<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) February 27, 1998
Prudential Securities Secured Financing Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-27355 13-3526694
- ----------------------------------------------- ----------------------- ------------------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
</TABLE>
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
1998-1, Mortgage Pass-Through Certificates, Series 1998-1 described in a
Prospectus Supplement dated February 1998, certain "Computational Materials"
within the meanings of the May 20, 1994 Kidder, Peabody No-Action Letter and the
February 17, 1995 Public Securities Association No-Action Letter were furnished
to certain prospective investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in
Item 5 above).
2
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this Report to
be signed on its behalf by the undersigned thereunto duly authorized.
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
---------------------------------------------------
as Depositor and on behalf of
ABFS Mortgage Loan Trust 1998-1
Registrant
By: /s/ Norman Chaleff
---------------------------------
Name: Norman Chaleff
Title: Vice President
Dated: February 27, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined
in Item 5 above).
<PAGE>
EXHIBIT 99.1
<PAGE>
PRELIMINARY
BACKGROUND INFORMATION
American Business Financial Services
ABFS Mortgage Loan Trust 1998-1
APPROXIMATE CLASS SIZES
[$39,900,000] Class A-1 FLOATING RATE CERTIFICATES
[$10,000,000] Class A-2 FIXED RATE CERTIFICATES
[$19,900,000] Class A-3 FIXED RATE CERTIFICATES
[$11,400,000] Class A-4 FIXED RATE CERTIFICATES
[$11,725,000] Class A-5 FIXED RATE CERTIFICATES
[$10,500,000] Class A-6 FIXED RATE CERTIFICATES
Non-Accelerated Senior
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the American Business Financial Services
Mortgage Loan Trust 1998-1 transaction, and not by, or as agent for American
Business Financial Services, Inc. ("ABFS" or the "Company") or any of its
affiliates. The analysis in this report is accurate to the best of PSI's
knowledge and is based on information provided by the Company. PSI makes no
representations as to the accuracy of such information provided to it by the
Company. All assumptions and information in this report reflect PSI's judgment
as of this date and are subject to change. All analyses are based on certain
assumptions noted herein and different assumptions could yield substantially
different results. You are cautioned that there is no universally accepted
method for analyzing financial instruments. You should review the assumptions;
there may be differences between these assumptions and your actual business
practices. Further, PSI does not guarantee any results and there is no guarantee
as to the liquidity of the instruments involved in this analysis. The decision
to adopt any strategy remains your responsibility. PSI (or any of its
affiliates) or its officers, directors, analysts or employees may have positions
in securities, commodities or derivative instruments thereon referred to herein,
and may, as principal or agent, buy or sell such securities, commodities or
derivative instruments. In addition, PSI may make a market in the securities
referred to herein. Neither the information nor the assumptions reflected herein
shall be construed to be, or constitute, an offer to sell or buy or a
solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
<PAGE>
American Business Financial Services - ABFS Mortgage Loan Trust 1998-1
<TABLE>
<CAPTION>
PRICING INFORMATION
----------------------------------
<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: [39,900,000] [10,000,000] [19,900,000] [11,400,000] [11,725,000] [10,500,000]
Coupon: [L + ]% [ ]% [ ]% [ ]% [ ]% [ ]%
Price: [100-0] [100-0] [100-0] [100-0] [100-0] [100-0]
Yield: [ ]% [ ]% [ ]% [ ]% [ ]% [ ]%
Spread: [ ] [ ] [ ] [ ] [ ] [ ]
Exp Avg Life
to Maturity: [0.927]yrs [2.091]yrs [3.136]yrs [5.010]yrs [9.982]yrs [6.490]yrs
Exp Avg Life
to Call: [0.927]yrs [2.091]yrs [3.136]yrs [5.010]yrs [7.938]yrs [6.351]yrs
Exp 1st
Prin Pmt: [03/25/98 12/25/99 07/25/00 04/25/02 05/25/04 03/25/01]
Exp Mat
to call: [12/25/99 07/25/00 04/25/02 05/25/04 07/25/06 07/25/06]
Exp Mat: [12/25/99 07/25/00 04/25/02 05/25/04 05/25/13 01/25/13]
Stated Mat: [01/25/13 01/25/13 01/25/14 09/25/20 06/25/29 06/25/29]
Exp Rating
(S&P/Moody's): AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa
Pricing Spd: 23% HEP 23% HEP 23% HEP 23% HEP 23% HEP 23% HEP
Pricing Date: [ ] [ ] [ ] [ ] [ ] [ ]
Investor
Settle Date: 3/12/98 3/12/98 3/12/98 3/12/98 3/12/98 3/12/98
Cut-off Date
(Close of Business): 1/31/98 1/31/98 1/31/98 1/31/98 1/31/98 1/31/98
Pmt Delay: 0 days 24 days 24 days 24 days 24 days 24 days
Dated Date: 3/12/98 2/1/98 2/1/98 2/1/98 2/1/98 2/1/98
Int Pmt: actual/360 30/360 30/360 30/360 30/360 30/360
Pmt Terms: Monthly Monthly Monthly Monthly Monthly Monthly
1st Int.
Pmt Date: 3/25/98 3/25/98 3/25/98 3/25/98 3/25/98 3/25/98
Collateral
Type: Fixed Rate Fixed Rate Fixed Rate Fixed Rate Fixed Rate Fixed Rate
SMMEA
Eligibility: non-SMMEA non-SMMEA non-SMMEA non-SMMEA non-SMMEA non-SMMEA
</TABLE>
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
American Business Financial Services - ABFS Mortgage Loan Trust 1998-1
<TABLE>
<CAPTION>
<S> <C>
*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 + [ ]bps)
2) Available Funds Cap
Available Funds Cap: A rate equal to the weighted average net coupon rate (i.e., the gross weighted average
coupon less [0.78]% for servicing fee, trustee fee and certificate insurer premium)
for the Mortgage Loans for such Distribution Date.
