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) DECEMBER 17, 1996
The Money Store Inc. (as Representative under a Pooling and
Servicing Agreement dated as of November 30, 1996 providing
for the issuance of The Money Store SBA Loan-Backed Adjustable
Rate Certificates, Series 1996-2, Class A and Class B), The
Money Store Investment Corporation and The Money Store of New
York Inc.
The Money Store Inc.
Exact name of registrant as specified in its charter)
New Jersey 33-58128 Applied For
(State or other (Commission File (IRS Employer ID
jurisdiction of Number) Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (908) 686-2000
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS
This Current Report on Form 8-K is being filed to file a copy of the
Computational Materials and ABS Term Sheets (as defined below) of Prudential
Securities Incorporated (the "Underwriter") in connection with the issuance by
The Money Store Inc., as representative of The Money Store Investment
Corporation and The Money Store of New York, Inc., of $140,000,000 principal
amount of The Money Store SBA Loan-Backed Adjustable Rate Certificates, Series
1996-2. The terms "Computational Materials" and "ABS Term Sheets" shall have the
meanings given in the No-Action Letter of May 20, 1994 issued by the Securities
and Exchange Commission to Kidder, Peabody Acceptance Corporation I, Kidder,
Peabody & Co. Incorporated and Kidder Structured Asset Corporation, as
supplemented in the No- Action Letters of May 27, 1994 and February 17, 1995
issued by the SEC to the Public Securities Association.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS.
(c) EXHIBITS
EXHIBIT NO.
99.1 Computational Materials and ABS Term
Sheets of Prudential Securities Incorporated.
<PAGE>
SIGNATURES
Pursuant to the requirements 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.
THE MONEY STORE INC.
THE MONEY STORE INVESTMENT CORPORATION
THE MONEY STORE OF NEW YORK INC.
By: /S/ MORTON DEAR
Name: Morton Dear
Title: Executive Vice President
Dated: December 19, 1996
<PAGE>
EXHIBIT INDEX
EXHIBIT PAGE
99.1 Computational Materials and ABS Term
Sheets of Prudential Securities Incorporated
EXHIBIT 99.1
PRELIMINARY INFORMATION FOR THE MONEY STORE SBA LOAN TRUST 1996-2
The Money Store Investment Corporation
and
The Money Store of New York, Inc.
Sellers
The Money Store SBA Loan-Backed Adjustable-Rate Certificates, Series 1996-2
[$130,200,000] Class A Certificates
[$9,800,000] Class B Certificates
The analysis in this report is accurate to the best of PSI's knowledge and
is based on information provided by the Sellers. PSI makes no representations as
to the accuracy of such information provided to it by the Sellers. 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
their officers, directors, analysts or employees may have positions in
securities, commodities or derivative instruments thereon referred to here, 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>
THE MONEY STORE SBA 1996-2
Preliminary Summary of Terms
THE MONEY STORE INVESTMENT CORPORATION
The Money Store SBA Loan-Backed
Adjustable Rate Certificates, Series 1996-2
[$130,200,000] Class A Certificates
[$9,800,000] Class B Certificates
(Approximate)
*** Preliminary ***
- Overview
- Pricing Information
- Summary of Terms
- Description of Transaction
- Loan Pool Information
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>
THE MONEY STORE SBA 1996-2
Overview
The securities will be issued in two classes: Class A and Class B. The
Class A Certificates will be rated "Aaa/AAA" and the Class B Certificates will
be rated "A2/A" by Moody's and Duff & Phelps, respectively. These ratings
reflect the quality of the assets and the level of credit enhancement in the
transaction. The Money Store's SBA 7(a) loans generally are originated as
simple-interest, variable-rate, prime-based loans. The average rate on loans in
this pool is [2.11%] over the prime rate. Thus, substantial excess spread is
available from the sold, guaranteed portions to credit enhance the securitized,
unguaranteed portions ([1.61]%, expressed as a percentage of the principal
balance of the securitized, unguaranteed portions). In addition, excess spread
of [3.72]% is available from the unguaranteed portion assuming that the Aaa/AAA
tranche is at Prime - [210]bp and the A2/A tranche is at Prime - [165]bp. The
total excess spread that is available is thus approximately [5.33]%. The
transaction also features credit enhancement in the form of [7%] subordination
(estimated) and an estimated spread account with an initial balance of [1.0]% of
the initial pool, growing to a balance of [3.5]% of the remaining balance of the
pool plus the balance of all loans with delinquencies of greater than 180 days,
subject to a floor of [2.0]% of the original pool principal balance. The
subordination enhances the Class A certificates. The spread account protects
both the Class A and the Class B Certificates.
The certificates will be floating rate securities based on the prime rate.
The certificates will pay monthly and adjust quarterly. Funds are passed through
to the Certificateholders subject to available funds on the underlying
collateral. All of the loans are self-amortizing, so there is no balloon risk.
The certificates receive principal on a pro rata basis. The Class B Certificates
will bear all losses (if other forms of credit enhancement are exhausted) until
reduced to zero.
For additional information concerning pricing and relative value, please
call Greg Richter, Donna Faulk or Rob Karr on the asset-backed desk at (212)
778-2741. Additional structural and collateral information can be provided
through Lina Hsu at (212) 778-1451 of the Structured Finance Group or Len Blum
at (212) 778-1397, Brendan Keane at (212) 778-4231, or John Herbert at (212)
778-3203 of the Asset-Backed Finance Group.
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.
THE MONEY STORE SBA 1996-2
Approximate Pricing Information
Class A Class B
Face Amount: [$130,200,000] [$9,800,000]
(approximate)
Price: 100-00 100-00
Initial Coupon:
Spread (bps)/Index:
Pricing Speed: 8% CPR 8% CPR
Average Life to Maturity: [7.3] years [7.3] years
Average Life to Call: [7.1] years [7.1] years
Pricing Date: [12/18/96] [12/18/96]
Settlement Date: [12/23/96] [12/23/96]
Dated Date: [12/01/96] [12/01/96]
Delay Days: 0 0
Interest: 30/360 30/360
Payment Terms: Monthly Monthly
Adjustment Frequency: Quarterly Quarterly
Index: Prime Rate Prime Rate
First Payment Date: [01/15/97] [01/15/97]
First Adjustment Date: [04/01/97] [04/01/97]
Expected Maturity: [05/15/18] [05/15/18]
Expected Maturity
(to 10% call): [02/15/12] [02/15/12]
Stated Maturity: [04/15/24] [04/15/24]
Expected Rating: Aaa/AAA A2/A
Moody's/Duff Moody's/Duff
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>
THE MONEY STORE SBA 1996-2
Summary of Terms
Title of Certificates: The Money Store SBA Loan-Backed Adjustable Rate
Certificates, Series 1996-2.
Certificates Offered: Class A: Approximately [$130,200,000] initial
certificate principal amount.
Class B: Approximately [$9,800,000] initial
certificate principal amount.
Sellers: The Money Store Investment Corporation ("TMSIC"), a
New Jersey corporation, and
The Money Store of New York, Inc. ("MSNY"), a
New York corporation. TMSIC and MSNY
are direct and indirect, wholly-owned subsidiaries of
The Money Store Inc., a New Jersey
Corporation.
Master Servicer: TMSIC.
Backup Servicer: Trustee.
Trust Assets: The Trust assets will consist of
the unguaranteed portions of loans
originated by the Seller in connection with
the Section 7(a) guaranteed loan program of
the U.S. Small Business Administration
("SBA"). Excess Servicing on the guaranteed
portions of the SBA 7(a) loans also will be
available as credit enhancement to the
certificateholders.
Denominations: Minimum denominations of $1,000 and integral
multiples of $1,000 in excess thereof.
Form of Certificates: The Class A Certificates
will be book-entry only through DTC and the
Class B Certificates will be either
book-entry through DTC or physical form.
The Class A and Class B Certificates are
also expected to be book-entry eligible
through Euroclear and CEDEL.
