<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 30, 1999
Prudential Securities Secured Financing Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-61939 13-3526694
- --------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
One New York Plaza
New York, New York 10292
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-1000
No Change
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
================================================================================
<PAGE>
Item 5. Other Events
In connection with the offering of ABFS Mortgage Loan Trust 1999-1,
Mortgage Backed Notes, Series 1999-1 described in a Prospectus Supplement dated
December 4, 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 1999-1
Registrant
By: /s/ Evan Mitnick
--------------------------
Name: Evan Mitnick
Title: Vice President
Dated: March 30, 1999
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined
in Item 5 above).
<PAGE>
PRELIMINARY
BACKGROUND INFORMATION
American Business Financial Services
ABFS Mortgage Loan Trust 1999-1
APPROXIMATE CLASS SIZES
- --------------------------------------------------------------------------------
FIXED-RATE NOTES
*********(Fixed-Rate Collateral)*********
$ [100,000,000] Class A-1 (Pool A)
$ [ 84,075,000] Class A-2 (Pool B)
- --------------------------------------------------------------------------------
The information provided herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the ABFS Mortgage Loan Trust 1999-1
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. The Notes are offered by PSI when, as and if
issued, subject to delivery by the Depositor and acceptance by PSI, to prior
sale and to withdrawal, cancellation or modification of the offer without
notice. 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 1999-1
PRICING INFORMATION
(FIXED-RATE NOTES)
--------------------------------------
Class: A-1*
Approximate
Face Amount: [100,000,000] approximate
Coupon: [TBD]
Price: [TBD]
Yield: [TBD]
Spread: [TBD]
Exp Avg Life
to Maturity: [3.447]yrs approximate
Exp Avg Life
to Call: [3.160]yrs approximate
Exp 1st
Prin Pmt: [04/26/1999]
Exp Mat
to call: [12/25/2006]
Exp Mat: [07/25/2016]
Stated Mat: [05/25/2030]
Exp Rating
(Moody's/S&P): Aaa/AAA
Pricing Speed: 25% HEP
Pricing Date: [TBD]
Investor
Settle Date: 03/30/99
Cut-off Date
(Close of Business): 02/28/99
Pmt Delay: 24 days
Dated Date: 03/01/99
Int Pmt: 30/360
Pmt Terms: Monthly
1st Int.
Pmt Date: 04/26/99
Collateral
Type: Fixed-Rate (Conforming) ("Pool A")
SMMEA
Eligibility: Non-SMMEA
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
American Business Financial Services - ABFS Mortgage Loan Trust 1999-1
*Class A-1 Coupon Step-up: Class A-1 is priced to call. If the Servicer
does not exercise the Cleanup Call, the Coupon
on Class A-1 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-1
Noteholders;
7) Monthly principal to the Class A-1
Noteholders (as described below);
8) Certain excess cashflow to build
overcollateralization ("O/C") for Class A-1
Notes;
9) To make a cross-collateralized payment for
certain shortfalls in payments on the Class
A-2 Notes;
10) To make a deposit to a reserve fund, if it is
then underfunded; and
11) Any remaining excess cashflow to the holders
of the Trust Certificates.
Class A-1 Note
Principal Paydown: All principal collected from Pool A is paid to
the Class A-1 Noteholders.
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 1999-1
PRICING INFORMATION
(FIXED-RATE NOTES)
--------------------------------------
Class: A-2**
Approximate
Face Amount: [84,075,000] approximate
Coupon: [TBD]
Price: [TBD]
Yield: [TBD]
Spread: [TBD]
Exp Avg Life
to Maturity: [3.382]yrs approximate
Exp Avg Life
to Call: [3.115]yrs approximate
Exp 1st
Prin Pmt: [04/26/1999]
Exp Mat
to call: [11/25/2006]
Exp Mat: [08/25/2014]
Stated Mat: [05/25/2030]
Exp Rating
(Moody's/S&P): Aaa/AAA
Pricing Speed: 25% HEP
Pricing Date: [TBD]
Investor
Settle Date: 03/30/99
Cut-off Date
(Close of Business): 02/28/99
Pmt Delay: 24 days
Dated Date: 03/01/99
Int Pmt: 30/360
Pmt Terms: Monthly
1st Int.
Pmt Date: 04/26/99
Collateral
Type: Fixed-Rate ("Pool B")
SMMEA
Eligibility: Non-SMMEA
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
American Business Financial Services - ABFS Mortgage Loan Trust 1999-1
**Class A-2 Coupon Step-up: Class A-2 is priced to call. If the Servicer
does not exercise the Cleanup Call, the Coupon
on Class A-2 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-2
Noteholders;
7) Monthly principal to the Class A-2
Noteholders (as described below);
8) Certain excess cashflow to build
overcollateralization ("O/C") for the Class
A-2 Notes;
9) To make cross-collateralized payment for
certain shortfalls in payments on the Class
A-1 Notes;
10) To make a deposit to a reserve fund, if it is
then underfunded; and
11) Any remaining excess cashflow to the holders
of the Trust Certificates.
Class A-2 Note
Principal Paydown: All principal collected from Pool B is paid to
the Class A-2 Noteholders.
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 1999-1
SUMMARY OF TERMS
--------------------------
Title of Securities: ABFS Mortgage Loan Trust 1999-1, Series 1999-1
Class A-1 and Class A-2 (the "Class A Notes").
Depositor: Prudential Securities Secured Financing Corporation
Servicer: American Business Credit, Inc.
Upland Mortgage and New Jersey Mortgage Investment Corp.
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 Bank of New York, a New York banking corporation.
Aggregate
Note Balance: [$184,075,000]
Securities Offered: 100% FSA-guaranteed notes.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing.
Pricing Date: [TBD]
Investor
Settlement Date: 03/30/99
Form of Notes: Book-Entry form, same-day funds through DTC, Euroclear
and CEDEL
Coupon: [TBD]% on Class A-1 Notes
[TBD]% on Class A-2 Notes
Prepayment
Assumption: 25% HEP (2.5% CPR in month 1 with monthly incremental
increases of 2.5% CPR until the speed reaches 25% CPR in
month 10 based on loan seasoning). This means that
seasoned loans will start further up on the prepayment
curve.