Cashflow Priority: 1) Repayment of unreimbursed Servicer advances;
2) Servicing fee;
3) Trustee fee;
4) Surety fee;
5) Repayment of unreimbursed Surety payments;
6) Accrued monthly interest for Class A Certificateholders (pro-rata);
7) Monthly principal to the Class A Certificateholders (as described below);
8) Excess cashflow to build over-collateralization ("O/C"); and
9) Any remaining excess cashflow to the holders of the Class R Certificates.
Class A Certificate
Principal Paydown: 1) To the Class A-6 Certificateholders -- the Class A-6 Lockout Remittance Amount
2) To the Class A-1 through A-6 Certificates, in sequential order
Class A-6 Lockout
Remittance Amount: The applicable Class A-6 Lockout Percentage multiplied by the Class A-6 Lockout
Pro Rata Remittance Amount for such Payment Date.
THE CLASS A-6 Lockout Pertcentage
----------------------------------
March 1998 to February 2001 ==) 0%
March 2001 to February 2003 ==) 45%
March 2003 to February 2004 ==) 80%
March 2004 to February 2005 ==) 100%
March 2005 and thereafter ==) 300%
</TABLE>
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
American Business Financial Services - ABFS Mortgage Loan Trust 1998-1
SUMMARY OF TERMS
--------------------------
<TABLE>
<CAPTION>
<S> <C>
Title of Securities: ABFS Mortgage Loan Trust 1998-1
Mortgage Pass-Through Certificates, Series 1998-1
Class A-1 ("Floating Rate Certificates")
Class A-2, A-3, A-4, A-5, A-6 ("Fixed-Rate Certificates", together
with the Floating Rate Certificates, the "Class A Certificates").
Depositor: Prudential Securities Secured Financing Corporation
Servicer: American Business Credit, Inc.
Upland Mortgage will act as subservicer.
Originators: American Business Credit, Inc., Home American Credit, Inc.,
d/b/a Upland Mortgage and New Jersey Mortgage Investment Corp.
originated or purchased the Mortgage Loans.
Trustee: The Chase Manhattan Bank, a New York banking corporation.
Aggregate
Certificate Balance: [$103,425,000]
Securities Offered: 100% FSA-guaranteed, pass-through certificates.
Offering: Public shelf offering -- a prospectus and prospectus supplement
will be distributed after pricing.
Pricing Date: [ /98]
Investor
Settlement Date: 3/12/98
Form of Certificates: Book-Entry form, same-day funds through DTC, Euroclear and CEDEL
Pass-Through Rate: [ L + ]% on Class A-1 Certificates*
[ ]% on Class A-2 Certificates
[ ]% on Class A-3 Certificates
[ ]% on Class A-4 Certificates
[ ]% on Class A-5 Certificates
[ ]% on Class A-6 Certificates (NAS Bond)
*Subject to the Class A-1 Net Funds Cap
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Prepayment
Assumption: 23% HEP (2.3% CPR in month 1 with monthly incremental increases of 2.3% CPR
until the speed reaches 23% CPR in month 10 based on loan seasoning). This
means that seasoned loans will start further up on the prepayment curve.
Payment Date: The 25th day of each month (or, if any such date is not a business day, the first
business day thereafter) commencing in March 1998. The payment delay will be
zero days for the Floating Rate Certificates and 24 days for the Fixed Rate
Certificates.
Interest Accrual
Period: With respect to any Distribution Date, interest on the Floating Rate Certificates will
accrue during the period from the Distribution Date in the immediately preceding month
(or, in the case of the first Distribution Date, from the Closing Date) to the day
immediately preceding the related Distribution Date. Interest on the Floating Rate
Certificates will be calculated on the basis of a 360-day year for the actual number
of days elapsed in each Accrual Period.
With respect to any Distribution Date, interest on the Fixed Rate Certificates will
accrue during the prior calendar month and will be calculated based on a 360-day year
consisting of twelve 30-day months.
Optional
Cleanup Call: The Servicer may call the Class A Certificates on any Remittance Date when
the then-outstanding collateral balance is less than or equal to 10% of the
original collateral balance.
</TABLE>
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
American Business Financial Services - ABFS Mortgage Loan Trust 1998-1
<TABLE>
<CAPTION>
<S> <C>
Credit Enhancement: 1) 100% wrap from FSA.
2) Overcollateralization.
3) Excess monthly cashflow.
Certificate Insurer: Financial Security Assurance Inc. ("FSA").
FSA's claims-paying ability is rated "AAA" by Standard & Poor's
and "Aaa" by Moody's Investors Service.
Certificate Insurance
Policy: The Certificate Insurance Policy will provide 100% coverage of timely interest and
ultimate principal payments due on the Certificates.
Overcollateralization: The credit enhancement provisions of the Trust are intended to provide for the limited
acceleration of the Certificates relative to the amortization of the related collateral,
generally in the early months of the transaction. Accelerated amortization is achieved
by applying certain excess interest collected on the collateral to the payment of principal
on the Certificates, resulting in the build up of overcollateralization ("O/C"). By paying
down the principal balance of the Certificates faster than the principal amortization of
the respective collateral pool, an overcollateralization amount equal to the excess of the
aggregate principal balance of the Collateral Pool over the principal balance of the
related Certificates is created. Excess cashflow will be directed to build the O/C amount
until the pool reaches its required O/C target. Upon this event, the acceleration feature
will cease, unless it is once again necessary to maintain the required O/C level.
Overcollateralization
Levels (Approx.): Initial O/C based on original collateral balance: [1.5%]
O/C Target based on original collateral balance: [5.5%]
These O/C percentages are subject to step-downs
beginning in month [30] if certain tests are met.
Pre-funding Account: On the Settlement Date, an aggregate cash amount ("the Pre-funded Amount"), which
will equal approximately [$10,000,000] will be deposited in a Pre-funding Account.