Trustee: Marine Midland Bank.
Document Custodians: The promissory notes evidencing the SBA 7(a) loans
will be held by the Agent of the SBA
(Colson Services Corp.). All other documents will be
held by the Trustee.
Payment Date: The 15th day of each month or, if such day is not a
business day, the next succeeding
business day, beginning in January 1997.
Interest Accrual Period: Interest will accrue on the
certificates from the 15th day of the
preceeding month until the 14th day of the
current month except in the initial accrual
period in which interest will accrue from
December 1, 1996.
Interest Rate: Class A Certificates: Prime Rate minus [ %].
Class B Certificates: Prime Rate minus [ %].
The Interest Rate is reset quarterly as described
below.
Settlement Date: December 23, 1996 (expected).
Ratings: Class A: "Aaa/AAA"; Class B: "A2/A" by Moody's
Investors Service, Inc. and Duff & Phelps
Credit Rating Co., respectively.
Prefunding Account: Approximately [$31,698,235] of the Trust Assets will
be prefunded.
Record Date: The last day of the month preceding any distribution
date.
Subordination: Distributions of interest with respect to
the Class B Certificates will be
subordinate to distributions of interest
with respect to the Class A Certificates.
Similarly, distributions of principal with
respect to the Class B Certificates will be
subordinate to distributions of principal
with respect to the Class A Certificates.
Spread Account: A special-purpose affiliate of The Money Store will
be required to establish a reserve
account (the "Spread Account") with the Trustee. The
Spread Account will not be a part of
the Trust Fund but will be pledged to the Trustee for
the benefit of the Certificate holders. The initial
deposit currently is estimated to be [1.0]% of the
original pool principal balance. Thereafter, excess
spread will be deposited until the Spread Account
balance is the greater of (i) [3.5]% (estimated) of
the current pool principal balance and
(ii) [2.0]% of the original pool principal balance.
In addition to the above requirement,
additional excess spread will be deposited up to the
amount of the aggregate balances of
all loans delinquent 180 or more days.
Monthly Advances: The Servicer will advance to pay Certificate interest,
to the extent not covered by excess spread.
Servicing Advances: The Servicer will make servicing advances to the
extent it deems such advances recoverable.
Prepayment Interest The Servicer will pay compensating interest at the
Shortfall: weighted-average certificate rate
for any prepayment interest shortfalls, up to the
amount of its servicing compensation
for that month.
Servicing Fee: 40 basis points per annum.
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>
THE MONEY STORE SBA 1996-2
Optional Termination: The Servicer may purchase the
trust assets at par plus accrued interest
thereon on any distribution date on which
the pool principal balance is less than 10%
of the original pool principal balance.
Tax Status: Grantor Trust.
ERISA Considerations: The Class A Certificates will not be ERISA eligible.
The Class B Certificates will not be ERISA eligible.
SMMEA: The Certificates will not be SMMEA eligible.
Cash Flow Priorities: 1) Servicing Fee
2) Class A Interest
3) Class B Interest
4) Class A Principal
5) Class A Carry Forward (any previous principal
shortfall)
6) Class B Principal
7) Class B Carry Forward (any previous principal
shortfall)
8) Trustee Fee
9) Unreimbursed Servicer Advances
10) Build and Replenish Reserves (Spread Account)
11) Released to TMSIC or an affiliate thereof
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>
THE MONEY STORE SBA 1996-2
Description of Transaction
The 7(a) loans pay a floating-rate, prime-based coupon that adjusts quarterly on
the first business day of each calendar quarter. On the loans, interest accrues
from the 1st to the 30th of each month and is due, along with the scheduled
principal payment, on the first day of the following month. The certificates pay
a floating-rate, prime-based coupon that is adjusted on the first business day
of each January, April, July, and October, beginning April 1997. Interest on the
certificates is paid on the 15th day of each month and is accrued from the 15th
day of the previous month to the 14th day of the current month. For example, the
January 2 prime rate will be used for the certificate interest accrual periods
commencing January 15, February 15 and March 15. Interest collected on the SBA
loans in one month will pay the interest due on the certificates in the
following month. Please see the diagram below for a description of the interest
accrual and collection on the loans and the interest accrual and payment on the
certificates.
ILLUSTRATION OF NOTE ACCRUAL PERIOD VS. CORRESPONDING CERTIFICATE ACCRUAL PERIOD
JAN FEB MAR APR MAY
- --------15--------1--------15--------1--------15--------1--------15--------1
* *
Interest Accrual Interest Collection
SBA Note: (------------------)(-----------------)
Period Period
Corresponding
Interest Accrual
Certificates: (-----------------)**
Period
* The Interest Rate adjusts every Jan.1, Apr.1, July 1, Oct.1
** Certificate payment date
Please note that in February, May, August and November, there may be a mismatch
in the prime rate used to accrue interest on the collateral and the prime rate
used to accrue interest on the certificates. For example, with respect to the
February 15th remittance date, the interest rate due to the investors is based
on the prime rate as of January 2nd; however, the interest collected from the
underlying loans for such remittance date accrued from December 1st to December
30th with a coupon based on the prime rate as of October 1st. Should the prime
rate used to accrue interest on the loans be higher than the prime rate used to
accrue interest on the certificates, excess interest will be collected and will
be passed through on a pro-rata basis to the certificateholders (and vice versa
with lower interest should the accrual rate on the loans be lower than the
accrual rate on the certificates).
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>
THE MONEY STORE SBA 1996-2
Credit Enhancement
The triple-A rating on the Class A Certificates is supported by several types of
credit enhancement:
* There are approximately [161] basis points (expressed as a percentage of
the aggregate principal balance of the Trust Assets) available from the
guaranteed portions that have been sold into the secondary market. The
guaranteed portions are sold to investors at coupons less than the gross
coupon on the loans. This excess interest will be available for credit
support. See the diagram below.
STRUCTURAL DIAGRAM OF AN SBA 7(a) LOAN COUPON
Excess Spread from Guaranteed
Portion [(1.61)]
[10.37]% Gross Coupon
Excess Spread Available Servicing
for Unguaranteed Portions (0.40%)
Trustee [9.91]% Net Coupon
(0.06%)
Excess Spread
from Unguaranteed Portion
[(3.72%)]
Guaranteed Bond Coupon
+ SBA Fees [(6.18%)] [6.18%] WA PT
+ Colson Fees
+ Retained Portion (1.0%)
(includes 40 bps servicing)
Bond Coupon SR - [210] bps / Prime Rate
SUB - [165] bps / Prime Rate
(69.44% Guaranteed Portion) (30.56% Unguar Portion)
* Also, per the diagram, there is excess spread of approximately [372]
basis points from the coupon received on the unguaranteed portion of the
SBA 7(a) loans over the estimated certificate rate to be paid to
investors in the certificates. The total excess spread that is available
from the guaranteed and unguaranteed portions is thus approximately
[533] basis points.
* There will be a subordinated piece (the Class B Certificates) of
approximately 7%. In addition, there will be a spread account with an
initial target of [1.0]% of the original pool principal balance, growing
to [3.5]% of the ongoing pool principal balance plus the balance of all
loans with delinquencies greater than 180 days, subject to a floor of
[2.0%] of the original pool balance.
* Any losses will be allocated in the following order: monthly Excess
Spread, the Spread Account, Class B principal, Class A principal, Class
B interest and Class A interest.
10% Cleanup Call
* When the outstanding aggregate principal balance of the collateral is
less than 10% of the original pool principal balance, the servicer, at
its option, may purchase the remaining collateral and call the
certificates at par plus accrued interest thereon.