Payment Date: The 25th day of each month (or, if any such date is not
a business day, the first business day thereafter)
commencing in April 1999. The payment delay will be 24
days for the Class A Notes.
Interest Accrual
Period: With respect to any Distribution Date, interest on the
Class A Notes 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-1 Notes or the Class
A-2 Notes, separately, on any Remittance Date when the
then outstanding principal balance of the Class A-1
Notes or the Class A-2 Notes, respectively, is less than
or equal to 10% of the original principal balance of the
Class A-1 Notes or the Class A-2 Notes, respectively.
Based upon the cleanup call described in this paragraph,
there will be a coupon step-up feature with respect to
each class.
The Servicer may also call the Class A Notes on any
Remittance Date when the then-outstanding collateral
balance (Pool A & Pool B) is less than or equal to 10%
of the original collateral balance (Pool A & Pool B).
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 1999-1
Credit Enhancement: 1) 100% wrap from FSA.
2) Overcollateralization.
3) Excess monthly cashflow from Pool A and Pool B.
Note Insurer: Financial Security Assurance Inc. ("FSA"). FSA's
claims-paying ability is rated "Aaa" by Moody's
Investors Service and "AAA" by Standard & Poor's.
Note Insurance Policy: The Note Insurance Policy will provide 100% coverage of
timely interest and ultimate principal payments due on
the Class A Notes.
Overcollateralization
and Reserve Account: The credit enhancement provisions of the Trust are
intended to provide for the acceleration of the Class A
Notes relative to the amortization of the related
collateral (i.e., Pool A for the A-1 Notes and Pool B
for the A-2 Notes), generally in the early months of the
transaction. Accelerated amortization is achieved by
applying excess interest collected on the related
collateral to the payment of principal on the related
group of Notes, resulting in the build up of
overcollateralization ("O/C"). By paying down the
principal balance of the related group of Notes faster
than the principal amortization of the related
collateral pool, an overcollateralization amount equal
to the excess of the aggregate principal balance of the
related collateral pool over the principal balance of
the related Notes is created. On the first payment date,
0% of the excess cashflow available from each pool will
be directed to build O/C; after the first payment date,
100% of the excess cashflow available from the related
collateral will be directed to build O/C until the pool
initially reaches its required O/C target. After each
pool initially reaches its required O/C target, the
acceleration feature will cease, unless it is once again
necessary to maintain its required O/C level. If the
required O/C level is not reached or maintained, 100% of
the excess cashflow will be applied to build O/C, as
necessary, to reach or maintain the required O/C level.
If either Pool's O/C target is reached before the
other's, 100% of the excess cashflow from the
"satisfied" Pool will be directed to a reserve account
to the extent of any deficiency in the O/C requirement
for the "unsatisfied" Pool. After initially reaching
their O/C target, if either Pool's O/C target is
maintained and the other Pool becomes deficient in its
O/C requirement, 100% of the excess cashflow from the
"satisfied" Pool will be directed to a reserve account
to the extent of any deficiency in the O/C requirement
for the "unsatisfied" Pool. If the sum of the O/C level
of the "unsatisfied" Pool and the amount on deposit in
the Reserve Account exceeds the O/C target, such excess
will be distributed to the Trust Certificateholder.
Funds on deposit in the Reserve Account will be used to
pay shortfalls of current interest or credit losses on
either Class of Notes, but only to the extent the O/C
level on such Class has been reduced to zero.
Cross-
Collateralization: The two pools are cross-collateralized to a limited
extent.
Overcollateralization
Levels for Pool A &
Pool B (Approx.): Initial O/C based on original collateral balance: [0.5%]
O/C Target based on original collateral balance: [5.0%]
These O/C percentages are subject to step-downs
beginning in month [31] if certain tests are met.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
American Business Financial Services - ABFS Mortgage Loan Trust 1999-1
Pool A
Pre-funding Account: On the Settlement Date, an aggregate cash amount (the
"Pool A Pre-funded Amount"), which will equal
approximately [$16,297,704.74] will be deposited in the
Pool A Pre-funding Account. During the period ("the
Funding Period") from the Settlement Date until the
earlier of: (i) the date on which the amount in the Pool
A Pre-funding Account is less than $100,000, (ii) the
date on which any Servicer default occurs, or (iii) [31]
days from the Settlement Date, the Pool A Pre-funding
Amount will remain in the Pool A Pre-funding Account.
The Pool A Pre-funding Account will be reduced during
the Funding Period by amounts used to purchase
subsequent mortgages in accordance with the Indenture.
Any Pool A Pre-funded Amount remaining at the end of the
Funding Period (net of reinvestment income payable to
the Trust Certificateholders) will be distributed to the
Class A-1 Noteholders on the May 25, 1999 Distribution
Date as a partial prepayment of principal on such group
of Notes.
Pool B
Pre-funding Account: On the Settlement Date, an aggregate cash amount (the
"Pool B Pre-funded Amount"), which will equal
approximately [$13,702,295.26] will be deposited in the
Pool B Pre- funding Account. During the period ("the
Funding Period") from the Settlement Date until the
earlier of: (i) the date on which the amount in the Pool
B Pre-funding Account is less than $100,000, (ii) the
date on which any Servicer default occurs, or (iii) [31]
days from the Settlement Date, the Pool B Pre-funding
Amount will remain in the Pool B Pre-funding Account.
The Pool B Pre-funding Account will be reduced during
the Funding Period by amounts used to purchase
subsequent mortgages in accordance with the Indenture.
Any Pool B Pre-funded Amount remaining at the end of the
Funding Period (net of reinvestment income payable to
the Trust Certificateholders) will be distributed to the
Class A-2 Noteholders on the May 25, 1999 Distribution
Date as a partial prepayment of principal on such group
of Notes.
Servicing Fee: 50 basis points per annum.
ERISA Considerations: The Class A Notes will be ERISA eligible.
Investors should consult with their counsel with respect
to the consequences under ERISA and the Internal Revenue
Code of a Plan's acquisition and ownership of such
Notes.
Taxation: Class A Notes: Debt for tax. The Notes will be issued by
an Owner Trust.
Legal Investment: None of the Class A Notes will be SMMEA-eligible.
Note Ratings: Moody's: "Aaa" for all Class A Notes.
S&P: "AAA" for all Class A Notes.