During the period ("the Funding Period") from the Settlement Date until the earlier
of: (i) the date on which the amount in the Pre-funding Account is less than
$100,000, (ii) the date on which any Servicer default occurs, or (iii) 90 days from
the Settlement Date, the Pre-funding Amount will remain in the Pre-funding Account.
The Pre-funding Account will be reduced during the Funding Period by amounts used
to purchase subsequent mortgages in accordance with the Pooling and Servicing
Agreement. Any Pre-funded Amount remaining at the end of the Funding Period (net
of reinvestment income payable to the Class R Certificateholders) will be distributed
to the Class A Certificateholders on the May 25, 1998 Distribution Date as a
partial prepayment of principal of such Certificates.
Servicing Fee: 50 basis points per annum.
ERISA Considerations: The Class A Certificates will not be ERISA eligible during the Funding Period. However,
the Class A Certificates may be ERISA eligible after the Funding Period. Investors
should consult with their counsel with respect to the consequences under ERISA and the
Internal Revenue Code of the Plan's acquisition and ownership of such Certificates.
Taxation: REMIC.
Legal Investment: None of the Class A Certificates will be SMMEA-eligible.
Certificates Ratings: S&P: "AAA" for all Class A Certificates.
Moody's: "Aaa" for all Class A Certificates.
Prospectus: The Certificates are being offered pursuant to a Prospectus which includes a
Prospectus Supplement (together, the "Prospectus"). Complete information with
respect to the Certificates and the Collateral is contained in the Prospectus.
The foregoing is qualified in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is inconsistent with the Prospectus,
the Prospectus shall govern in all respects. Sales of the Certificates may not
be consumated unless the purchaser has received the Prospectus.
Further Information: Trading: Greg Richter or Rob Karr at (212) 778-2741,
Banking: Evan Mitnick (212) 778-7469 or Shelby Carvalho at (212) 778-4127.
FSG: Januar Laude at (212) 778-7176 or Joe Astorina at (212) 778-2667.
COPIES OF PROSPECTUS: PLEASE SEND AN E-MAIL WITH CLIENT'S NAME ADDRESS AND PHONE NUMBER TO SHELBY CARVALHO AT:
IMPACT ID: CARVALHO
CCMAIL: [email protected]
</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>
CURRENT BALANCE: $39,900,000.00 DATED DATE: 03/12/98
CURRENT COUPON: TBD ABFS81 FIRST PAYMENT: 03/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $39,900,000.00 BOND A1 DISCOUNT MARGIN ACT/360 TABLE YIELD TABLE DATE: 03/12/98
ASSUMED CONSTANT LIBOR-1M 5.6250
PRICING SPEED
23.0% 18.00% 20.00% 24.00% 26.00% 28.00%
PRICE HEP HEP HEP HEP HEP HEP
99-24 41.584 37.253 39.027 42.406 43.997 45.539
99-24+ 39.857 35.797 37.460 40.628 42.119 43.564
99-25 38.131 34.342 35.894 38.850 40.241 41.590
99-25+ 36.405 32.887 34.328 37.073 38.364 39.617
99-26 34.679 31.432 32.762 35.296 36.488 37.644
99-26+ 32.954 29.977 31.197 33.519 34.612 35.671
99-27 31.229 28.523 29.632 31.742 32.736 33.699
99-27+ 29.504 27.070 28.067 29.966 30.860 31.727
99-28 27.780 25.616 26.503 28.191 28.985 29.756
99-28+ 26.056 24.163 24.939 26.416 27.111 27.785
99-29 24.333 22.710 23.375 24.641 25.237 25.814
99-29+ 22.610 21.258 21.812 22.866 23.363 23.844
99-30 20.887 19.805 20.249 21.092 21.490 21.875
99-30+ 19.165 18.354 18.686 19.319 19.617 19.905
99-31 17.443 16.902 17.124 17.545 17.744 17.936
99-31+ 15.721 15.451 15.562 15.773 15.872 15.968
100-00 14.000 14.000 14.000 14.000 14.000 14.000
100-00+ 12.279 12.549 12.439 12.228 12.129 12.032
100-01 10.559 11.099 10.878 10.456 10.258 10.065
100-01+ 8.839 9.649 9.317 8.685 8.387 8.099
100-02 7.119 8.200 7.757 6.914 6.517 6.132
100-02+ 5.400 6.750 6.197 5.143 4.647 4.166
100-03 3.681 5.301 4.637 3.373 2.778 2.201
100-03+ 1.962 3.853 3.078 1.603 0.909 0.236
First Payment 0.036 0.036 0.036 0.036 0.036 0.036
Average Life 0.927 1.108 1.026 0.899 0.849 0.806
Last Payment 1.786 2.286 2.036 1.786 1.619 1.536
Mod.Dur. @ 100-00 0.872 1.034 0.961 0.846 0.801 0.762
</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>
CURRENT BALANCE: $10,000,000.00 DATED DATE: 02/01/98
COUPON: TBD ABFS81 FIRST PAYMENT: 03/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $10,000,000.00 BOND A2 BE-YIELD TABLE YIELD TABLE DATE: 03/12/98
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 6.259 6.275 6.269 6.256 6.250 6.243
