Stated Rem Term Range: 20.000 - 360.000
Weighted Avg. Amortized Rem. Term: 290.889
Amortized Rem Term Range: 36.000 - 360.132
Weighted Average Age (Original Term - Rem Term): 0.402
Age Range: 0.000 - 13.000
Weighted Average Original Term: 227.272
Original Term Range: 24.000 - 360.000
Weighted Average Combined LTV: 76.027
Combined LTV Range: 6.990% - 105.000%
- --------------------------------------------------------------------------------
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
8.00% < Gross Coupon <= 8.25% 2 179,073.08 0.24
8.25% < Gross Coupon <= 8.50% 16 1,148,124.62 1.55
8.50% < Gross Coupon <= 8.75% 3 246,581.34 0.33
8.75% < Gross Coupon <= 9.00% 36 3,828,834.53 5.17
9.00% < Gross Coupon <= 9.25% 16 1,809,301.31 2.44
9.25% < Gross Coupon <= 9.50% 52 3,738,367.89 5.05
9.50% < Gross Coupon <= 9.75% 40 3,280,946.07 4.43
9.75% < Gross Coupon <= 10.00% 90 8,078,472.77 10.91
10.00% < Gross Coupon <= 10.25% 21 1,682,060.63 2.27
10.25% < Gross Coupon <= 10.50% 77 6,498,589.72 8.78
10.50% < Gross Coupon <= 10.75% 28 2,705,868.79 3.65
10.75% < Gross Coupon <= 11.00% 124 8,792,757.89 11.88
11.00% < Gross Coupon <= 11.25% 25 2,231,684.33 3.01
11.25% < Gross Coupon <= 11.50% 35 3,097,830.47 4.18
11.50% < Gross Coupon <= 11.75% 43 2,343,176.32 3.16
11.75% < Gross Coupon <= 12.00% 84 5,222,198.18 7.05
12.00% < Gross Coupon <= 12.25% 8 968,858.58 1.31
12.25% < Gross Coupon <= 12.50% 42 2,875,718.21 3.88
12.50% < Gross Coupon <= 12.75% 10 602,655.19 0.81
12.75% < Gross Coupon <= 13.00% 54 2,878,788.17 3.89
13.00% < Gross Coupon <= 13.25% 3 310,915.51 0.42
13.25% < Gross Coupon <= 13.50% 17 682,426.00 0.92
13.50% < Gross Coupon <= 13.75% 2 205,715.67 0.28
13.75% < Gross Coupon <= 14.00% 30 1,410,007.71 1.90
14.25% < Gross Coupon <= 14.50% 4 216,014.09 0.29
14.50% < Gross Coupon <= 14.75% 2 89,200.00 0.12
14.75% < Gross Coupon <= 15.00% 3 313,900.00 0.42
15.25% < Gross Coupon <= 15.50% 5 268,888.49 0.36
15.50% < Gross Coupon <= 15.75% 4 714,750.00 0.97
15.75% < Gross Coupon <= 16.00% 101 6,786,042.22 9.17
16.00% < Gross Coupon <= 16.25% 2 80,000.00 0.11
16.25% < Gross Coupon <= 16.50% 2 244,739.73 0.33
16.75% < Gross Coupon <= 17.00% 2 261,000.00 0.35
17.50% < Gross Coupon <= 18.00% 1 245,000.00 0.33
- --------------------------------------------------------------------------------
Total.......... 984 $ 74,038,487.51 100.00%
================================================================================
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
12 < Orig. Term <= 24 1 114,658.81 0.15%
24 < Orig. Term <= 36 2 380,000.00 0.51%
48 < Orig. Term <= 60 24 632,166.39 0.85%
60 < Orig. Term <= 72 1 49,215.00 0.07%
72 < Orig. Term <= 84 14 633,337.01 0.86%
84 < Orig. Term <= 96 3 95,595.51 0.13%
108 < Orig. Term <= 120 68 2,154,918.73 2.91%
132 < Orig. Term <= 144 3 116,769.68 0.16%
144 < Orig. Term <= 156 2 135,317.35 0.18%
168 < Orig. Term <= 180 521 40,616,133.90 54.86%
228 < Orig. Term <= 240 168 11,055,565.51 14.93%
288 < Orig. Term <= 300 7 820,250.75 1.11%
324 < Orig. Term <= 336 1 193,500.00 0.26%
348 < Orig. Term <= 360 169 17,041,058.87 23.02%
- -------------------------------------------------------------------
Total............ 984 74,038,487.51 100.00%
===================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
12 < Rem Term <= 24 1 114,658.81 0.15%
24 < Rem Term <= 36 2 380,000.00 0.51%
48 < Rem Term <= 60 24 632,166.39 0.85%
60 < Rem Term <= 72 1 49,215.00 0.07%
72 < Rem Term <= 84 14 633,337.01 0.86%
84 < Rem Term <= 96 3 95,595.51 0.13%