Prospectus: The Notes are being offered pursuant to a Prospectus
which includes a Prospectus Supplement (together, the
"Prospectus"). Complete information with respect to the
Notes 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 Notes 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 Kenny Rosenberg at
(212) 778-2440.
FSG: Januar Laude at (212) 778-7176, Howard Blecher
at (212) 778-4429 or Jeff Park at (212)
778-2108.
COPIES OF PROSPECTUS: PLEASE SEND AN E-MAIL WITH CLIENT'S NAME ADDRESS AND
PHONE NUMBER TO KENNY ROSENBERG AT:
IMPACT ID: ROSENBER
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>
CURRENT BALANCE: $100,000,000.00 DATED DATE: 03/01/99
COUPON: TBD ABFS991 FIRST PAYMENT: 04/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $100,000,000.00 BOND A1 BE-YIELD TABLE YIELD TABLE DATE: 03/30/99
PREPAYMENT SPEED
***TO CALL***
PRICING SPEED
25.0% 15.00% 20.00% 25.00% 30.00% 35.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
98-00 7.166 6.975 7.069 7.166 7.264 7.364
98-04 7.118 6.941 7.028 7.118 7.208 7.300
98-08 7.069 6.908 6.987 7.069 7.151 7.235
98-12 7.020 6.875 6.947 7.020 7.095 7.171
98-16 6.972 6.842 6.906 6.972 7.038 7.106
98-20 6.924 6.809 6.866 6.924 6.982 7.042
98-24 6.876 6.776 6.825 6.876 6.926 6.978
98-28 6.828 6.743 6.785 6.828 6.870 6.914
99-00 6.780 6.711 6.745 6.780 6.815 6.851
99-04 6.732 6.678 6.704 6.732 6.759 6.787
99-08 6.684 6.645 6.664 6.684 6.704 6.724
99-12 6.636 6.613 6.625 6.636 6.648 6.660
99-16 6.589 6.581 6.585 6.589 6.593 6.597
99-20 6.541 6.548 6.545 6.541 6.538 6.534
99-24 6.494 6.516 6.505 6.494 6.483 6.471
99-28 6.447 6.484 6.466 6.447 6.428 6.409
100-00 6.400 6.452 6.426 6.400 6.373 6.346
100-04 6.353 6.420 6.387 6.353 6.319 6.284
100-08 6.306 6.388 6.347 6.306 6.264 6.222
100-12 6.259 6.356 6.308 6.259 6.210 6.159
100-16 6.213 6.324 6.269 6.213 6.156 6.097
100-20 6.166 6.292 6.230 6.166 6.102 6.036
100-24 6.120 6.261 6.191 6.120 6.048 5.974
100-28 6.073 6.229 6.152 6.073 5.994 5.912
101-00 6.027 6.198 6.114 6.027 5.940 5.851
101-04 5.981 6.166 6.075 5.981 5.886 5.789
101-08 5.935 6.135 6.036 5.935 5.833 5.728
101-12 5.889 6.103 5.998 5.889 5.779 5.667
101-16 5.843 6.072 5.959 5.843 5.726 5.606
101-20 5.797 6.041 5.921 5.797 5.673 5.545
101-24 5.752 6.010 5.883 5.752 5.620 5.485
101-28 5.706 5.979 5.845 5.706 5.567 5.424
First Payment 0.069 0.069 0.069 0.069 0.069 0.069
Average Life 3.160 5.079 3.911 3.160 2.650 2.274
Last Payment 7.736 12.653 9.736 7.736 6.403 5.403
Mod.Dur. @ 100-00 2.644 3.878 3.153 2.644 2.274 1.990
Accrued Interest 0.522 0.522 0.522 0.522 0.522 0.522
</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>
CURRENT BALANCE: $84,075,000.00 DATED DATE: 03/01/99
COUPON: TBD ABFS991 FIRST PAYMENT: 04/25/99
FACTOR: 1.0000000000 TOTAL CLASSES: 2
ORIGINAL BALANCE: $84,075,000.00 BOND A2 BE-YIELD TABLE YIELD TABLE DATE: 03/30/99
PREPAYMENT SPEED
***TO CALL***
PRICING SPEED
25.0% 15.00% 20.00% 25.00% 30.00% 35.00%
PRICE HEP HEP HEP HEP HEP HEP
<S> <C> <C> <C> <C> <C> <C>
98-00 7.174 6.984 7.078 7.174 7.272 7.373
98-04 7.125 6.950 7.036 7.125 7.215 7.308
98-08 7.075 6.916 6.995 7.075 7.158 7.243
98-12 7.026 6.883 6.953 7.026 7.101 7.177
98-16 6.977 6.849 6.912 6.977 7.044 7.112
98-20 6.928 6.815 6.871 6.928 6.987 7.048
98-24 6.880 6.781 6.830 6.880 6.931 6.983
98-28 6.831 6.748 6.789 6.831 6.874 6.918
99-00 6.782 6.714 6.748 6.782 6.818 6.854
99-04 6.734 6.681 6.707 6.734 6.761 6.790
99-08 6.686 6.647 6.666 6.686 6.705 6.726
99-12 6.637 6.614 6.626 6.637 6.649 6.662
99-16 6.589 6.581 6.585 6.589 6.593 6.598
99-20 6.541 6.548 6.545 6.541 6.538 6.534
99-24 6.493 6.515 6.504 6.493 6.482 6.470
99-28 6.445 6.482 6.464 6.445 6.427 6.407
100-00 6.398 6.449 6.424 6.398 6.371 6.344
100-04 6.350 6.416 6.384 6.350 6.316 6.281
100-08 6.303 6.384 6.344 6.303 6.261 6.218
100-12 6.255 6.351 6.304 6.255 6.206 6.155
100-16 6.208 6.318 6.264 6.208 6.151 6.092
100-20 6.161 6.286 6.224 6.161 6.096 6.030
100-24 6.114 6.253 6.185 6.114 6.042 5.967
100-28 6.067 6.221 6.145 6.067 5.987 5.905
101-00 6.020 6.189 6.106 6.020 5.933 5.843
101-04 5.973 6.156 6.066 5.973 5.878 5.781
101-08 5.927 6.124 6.027 5.927 5.824 5.719
101-12 5.880 6.092 5.988 5.880 5.770 5.657
101-16 5.834 6.060 5.949 5.834 5.716 5.595
101-20 5.788 6.028 5.910 5.788 5.663 5.534
101-24 5.741 5.996 5.871 5.741 5.609 5.473
101-28 5.695 5.965 5.832 5.695 5.555 5.411
First Payment 0.069 0.069 0.069 0.069 0.069 0.069
Average Life 3.115 4.917 3.827 3.115 2.616 2.246
Last Payment 7.653 12.153 9.486 7.653 6.319 5.319
Mod.Dur. @ 100-00 2.611 3.786 3.098 2.611 2.248 1.968
Accrued Interest 0.522 0.522 0.522 0.522 0.522 0.522
</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 99-1
- Cut Off Date of Tape is 2/8/99
- Fixed - Group 1
- $52,821,606.16
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 534
Aggregate Unpaid Principal Balance: $52,821,606.16
Aggregate Original Principal Balance: $52,859,155.43
Weighted Average Gross Coupon: 11.127%
Gross Coupon Range: 8.240% - 17.990%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $98,916.87
Average Original Principal Balance: $98,987.18
Maximum Unpaid Principal Balance: $240,000.00
Minimum Unpaid Principal Balance: $9,792.27
Maximum Original Principal Balance: $240,000.00
Minimum Original Principal Balance: $10,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date):
267.030
Stated Rem Term Range: 35.000 - 360.000
Weighted Average Age (Original Term - Rem Term): 0.515
Age Range: 0.000 - 4.000
Weighted Average Original Term: 267.545
Original Term Range: 36.000 - 360.000
Weighted Average Combined LTV: 79.027
Combined LTV Range: 5.880% - 91.530%
- --------------------------------------------------------------------------------
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
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principl Principal