99-24+ 6.251 6.269 6.262 6.248 6.240 6.233
99-25 6.243 6.262 6.254 6.239 6.231 6.224
99-25+ 6.235 6.255 6.247 6.231 6.222 6.214
99-26 6.226 6.249 6.240 6.222 6.213 6.204
99-26+ 6.218 6.242 6.232 6.214 6.204 6.195
99-27 6.210 6.235 6.225 6.205 6.195 6.185
99-27+ 6.202 6.229 6.218 6.197 6.186 6.175
99-28 6.194 6.222 6.211 6.188 6.177 6.166
99-28+ 6.186 6.215 6.203 6.180 6.168 6.156
99-29 6.177 6.209 6.196 6.171 6.159 6.146
99-29+ 6.169 6.202 6.189 6.163 6.150 6.137
99-30 6.161 6.195 6.181 6.154 6.141 6.127
99-30+ 6.153 6.188 6.174 6.146 6.132 6.118
99-31 6.145 6.182 6.167 6.137 6.123 6.108
99-31+ 6.137 6.175 6.160 6.129 6.114 6.098
100-00 6.128 6.168 6.152 6.120 6.104 6.089
100-00+ 6.120 6.162 6.145 6.112 6.095 6.079
100-01 6.112 6.155 6.138 6.104 6.086 6.069
100-01+ 6.104 6.148 6.131 6.095 6.077 6.060
100-02 6.096 6.142 6.123 6.087 6.068 6.050
100-02+ 6.088 6.135 6.116 6.078 6.059 6.040
100-03 6.079 6.129 6.109 6.070 6.050 6.031
100-03+ 6.071 6.122 6.101 6.061 6.041 6.021
100-04 6.063 6.115 6.094 6.053 6.032 6.011
100-04+ 6.055 6.109 6.087 6.044 6.023 6.002
100-05 6.047 6.102 6.080 6.036 6.014 5.992
100-05+ 6.039 6.095 6.072 6.028 6.005 5.983
100-06 6.031 6.089 6.065 6.019 5.996 5.973
100-06+ 6.022 6.082 6.058 6.011 5.987 5.963
100-07 6.014 6.075 6.051 6.002 5.978 5.954
100-07+ 6.006 6.069 6.043 5.994 5.969 5.944
First Payment 1.786 2.286 2.036 1.786 1.619 1.536
Average Life 2.091 2.600 2.368 2.013 1.872 1.750
Last Payment 2.369 2.953 2.703 2.286 2.119 1.953
Mod.Dur. @ 100-00 1.901 2.327 2.134 1.834 1.714 1.608
</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>
CURRENT BALANCE: $19,900,000.00 DATED DATE: 02/01/98
COUPON: TBD ABFS81 FIRST PAYMENT: 03/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $19,900,000.00 BOND A3 BE-YIELD TABLE YIELD TABLE DATE: 03/12/98
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 6.277 6.288 6.284 6.274 6.269 6.265
99-24+ 6.271 6.284 6.279 6.268 6.263 6.258
99-25 6.265 6.279 6.274 6.262 6.257 6.251
99-25+ 6.260 6.275 6.269 6.257 6.250 6.244
99-26 6.254 6.270 6.264 6.251 6.244 6.238
99-26+ 6.248 6.266 6.259 6.245 6.238 6.231
99-27 6.243 6.261 6.254 6.239 6.231 6.224
99-27+ 6.237 6.257 6.249 6.233 6.225 6.217
99-28 6.231 6.252 6.244 6.227 6.219 6.210
99-28+ 6.226 6.248 6.239 6.221 6.213 6.204
99-29 6.220 6.243 6.234 6.216 6.206 6.197
99-29+ 6.215 6.239 6.229 6.210 6.200 6.190
99-30 6.209 6.234 6.224 6.204 6.194 6.183
99-30+ 6.203 6.230 6.219 6.198 6.187 6.177
99-31 6.198 6.225 6.214 6.192 6.181 6.170
99-31+ 6.192 6.221 6.209 6.186 6.175 6.163
100-00 6.186 6.216 6.204 6.180 6.168 6.156
100-00+ 6.181 6.211 6.199 6.175 6.162 6.150
100-01 6.175 6.207 6.194 6.169 6.156 6.143
100-01+ 6.169 6.202 6.189 6.163 6.150 6.136
100-02 6.164 6.198 6.184 6.157 6.143 6.130
100-02+ 6.158 6.193 6.179 6.151 6.137 6.123
100-03 6.153 6.189 6.174 6.145 6.131 6.116
100-03+ 6.147 6.184 6.169 6.139 6.124 6.109
100-04 6.141 6.180 6.165 6.134 6.118 6.103
100-04+ 6.136 6.175 6.160 6.128 6.112 6.096
100-05 6.130 6.171 6.155 6.122 6.106 6.089
100-05+ 6.125 6.166 6.150 6.116 6.099 6.082
100-06 6.119 6.162 6.145 6.110 6.093 6.076
100-06+ 6.113 6.157 6.140 6.104 6.087 6.069
100-07 6.108 6.153 6.135 6.099 6.080 6.062
100-07+ 6.102 6.148 6.130 6.093 6.074 6.055
First Payment 2.369 2.953 2.703 2.286 2.119 1.953
Average Life 3.136 4.011 3.610 3.004 2.771 2.571
Last Payment 4.119 5.369 4.786 3.953 3.619 3.369
Mod.Dur. @ 100-00 2.757 3.431 3.127 2.652 2.464 2.301
</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>
CURRENT BALANCE: $11,400,000.00 DATED DATE: 02/01/98
COUPON: TBD ABFS81 FIRST PAYMENT: 03/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $11,400,000.00 BOND A4 BE-YIELD TABLE YIELD TABLE DATE: 03/12/98
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 6.544 6.554 6.550 6.543 6.539 6.535
99-24+ 6.541 6.551 6.547 6.539 6.535 6.530
99-25 6.537 6.548 6.544 6.535 6.530 6.526
99-25+ 6.533 6.545 6.540 6.531 6.526 6.521
99-26 6.529 6.543 6.537 6.527 6.522 6.517
99-26+ 6.526 6.540 6.534 6.523 6.518 6.512
99-27 6.522 6.537 6.530 6.519 6.513 6.508
99-27+ 6.518 6.534 6.527 6.515 6.509 6.503
99-28 6.514 6.531 6.524 6.511 6.505 6.499
99-28+ 6.511 6.528 6.521 6.507 6.501 6.494
99-29 6.507 6.525 6.517 6.503 6.496 6.489
99-29+ 6.503 6.522 6.514 6.499 6.492 6.485
99-30 6.499 6.519 6.511 6.496 6.488 6.480
99-30+ 6.496 6.516 6.508 6.492 6.484 6.476