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>
Financial Strategies 12/13/96 07:49:42 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Digest Information Incorporated
Deal ID/CUSIP MONSBA62 Not Priced Yet Deal Date 12/16/96
Series 1996-2 Delivery Date 12/23/96
Underwriter PSI Dated Date 12/1/96
Issuer THE MONEY STORE Credit Support
Collateral 100%FN (Real) Deal Type ASSET
N/GWAC (Orig) / (5.788/10.366) Pricing Speed CPR 8.00
WAM (Orig) (18.862) Rating AAA/A2
Size 140,000,000 Coupon Range
Trustee Modeled Y
View Summary On Page 1 of 4
Class Coupon Mat Amt 000 AvLf Sprd Price Yield Description
- ------ ------- ----- ------- ---- ---- ------- ------- -------------------------
A * N/A 130,200 7.3 N/A 100-00 N/A AAA FLT PRIME - TBA
B * N/A 9,800 7.3 N/A 100-00 N/A A FLT PRIME - TBA
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>
Financial Strategies 12/16/96 09:34:22 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Adj. Marg. Tables Incorporated
Deal ID/CUSIP MONSBA62 Coupon * Cap Flr 0.00
Class A FLT CUR PRIME RT-TBA Accr 0.37583 1st Pmt 01/15/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (5.788/10.366) PRIME RT 8.25000
WAM (Orig) (18.862) Mat N/A Settle 12/23/96
CenterPrice 100-00 Inc 0.5 Table Adjusted Mrg Roll@
CPR 8.00 CPR 2.00 CPR 4.00 CPR 6.00 CPR 10.00 CPR 12.00 CPR 14.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ -204.478 -205.967 -205.498 -205.002 -203.929 -203.356 -202.759
99-23 -204.771 -206.181 -205.737 -205.267 -204.251 -203.708 -203.143
99-23+ -205.064 -206.394 -205.975 -205.531 -204.573 -204.060 -203.527
99-24 -205.356 -206.608 -206.214 -205.796 -204.895 -204.412 -203.910
99-24+ -205.649 -206.822 -206.452 -206.061 -205.216 -204.764 -204.294
99-25 -205.941 -207.035 -206.691 -206.326 -205.538 -205.116 -204.677
99-25+ -206.233 -207.249 -206.929 -206.590 -205.859 -205.468 -205.061
99-26 -206.526 -207.462 -207.167 -206.855 -206.180 -205.820 -205.444
99-26+ -206.818 -207.675 -207.405 -207.119 -206.501 -206.171 -205.827
99-27 -207.110 -207.889 -207.643 -207.384 -206.823 -206.523 -206.210
99-27+ -207.402 -208.102 -207.881 -207.648 -207.144 -206.874 -206.593
99-28 -207.694 -208.315 -208.119 -207.912 -207.465 -207.225 -206.976
99-28+ -207.986 -208.528 -208.357 -208.176 -207.785 -207.576 -207.359
99-29 -208.277 -208.742 -208.595 -208.440 -208.106 -207.927 -207.741
99-29+ -208.569 -208.955 -208.833 -208.705 -208.427 -208.278 -208.124
99-30 -208.861 -209.168 -209.071 -208.968 -208.747 -208.629 -208.506
99-30+ -209.152 -209.381 -209.309 -209.232 -209.068 -208.980 -208.888
99-31 -209.444 -209.593 -209.546 -209.496 -209.388 -209.331 -209.270
99-31+ -209.735 -209.806 -209.784 -209.760 -209.709 -209.681 -209.652
100-00 -210.026 -210.019 -210.021 -210.024 -210.029 -210.032 -210.034
100-00+ -210.317 -210.232 -210.259 -210.287 -210.349 -210.382 -210.416
100-01 -210.609 -210.445 -210.496 -210.551 -210.669 -210.732 -210.798
100-01+ -210.900 -210.657 -210.734 -210.814 -210.989 -211.082 -211.180
100-02 -211.191 -210.870 -210.971 -211.078 -211.309 -211.432 -211.561
100-02+ -211.482 -211.082 -211.208 -211.341 -211.629 -211.782 -211.942
100-03 -211.772 -211.295 -211.445 -211.605 -211.948 -212.132 -212.324
100-03+ -212.063 -211.507 -211.682 -211.868 -212.268 -212.482 -212.705
100-04 -212.354 -211.720 -211.920 -212.131 -212.588 -212.832 -213.086
100-04+ -212.644 -211.932 -212.157 -212.394 -212.907 -213.181 -213.467
100-05 -212.935 -212.145 -212.393 -212.657 -213.226 -213.531 -213.848
100-05+ -213.225 -212.357 -212.630 -212.920 -213.546 -213.880 -214.229
100-06 -213.516 -212.569 -212.867 -213.183 -213.865 -214.230 -214.609
100-06+ -213.806 -212.781 -213.104 -213.446 -214.184 -214.579 -214.990
100-07 -214.096 -212.993 -213.341 -213.709 -214.503 -214.928 -215.370
100-07+ -214.386 -213.205 -213.577 -213.971 -214.822 -215.277 -215.750
100-08 -214.677 -213.417 -213.814 -214.234 -215.141 -215.626 -216.131
100-08+ -214.967 -213.629 -214.050 -214.496 -215.460 -215.975 -216.511
100-09 -215.256 -213.841 -214.287 -214.759 -215.778 -216.323 -216.891
100-09+ -215.546 -214.053 -214.523 -215.021 -216.097 -216.672 -217.271
Avg. Life 7.321 10.777 9.412 8.274 6.519 5.839 5.260
Mod. Dur. 5.210 7.131 6.389 5.755 4.739 4.330 3.973
Mac. Dur. 5.372 7.353 6.588 5.934 4.886 4.465 4.097
1st Pmt. 0.061 0.061 0.061 0.061 0.061 0.061 0.061
Last Pmt. 21.394 21.394 21.394 21.394 21.394 21.394 21.394
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>
Financial Strategies 12/16/96 09:34:49 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Adj. Marg. Tables Incorporated
Deal ID/CUSIP MONSBA62 Coupon * Cap Flr 0.00
Class A FLT CUR PRIME RT-TBA Accr 0.37583 1st Pmt 01/15/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (5.788/10.366) PRIME RT 8.25000
WAM (Orig) (18.862) Mat N/A Settle 12/23/96
CenterPrice 100-00 Inc 0.5 Table Adjusted Mrg Roll@
**** TO 10% CLEANUP CALL *****
CPR 8.00 CPR 2.00 CPR 4.00 CPR 6.00 CPR 10.00 CPR 12.00 CPR 14.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ -204.392 -205.943 -205.452 -204.936 -203.810 -203.188 -202.536
99-23 -204.690 -206.158 -205.693 -205.205 -204.138 -203.549 -202.932
99-23+ -204.987 -206.373 -205.934 -205.473 -204.466 -203.910 -203.327
99-24 -205.284 -206.588 -206.175 -205.741 -204.794 -204.271 -203.723
99-24+ -205.581 -206.803 -206.416 -206.009 -205.122 -204.632 -204.118
99-25 -205.878 -207.018 -206.657 -206.277 -205.450 -204.992 -204.513
99-25+ -206.175 -207.232 -206.898 -206.545 -205.777 -205.353 -204.908
99-26 -206.471 -207.447 -207.138 -206.813 -206.105 -205.714 -205.303
99-26+ -206.768 -207.662 -207.379 -207.081 -206.432 -206.074 -205.698
99-27 -207.065 -207.876 -207.619 -207.349 -206.760 -206.434 -206.093
99-27+ -207.361 -208.091 -207.860 -207.617 -207.087 -206.795 -206.488
99-28 -207.658 -208.305 -208.100 -207.885 -207.414 -207.155 -206.882
99-28+ -207.954 -208.520 -208.341 -208.152 -207.742 -207.515 -207.277
99-29 -208.250 -208.734 -208.581 -208.420 -208.069 -207.875 -207.671
99-29+ -208.547 -208.948 -208.821 -208.687 -208.396 -208.235 -208.066