Range Loans Balance Balance
<S> <C> <C> <C>
8.00% less than Gross Coupon less than or equal to 8.25% 3 250,000.00 0.47
8.25% less than Gross Coupon less than or equal to 8.50% 7 996,819.03 1.89
8.50% less than Gross Coupon less than or equal to 8.75% 3 280,569.91 0.53
8.75% less than Gross Coupon less than or equal to 9.00% 19 1,933,568.55 3.66
9.00% less than Gross Coupon less than or equal to 9.25% 4 540,369.12 1.02
9.25% less than Gross Coupon less than or equal to 9.50% 29 3,486,175.33 6.60
9.50% less than Gross Coupon less than or equal to 9.75% 9 898,419.96 1.70
9.75% less than Gross Coupon less than or equal to 10.00% 70 8,235,650.22 15.59
10.00% less than Gross Coupon less than or equal to 10.25% 18 1,681,015.43 3.18
10.25% less than Gross Coupon less than or equal to 10.50% 42 4,901,008.66 9.28
10.50% less than Gross Coupon less than or equal to 10.75% 15 1,841,691.83 3.49
10.75% less than Gross Coupon less than or equal to 11.00% 83 8,995,045.90 17.03
11.00% less than Gross Coupon less than or equal to 11.25% 14 1,151,845.43 2.18
11.25% less than Gross Coupon less than or equal to 11.50% 31 3,325,639.75 6.30
11.50% less than Gross Coupon less than or equal to 11.75% 14 1,126,787.66 2.13
11.75% less than Gross Coupon less than or equal to 12.00% 36 3,376,695.19 6.39
12.00% less than Gross Coupon less than or equal to 12.25% 15 1,030,385.37 1.95
12.25% less than Gross Coupon less than or equal to 12.50% 30 2,045,384.12 3.87
12.50% less than Gross Coupon less than or equal to 12.75% 7 183,860.33 0.35
12.75% less than Gross Coupon less than or equal to 13.00% 19 1,391,325.06 2.63
13.00% less than Gross Coupon less than or equal to 13.25% 1 95,912.85 0.18
13.25% less than Gross Coupon less than or equal to 13.50% 5 89,520.11 0.17
13.50% less than Gross Coupon less than or equal to 13.75% 9 589,474.49 1.12
13.75% less than Gross Coupon less than or equal to 14.00% 4 204,449.77 0.39
14.00% less than Gross Coupon less than or equal to 14.25% 1 84,000.00 0.16
14.25% less than Gross Coupon less than or equal to 14.50% 2 204,144.30 0.39
14.50% less than Gross Coupon less than or equal to 14.75% 3 265,500.00 0.50
14.75% less than Gross Coupon less than or equal to 15.00% 2 215,000.00 0.41
15.25% less than Gross Coupon less than or equal to 15.50% 1 13,595.82 0.03
15.50% less than Gross Coupon less than or equal to 15.75% 2 33,963.48 0.06
15.75% less than Gross Coupon less than or equal to 16.00% 33 3,200,605.08 6.06
16.00% less than Gross Coupon less than or equal to 16.25% 2 138,200.00 0.26
17.50% less than Gross Coupon less than or equal to 18.00% 1 14,983.41 0.03
- ---------------------------------------------------------------------------------------------------------
Total................................. 534 $ 52,821,606.16 100.00%
=========================================================================================================
</TABLE>
ORIGINAL TERM
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
<S> <C> <C> <C>
24 less than Orig. Term less than or equal to 36 1 11,754.06 0.02%
48 less than Orig. Term less than or equal to 60 16 353,887.01 0.67%
60 less than Orig. Term less than or equal to 72 1 16,446.24 0.03%
72 less than Orig. Term less than or equal to 84 2 116,450.65 0.22%
84 less than Orig. Term less than or equal to 96 2 29,759.29 0.06%
96 less than Orig. Term less than or equal to 108 2 31,857.92 0.06%
108 less than Orig. Term less than or equal to 120 42 1,233,316.20 2.33%
120 less than Orig. Term less than or equal to 132 1 18,200.00 0.03%
144 less than Orig. Term less than or equal to 156 1 18,899.01 0.04%
168 less than Orig. Term less than or equal to 180 199 20,254,641.82 38.35%
180 less than Orig. Term less than or equal to 192 1 82,100.00 0.16%
204 less than Orig. Term less than or equal to 216 3 230,095.04 0.44%
228 less than Orig. Term less than or equal to 240 51 4,544,288.51 8.60%
288 less than Orig. Term less than or equal to 300 22 2,513,790.74 4.76%
324 less than Orig. Term less than or equal to 336 1 120,000.00 0.23%
336 less than Orig. Term less than or equal to 348 18 2,093,851.28 3.96%
348 less than Orig. Term less than or equal to 360 171 21,152,268.39 40.04%
- -----------------------------------------------------------------------------------------------
Total............................................. 534 $ 52,821,606.16 100.00%
===============================================================================================
</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>
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<S> <C> <C> <C>
24 less than Rem Term less than or equal to 36 1 11,754.06 0.02%
48 less than Rem Term less than or equal to 60 16 353,887.01 0.67%
60 less than Rem Term less than or equal to 72 1 16,446.24 0.03%
72 less than Rem Term less than or equal to 84 2 116,450.65 0.22%
84 less than Rem Term less than or equal to 96 2 29,759.29 0.06%
96 less than Rem Term less than or equal to 108 2 31,857.92 0.06%
108 less than Rem Term less than or equal to 120 42 1,233,316.20 2.33%
120 less than Rem Term less than or equal to 132 1 18,200.00 0.03%
144 less than Rem Term less than or equal to 156 1 18,899.01 0.04%
168 less than Rem Term less than or equal to 180 199 20,254,641.82 38.35%
180 less than Rem Term less than or equal to 192 1 82,100.00 0.16%
204 less than Rem Term less than or equal to 216 3 230,095.04 0.44%
228 less than Rem Term less than or equal to 240 51 4,544,288.51 8.60%
288 less than Rem Term less than or equal to 300 22 2,513,790.74 4.76%
324 less than Rem Term less than or equal to 336 1 120,000.00 0.23%
336 less than Rem Term less than or equal to 348 18 2,093,851.28 3.96%
348 less than Rem Term less than or equal to 360 171 21,152,268.39 40.04%