96 < Rem Term <= 108 1 11,091.86 0.01%
108 < Rem Term <= 120 67 2,143,826.87 2.90%
132 < Rem Term <= 144 3 116,769.68 0.16%
144 < Rem Term <= 156 2 135,317.35 0.18%
168 < Rem Term <= 180 521 40,616,133.90 54.86%
228 < Rem Term <= 240 168 11,055,565.51 14.93%
288 < Rem Term <= 300 7 820,250.75 1.11%
324 < Rem Term <= 336 1 193,500.00 0.26%
348 < Rem Term <= 360 169 17,041,058.87 23.02%
- -------------------------------------------------------------------
Total............ 984 74,038,487.51 100.00%
===================================================================
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 3 82,918.63 0.11
10.000 < CLTV <= 15.000 3 41,308.20 0.06
15.000 < CLTV <= 20.000 3 77,840.94 0.11
20.000 < CLTV <= 25.000 6 209,960.41 0.28
25.000 < CLTV <= 30.000 10 316,101.77 0.43
30.000 < CLTV <= 35.000 11 525,101.79 0.71
35.000 < CLTV <= 40.000 18 666,021.11 0.90
40.000 < CLTV <= 45.000 13 645,019.11 0.87
45.000 < CLTV <= 50.000 25 2,033,299.26 2.75
50.000 < CLTV <= 55.000 29 2,273,295.02 3.07
55.000 < CLTV <= 60.000 39 2,780,859.87 3.76
60.000 < CLTV <= 65.000 47 3,474,004.58 4.69
65.000 < CLTV <= 70.000 86 6,427,634.00 8.68
70.000 < CLTV <= 75.000 135 8,239,381.57 11.13
75.000 < CLTV <= 80.000 221 16,705,889.46 22.56
80.000 < CLTV <= 85.000 165 12,180,817.28 16.45
85.000 < CLTV <= 90.000 163 16,942,691.59 22.88
90.000 < CLTV <= 95.000 4 266,542.92 0.36
95.000 < CLTV <= 100.000 2 55,300.00 0.07
100.000 < CLTV <= 105.000 1 94,500.00 0.13
- --------------------------------------------------------------------------
Total.................... 984 $ 74,038,487.51 100.00%
==========================================================================
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 6 59,560.86 0.08
10,000 < Balance <= 15,000 31 419,029.31 0.57
15,000 < Balance <= 20,000 54 1,015,148.75 1.37
20,000 < Balance <= 25,000 60 1,411,852.50 1.91
25,000 < Balance <= 30,000 63 1,775,206.10 2.40
30,000 < Balance <= 35,000 47 1,552,450.93 2.10
35,000 < Balance <= 40,000 68 2,595,977.43 3.51
40,000 < Balance <= 45,000 51 2,204,297.17 2.98
45,000 < Balance <= 50,000 47 2,284,782.62 3.09
50,000 < Balance <= 55,000 46 2,436,762.84 3.29
55,000 < Balance <= 60,000 53 3,057,366.32 4.13
60,000 < Balance <= 65,000 18 1,133,975.03 1.53
65,000 < Balance <= 70,000 33 2,233,307.83 3.02
70,000 < Balance <= 75,000 33 2,402,793.05 3.25
75,000 < Balance <= 80,000 32 2,494,261.68 3.37
80,000 < Balance <= 85,000 24 1,981,678.50 2.68
85,000 < Balance <= 90,000 27 2,382,718.83 3.22
90,000 < Balance <= 95,000 28 2,603,372.36 3.52
95,000 < Balance <= 100,000 30 2,926,493.23 3.95
100,000 < Balance <= 105,000 21 2,167,137.45 2.93
105,000 < Balance <= 110,000 16 1,722,260.35 2.33
110,000 < Balance <= 115,000 16 1,803,002.24 2.44
115,000 < Balance <= 120,000 12 1,411,312.81 1.91
120,000 < Balance <= 125,000 15 1,845,720.63 2.49
125,000 < Balance <= 130,000 18 2,307,785.11 3.12
130,000 < Balance <= 135,000 11 1,461,604.71 1.97
135,000 < Balance <= 140,000 10 1,378,299.43 1.86
140,000 < Balance <= 145,000 13 1,857,607.93 2.51
145,000 < Balance <= 150,000 7 1,031,998.65 1.39
150,000 < Balance <= 200,000 54 9,336,353.49 12.61
200,000 < Balance <= 250,000 18 3,995,473.36 5.40
250,000 < Balance <= 300,000 11 3,017,168.19 4.08
300,000 < Balance <= 350,000 10 3,356,727.82 4.53
350,000 < Balance <= 400,000 1 375,000.00 0.51
- --------------------------------------------------------------------------
Total.................... 984 $ 74,038,487.51 100.00%
==========================================================================