99-30 -208.843 -209.163 -209.061 -208.955 -208.723 -208.594 -208.460
99-30+ -209.139 -209.377 -209.302 -209.222 -209.049 -208.954 -208.854
99-31 -209.435 -209.591 -209.542 -209.490 -209.376 -209.314 -209.248
99-31+ -209.731 -209.805 -209.782 -209.757 -209.703 -209.673 -209.642
100-00 -210.027 -210.019 -210.022 -210.024 -210.029 -210.032 -210.035
100-00+ -210.322 -210.233 -210.261 -210.291 -210.356 -210.392 -210.429
100-01 -210.618 -210.447 -210.501 -210.558 -210.682 -210.751 -210.823
100-01+ -210.914 -210.661 -210.741 -210.825 -211.009 -211.110 -211.216
100-02 -211.209 -210.875 -210.981 -211.092 -211.335 -211.469 -211.609
100-02+ -211.505 -211.089 -211.220 -211.359 -211.661 -211.828 -212.003
100-03 -211.800 -211.303 -211.460 -211.626 -211.987 -212.187 -212.396
100-03+ -212.095 -211.516 -211.700 -211.892 -212.313 -212.545 -212.789
100-04 -212.391 -211.730 -211.939 -212.159 -212.639 -212.904 -213.182
100-04+ -212.686 -211.944 -212.179 -212.426 -212.965 -213.262 -213.575
100-05 -212.981 -212.157 -212.418 -212.692 -213.290 -213.621 -213.967
100-05+ -213.276 -212.371 -212.657 -212.959 -213.616 -213.979 -214.360
100-06 -213.571 -212.584 -212.896 -213.225 -213.942 -214.337 -214.752
100-06+ -213.866 -212.798 -213.136 -213.491 -214.267 -214.695 -215.145
100-07 -214.160 -213.011 -213.375 -213.758 -214.592 -215.054 -215.537
100-07+ -214.455 -213.224 -213.614 -214.024 -214.918 -215.411 -215.929
100-08 -214.750 -213.437 -213.853 -214.290 -215.243 -215.769 -216.321
100-08+ -215.044 -213.651 -214.092 -214.556 -215.568 -216.127 -216.713
100-09 -215.339 -213.864 -214.331 -214.822 -215.893 -216.485 -217.105
100-09+ -215.633 -214.077 -214.570 -215.088 -216.218 -216.842 -217.497
Avg. Life 7.088 10.636 9.205 8.046 6.265 5.561 4.968
Mod. Dur. 5.129 7.089 6.324 5.680 4.647 4.223 3.854
Mac. Dur. 5.289 7.310 6.521 5.857 4.792 4.354 3.974
1st Pmt. 0.061 0.061 0.061 0.061 0.061 0.061 0.061
Last Pmt. 02/15/12 06/15/15 02/15/14 01/15/13 01/15/11 11/15/09 10/15/08
Exercise call option : Optional
Call option code : Earlier of
Fraction of bond prin. : 0.1000
Yields are to Call
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>
Financial Strategies 12/16/96 09:35:41 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / DMrg Act/360 Incorporated
Deal ID/CUSIP MONSBA62 Coupon * Cap Flr 0.00
Class B FLT CUR PRIME RT-TBA Accr 0.40333 1st Pmt 01/15/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (5.788/10.366) PRIME RT 8.25000
WAM (Orig) (18.862) Mat N/A Settle 12/23/96
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
CPR 8.00 CPR 2.00 CPR 4.00 CPR 6.00 CPR 10.00 CPR 12.00 CPR 14.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ -168.802 -170.316 -169.838 -169.333 -168.245 -167.664 -167.060
99-23 -169.096 -170.532 -170.079 -169.600 -168.569 -168.018 -167.445
99-23+ -169.391 -170.748 -170.320 -169.867 -168.892 -168.371 -167.830
99-24 -169.685 -170.964 -170.560 -170.134 -169.215 -168.724 -168.214
99-24+ -169.979 -171.180 -170.801 -170.401 -169.538 -169.078 -168.599
99-25 -170.274 -171.395 -171.042 -170.667 -169.861 -169.431 -168.983
99-25+ -170.568 -171.611 -171.282 -170.934 -170.184 -169.784 -169.367
99-26 -170.862 -171.827 -171.522 -171.200 -170.507 -170.137 -169.752
99-26+ -171.156 -172.043 -171.763 -171.467 -170.830 -170.489 -170.136
99-27 -171.450 -172.258 -172.003 -171.733 -171.152 -170.842 -170.520
99-27+ -171.743 -172.474 -172.243 -172.000 -171.475 -171.195 -170.903
99-28 -172.037 -172.689 -172.484 -172.266 -171.797 -171.547 -171.287
99-28+ -172.331 -172.905 -172.724 -172.532 -172.120 -171.900 -171.671
99-29 -172.624 -173.120 -172.964 -172.798 -172.442 -172.252 -172.054
99-29+ -172.918 -173.336 -173.204 -173.064 -172.764 -172.604 -172.438
99-30 -173.211 -173.551 -173.444 -173.330 -173.086 -172.956 -172.821
99-30+ -173.505 -173.766 -173.684 -173.596 -173.408 -173.308 -173.204
99-31 -173.798 -173.981 -173.923 -173.862 -173.730 -173.660 -173.587
99-31+ -174.091 -174.197 -174.163 -174.128 -174.052 -174.012 -173.970
100-00 -174.384 -174.412 -174.403 -174.394 -174.374 -174.364 -174.353
100-00+ -174.677 -174.627 -174.642 -174.659 -174.696 -174.715 -174.736
100-01 -174.970 -174.842 -174.882 -174.925 -175.017 -175.067 -175.119
100-01+ -175.263 -175.057 -175.122 -175.190 -175.339 -175.418 -175.501
100-02 -175.556 -175.272 -175.361 -175.456 -175.660 -175.770 -175.884
100-02+ -175.848 -175.486 -175.600 -175.721 -175.982 -176.121 -176.266
100-03 -176.141 -175.701 -175.840 -175.986 -176.303 -176.472 -176.648
100-03+ -176.433 -175.916 -176.079 -176.252 -176.624 -176.823 -177.030
100-04 -176.726 -176.131 -176.318 -176.517 -176.945 -177.174 -177.412
100-04+ -177.018 -176.345 -176.557 -176.782 -177.266 -177.525 -177.794
100-05 -177.311 -176.560 -176.797 -177.047 -177.587 -177.876 -178.176
100-05+ -177.603 -176.775 -177.036 -177.312 -177.908 -178.226 -178.557
100-06 -177.895 -176.989 -177.275 -177.577 -178.229 -178.577 -178.939
100-06+ -178.187 -177.203 -177.514 -177.842 -178.549 -178.927 -179.320
100-07 -178.479 -177.418 -177.752 -178.106 -178.870 -179.277 -179.702
100-07+ -178.771 -177.632 -177.991 -178.371 -179.190 -179.628 -180.083
100-08 -179.063 -177.846 -178.230 -178.636 -179.511 -179.978 -180.464
100-08+ -179.355 -178.061 -178.469 -178.900 -179.831 -180.328 -180.845
100-09 -179.646 -178.275 -178.707 -179.165 -180.151 -180.678 -181.226
100-09+ -179.938 -178.489 -178.946 -179.429 -180.471 -181.028 -181.607
Avg. Life 7.321 10.777 9.412 8.274 6.519 5.839 5.260
Mod. Dur. 5.094 6.940 6.228 5.618 4.640 4.245 3.900
Mac. Dur. 5.264 7.172 6.436 5.806 4.795 4.387 4.030
1st Pmt. 0.061 0.061 0.061 0.061 0.061 0.061 0.061
Last Pmt. 21.394 21.394 21.394 21.394 21.394 21.394 21.394
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>
Financial Strategies 12/16/96 09:35:10 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / DMrg Act/360 Incorporated
Deal ID/CUSIP MONSBA62 Coupon * Cap Flr 0.00
Class B FLT CUR PRIME RT-TBA Accr 0.40333 1st Pmt 01/15/97
Collateral 100%FN (Real) Factor on / /