99-31 6.492 6.513 6.504 6.488 6.480 6.471
99-31+ 6.488 6.510 6.501 6.484 6.475 6.467
100-00 6.484 6.508 6.498 6.480 6.471 6.462
100-00+ 6.481 6.505 6.495 6.476 6.467 6.458
100-01 6.477 6.502 6.491 6.472 6.463 6.453
100-01+ 6.473 6.499 6.488 6.468 6.458 6.449
100-02 6.469 6.496 6.485 6.464 6.454 6.444
100-02+ 6.466 6.493 6.481 6.460 6.450 6.439
100-03 6.462 6.490 6.478 6.456 6.446 6.435
100-03+ 6.458 6.487 6.475 6.453 6.441 6.430
100-04 6.454 6.484 6.472 6.449 6.437 6.426
100-04+ 6.451 6.481 6.468 6.445 6.433 6.421
100-05 6.447 6.478 6.465 6.441 6.429 6.417
100-05+ 6.443 6.476 6.462 6.437 6.425 6.412
100-06 6.439 6.473 6.459 6.433 6.420 6.408
100-06+ 6.436 6.470 6.455 6.429 6.416 6.403
100-07 6.432 6.467 6.452 6.425 6.412 6.399
100-07+ 6.428 6.464 6.449 6.421 6.408 6.394
First Payment 4.119 5.369 4.786 3.953 3.619 3.369
Average Life 5.010 6.830 5.920 4.772 4.355 4.004
Last Payment 6.203 9.119 7.953 5.869 5.286 4.786
Mod.Dur. @ 100-00 4.136 5.322 4.749 3.970 3.671 3.412
</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>
CURRENT BALANCE: $11,725,000.00 DATED DATE: 02/01/98
COUPON: TBD ABFS81 FIRST PAYMENT: 03/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $11,725,000.00 BOND A5 BE-YIELD TABLE YIELD TABLE DATE: 03/12/98
**** 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 7.010 7.015 7.013 7.009 7.006 7.004
99-24+ 7.008 7.013 7.011 7.007 7.004 7.001
99-25 7.006 7.011 7.009 7.004 7.001 6.998
99-25+ 7.003 7.009 7.007 7.002 6.999 6.995
99-26 7.001 7.007 7.005 7.000 6.996 6.993
99-26+ 6.999 7.005 7.003 6.997 6.994 6.990
99-27 6.997 7.003 7.001 6.995 6.991 6.987
99-27+ 6.994 7.001 6.999 6.993 6.989 6.984
99-28 6.992 6.999 6.997 6.990 6.986 6.982
99-28+ 6.990 6.997 6.995 6.988 6.984 6.979
99-29 6.987 6.995 6.993 6.985 6.981 6.976
99-29+ 6.985 6.993 6.991 6.983 6.979 6.973
99-30 6.983 6.991 6.989 6.981 6.976 6.971
99-30+ 6.981 6.989 6.987 6.978 6.973 6.968
99-31 6.978 6.988 6.984 6.976 6.971 6.965
99-31+ 6.976 6.986 6.982 6.974 6.968 6.962
100-00 6.974 6.984 6.980 6.971 6.966 6.960
100-00+ 6.972 6.982 6.978 6.969 6.963 6.957
100-01 6.969 6.980 6.976 6.967 6.961 6.954
100-01+ 6.967 6.978 6.974 6.964 6.958 6.951
100-02 6.965 6.976 6.972 6.962 6.956 6.949
100-02+ 6.963 6.974 6.970 6.960 6.953 6.946
100-03 6.960 6.972 6.968 6.957 6.951 6.943
100-03+ 6.958 6.970 6.966 6.955 6.948 6.941
100-04 6.956 6.968 6.964 6.953 6.946 6.938
100-04+ 6.954 6.966 6.962 6.950 6.943 6.935
100-05 6.951 6.964 6.960 6.948 6.941 6.932
100-05+ 6.949 6.962 6.958 6.946 6.938 6.930
100-06 6.947 6.960 6.956 6.943 6.936 6.927
100-06+ 6.945 6.959 6.954 6.941 6.933 6.924
100-07 6.942 6.957 6.952 6.939 6.931 6.921
100-07+ 6.940 6.955 6.950 6.936 6.928 6.919
First Payment 6.203 9.119 7.953 5.869 5.286 4.786
Average Life 9.982 12.485 11.505 9.500 8.587 7.737
Last Payment 15.203 18.536 17.119 14.953 14.869 14.703
Mod.Dur. @ 100-00 6.855 8.019 7.591 6.609 6.127 5.661
</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>
CURRENT BALANCE: $10,500,000.00 DATED DATE: 02/01/98
COUPON: TBD ABFS81 FIRST PAYMENT: 03/25/98
FACTOR: 1.0000000000 TOTAL CLASSES: 6
ORIGINAL BALANCE: $10,500,000.00 BOND A6 BE-YIELD TABLE YIELD TABLE DATE: 03/12/98
**** 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 6.456 6.458 6.457 6.456 6.455 6.455
99-24+ 6.453 6.455 6.454 6.453 6.452 6.452
99-25 6.450 6.452 6.451 6.450 6.449 6.448
99-25+ 6.447 6.449 6.448 6.447 6.446 6.445
99-26 6.444 6.446 6.445 6.444 6.443 6.442
99-26+ 6.441 6.443 6.442 6.441 6.440 6.439
99-27 6.438 6.440 6.439 6.437 6.437 6.436
99-27+ 6.435 6.437 6.436 6.434 6.433 6.433
99-28 6.432 6.435 6.433 6.431 6.430 6.429
99-28+ 6.429 6.432 6.430 6.428 6.427 6.426
99-29 6.426 6.429 6.427 6.425 6.424 6.423
99-29+ 6.423 6.426 6.425 6.422 6.421 6.420
99-30 6.420 6.423 6.422 6.419 6.418 6.417
99-30+ 6.417 6.420 6.419 6.416 6.415 6.413
99-31 6.413 6.417 6.416 6.413 6.412 6.410
99-31+ 6.410 6.414 6.413 6.410 6.408 6.407
100-00 6.407 6.411 6.410 6.407 6.405 6.404
100-00+ 6.404 6.408 6.407 6.404 6.402 6.401
100-01 6.401 6.405 6.404 6.400 6.399 6.398
100-01+ 6.398 6.403 6.401 6.397 6.396 6.394
100-02 6.395 6.400 6.398 6.394 6.393 6.391
100-02+ 6.392 6.397 6.395 6.391 6.390 6.388
100-03 6.389 6.394 6.392 6.388 6.386 6.385
100-03+ 6.386 6.391 6.389 6.385 6.383 6.382
100-04 6.383 6.388 6.386 6.382 6.380 6.379
100-04+ 6.380 6.385 6.383 6.379 6.377 6.375
100-05 6.377 6.382 6.380 6.376 6.374 6.372