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 6 59,560.86 0.08
10,000 < Balance <= 15,000 31 419,029.31 0.57
15,000 < Balance <= 20,000 54 1,015,148.75 1.37
20,000 < Balance <= 25,000 60 1,411,852.50 1.91
25,000 < Balance <= 30,000 63 1,775,206.10 2.40
30,000 < Balance <= 35,000 48 1,587,443.84 2.14
35,000 < Balance <= 40,000 67 2,560,984.52 3.46
40,000 < Balance <= 45,000 51 2,204,297.17 2.98
45,000 < Balance <= 50,000 47 2,284,782.62 3.09
50,000 < Balance <= 55,000 46 2,436,762.84 3.29
55,000 < Balance <= 60,000 53 3,057,366.32 4.13
60,000 < Balance <= 65,000 18 1,133,975.03 1.53
65,000 < Balance <= 70,000 33 2,233,307.83 3.02
70,000 < Balance <= 75,000 33 2,402,793.05 3.25
75,000 < Balance <= 80,000 32 2,494,261.68 3.37
80,000 < Balance <= 85,000 24 1,981,678.50 2.68
85,000 < Balance <= 90,000 27 2,382,718.83 3.22
90,000 < Balance <= 95,000 29 2,698,281.29 3.64
95,000 < Balance <= 100,000 29 2,831,584.30 3.82
100,000 < Balance <= 105,000 21 2,167,137.45 2.93
105,000 < Balance <= 110,000 17 1,832,231.93 2.47
110,000 < Balance <= 115,000 16 1,807,875.42 2.44
115,000 < Balance <= 120,000 11 1,296,468.05 1.75
120,000 < Balance <= 125,000 15 1,845,720.63 2.49
125,000 < Balance <= 130,000 18 2,307,785.11 3.12
130,000 < Balance <= 135,000 11 1,461,604.71 1.97
135,000 < Balance <= 140,000 10 1,378,299.43 1.86
140,000 < Balance <= 145,000 13 1,857,607.93 2.51
145,000 < Balance <= 150,000 7 1,031,998.65 1.39
150,000 < Balance <= 200,000 55 9,536,214.83 12.88
200,000 < Balance <= 250,000 17 3,795,612.02 5.13
250,000 < Balance <= 300,000 11 3,017,168.19 4.08
300,000 < Balance <= 350,000 10 3,356,727.82 4.53
350,000 < Balance <= 400,000 1 375,000.00 0.51
- --------------------------------------------------------------------------
Total.................... 984 $ 74,038,487.51 100.00%
==========================================================================
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 1 112,000.00 0.15
Connecticut 17 905,425.45 1.22
Delaware 34 2,950,107.74 3.98
Florida 25 1,797,234.78 2.43
Georgia 76 5,628,182.64 7.60
Illinois 6 472,300.00 0.64
Indiana 6 215,866.00 0.29
Kentucky 6 354,980.97 0.48
Massachsetts 1 23,000.00 0.03
Maryland 32 2,470,887.57 3.34
Michigan 1 56,039.06 0.08
Mississippi 13 1,131,756.78 1.53
North Carolina 15 761,489.07 1.03
New Jersey 248 22,211,559.47 30.00
New York 113 10,795,048.25 14.58
Ohio 21 1,133,682.28 1.53
Pennsylvania 325 19,829,037.03 26.78
South Carolina 5 234,216.42 0.32
Tennessee 7 242,515.15 0.33
Virginia 32 2,713,158.85 3.66
- --------------------------------------------------------------------------
Total............... 984 $ 74,038,487.51 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
PUD 4 386,914.56 0.52
Commercial 10 1,392,000.00 1.88
1-4 Resid Leasehold 67 7,236,851.39 9.77
Townhouses 109 4,432,875.05 5.99
Condominiums 22 1,433,157.07 1.94
Single Family Detached 735 55,249,465.57 74.62
Mobile Home 4 161,223.87 0.22
5+ Family 2 380,000.00 0.51
Mercantile Building 31 3,366,000.00 4.55
- --------------------------------------------------------------------------
Total............... 984 $ 74,038,487.51 100.00%
==========================================================================
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. 867 64,295,347.40 86.84
Investor 65 4,074,606.83 5.50
Vacation/Second Home 11 910,533.28 1.23
Corporate 41 4,758,000.00 6.43
- --------------------------------------------------------------------------