N/GWAC (Orig) / (5.788/10.366) PRIME RT 8.25000
WAM (Orig) (18.862) Mat N/A Settle 12/23/96
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
***** TO 10% CLEANUP CALL ******
CPR 8.00 CPR 2.00 CPR 4.00 CPR 6.00 CPR 10.00 CPR 12.00 CPR 14.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ -168.728 -170.287 -169.807 -169.281 -168.138 -167.513 -166.849
99-23 -169.027 -170.504 -170.050 -169.551 -168.467 -167.875 -167.245
99-23+ -169.326 -170.722 -170.293 -169.821 -168.796 -168.237 -167.641
99-24 -169.624 -170.939 -170.536 -170.091 -169.126 -168.599 -168.037
99-24+ -169.923 -171.156 -170.778 -170.361 -169.455 -168.960 -168.432
99-25 -170.222 -171.373 -171.021 -170.631 -169.784 -169.322 -168.828
99-25+ -170.520 -171.590 -171.264 -170.901 -170.113 -169.684 -169.224
99-26 -170.818 -171.807 -171.507 -171.171 -170.442 -170.045 -169.619
99-26+ -171.117 -172.024 -171.749 -171.441 -170.770 -170.406 -170.014
99-27 -171.415 -172.240 -171.992 -171.710 -171.099 -170.767 -170.410
99-27+ -171.713 -172.457 -172.235 -171.980 -171.428 -171.128 -170.805
99-28 -172.011 -172.674 -172.477 -172.250 -171.756 -171.489 -171.200
99-28+ -172.309 -172.891 -172.720 -172.519 -172.084 -171.850 -171.595
99-29 -172.607 -173.107 -172.962 -172.788 -172.413 -172.211 -171.989
99-29+ -172.905 -173.324 -173.204 -173.058 -172.741 -172.572 -172.384
99-30 -173.202 -173.540 -173.446 -173.327 -173.069 -172.932 -172.779
99-30+ -173.500 -173.757 -173.689 -173.596 -173.397 -173.293 -173.173
99-31 -173.797 -173.973 -173.931 -173.865 -173.725 -173.653 -173.568
99-31+ -174.095 -174.190 -174.173 -174.135 -174.053 -174.014 -173.962
100-00 -174.392 -174.406 -174.415 -174.404 -174.381 -174.374 -174.356
100-00+ -174.690 -174.622 -174.657 -174.672 -174.709 -174.734 -174.750
100-01 -174.987 -174.838 -174.899 -174.941 -175.036 -175.094 -175.144
100-01+ -175.284 -175.054 -175.140 -175.210 -175.364 -175.454 -175.538
100-02 -175.581 -175.271 -175.382 -175.479 -175.691 -175.814 -175.932
100-02+ -175.878 -175.487 -175.624 -175.748 -176.019 -176.173 -176.325
100-03 -176.175 -175.703 -175.866 -176.016 -176.346 -176.533 -176.719
100-03+ -176.472 -175.919 -176.107 -176.285 -176.673 -176.893 -177.112
100-04 -176.769 -176.134 -176.349 -176.553 -177.000 -177.252 -177.506
100-04+ -177.066 -176.350 -176.590 -176.822 -177.327 -177.611 -177.899
100-05 -177.362 -176.566 -176.832 -177.090 -177.654 -177.971 -178.292
100-05+ -177.659 -176.782 -177.073 -177.358 -177.981 -178.330 -178.685
100-06 -177.955 -176.997 -177.314 -177.626 -178.308 -178.689 -179.078
100-06+ -178.252 -177.213 -177.555 -177.894 -178.635 -179.048 -179.471
100-07 -178.548 -177.429 -177.797 -178.163 -178.961 -179.407 -179.863
100-07+ -178.844 -177.644 -178.038 -178.431 -179.288 -179.765 -180.256
100-08 -179.140 -177.860 -178.279 -178.698 -179.614 -180.124 -180.648
100-08+ -179.437 -178.075 -178.520 -178.966 -179.940 -180.483 -181.041
100-09 -179.733 -178.290 -178.761 -179.234 -180.267 -180.841 -181.433
100-09+ -180.029 -178.506 -179.001 -179.502 -180.593 -181.199 -181.825
Avg. Life 7.088 10.636 9.205 8.046 6.265 5.561 4.968
Mod. Dur. 5.020 6.901 6.169 5.549 4.554 4.145 3.788
Mac. Dur. 5.188 7.132 6.375 5.735 4.707 4.283 3.914
1st Pmt. 0.061 0.061 0.061 0.061 0.061 0.061 0.061
Last Pmt. 02/15/12 06/15/15 02/15/14 01/15/13 01/15/11 11/15/09 10/15/08
Exercise call option : Optional
Call option code : Earlier of
Fraction of bond prin. : 0.1000
Yields are to Call
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>
- -----------------------------------------------------------------------------
- MONEY STORE SBA62 - Small Business Administration Loans - Cutoff Date -
11/30/96
- $108,301,765.62
- ---------------------------------------------------------------------------
Index: Prime Rate
Number of Mortgage Loans: 1,138
Aggregate Unpaid Unguaranteed Principal Balance: $108,301,765.62 @
Average Unpaid Unguaranteed Principal Balance: $95,168.51
Maximum Unpaid Unguaranteed Principal Balance: $945,928.65
Minimum Unpaid Unguaranteed Principal Balance: $3,937.98
Aggregate Original Unguaranteed Principal Balance: $109,263,058.02
Average Original Unguaranteed Principal Balance: $96,013.23
Maximum Original Unguaranteed Principal Balance: $950,129.99
Minimum Original Unguaranteed Principal Balance: $4,000.00
Aggregate Unpaid Principal (Ung+Guar) Balance: $380,883,827.45 @
Average Unpaid Principal Balance: $334,695.81
Maximum Unpaid Principal Balance: $1,692,482.81
Minimum Unpaid Principal Balance: $19,689.87
Aggregate Original Principal (Ung+Guar) Balance: $384,544,258.00
Aggregate Unpaid Guaranteed Principal Balance: $272,582,065.15 @
Aggregate Original Guaranteed Principal Balance: $275,281,199.98
Weighted Average Coupon: 10.365%
Gross Coupon Range: 9.750% - 12.000%
Weighted Average Excess Interest on the Guaranteed Portion
Available for the Unguaranteed Portion:
1.611% * Scaled to the unguaranted balance
Excess Interest on the Guaranteed
Portion Range: 0.000% - 13.275% net of all fees/retained portions.
Weighted Average Months to Maturity: 226.416
Maturity Range: 60 - 300
Weighted Average Age in Months: 4.335
Age Range: 0 - 13
Weighted Average Original Term: 230.751
Original Term Range: 60 - 300
Weighted Average Number of Months Until
Next Interest Roll Date: 1.000
Range: 1 - 1
Weighted Average Gross Margin: 2.114%
Gross Margin Range: 1.500% - 3.750%
Weighted Average Guaranteed Percentage: 69.438%
Guaranteed Percentage Range: 44.110% - 90.000%
Weighted Average Unguaranteed Percentage: 30.562%
Unguaranteed Percentage Range: 10.000% - 55.890%
Weighted Average Undisc. Orig. LTV: 97.104% * excluding 41 loans with LTV = 0.
Undisc. Orig. LTV Range: 1.080% -24500.000%
Weighted Average Debt Service Coverage Ratio:
1.622 * excluding 93 loans with DSCR = 0.
Debt Service Coverage Ratio Range: 0.100 - 11.300
Weighted Average Life Floor: 3.789%
Life Floor Range: 1.000% - 10.500%
Weighted Average Life Cap (Gross): 15.401% * excluding 712 capless loans.
Life Cap Range: 14.750% - 16.750%
@ - includes a $3.32 rounding error.