100-05+ 6.374 6.379 6.377 6.373 6.371 6.369
100-06 6.371 6.376 6.374 6.370 6.368 6.366
100-06+ 6.368 6.373 6.371 6.367 6.365 6.363
100-07 6.365 6.371 6.368 6.364 6.361 6.360
100-07+ 6.362 6.368 6.365 6.361 6.358 6.356
First Payment 3.036 3.036 3.036 3.036 3.036 3.036
Average Life 6.490 6.903 6.726 6.419 6.290 6.175
Last Payment 14.869 14.869 14.869 14.869 14.869 14.536
Mod.Dur. @ 100-00 5.082 5.330 5.225 5.038 4.957 4.884
</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>
________________________________________________________________________________
- ABFS 1998-1
- Cut Off Date of Tape is 1/31/98
- Fixed
- $57,621,881.57
- Mortgage Summary Report
________________________________________________________________________________
Number of Mortgage Loans: 932
Aggregate Unpaid Principal Balance: $57,621,881.57
Aggregate Original Principal Balance: $57,681,802.52
Weighted Average Net Coupon: 11.508%
Net Coupon Range: 7.490% - 16.490%
Weighted Average Gross Coupon: 12.008%
Gross Coupon Range: 7.990% - 16.990%
________________________________________________________________________________
Average Unpaid Principal Balance: $61,826.05
Average Original Principal Balance: $61,890.35
Maximum Unpaid Principal Balance: $382,500.00
Minimum Unpaid Principal Balance: $9,876.15
Maximum Original Principal Balance: $382,500.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date): 222.521
Stated Rem Term Range: 11.000 - 360.000
Weighted Average Age (Original Term - Rem Term): 0.810
Age Range: 0.000 - 9.000
Weighted Average Original Term: 223.331
Original Term Range: 12.000 - 360.000
Weighted Average Combined LTV: 71.777
Combined LTV Range: 7.460% - 94.760%
________________________________________________________________________________
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
7.75% ( Gross Coupon (= 8.00% 3 201,273.97 0.35
8.00% ( Gross Coupon (= 8.25% 5 267,438.32 0.46
8.25% ( Gross Coupon (= 8.50% 1 74,789.04 0.13
8.50% ( Gross Coupon (= 8.75% 3 138,286.99 0.24
8.75% ( Gross Coupon (= 9.00% 10 881,517.71 1.53
9.00% ( Gross Coupon (= 9.25% 5 616,362.60 1.07
9.25% ( Gross Coupon (= 9.50% 17 1,096,167.23 1.90
9.50% ( Gross Coupon (= 9.75% 23 1,430,200.30 2.48
9.75% ( Gross Coupon (= 10.00% 82 6,517,657.73 11.31
10.00% ( Gross Coupon (= 10.25% 25 1,567,919.49 2.72
10.25% ( Gross Coupon (= 10.50% 54 3,671,796.45 6.37
10.50% ( Gross Coupon (= 10.75% 25 2,061,046.99 3.58
10.75% ( Gross Coupon (= 11.00% 112 6,971,306.94 12.10
11.00% ( Gross Coupon (= 11.25% 14 691,353.49 1.20
11.25% ( Gross Coupon (= 11.50% 48 3,283,072.12 5.70
11.50% ( Gross Coupon (= 11.75% 40 2,232,033.60 3.87
11.75% ( Gross Coupon (= 12.00% 100 5,695,662.34 9.88
12.00% ( Gross Coupon (= 12.25% 11 737,829.14 1.28
12.25% ( Gross Coupon (= 12.50% 40 1,771,831.08 3.07
12.50% ( Gross Coupon (= 12.75% 24 1,116,153.77 1.94
12.75% ( Gross Coupon (= 13.00% 41 2,369,046.56 4.11
13.00% ( Gross Coupon (= 13.25% 8 648,532.19 1.13
13.25% ( Gross Coupon (= 13.50% 27 1,123,450.06 1.95
13.50% ( Gross Coupon (= 13.75% 9 348,689.17 0.61
13.75% ( Gross Coupon (= 14.00% 50 2,354,442.11 4.09
14.00% ( Gross Coupon (= 14.25% 2 300,158.95 0.52
14.25% ( Gross Coupon (= 14.50% 9 331,303.32 0.57
14.50% ( Gross Coupon (= 14.75% 1 21,000.00 0.04
14.75% ( Gross Coupon (= 15.00% 18 809,935.21 1.41
15.25% ( Gross Coupon (= 15.50% 4 185,423.26 0.32
15.50% ( Gross Coupon (= 15.75% 8 451,589.18 0.78
15.75% ( Gross Coupon (= 16.00% 106 6,791,529.05 11.79
16.00% ( Gross Coupon (= 16.25% 4 494,000.00 0.86
16.75% ( Gross Coupon (= 17.00% 3 369,083.21 0.64
_______________________________________________________________________________
Total.......... 932 $ 57,621,881.57 100.00%
===============================================================================
<PAGE>
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
0 ( Orig. Term (= 12 1 22,110.39 0.04%
48 ( Orig. Term (= 60 20 389,684.50 0.68%
72 ( Orig. Term (= 84 10 432,774.96 0.75%
84 ( Orig. Term (= 96 2 57,513.14 0.10%
108 ( Orig. Term (= 120 73 2,190,258.51 3.80%
132 ( Orig. Term (= 144 3 97,423.85 0.17%
144 ( Orig. Term (= 156 1 49,000.00 0.09%
168 ( Orig. Term (= 180 507 33,757,791.84 58.59%
180 ( Orig. Term (= 192 2 102,935.06 0.18%
228 ( Orig. Term (= 240 161 7,827,869.73 13.58%
240 ( Orig. Term (= 252 1 125,800.00 0.22%
288 ( Orig. Term (= 300 3 196,900.00 0.34%