Total.................. 984 $ 74,038,487.51 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 731 63,055,656.92 85.17
2 253 10,982,830.59 14.83
- --------------------------------------------------------------------------
Total............... 984 $ 74,038,487.51 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 706 47,292,101.40 63.88
Partially Amortizing 278 26,746,386.11 36.12
- --------------------------------------------------------------------------
Total.................. 984 $ 74,038,487.51 100.00%
==========================================================================
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>
PRELIMINARY
BACKGROUND INFORMATION
American Business Financial Services
ABFS Mortgage Loan Trust 1998-2
APPROXIMATE CLASS SIZES
[$38,700,000] Class A-1 FLOATING RATE CERTIFICATES
[$14,200,000] Class A-2 FIXED RATE CERTIFICATES
[$24,900,000] Class A-3 FIXED RATE CERTIFICATES
[$14,100,000] Class A-4 FIXED RATE CERTIFICATES
[$14,480,000] Class A-5 FIXED RATE CERTIFICATES
[$11,820,000] 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 1998-2 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 1998-2
PRICING INFORMATION
----------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Class: A-1* A-2 A-3 A-4 A-5** A-6
NAS Bond
Approximate
Face Amount: [38,700,000] [14,200,000] [24,900,000] [14,100,000] [14,480,000] [11,820,000]
Coupon: [L + 5bps] [6.285] [6.340] [6.490] [6.850] [6.455]
Price: [100-00] [100-00] [100-00] [100-00] [100-00] [100-00]
Yield: [na] [6.139] [6.270] [6.474] [6.872] [6.459]
Spread: [5] [57] [68] [89] [120] [82]
Exp Avg Life
to Maturity: [0.967]yrs [1.999]yrs [3.099]yrs [4.994]yrs [9.958]yrs [6.566]yrs
Exp Avg Life
to Call: [0.967]yrs [1.999]yrs [3.099]yrs [4.994]yrs [8.018]yrs [6.434]yrs
Exp 1st
Prin Pmt: [07/25/98] [02/25/00] [10/25/00] [07/25/02] [08/25/04] [07/25/01]
Exp Mat
to call: [02/25/00] [10/25/00] [07/25/02] [08/25/04] [12/25/06] [12/25/06]
Exp Mat: [02/25/00] [10/25/00] [07/25/02] [08/25/04] [12/25/13] [06/25/13]
Stated Mat: [09/25/12] [06/25/13] [02/25/14] [11/25/20] [10/25/28] [10/25/28]
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: [-----------------------------------------------6/2/98--------------------------------]
Investor
Settle Date: 6/18/98 6/18/98 6/18/98 6/18/98 6/18/98 6/18/98
Cut-off Date
(Close of Business): 5/31/98 5/31/98 5/31/98 5/31/98 5/31/98 5/31/98
Pmt Delay: 0 days 24 days 24 days 24 days 24 days 24 days
Dated Date: 6/18/98 6/1/98 6/1/98 6/1/98 6/1/98 6/1/98
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: 7/25/98 7/25/98 7/25/98 7/25/98 7/25/98 7/25/98
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 1998-2
*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
+ 5bps)
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
[0.745]% 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
----------------------------------
July 1998 to June 2001 ==> 0%
July 2001 to June 2003 ==> 45%
July 2003 to June 2004 ==> 80%
July 2004 to June 2005 ==> 100%
July 2005 and thereafter ==> 300%
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 1998-2
SUMMARY OF TERMS
--------------------------
Title of Securities: ABFS Mortgage Loan Trust 1998-2
Mortgage Pass-Through Certificates, Series 1998-2 Class
A-1 ("Floating Rate Certificates") Class A-2, A-3, A-4,
A-5, and 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 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: [$118,200,000]
Securities Offered: 100% FSA-guaranteed, pass-through certificates.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing.