WEIGHTED AVERAGE CALCULATIONS BASED UPON CURRENT UNGUARANTEED PRINCIPLE BALANCE.
- ---------------------------------------------------------------------
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>
GROSS INTEREST RATE RANGE
Percentage of
Gross Aggregate Cut-Off Date
Interest Rate Number of Current Unguar. Current Unguar. Percentage of
Range Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
9.50% less than Gross Coupon less than = 10.00% 151 21,960,986.05 20.28 13.27
10.00% less than Gross Coupon less than = 10.50% 568 59,872,840.26 55.28 49.91
10.50% less than Gross Coupon less than = 11.00% 398 26,327,655.34 24.31 34.97
11.00% less than Gross Coupon less than = 11.50% 1 20,000.00 0.02 .09
11.50% less than Gross Coupon less than = 12.00% 20 120,283.97 0.11 1.76
- ---------------------------------------------------------------------------------------------------------------------
Total.......... 1138 $108,301,765.62 100.00% 100.00%
=====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL TERM
Percentage of
Aggregate Cut-Off Date
Number of Current Unguar. Current Unguar. Percentage of
Original Term Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C> <C>
48 less than Orig. Term less than = 60 1 29,250.00 0.03% .09
72 less than Orig. Term less than = 84 120 3,233,062.40 2.99% 10.54
84 less than Orig. Term less than = 96 55 1,797,741.60 1.66% 4.83
96 less than Orig. Term less than = 108 67 3,003,582.92 2.77% 5.89
108 less than Orig. Term less than = 120 324 20,530,282.47 18.96% 28.47
120 less than Orig. Term less than = 132 6 506,680.19 0.47% .53
132 less than Orig. Term less than = 144 12 735,627.77 0.68% 1.05
144 less than Orig. Term less than = 156 6 693,127.57 0.64% .53
156 less than Orig. Term less than = 168 6 672,885.93 0.62% .53
168 less than Orig. Term less than = 180 28 4,560,833.77 4.21% 2.46
180 less than Orig. Term less than = 192 8 1,031,433.28 0.95% .70
192 less than Orig. Term less than = 204 10 1,369,358.57 1.26% .88
204 less than Orig. Term less than = 216 9 633,685.99 0.59% .79
216 less than Orig. Term less than = 228 17 2,132,952.11 1.97% 1.49
228 less than Orig. Term less than = 240 39 6,373,087.43 5.88% 3.43
240 less than Orig. Term less than = 252 18 2,498,367.35 2.31% 1.58
252 less than Orig. Term less than = 264 27 3,821,993.98 3.53% 2.37
264 less than Orig. Term less than = 276 31 3,633,524.15 3.35% 2.72
276 less than Orig. Term less than = 288 28 3,581,462.78 3.31% 2.46
288 less than Orig. Term less than = 300 326 47,462,825.36 43.82% 28.65
- --------------------------------------------------------------------------------------------------------------
Total............ 1,138 108,301,765.62 100.00% 100.00%
==============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
AGE OF LOAN
Percentage of
Aggregate Cut-Off Date
Number of Current Unguar. Current Unguar. Percentage of
Age Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
Age = 0 124 13,993,790.00 12.92% 10.90
1 Age = 12 1,013 94,269,645.73 87.04% 89.02
12 Age = 24 1 38,329.89 0.04% .09
- -----------------------------------------------------------------------------------------------
Total............ 1,138 108,301,765.62 100.00% 100.00%
===============================================================================================
</TABLE>
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.
<TABLE>
<CAPTION>
REMAINING MONTHS TO STATED MATURITY
Percentage of
Aggregate Cut-Off Date
Number of Current Unguar. Current Unguar. Percentage of
Remaining Term Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
48 Rem Term = 60 1 29,250.00 0.03% .09
72 Rem Term = 84 121 3,262,118.29 3.01% 10.63
84 Rem Term = 96 54 1,768,685.71 1.63% 4.75
96 Rem Term = 108 67 3,003,582.92 2.77% 5.89
108 Rem Term = 120 324 20,530,282.47 18.96% 28.47
120 Rem Term = 132 6 506,680.19 0.47% .53
132 Rem Term = 144 12 735,627.77 0.68% 1.05
144 Rem Term = 156 6 693,127.57 0.64% .53
156 Rem Term = 168 6 672,885.93 0.62% .53
168 Rem Term = 180 28 4,560,833.77 4.21% 2.46
180 Rem Term = 192 8 1,031,433.28 0.95% .70
192 Rem Term = 204 10 1,369,358.57 1.26% .88
204 Rem Term = 216 9 633,685.99 0.59% .79
216 Rem Term = 228 18 2,220,172.97 2.05% 1.58
228 Rem Term = 240 38 6,285,866.57 5.80% 3.34
240 Rem Term = 252 20 3,003,203.60 2.77% 1.76
252 Rem Term = 264 27 3,551,437.28 3.28% 2.37
264 Rem Term = 276 29 3,399,244.60 3.14% 2.55
276 Rem Term = 288 32 3,913,109.03 3.61% 2.81
288 Rem Term = 300 322 47,131,179.11 43.52% 28.30
- -----------------------------------------------------------------------------------------------
Total............ 1,138 108,301,765.62 100.00% 100.00%
===============================================================================================
</TABLE>
<TABLE>
<CAPTION>
YEARS OF ORIGINATION
Percentage of
Number of Aggregate Cut-Off Date
Year of Mortgage Current Unguar. Current Unguar. Percentage of
Origination Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
1995 16 1,923,469.40 1.78 1.41
1996 1122 106,378,296.22 98.22 98.59
- ------------------------------------------------------------------------------------------------------
Total................. 1138 $ 108,301,765.62 100.00% 100.00%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF
MARGINS
Percentage of
Aggregate Cut-Off Date
Gross Number of Current Unguar. Current Unguar. Percentage of
Margin Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
1.0 Margin = 1.5 90 13,516,479.35 12.48 7.91
1.5 Margin = 2.0 403 46,395,192.61 42.84 35.41
2.0 Margin = 2.5 381 37,922,277.53 35.02 33.48
2.5 Margin = 3.0 244 10,347,532.16 9.55 21.44
3.5 Margin = 4.0 20 120,283.97 0.11 1.76
- ------------------------------------------------------------------------------------------------------
Total................. 1138 $ 108,301,765.62 100.00% 100.00%
======================================================================================================
</TABLE>
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.