- -----------------------------------------------------------------------------------------------
Total........................................... 534 $ 52,821,606.16 100.00%
===============================================================================================
</TABLE>
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
<S> <C> <C> <C>
5.000 less than CLTV less than or equal to 10.000 4 45,930.51 0.09
10.000 less than CLTV less than or equal to 15.000 1 9,927.84 0.02
15.000 less than CLTV less than or equal to 20.000 7 295,773.21 0.56
20.000 less than CLTV less than or equal to 25.000 4 191,820.29 0.36
25.000 less than CLTV less than or equal to 30.000 4 52,990.82 0.10
30.000 less than CLTV less than or equal to 35.000 3 51,542.92 0.10
35.000 less than CLTV less than or equal to 40.000 7 297,151.22 0.56
40.000 less than CLTV less than or equal to 45.000 4 119,628.43 0.23
45.000 less than CLTV less than or equal to 50.000 11 616,719.42 1.17
50.000 less than CLTV less than or equal to 55.000 13 1,115,777.10 2.11
55.000 less than CLTV less than or equal to 60.000 17 1,548,818.04 2.93
60.000 less than CLTV less than or equal to 65.000 19 1,780,428.00 3.37
65.000 less than CLTV less than or equal to 70.000 35 3,252,366.80 6.16
70.000 less than CLTV less than or equal to 75.000 57 5,501,081.82 10.41
75.000 less than CLTV less than or equal to 80.000 92 9,850,972.32 18.65
80.000 less than CLTV less than or equal to 85.000 107 11,337,998.12 21.46
85.000 less than CLTV less than or equal to 90.000 147 16,464,828.80 31.17
90.000 less than CLTV less than or equal to 95.000 2 287,850.50 0.54
- ------------------------------------------------------------------------------------------------------
Total............................................... 534 $ 52,821,606.16 100.00%
======================================================================================================
</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>
ORIGINAL MORTGAGE LOAN AMOUNTS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
5,000 less than Balance less than or equal to 10,000 11 109,519.39 0.21
10,000 less than Balance less than or equal to 15,000 48 644,504.54 1.22
15,000 less than Balance less than or equal to 20,000 50 892,004.93 1.69
20,000 less than Balance less than or equal to 25,000 5 101,180.93 0.19
75,000 less than Balance less than or equal to 80,000 15 1,197,700.86 2.27
80,000 less than Balance less than or equal to 85,000 32 2,670,638.33 5.06
85,000 less than Balance less than or equal to 90,000 50 4,403,431.30 8.34
90,000 less than Balance less than or equal to 95,000 32 2,975,894.90 5.63
95,000 less than Balance less than or equal to 100,000 35 3,435,813.76 6.50
100,000 less than Balance less than or equal to 105,000 23 2,372,593.79 4.49
105,000 less than Balance less than or equal to 110,000 26 2,795,473.75 5.29
110,000 less than Balance less than or equal to 115,000 23 2,579,295.50 4.88
115,000 less than Balance less than or equal to 120,000 30 3,554,696.14 6.73
120,000 less than Balance less than or equal to 125,000 8 974,210.97 1.84
130,000 less than Balance less than or equal to 135,000 22 2,914,812.69 5.52
135,000 less than Balance less than or equal to 140,000 13 1,789,359.85 3.39
140,000 less than Balance less than or equal to 145,000 10 1,425,496.30 2.70
145,000 less than Balance less than or equal to 150,000 12 1,775,134.44 3.36
150,000 less than Balance less than or equal to 200,000 71 12,230,916.43 23.16
200,000 less than Balance less than or equal to 250,000 18 3,978,927.36 7.53
- --------------------------------------------------------------------------------------------------
Total............................... 534 $ 52,821,606.16 100.00%
==================================================================================================
</TABLE>
CURRENT MORTGAGE LOAN AMOUNTS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
5,000 less than Balance less than or equal to 10,000 12 119,311.66 0.23
10,000 less than Balance less than or equal to 15,000 47 634,712.27 1.20
15,000 less than Balance less than or equal to 20,000 50 892,004.93 1.69
20,000 less than Balance less than or equal to 25,000 5 101,180.93 0.19
75,000 less than Balance less than or equal to 80,000 15 1,197,700.86 2.27
80,000 less than Balance less than or equal to 85,000 32 2,670,638.33 5.06
85,000 less than Balance less than or equal to 90,000 50 4,403,431.30 8.34
90,000 less than Balance less than or equal to 95,000 33 3,070,852.85 5.81
95,000 less than Balance less than or equal to 100,000 34 3,340,855.81 6.32
100,000 less than Balance less than or equal to 105,000 23 2,372,593.79 4.49
105,000 less than Balance less than or equal to 110,000 26 2,795,473.75 5.29
110,000 less than Balance less than or equal to 115,000 23 2,579,295.50 4.88
115,000 less than Balance less than or equal to 120,000 30 3,554,696.14 6.73
120,000 less than Balance less than or equal to 125,000 8 974,210.97 1.84
130,000 less than Balance less than or equal to 135,000 22 2,914,812.69 5.52
135,000 less than Balance less than or equal to 140,000 13 1,789,359.85 3.39
140,000 less than Balance less than or equal to 145,000 10 1,425,496.30 2.70
145,000 less than Balance less than or equal to 150,000 12 1,775,134.44 3.36
150,000 less than Balance less than or equal to 200,000 71 12,230,916.43 23.16
200,000 less than Balance less than or equal to 250,000 18 3,978,927.36 7.53
- -------------------------------------------------------------------------------------------------
Total.................... 534 $ 52,821,606.16 100.00%
=================================================================================================
</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>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Connecticut 11 998,311.77 1.89