348 ( Orig. Term (= 360 148 12,371,819.59 21.47%
___________________________________________________________________
Total............ 932 57,621,881.57 100.00%
===================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
1 ( Rem Term (= 12 1 22,110.39 0.04%
48 ( Rem Term (= 60 20 389,684.50 0.68%
72 ( Rem Term (= 84 10 432,774.96 0.75%
84 ( Rem Term (= 96 2 57,513.14 0.10%
108 ( Rem Term (= 120 73 2,190,258.51 3.80%
132 ( Rem Term (= 144 3 97,423.85 0.17%
144 ( Rem Term (= 156 1 49,000.00 0.09%
168 ( Rem Term (= 180 508 33,825,910.30 58.70%
180 ( Rem Term (= 192 1 34,816.60 0.06%
228 ( Rem Term (= 240 161 7,827,869.73 13.58%
240 ( Rem Term (= 252 1 125,800.00 0.22%
288 ( Rem Term (= 300 3 196,900.00 0.34%
348 ( Rem Term (= 360 148 12,371,819.59 21.47%
___________________________________________________________________
Total............ 932 57,621,881.57 100.00%
===================================================================
<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 4 46,787.21 0.08
10.000 ( CLTV (= 15.000 5 112,902.92 0.20
15.000 ( CLTV (= 20.000 9 199,384.21 0.35
20.000 ( CLTV (= 25.000 9 316,576.74 0.55
25.000 ( CLTV (= 30.000 13 512,037.78 0.89
30.000 ( CLTV (= 35.000 19 615,265.25 1.07
35.000 ( CLTV (= 40.000 18 786,901.95 1.37
40.000 ( CLTV (= 45.000 21 765,138.11 1.33
45.000 ( CLTV (= 50.000 42 2,143,582.46 3.72
50.000 ( CLTV (= 55.000 33 2,161,376.62 3.75
55.000 ( CLTV (= 60.000 56 3,508,752.20 6.09
60.000 ( CLTV (= 65.000 59 3,533,415.93 6.13
65.000 ( CLTV (= 70.000 95 6,175,937.26 10.72
70.000 ( CLTV (= 75.000 142 9,144,196.58 15.87
75.000 ( CLTV (= 80.000 212 13,454,441.30 23.35
80.000 ( CLTV (= 85.000 120 8,163,070.35 14.17
85.000 ( CLTV (= 90.000 72 5,724,597.27 9.93
90.000 ( CLTV (= 95.000 3 257,517.43 0.45
__________________________________________________________________________
Total.................... 932 $ 57,621,881.57 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
ORIGINAL MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 ( Balance (= 10,000 12 119,534.42 0.21
10,000 ( Balance (= 15,000 45 598,333.23 1.04
15,000 ( Balance (= 20,000 53 981,845.70 1.70
20,000 ( Balance (= 25,000 67 1,545,781.36 2.68
25,000 ( Balance (= 30,000 72 2,044,890.51 3.55
30,000 ( Balance (= 35,000 79 2,605,159.56 4.52
35,000 ( Balance (= 40,000 69 2,637,972.59 4.58
40,000 ( Balance (= 45,000 48 2,073,819.76 3.60
45,000 ( Balance (= 50,000 44 2,132,939.45 3.70
50,000 ( Balance (= 55,000 37 1,936,610.04 3.36
55,000 ( Balance (= 60,000 57 3,309,004.48 5.74
60,000 ( Balance (= 65,000 35 2,210,689.86 3.84
65,000 ( Balance (= 70,000 36 2,465,494.96 4.28
70,000 ( Balance (= 75,000 28 2,033,199.62 3.53
75,000 ( Balance (= 80,000 27 2,108,688.86 3.66
80,000 ( Balance (= 85,000 19 1,564,149.17 2.71
85,000 ( Balance (= 90,000 30 2,633,146.28 4.57
90,000 ( Balance (= 95,000 14 1,293,489.28 2.24
95,000 ( Balance (= 100,000 28 2,743,968.41 4.76
100,000 ( Balance (= 105,000 10 1,027,788.34 1.78
105,000 ( Balance (= 110,000 6 644,911.48 1.12
110,000 ( Balance (= 115,000 18 2,032,046.97 3.53
115,000 ( Balance (= 120,000 10 1,186,039.74 2.06
120,000 ( Balance (= 125,000 8 985,012.14 1.71
125,000 ( Balance (= 130,000 9 1,145,721.71 1.99
130,000 ( Balance (= 135,000 8 1,058,098.35 1.84
135,000 ( Balance (= 140,000 9 1,249,787.40 2.17
140,000 ( Balance (= 145,000 5 719,800.00 1.25
145,000 ( Balance (= 150,000 2 296,939.92 0.52
150,000 ( Balance (= 200,000 23 3,874,204.32 6.72
200,000 ( Balance (= 250,000 12 2,673,108.10 4.64
250,000 ( Balance (= 300,000 7 1,905,724.33 3.31
300,000 ( Balance (= 350,000 2 674,817.26 1.17
350,000 ( Balance (= 400,000 3 1,109,163.97 1.92
__________________________________________________________________________
Total.................... 932 $ 57,621,881.57 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
CURRENT MORTGAGE LOAN AMOUNTS
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 ( Balance (= 10,000 12 119,534.42 0.21
10,000 ( Balance (= 15,000 45 598,333.23 1.04
15,000 ( Balance (= 20,000 53 981,845.70 1.70
20,000 ( Balance (= 25,000 67 1,545,781.36 2.68
25,000 ( Balance (= 30,000 72 2,044,890.51 3.55
30,000 ( Balance (= 35,000 79 2,605,159.56 4.52
35,000 ( Balance (= 40,000 69 2,637,972.59 4.58
40,000 ( Balance (= 45,000 48 2,073,819.76 3.60
45,000 ( Balance (= 50,000 44 2,132,939.45 3.70
50,000 ( Balance (= 55,000 38 1,991,586.20 3.46