Pricing Date: [6/2/98]
Investor
Settlement Date: [6/18/98]
Form of Certificates: Book-Entry form, same-day funds through DTC, Euroclear
and CEDEL
Pass-Through Rate: [ L + 5bps ]% on Class A-1 Certificates* [6.285]% on
Class A-2 Certificates [6.340]% on Class A-3
Certificates [6.490]% on Class A-4 Certificates [6.850]%
on Class A-5 Certificates [6.455]% 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 July 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 1998-2
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. On the first payment
date, 0% of the excess cashflow available will be
directed to build O/C; after the first payment date, 80%
of the excess cashflow available will be directed to
build O/C until the pool initially reaches its required
O/C target. After the pool initially reaches it required
O/C target, the acceleration feature will cease, unless
it is once again necessary to maintain the 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.]
Overcollateralization
Levels (Approx.): [Initial O/C based on original collateral balance:
[1.50%]
O/C Target based on original collateral balance:
[5.00%]
These O/C percentages are subject to step-downs
beginning in month [36] if certain tests are met.]
Pre-funding Account: On the Settlement Date, an aggregate cash amount ("the
Pre-funded Amount"), which will equal approximately
[$20,000,000] 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 August 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.
<PAGE>
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>
- --------------------------------------------------------------------------------
- ABFS82
- Cut Off Date of Tape is 5/31/98
- fix
- $74,038,487.51
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 984
Aggregate Unpaid Principal Balance: $74,038,487.51
Aggregate Original Principal Balance: $74,098,085.75
Weighted Average Net Coupon: 10.959%
Net Coupon Range: 7.740% - 17.490%
Weighted Average Gross Coupon: 11.459%
Gross Coupon Range: 8.240% - 17.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $75,242.37
Average Original Principal Balance: $75,302.93
Maximum Unpaid Principal Balance: $375,000.00
Minimum Unpaid Principal Balance: $9,708.20
Maximum Original Principal Balance: $375,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date):
226.871
Stated Rem Term Range: 20.000 - 360.000
Weighted Avg. Amortized Rem. Term: 290.889
Amortized Rem Term Range: 36.000 - 360.132
Weighted Average Age (Original Term - Rem Term): 0.402
Age Range: 0.000 - 13.000
Weighted Average Original Term: 227.272
Original Term Range: 24.000 - 360.000
Weighted Average Combined LTV: 76.027
Combined LTV Range: 6.990% - 105.000%
- --------------------------------------------------------------------------------
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
8.00% < Gross Coupon <= 8.25% 2 179,073.08 0.24
8.25% < Gross Coupon <= 8.50% 16 1,148,124.62 1.55
8.50% < Gross Coupon <= 8.75% 3 246,581.34 0.33
8.75% < Gross Coupon <= 9.00% 36 3,828,834.53 5.17
9.00% < Gross Coupon <= 9.25% 16 1,809,301.31 2.44
9.25% < Gross Coupon <= 9.50% 52 3,738,367.89 5.05
9.50% < Gross Coupon <= 9.75% 40 3,280,946.07 4.43
9.75% < Gross Coupon <= 10.00% 90 8,078,472.77 10.91
10.00% < Gross Coupon <= 10.25% 21 1,682,060.63 2.27
10.25% < Gross Coupon <= 10.50% 77 6,498,589.72 8.78
10.50% < Gross Coupon <= 10.75% 28 2,705,868.79 3.65