Delaware 13 993,504.04 1.88
Florida 45 4,625,455.34 8.76
Georgia 38 3,906,007.15 7.39
Illinois 23 2,294,960.19 4.34
Indiana 2 26,668.00 0.05
Kentucky 1 118,800.00 0.22
Maryland 9 1,211,335.45 2.29
Michigan 1 16,400.00 0.03
Mississippi 5 331,324.76 0.63
New Jersey 162 17,227,199.49 32.61
New York 97 11,155,847.05 21.12
North Carolina 7 494,233.93 0.94
Ohio 6 781,399.33 1.48
Pennsylvania 99 7,554,991.67 14.30
South Carolina 1 9,934.74 0.02
Tennessee 3 217,071.91 0.41
Virginia 9 657,022.56 1.24
West Virginia 2 201,138.78 0.38
- --------------------------------------------------------------------------
Total............... 534 $ 52,821,606.16 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Mixed Use 13 1,500,436.74 2.84
PUD 1 162,900.00 0.31
Commercial 4 469,250.67 0.89
Townhouses 12 1,010,358.90 1.91
2-4 Family 60 6,521,708.35 12.35
Condominiums 10 854,943.60 1.62
Single Family Detached 430 41,781,182.90 79.10
Mobile Home 2 178,825.00 0.34
5+ Family 2 342,000.00 0.65
- --------------------------------------------------------------------------
Total............... 534 $ 52,821,606.16 100.00%
==========================================================================
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. 492 48,924,961.78 92.62
Investor 23 1,894,366.31 3.59
Vacation/Second Home 2 32,590.66 0.06
Business 17 1,969,687.41 3.73
- --------------------------------------------------------------------------
Total.................. 534 $ 52,821,606.16 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 447 50,669,336.68 95.93
2 87 2,152,269.48 4.07
- --------------------------------------------------------------------------
Total............... 534 $ 52,821,606.16 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Amortization Loans Balance Balance
Fully Amortizing 279 27,812,760.76 52.65
Partially Amortizing 255 25,008,845.40 47.35
- --------------------------------------------------------------------------
Total.................. 534 $ 52,821,606.16 100.00%
==========================================================================
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>
- --------------------------------------------------------------------------------
- ABFS 99-1
- Cut Off Date of Tape is 2/8/99
- Fixed - Group 2
- $44,426,648.30
- Mortgage Summary Report
- --------------------------------------------------------------------------------
Number of Mortgage Loans: 801
Aggregate Unpaid Principal Balance: $44,426,648.30
Aggregate Original Principal Balance: $44,468,463.00
Weighted Average Gross Coupon: 11.617%
Gross Coupon Range: 7.500% - 16.250%
- --------------------------------------------------------------------------------
Average Unpaid Principal Balance: $55,463.98
Average Original Principal Balance: $55,516.18
Maximum Unpaid Principal Balance: $350,000.00
Minimum Unpaid Principal Balance: $20,000.00
Maximum Original Principal Balance: $350,000.00
Minimum Original Principal Balance: $20,000.00
Weighted Avg. Stated Rem. Term (LPD to Mat/Bln Date):
239.552
Stated Rem Term Range: 59.000 - 360.000
Weighted Average Age (Original Term - Rem Term): 0.502
Age Range: 0.000 - 6.000
Weighted Average Original Term: 240.054
Original Term Range: 60.000 - 360.000
Weighted Average Combined LTV: 72.629
Combined LTV Range: 12.090% - 90.000%
- --------------------------------------------------------------------------------
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
<S> <C> <C> <C>
7.00% less than Gross Coupon less than or equal to 7.50% 1 25,000.00 0.06
7.75% less than Gross Coupon less than or equal to 8.00% 4 251,223.57 0.57
8.25% less than Gross Coupon less than or equal to 8.50% 4 205,107.83 0.46
8.50% less than Gross Coupon less than or equal to 8.75% 4 250,661.12 0.56
8.75% less than Gross Coupon less than or equal to 9.00% 20 1,394,065.49 3.14
9.00% less than Gross Coupon less than or equal to 9.25% 11 1,057,283.42 2.38
9.25% less than Gross Coupon less than or equal to 9.50% 32 2,085,111.91 4.69
9.50% less than Gross Coupon less than or equal to 9.75% 21 1,591,579.10 3.58
9.75% less than Gross Coupon less than or equal to 10.00% 71 4,455,011.57 10.03
10.00% less than Gross Coupon less than or equal to 10.25% 23 1,361,126.17 3.06
10.25% less than Gross Coupon less than or equal to 10.50% 60 3,608,284.59 8.12
10.50% less than Gross Coupon less than or equal to 10.75% 27 1,365,799.45 3.07
10.75% less than Gross Coupon less than or equal to 11.00% 116 6,505,407.99 14.64
11.00% less than Gross Coupon less than or equal to 11.25% 21 876,279.50 1.97
11.25% less than Gross Coupon less than or equal to 11.50% 36 1,431,510.77 3.22
11.50% less than Gross Coupon less than or equal to 11.75% 18 1,195,965.65 2.69
11.75% less than Gross Coupon less than or equal to 12.00% 64 2,971,372.51 6.69
12.00% less than Gross Coupon less than or equal to 12.25% 17 1,105,299.05 2.49
12.25% less than Gross Coupon less than or equal to 12.50% 43 1,803,830.97 4.06
12.50% less than Gross Coupon less than or equal to 12.75% 19 808,972.89 1.82
12.75% less than Gross Coupon less than or equal to 13.00% 43 1,916,906.21 4.31
13.00% less than Gross Coupon less than or equal to 13.25% 9 351,411.34 0.79
13.25% less than Gross Coupon less than or equal to 13.50% 17 686,894.95 1.55
13.50% less than Gross Coupon less than or equal to 13.75% 10 537,595.59 1.21
13.75% less than Gross Coupon less than or equal to 14.00% 17 569,347.27 1.28
14.00% less than Gross Coupon less than or equal to 14.25% 1 32,819.65 0.07
14.25% less than Gross Coupon less than or equal to 14.50% 4 249,622.36 0.56
14.50% less than Gross Coupon less than or equal to 14.75% 5 189,603.57 0.43
14.75% less than Gross Coupon less than or equal to 15.00% 2 228,000.00 0.51
15.50% less than Gross Coupon less than or equal to 15.75% 8 224,754.54 0.51