<TABLE>
<CAPTION>
LOAN SUMMARY STRATIFIED BY LIFE FLOOR
Percentage of
Aggregate Cut-Off Date
Gross Number of Current Unguar. Current Unguar. Percentage of
Life Floor Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
0.500 Floor = 1.000 1 562,440.00 0.52 .09
1.000 Floor = 1.500 70 9,436,979.35 8.71 6.15
1.500 Floor = 2.000 238 22,615,689.36 20.88 20.91
2.000 Floor = 2.500 182 13,236,580.36 12.22 15.99
2.500 Floor = 3.000 203 7,293,928.51 6.73 17.84
3.500 Floor = 4.000 21 619,149.32 0.57 1.85
4.000 Floor = 4.500 2 392,474.01 0.36 .18
4.500 Floor = 5.000 45 8,738,681.06 8.07 3.95
5.000 Floor = 5.500 204 27,320,394.42 25.23 17.93
5.500 Floor = 6.000 143 15,251,523.16 14.08 12.57
6.000 Floor = 6.500 25 2,547,159.43 2.35 2.20
6.500 Floor = 7.000 3 269,900.50 0.25 .26
10.000 Floor = 10.500 1 16,866.14 0.02 .09
- ------------------------------------------------------------------------------------------------------
Total................. 1138 $108,301,765.62 100.00% 100.00%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
LOAN SUMMARY STRATIFIED BY
LIFE CAP
Percentage of
Cut-Off Date
Number of Aggregate Aggregate
Gross Mortgage Current Unguar. Current Unguar. Percentage of
Life Cap Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
CAPLESS LOANS 712 52,544,461.55 48.52 62.57
14.500 CAP = 15.000 49 9,192,599.60 8.49 4.31
15.000 CAP = 15.500 251 32,407,077.72 29.92 22.06
15.500 CAP = 16.000 122 13,171,161.85 12.16 10.72
16.000 CAP = 16.500 3 872,783.41 0.81 .26
16.500 CAP = 17.000 1 113,681.49 0.10 .09
- ------------------------------------------------------------------------------------------------------
Total................. 1138 $ 108,301,765.62 100.00% 100.00%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL AGGREGATE LOAN AMOUNTS
Percentage of
Cut-Off Date
Original Aggregate Number of Current Unguar. Current Unguar. Percentage of
Principal Balance Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
0 Balance = 50,000 34 236,166.43 0.22 2.99
50,000 Balance = 100,000 168 2,706,259.84 2.50 14.76
100,000 Balance = 150,000 136 4,275,248.33 3.95 11.95
150,000 Balance = 200,000 130 5,675,330.73 5.24 11.42
200,000 Balance = 250,000 119 6,680,743.45 6.17 10.46
250,000 Balance = 300,000 102 7,017,646.14 6.48 8.96
300,000 Balance = 350,000 66 5,379,758.13 4.97 5.80
350,000 Balance = 400,000 71 6,715,520.05 6.20 6.24
400,000 Balance = 450,000 56 5,950,777.92 5.49 4.92
450,000 Balance = 500,000 44 5,373,806.64 4.96 3.87
500,000 Balance = 550,000 33 4,416,815.98 4.08 2.90
550,000 Balance = 600,000 17 2,518,326.09 2.33 1.49
600,000 Balance = 650,000 19 3,002,828.60 2.77 1.67
650,000 Balance = 700,000 16 2,845,794.92 2.63 1.41
700,000 Balance = 750,000 20 3,863,656.37 3.57 1.76
750,000 Balance = 800,000 15 2,914,188.08 2.69 1.32
800,000 Balance = 850,000 8 1,898,454.96 1.75 .70
850,000 Balance = 900,000 10 2,177,718.87 2.01 .88
900,000 Balance = 950,000 4 1,080,368.43 1.00 .35
950,000 Balance = 1,000,000 13 3,445,381.78 3.18 1.14
1,000,000 Balance = 1,100,000 8 2,298,038.90 2.12 .70
1,100,000 Balance = 1,200,000 14 5,683,713.75 5.25 1.23
1,200,000 Balance = 1,300,000 14 6,845,546.37 6.32 1.23
1,300,000 Balance = 1,400,000 6 3,574,166.76 3.30 .53
1,400,000 Balance = 1,500,000 9 6,487,608.79 5.99 .79
1,500,000 Balance 6 5,237,899.31 4.84 .53
- ------------------------------------------------------------------------------------------------------
Total.................... 1138 $108,301,765.62 100.00% 100.00%
======================================================================================================
</TABLE>
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.
<TABLE>
<CAPTION>
CURRENT AGGREGATE LOAN AMOUNTS
Percentage of
Cut-Off Date
Current Aggregate Number of Current Unguar. Current Unguar. Percentage of
Principal Balance Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
0 Balance = 50,000 37 265,774.90 0.25 3.25
50,000 Balance = 100,000 167 2,725,474.07 2.52 14.67
100,000 Balance = 150,000 137 4,314,520.80 3.98 12.04
150,000 Balance = 200,000 129 5,684,942.42 5.25 11.34
200,000 Balance = 250,000 122 6,892,963.57 6.36 10.72
250,000 Balance = 300,000 103 7,162,649.16 6.61 9.05
300,000 Balance = 350,000 66 5,438,747.16 5.02 5.80
350,000 Balance = 400,000 70 6,673,290.37 6.16 6.15
400,000 Balance = 450,000 53 5,703,923.60 5.27 4.66
450,000 Balance = 500,000 42 5,148,971.61 4.75 3.69
500,000 Balance = 550,000 35 4,691,498.01 4.33 3.08
550,000 Balance = 600,000 16 2,413,352.14 2.23 1.41
600,000 Balance = 650,000 18 2,833,120.52 2.62 1.58
650,000 Balance = 700,000 17 3,019,837.22 2.79 1.49
700,000 Balance = 750,000 22 4,249,653.45 3.92 1.93
750,000 Balance = 800,000 12 2,354,148.70 2.17 1.05
800,000 Balance = 850,000 8 1,898,454.96 1.75 .70
850,000 Balance = 900,000 10 2,177,718.87 2.01 .88
900,000 Balance = 950,000 5 1,347,721.79 1.24 .44
950,000 Balance = 1,000,000 13 3,445,381.78 3.18 1.14
1,000,000 Balance = 1,100,000 7 2,030,685.54 1.88 .62
1,100,000 Balance = 1,200,000 14 5,683,713.75 5.25 1.23
1,200,000 Balance = 1,300,000 14 6,845,546.37 6.32 1.23
1,300,000 Balance = 1,400,000 6 3,574,166.76 3.30 .53
1,400,000 Balance = 1,500,000 9 6,487,608.79 5.99 .79
1,500,000 Balance 6 5,237,899.31 4.84 .53
- ------------------------------------------------------------------------------------------------------
Total.................... 1138 $108,301,765.62 100.00% 100.00%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
ORIGINAL UNGUARANTEED LOAN BALANCE
Percentage of
Aggregate Cut-Off Date
Original Unguar. Number of Current Unguar. Current Unguar. Percentage of
Principal Balance Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
0 Balance = 25,000 204 2,980,731.90 2.75 17.93
25,000 Balance = 50,000 260 9,702,009.60 8.96 22.85
50,000 Balance = 75,000 221 13,571,964.12 12.53 19.42
75,000 Balance = 100,000 134 11,665,546.55 10.77 11.78
100,000 Balance = 150,000 150 17,871,941.91 16.50 13.18
150,000 Balance = 200,000 72 12,424,882.62 11.47 6.33
200,000 Balance = 250,000 34 7,706,732.53 7.12 2.99
250,000 Balance = 300,000 6 1,641,187.79 1.52 .53
300,000 Balance = 350,000 4 1,246,194.04 1.15 .35
350,000 Balance = 400,000 7 2,628,860.55 2.43 .62
400,000 Balance = 450,000 10 4,229,224.91 3.91 .88
450,000 Balance = 500,000 13 6,299,407.44 5.82 1.14
500,000 Balance = 550,000 2 1,033,406.80 0.95 .18
550,000 Balance = 600,000 3 1,729,361.67 1.60 .26
600,000 Balance = 650,000 3 1,844,805.09 1.70 .26
650,000 Balance = 700,000 3 2,042,971.34 1.89 .26
700,000 Balance = 750,000 6 4,444,637.45 4.10 .53
750,000 Balance = 1,000,000 6 5,237,899.31 4.84 .53
- ------------------------------------------------------------------------------------------------------
Total.................... 1138 $108,301,765.62 100.00% 100.00%
======================================================================================================
</TABLE>
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.