10.75% < Gross Coupon <= 11.00% 124 8,792,757.89 11.88
11.00% < Gross Coupon <= 11.25% 25 2,231,684.33 3.01
11.25% < Gross Coupon <= 11.50% 35 3,097,830.47 4.18
11.50% < Gross Coupon <= 11.75% 43 2,343,176.32 3.16
11.75% < Gross Coupon <= 12.00% 84 5,222,198.18 7.05
12.00% < Gross Coupon <= 12.25% 8 968,858.58 1.31
12.25% < Gross Coupon <= 12.50% 42 2,875,718.21 3.88
12.50% < Gross Coupon <= 12.75% 10 602,655.19 0.81
12.75% < Gross Coupon <= 13.00% 54 2,878,788.17 3.89
13.00% < Gross Coupon <= 13.25% 3 310,915.51 0.42
13.25% < Gross Coupon <= 13.50% 17 682,426.00 0.92
13.50% < Gross Coupon <= 13.75% 2 205,715.67 0.28
13.75% < Gross Coupon <= 14.00% 30 1,410,007.71 1.90
14.25% < Gross Coupon <= 14.50% 4 216,014.09 0.29
14.50% < Gross Coupon <= 14.75% 2 89,200.00 0.12
14.75% < Gross Coupon <= 15.00% 3 313,900.00 0.42
15.25% < Gross Coupon <= 15.50% 5 268,888.49 0.36
15.50% < Gross Coupon <= 15.75% 4 714,750.00 0.97
15.75% < Gross Coupon <= 16.00% 101 6,786,042.22 9.17
16.00% < Gross Coupon <= 16.25% 2 80,000.00 0.11
16.25% < Gross Coupon <= 16.50% 2 244,739.73 0.33
16.75% < Gross Coupon <= 17.00% 2 261,000.00 0.35
17.50% < Gross Coupon <= 18.00% 1 245,000.00 0.33
- --------------------------------------------------------------------------------
Total.......... 984 $ 74,038,487.51 100.00%
================================================================================
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
12 < Orig. Term <= 24 1 114,658.81 0.15%
24 < Orig. Term <= 36 2 380,000.00 0.51%
48 < Orig. Term <= 60 24 632,166.39 0.85%
60 < Orig. Term <= 72 1 49,215.00 0.07%
72 < Orig. Term <= 84 14 633,337.01 0.86%
84 < Orig. Term <= 96 3 95,595.51 0.13%
108 < Orig. Term <= 120 68 2,154,918.73 2.91%
132 < Orig. Term <= 144 3 116,769.68 0.16%
144 < Orig. Term <= 156 2 135,317.35 0.18%
168 < Orig. Term <= 180 521 40,616,133.90 54.86%
228 < Orig. Term <= 240 168 11,055,565.51 14.93%
288 < Orig. Term <= 300 7 820,250.75 1.11%
324 < Orig. Term <= 336 1 193,500.00 0.26%
348 < Orig. Term <= 360 169 17,041,058.87 23.02%
- -------------------------------------------------------------------
Total............ 984 74,038,487.51 100.00%
===================================================================
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
12 < Rem Term <= 24 1 114,658.81 0.15%
24 < Rem Term <= 36 2 380,000.00 0.51%
48 < Rem Term <= 60 24 632,166.39 0.85%
60 < Rem Term <= 72 1 49,215.00 0.07%
72 < Rem Term <= 84 14 633,337.01 0.86%
84 < Rem Term <= 96 3 95,595.51 0.13%
96 < Rem Term <= 108 1 11,091.86 0.01%
108 < Rem Term <= 120 67 2,143,826.87 2.90%
132 < Rem Term <= 144 3 116,769.68 0.16%
144 < Rem Term <= 156 2 135,317.35 0.18%
168 < Rem Term <= 180 521 40,616,133.90 54.86%
228 < Rem Term <= 240 168 11,055,565.51 14.93%
288 < Rem Term <= 300 7 820,250.75 1.11%
324 < Rem Term <= 336 1 193,500.00 0.26%
348 < Rem Term <= 360 169 17,041,058.87 23.02%
- -------------------------------------------------------------------
Total............ 984 74,038,487.51 100.00%
===================================================================
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 3 82,918.63 0.11
10.000 < CLTV <= 15.000 3 41,308.20 0.06
15.000 < CLTV <= 20.000 3 77,840.94 0.11
20.000 < CLTV <= 25.000 6 209,960.41 0.28
25.000 < CLTV <= 30.000 10 316,101.77 0.43
30.000 < CLTV <= 35.000 11 525,101.79 0.71
35.000 < CLTV <= 40.000 18 666,021.11 0.90