15.75% less than Gross Coupon less than or equal to 16.00% 71 5,025,852.42 11.31
16.00% less than Gross Coupon less than or equal to 16.25% 2 64,946.85 0.15
- -------------------------------------------------------------------------------------------------------
Total..................................... 801 $ 44,426,648.30 100.00%
=======================================================================================================
</TABLE>
ORIGINAL TERM
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original Term Loans Balance Balance
<S> <C> <C> <C>
48 less than Orig. Term less than or equal to 60 24 748,977.26 1.69%
72 less than Orig. Term less than or equal to 84 5 205,000.00 0.46%
84 less than Orig. Term less than or equal to 96 2 69,663.49 0.16%
96 less than Orig. Term less than or equal to 108 1 40,000.00 0.09%
108 less than Orig. Term less than or equal to 120 53 1,742,780.71 3.92%
120 less than Orig. Term less than or equal to 132 2 68,440.25 0.15%
132 less than Orig. Term less than or equal to 144 4 149,742.42 0.34%
144 less than Orig. Term less than or equal to 156 3 153,754.43 0.35%
168 less than Orig. Term less than or equal to 180 357 20,082,354.06 45.20%
204 less than Orig. Term less than or equal to 216 3 136,818.47 0.31%
228 less than Orig. Term less than or equal to 240 121 6,596,890.04 14.85%
288 less than Orig. Term less than or equal to 300 31 1,543,062.67 3.47%
336 less than Orig. Term less than or equal to 348 5 226,675.29 0.51%
348 less than Orig. Term less than or equal to 360 190 12,662,489.21 28.50%
- ------------------------------------------------------------------------------------------------
Total......................................... 801 $ 44,426,648.30 100.00%
=================================================================================================
</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>
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<S> <C> <C> <C>
48 less than Rem Term less than or equal to 60 24 748,977.26 1.69%
72 less than Rem Term less than or equal to 84 5 205,000.00 0.46%
84 less than Rem Term less than or equal to 96 2 69,663.49 0.16%
96 less than Rem Term less than or equal to 108 1 40,000.00 0.09%
108 less than Rem Term less than or equal to 120 53 1,742,780.71 3.92%
120 less than Rem Term less than or equal to 132 2 68,440.25 0.15%
132 less than Rem Term less than or equal to 144 4 149,742.42 0.34%
144 less than Rem Term less than or equal to 156 3 153,754.43 0.35%
168 less than Rem Term less than or equal to 180 357 20,082,354.06 45.20%
204 less than Rem Term less than or equal to 216 3 136,818.47 0.31%
228 less than Rem Term less than or equal to 240 121 6,596,890.04 14.85%
288 less than Rem Term less than or equal to 300 31 1,543,062.67 3.47%
336 less than Rem Term less than or equal to 348 5 226,675.29 0.51%
348 less than Rem Term less than or equal to 360 190 12,662,489.21 28.50%
- -----------------------------------------------------------------------------------------------
Total........................................ 801 $ 44,426,648.30 100.00%
================================================================================================
</TABLE>
ORIGINAL COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Original CLTV Ratio Loans Balance Balance
<S> <C> <C> <C>
10.000 less than CLTV less than or equal to 15.000 7 231,374.71 0.52
15.000 less than CLTV less than or equal to 20.000 5 175,959.80 0.40
20.000 less than CLTV less than or equal to 25.000 6 221,634.55 0.50
25.000 less than CLTV less than or equal to 30.000 12 431,845.06 0.97
30.000 less than CLTV less than or equal to 35.000 12 459,360.30 1.03
35.000 less than CLTV less than or equal to 40.000 18 664,805.22 1.50
40.000 less than CLTV less than or equal to 45.000 19 985,699.12 2.22
45.000 less than CLTV less than or equal to 50.000 28 1,799,692.43 4.05
50.000 less than CLTV less than or equal to 55.000 25 1,093,599.43 2.46
55.000 less than CLTV less than or equal to 60.000 44 2,020,568.67 4.55
60.000 less than CLTV less than or equal to 65.000 56 3,092,332.12 6.96
65.000 less than CLTV less than or equal to 70.000 60 3,803,392.68 8.56
70.000 less than CLTV less than or equal to 75.000 121 6,846,336.00 15.41
75.000 less than CLTV less than or equal to 80.000 136 7,376,042.45 16.60
80.000 less than CLTV less than or equal to 85.000 124 7,790,169.97 17.53
85.000 less than CLTV less than or equal to 90.000 128 7,433,835.79 16.73
- ----------------------------------------------------------------------------------------------------
Total................................................. 801 $ 44,426,648.30 100.00%
=====================================================================================================
</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>
ORIGINAL MORTGAGE LOAN AMOUNTS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
15,000 less than Balance less than or equal to 20,000 23 460,000.00 1.04
20,000 less than Balance less than or equal to 25,000 75 1,754,633.28 3.95
25,000 less than Balance less than or equal to 30,000 81 2,308,173.55 5.20
30,000 less than Balance less than or equal to 35,000 75 2,464,779.61 5.55
35,000 less than Balance less than or equal to 40,000 77 2,947,627.52 6.63
40,000 less than Balance less than or equal to 45,000 72 3,107,563.57 6.99
45,000 less than Balance less than or equal to 50,000 52 2,507,880.73 5.64
50,000 less than Balance less than or equal to 55,000 53 2,800,135.89 6.30
55,000 less than Balance less than or equal to 60,000 62 3,574,948.58 8.05
60,000 less than Balance less than or equal to 65,000 58 3,653,329.33 8.22
65,000 less than Balance less than or equal to 70,000 56 3,803,664.07 8.56