55,000 ( Balance (= 60,000 56 3,254,028.32 5.65
60,000 ( Balance (= 65,000 34 2,145,285.66 3.72
65,000 ( Balance (= 70,000 37 2,530,899.16 4.39
70,000 ( Balance (= 75,000 28 2,033,199.62 3.53
75,000 ( Balance (= 80,000 27 2,108,688.86 3.66
80,000 ( Balance (= 85,000 19 1,564,149.17 2.71
85,000 ( Balance (= 90,000 30 2,633,146.28 4.57
90,000 ( Balance (= 95,000 14 1,293,489.28 2.24
95,000 ( Balance (= 100,000 29 2,843,966.36 4.94
100,000 ( Balance (= 105,000 9 927,790.39 1.61
105,000 ( Balance (= 110,000 6 644,911.48 1.12
110,000 ( Balance (= 115,000 18 2,032,046.97 3.53
115,000 ( Balance (= 120,000 10 1,186,039.74 2.06
120,000 ( Balance (= 125,000 8 985,012.14 1.71
125,000 ( Balance (= 130,000 9 1,145,721.71 1.99
130,000 ( Balance (= 135,000 8 1,058,098.35 1.84
135,000 ( Balance (= 140,000 9 1,249,787.40 2.17
140,000 ( Balance (= 145,000 5 719,800.00 1.25
145,000 ( Balance (= 150,000 2 296,939.92 0.52
150,000 ( Balance (= 200,000 23 3,874,204.32 6.72
200,000 ( Balance (= 250,000 12 2,673,108.10 4.64
250,000 ( Balance (= 300,000 7 1,905,724.33 3.31
300,000 ( Balance (= 350,000 2 674,817.26 1.17
350,000 ( Balance (= 400,000 3 1,109,163.97 1.92
__________________________________________________________________________
Total.................... 932 $ 57,621,881.57 100.00%
==========================================================================
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Arizona 1 24,910.60 0.04
Connecticut 4 147,886.96 0.26
Delaware 45 2,650,941.24 4.60
Florida 17 845,167.24 1.47
Georgia 59 3,772,615.62 6.55
Illinois 10 494,756.81 0.86
Indiana 5 171,364.48 0.30
Kentucky 9 375,136.10 0.65
Maryland 30 1,984,473.90 3.44
Michigan 1 29,664.65 0.05
North Carolina 33 1,412,421.74 2.45
New Jersey 245 17,935,856.23 31.13
New York 112 8,258,844.07 14.33
Ohio 31 1,690,141.09 2.93
Pennsylvania 291 15,935,914.07 27.66
South Carolina 1 31,000.00 0.05
Virginia 38 1,860,786.77 3.23
__________________________________________________________________________
Total............... 932 $ 57,621,881.57 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
PUD 16 912,471.33 1.58
Commercial 8 700,994.99 1.22
2-4 Resid 86 7,263,741.65 12.61
Townhouses 44 1,489,563.24 2.59
Condominiums 9 482,618.05 0.84
Single Family 730 42,393,318.28 73.57
Mobile Home 1 48,600.00 0.08
5+ Family 2 157,700.00 0.27
Mixed Use 22 2,177,297.51 3.78
Multiple Properties 14 1,995,576.52 3.46
__________________________________________________________________________
Total............... 932 $ 57,621,881.57 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY
OWNER OCCUPANCY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Owner Occ. 808 47,894,923.28 83.12
Investor 68 4,364,669.15 7.57
Vacation/Second Home 11 435,370.12 0.76
Business 29 2,798,342.50 4.86
Multiple Prop. / Occup. 16 2,128,576.52 3.69
__________________________________________________________________________
Total.................. 932 $ 57,621,881.57 100.00%
==========================================================================
<PAGE>
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 633 45,662,151.09 79.24
2 287 10,281,414.14 17.84
Multiple 12 1,678,316.34 2.91
__________________________________________________________________________
Total............... 932 $ 57,621,881.57 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 695 37,260,439.27 64.66
Partially Amortizing 237 20,361,442.30 35.34
__________________________________________________________________________
Total.................. 932 $ 57,621,881.57 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
COLLATERAL CLASS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loan Class Loans Balance Balance
Commercial 8 700,994.99 1.22
Resid. w/ Business 34 3,977,924.03 6.90
Residential 890 52,942,962.55 91.88
_________________________________________________________________
Total.......... 932 $ 57,621,881.57 100.00%
=================================================================
BORROWER CLASS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Home Equity 453 22,895,678.62 39.73
Business 118 8,115,176.29 14.08
NJMIC Home Equity 359 26,482,026.66 45.96
NJMIC Business 2 129,000.00 0.22
__________________________________________________________________________
Total............... 932 $ 57,621,881.57 100.00%
==========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