40.000 < CLTV <= 45.000 13 645,019.11 0.87
45.000 < CLTV <= 50.000 25 2,033,299.26 2.75
50.000 < CLTV <= 55.000 29 2,273,295.02 3.07
55.000 < CLTV <= 60.000 39 2,780,859.87 3.76
60.000 < CLTV <= 65.000 47 3,474,004.58 4.69
65.000 < CLTV <= 70.000 86 6,427,634.00 8.68
70.000 < CLTV <= 75.000 135 8,239,381.57 11.13
75.000 < CLTV <= 80.000 221 16,705,889.46 22.56
80.000 < CLTV <= 85.000 165 12,180,817.28 16.45
85.000 < CLTV <= 90.000 163 16,942,691.59 22.88
90.000 < CLTV <= 95.000 4 266,542.92 0.36
95.000 < CLTV <= 100.000 2 55,300.00 0.07
100.000 < CLTV <= 105.000 1 94,500.00 0.13
- --------------------------------------------------------------------------
Total.................... 984 $ 74,038,487.51 100.00%
==========================================================================
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 6 59,560.86 0.08
10,000 < Balance <= 15,000 31 419,029.31 0.57
15,000 < Balance <= 20,000 54 1,015,148.75 1.37
20,000 < Balance <= 25,000 60 1,411,852.50 1.91
25,000 < Balance <= 30,000 63 1,775,206.10 2.40
30,000 < Balance <= 35,000 47 1,552,450.93 2.10
35,000 < Balance <= 40,000 68 2,595,977.43 3.51
40,000 < Balance <= 45,000 51 2,204,297.17 2.98
45,000 < Balance <= 50,000 47 2,284,782.62 3.09
50,000 < Balance <= 55,000 46 2,436,762.84 3.29
55,000 < Balance <= 60,000 53 3,057,366.32 4.13
60,000 < Balance <= 65,000 18 1,133,975.03 1.53
65,000 < Balance <= 70,000 33 2,233,307.83 3.02
70,000 < Balance <= 75,000 33 2,402,793.05 3.25
75,000 < Balance <= 80,000 32 2,494,261.68 3.37
80,000 < Balance <= 85,000 24 1,981,678.50 2.68
85,000 < Balance <= 90,000 27 2,382,718.83 3.22
90,000 < Balance <= 95,000 28 2,603,372.36 3.52
95,000 < Balance <= 100,000 30 2,926,493.23 3.95
100,000 < Balance <= 105,000 21 2,167,137.45 2.93
105,000 < Balance <= 110,000 16 1,722,260.35 2.33
110,000 < Balance <= 115,000 16 1,803,002.24 2.44
115,000 < Balance <= 120,000 12 1,411,312.81 1.91
120,000 < Balance <= 125,000 15 1,845,720.63 2.49
125,000 < Balance <= 130,000 18 2,307,785.11 3.12
130,000 < Balance <= 135,000 11 1,461,604.71 1.97
135,000 < Balance <= 140,000 10 1,378,299.43 1.86
140,000 < Balance <= 145,000 13 1,857,607.93 2.51
145,000 < Balance <= 150,000 7 1,031,998.65 1.39
150,000 < Balance <= 200,000 54 9,336,353.49 12.61
200,000 < Balance <= 250,000 18 3,995,473.36 5.40
250,000 < Balance <= 300,000 11 3,017,168.19 4.08
300,000 < Balance <= 350,000 10 3,356,727.82 4.53
350,000 < Balance <= 400,000 1 375,000.00 0.51
- --------------------------------------------------------------------------
Total.................... 984 $ 74,038,487.51 100.00%
==========================================================================
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 6 59,560.86 0.08
10,000 < Balance <= 15,000 31 419,029.31 0.57
15,000 < Balance <= 20,000 54 1,015,148.75 1.37
20,000 < Balance <= 25,000 60 1,411,852.50 1.91
25,000 < Balance <= 30,000 63 1,775,206.10 2.40
30,000 < Balance <= 35,000 48 1,587,443.84 2.14
35,000 < Balance <= 40,000 67 2,560,984.52 3.46
40,000 < Balance <= 45,000 51 2,204,297.17 2.98
45,000 < Balance <= 50,000 47 2,284,782.62 3.09
50,000 < Balance <= 55,000 46 2,436,762.84 3.29
55,000 < Balance <= 60,000 53 3,057,366.32 4.13
60,000 < Balance <= 65,000 18 1,133,975.03 1.53
65,000 < Balance <= 70,000 33 2,233,307.83 3.02
70,000 < Balance <= 75,000 33 2,402,793.05 3.25
75,000 < Balance <= 80,000 32 2,494,261.68 3.37