70,000 less than Balance less than or equal to 75,000 38 2,771,908.06 6.24
75,000 less than Balance less than or equal to 80,000 25 1,932,443.97 4.35
80,000 less than Balance less than or equal to 85,000 1 85,000.00 0.19
85,000 less than Balance less than or equal to 90,000 1 85,380.00 0.19
95,000 less than Balance less than or equal to 100,000 2 196,565.81 0.44
120,000 less than Balance less than or equal to 125,000 7 870,871.49 1.96
125,000 less than Balance less than or equal to 130,000 16 2,051,108.41 4.62
150,000 less than Balance less than or equal to 200,000 3 573,418.21 1.29
200,000 less than Balance less than or equal to 250,000 12 2,955,932.46 6.65
250,000 less than Balance less than or equal to 300,000 8 2,192,533.76 4.94
300,000 less than Balance less than or equal to 350,000 4 1,328,750.00 2.99
- ----------------------------------------------------------------------------------------------------
Total............................................... 801 $ 44,426,648.30 100.00%
====================================================================================================
</TABLE>
CURRENT MORTGAGE LOAN AMOUNTS
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
<S> <C> <C> <C>
15,000 less than Balance less than or equal to 20,000 23 460,000.00 1.04
20,000 less than Balance less than or equal to 25,000 75 1,754,633.28 3.95
25,000 less than Balance less than or equal to 30,000 81 2,308,173.55 5.20
30,000 less than Balance less than or equal to 35,000 75 2,464,779.61 5.55
35,000 less than Balance less than or equal to 40,000 77 2,947,627.52 6.63
40,000 less than Balance less than or equal to 45,000 72 3,107,563.57 6.99
45,000 less than Balance less than or equal to 50,000 53 2,557,869.60 5.76
50,000 less than Balance less than or equal to 55,000 52 2,750,147.02 6.19
55,000 less than Balance less than or equal to 60,000 62 3,574,948.58 8.05
60,000 less than Balance less than or equal to 65,000 58 3,653,329.33 8.22
65,000 less than Balance less than or equal to 70,000 56 3,803,664.07 8.56
70,000 less than Balance less than or equal to 75,000 39 2,846,873.43 6.41
75,000 less than Balance less than or equal to 80,000 24 1,857,478.60 4.18
80,000 less than Balance less than or equal to 85,000 1 85,000.00 0.19
85,000 less than Balance less than or equal to 90,000 1 85,380.00 0.19
95,000 less than Balance less than or equal to 100,000 2 196,565.81 0.44
120,000 less than Balance less than or equal to 125,000 7 870,871.49 1.96
125,000 less than Balance less than or equal to 130,000 16 2,051,108.41 4.62
150,000 less than Balance less than or equal to 200,000 3 573,418.21 1.29
200,000 less than Balance less than or equal to 250,000 12 2,955,932.46 6.65
250,000 less than Balance less than or equal to 300,000 8 2,192,533.76 4.94
300,000 less than Balance less than or equal to 350,000 4 1,328,750.00 2.99
- ----------------------------------------------------------------------------------------------------
Total............................................. 801 $ 44,426,648.30 100.00%
====================================================================================================
</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>
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
Colorado 1 68,000.00 0.15
Connecticut 18 1,359,629.96 3.06
Delaware 15 872,851.60 1.96
Florida 77 4,243,327.35 9.55
Georgia 86 4,960,739.55 11.17
Illinois 30 2,198,905.47 4.95
Indiana 4 208,860.00 0.47
Kentucky 5 204,485.01 0.46
Maryland 10 739,378.54 1.66
Michigan 1 60,000.00 0.14
Mississippi 10 427,800.83 0.96
Missouri 1 46,875.00 0.11
New Jersey 161 8,904,561.12 20.04
New York 124 7,441,696.21 16.75
North Carolina 16 791,416.89 1.78
Ohio 14 841,195.32 1.89
Pennsylvania 195 9,363,621.79 21.08
South Carolina 5 229,514.40 0.52
Tennessee 6 336,146.74 0.76
Unknown 1 49,431.75 0.11
Vermont 1 55,750.00 0.13
Virginia 17 868,015.04 1.95
West Virginia 3 154,445.73 0.35
- --------------------------------------------------------------------------
Total............... 801 $ 44,426,648.30 100.00%
==========================================================================
MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
Mixed Use 16 1,362,573.68 3.07
PUD 2 136,370.32 0.31
Commercial 7 919,892.04 2.07
Townhouses 37 1,551,733.52 3.49
2-4 Family 57 3,633,979.12 8.18
Condominiums 14 599,460.72 1.35
Single Family Detached 665 36,136,403.60 81.34
Mobile Home 3 86,235.30 0.19
- --------------------------------------------------------------------------
Total............... 801 $ 44,426,648.30 100.00%
==========================================================================
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. 704 38,954,090.38 87.68
Investor 68 2,951,785.21 6.64
Vacation/Second Home 6 238,306.99 0.54
Business 23 2,282,465.72 5.14
- --------------------------------------------------------------------------
Total.................. 801 $ 44,426,648.30 100.00%
==========================================================================
LIEN SUMMARY
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Loans Balance Balance
1 570 34,558,838.54 77.79
2 231 9,867,809.76 22.21
- --------------------------------------------------------------------------
Total............... 801 $ 4,426,648.30 100.00%
==========================================================================
LOAN SUMMARY STRATIFIED BY AMORTIZATION
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Amortization Loans Balance Balance
Fully Amortizing 468 26,545,804.88 59.75
Partially Amortizing 333 17,880,843.42 40.25
- --------------------------------------------------------------------------
Total.................. 801 $ 44,426,648.30 100.00%
==========================================================================
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.