80,000 < Balance <= 85,000 24 1,981,678.50 2.68
85,000 < Balance <= 90,000 27 2,382,718.83 3.22
90,000 < Balance <= 95,000 29 2,698,281.29 3.64
95,000 < Balance <= 100,000 29 2,831,584.30 3.82
100,000 < Balance <= 105,000 21 2,167,137.45 2.93
105,000 < Balance <= 110,000 17 1,832,231.93 2.47
110,000 < Balance <= 115,000 16 1,807,875.42 2.44
115,000 < Balance <= 120,000 11 1,296,468.05 1.75
120,000 < Balance <= 125,000 15 1,845,720.63 2.49
125,000 < Balance <= 130,000 18 2,307,785.11 3.12
130,000 < Balance <= 135,000 11 1,461,604.71 1.97
135,000 < Balance <= 140,000 10 1,378,299.43 1.86
140,000 < Balance <= 145,000 13 1,857,607.93 2.51
145,000 < Balance <= 150,000 7 1,031,998.65 1.39
150,000 < Balance <= 200,000 55 9,536,214.83 12.88
200,000 < Balance <= 250,000 17 3,795,612.02 5.13
250,000 < Balance <= 300,000 11 3,017,168.19 4.08
300,000 < Balance <= 350,000 10 3,356,727.82 4.53
350,000 < Balance <= 400,000 1 375,000.00 0.51
- --------------------------------------------------------------------------
Total.................... 984 $ 74,038,487.51 100.00%
==========================================================================
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 1 112,000.00 0.15
Connecticut 17 905,425.45 1.22
Delaware 34 2,950,107.74 3.98
Florida 25 1,797,234.78 2.43
Georgia 76 5,628,182.64 7.60
Illinois 6 472,300.00 0.64
Indiana 6 215,866.00 0.29
Kentucky 6 354,980.97 0.48
Massachsetts 1 23,000.00 0.03
Maryland 32 2,470,887.57 3.34
Michigan 1 56,039.06 0.08
Mississippi 13 1,131,756.78 1.53
North Carolina 15 761,489.07 1.03
New Jersey 248 22,211,559.47 30.00
New York 113 10,795,048.25 14.58
Ohio 21 1,133,682.28 1.53
Pennsylvania 325 19,829,037.03 26.78
South Carolina 5 234,216.42 0.32
Tennessee 7 242,515.15 0.33
Virginia 32 2,713,158.85 3.66
- --------------------------------------------------------------------------
Total............... 984 $ 74,038,487.51 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
PUD 4 386,914.56 0.52
Commercial 10 1,392,000.00 1.88
1-4 Resid Leasehold 67 7,236,851.39 9.77
Townhouses 109 4,432,875.05 5.99
Condominiums 22 1,433,157.07 1.94
Single Family Detached 735 55,249,465.57 74.62
Mobile Home 4 161,223.87 0.22
5+ Family 2 380,000.00 0.51
Mercantile Building 31 3,366,000.00 4.55
- --------------------------------------------------------------------------
Total............... 984 $ 74,038,487.51 100.00%
==========================================================================
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. 867 64,295,347.40 86.84
Investor 65 4,074,606.83 5.50
Vacation/Second Home 11 910,533.28 1.23
Corporate 41 4,758,000.00 6.43
- --------------------------------------------------------------------------
Total.................. 984 $ 74,038,487.51 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 731 63,055,656.92 85.17
2 253 10,982,830.59 14.83
- --------------------------------------------------------------------------
Total............... 984 $ 74,038,487.51 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 706 47,292,101.40 63.88
Partially Amortizing 278 26,746,386.11 36.12
- --------------------------------------------------------------------------
Total.................. 984 $ 74,038,487.51 100.00%
==========================================================================
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.