CURRENT UNGUARANTEED LOAN BALANCE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Current Unguaranteed Number of Current Unguaranteed Current Unguar. Percentage of
Principal Balance Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
0 Balance = 50,000 206 3,029,554.60 2.80 18.10
25,000 Balance = 50,000 262 9,850,452.57 9.10 23.02
50,000 Balance = 75,000 222 13,745,192.11 12.69 19.51
75,000 Balance = 100,000 135 11,864,422.29 10.95 11.86
100,000 Balance = 150,000 144 17,302,572.51 15.98 12.65
150,000 Balance = 200,000 72 12,424,882.62 11.47 6.33
200,000 Balance = 250,000 34 7,706,732.53 7.12 2.99
250,000 Balance = 300,000 7 1,908,541.15 1.76 .62
300,000 Balance = 350,000 3 978,840.68 0.90 .26
350,000 Balance = 400,000 10 3,814,572.07 3.52 .88
400,000 Balance = 450,000 7 3,043,513.39 2.81 .62
450,000 Balance = 500,000 13 6,299,407.44 5.82 1.14
500,000 Balance = 550,000 2 1,033,406.80 0.95 .18
550,000 Balance = 600,000 3 1,729,361.67 1.60 .26
600,000 Balance = 650,000 3 1,844,805.09 1.70 .26
650,000 Balance = 700,000 3 2,042,971.34 1.89 .26
700,000 Balance = 750,000 6 4,444,637.45 4.10 .53
800,000 Balance = 850,000 2 1,668,645.62 1.54 .18
850,000 Balance = 900,000 3 2,623,325.04 2.42 .26
900,000 Balance = 950,000 1 945,928.65 0.87 .09
- ------------------------------------------------------------------------------------------------------
Total.................... 1138 $ 108,301,765.62 100.00% 100.00%
======================================================================================================
</TABLE>
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.
<TABLE>
<CAPTION>
GEOGRAPHICAL DISTRIBUTION OF PROPERTIES BY LOAN
Percentage of
Aggregate Cut-Off Date
Number of Current Unguar. Current Unguar. Percentage of
State Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
AK 2 76,787.53 0.07 .18
AL 9 541,294.84 0.50 .79
AR 2 818,174.93 0.76 .18
AZ 74 8,578,749.10 7.92 6.50
CA 267 22,719,104.59 20.98 23.46
CO 57 5,196,923.71 4.80 5.01
CT 10 1,279,170.79 1.18 .88
DC 4 275,276.03 0.25 .35
FL 70 5,371,338.47 4.96 6.15
GA 14 1,498,380.13 1.38 1.23
HI 6 151,825.59 0.14 .53
IA 1 132,146.99 0.12 .09
ID 15 1,440,284.41 1.33 1.32
IL 34 2,932,950.27 2.71 2.99
IN 20 2,248,396.62 2.08 1.76
KS 2 40,892.35 0.04 .18
KY 24 2,917,718.88 2.69 2.11
LA 5 224,798.13 0.21 .44
MA 6 500,917.37 0.46 .53
MD 18 1,190,009.44 1.10 1.58
MI 22 3,986,410.57 3.68 1.93
MN 27 1,660,676.29 1.53 2.37
MO 7 883,330.12 0.82 .62
MS 1 52,429.72 0.05 .09
MT 3 332,473.59 0.31 .26
NC 26 3,307,871.38 3.05 2.28
ND 1 47,899.49 0.04 .09
NE 2 169,740.10 0.16 .18
NH 2 139,207.38 0.13 .18
NJ 46 3,100,427.55 2.86 4.04
NM 11 1,028,344.44 0.95 .97
NV 10 1,267,838.57 1.17 .88
NY 40 4,450,867.01 4.11 3.51
OH 37 6,512,076.32 6.01 3.25
OK 16 1,791,274.87 1.65 1.41
OR 40 4,205,722.57 3.88 3.51
PA 28 1,754,676.28 1.62 2.46
RI 1 16,000.00 0.01 .09
SC 11 1,202,189.83 1.11 .97
TN 8 752,374.20 0.69 .70
TX 79 7,754,137.58 7.16 6.94
UT 2 59,318.05 0.05 .18
VA 29 1,594,907.89 1.47 2.55
WA 37 3,159,354.25 2.92 3.25
WI 11 889,903.42 0.82 .97
WY 1 47,173.98 0.04 .09
- ------------------------------------------------------------------------------------------------------
Total............... 1138 $108,301,765.62 100.00% 100.00%
======================================================================================================
</TABLE>
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.
<TABLE>
<CAPTION>
EXCESS INTEREST AVAILABLE FOR UNGUAR.
SCALED TO UNGUAR. BALANCE
NET OF FEES AND RETENTION
Percentage of
Excess Aggregate CutOff Date
Interest Rate Number of Current Unguar. Current Unguar. Percentage of
Range Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
Excess = 0.00% 77 11,791,735.90 10.89 6.77
0.00% Excess = 0.50% 21 7,073,165.08 6.53 1.85
0.50% Excess = 1.00% 73 17,791,123.50 16.43 6.41
1.00% Excess = 1.50% 287 29,640,955.39 27.37 25.22
1.50% Excess = 2.00% 67 8,093,461.52 7.47 5.89
2.00% Excess = 2.50% 177 13,717,572.08 12.67 15.55
2.50% Excess = 3.00% 154 10,684,046.19 9.87 13.53
3.00% Excess = 3.50% 12 767,222.75 0.71 1.05
3.50% Excess = 4.00% 115 6,336,735.86 5.85 10.11
4.00% Excess = 4.50% 8 304,636.34 0.28 .70
4.50% Excess = 5.00% 118 1,854,301.09 1.71 10.37
5.00% Excess = 5.50% 5 72,200.23 0.07 .44
5.50% Excess = 6.00% 1 20,000.00 0.02 .09
7.50% Excess = 8.00% 1 9,469.72 0.01 .09
8.50% Excess = 9.00% 20 120,283.97 0.11 1.76
9.50% Excess = 10.00% 1 14,984.93 0.01 .09
13.00% Excess = 13.50% 1 9,871.07 0.01 .09
- -------------------------------------------------------------------------------------------------------------------------------
Total....... 1138 $108,301,765.62 100.00% 100.00%
==============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
UNGUARANTEED LOAN PERCENTAGE
Percentage of
Aggregate Cut-Off Date
Number of Current Unguar. Current Unguar. Percentage of
Unguar. Percentage Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
5.000 UNGR % = 10.000 3 34,325.72 0.03 .26
15.000 UNGR % = 20.000 197 2,902,973.20 2.68 17.31
20.000 UNGR % = 25.000 830 67,727,848.83 62.54 72.93
25.000 UNGR % = 30.000 50 6,789,059.48 6.27 4.39
30.000 UNGR % = 35.000 11 3,932,517.13 3.63 .97
35.000 UNGR % = 40.000 20 9,121,140.65 8.42 1.76
40.000 UNGR % = 45.000 6 3,241,268.22 2.99 .53
45.000 UNGR % = 50.000 14 8,899,198.84 8.22 1.23
50.000 UNGR % = 55.000 6 4,707,504.90 4.35 .53
55.000 UNGR % = 60.000 1 945,928.65 0.87 .09
- ------------------------------------------------------------------------------------------------------
Total.................... 1138 $ 108,301,765.62 100.00% 100.00%
======================================================================================================
</TABLE>
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.
<TABLE>
<CAPTION>
DEBT SERVICE COVERAGE RATIO
Percentage of
Debt Sevice Aggregate CutOff Date
Coverage Ratio Number of Current Unguar. Current Unguar. Percentage of
Range Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
Dsc Ratio = 0.00% 93 8,346,540.01 7.71 8.17
0.00% Dsc Ratio = 0.50% 27 2,360,696.18 2.18 2.37
0.50% Dsc Ratio = 1.00% 58 5,931,499.20 5.48 5.10
1.00% Dsc Ratio = 1.50% 475 51,284,576.81 47.35 41.74
1.50% Dsc Ratio = 2.00% 268 23,587,401.80 21.78 23.55
2.00% Dsc Ratio = 2.50% 100 9,275,525.50 8.56 8.79
2.50% Dsc Ratio = 3.00% 58 4,061,655.33 3.75 5.10
3.00% Dsc Ratio = 3.50% 18 841,773.38 0.78 1.58
3.50% Dsc Ratio = 4.00% 14 764,070.42 0.71 1.23
4.00% Dsc Ratio = 4.50% 8 233,554.13 0.22 .70
4.50% Dsc Ratio = 5.00% 3 190,790.09 0.18 .26
5.00% Dsc Ratio = 5.50% 6 576,935.08 0.53 .53
5.50% Dsc Ratio = 6.00% 2 537,558.10 0.50 .18
6.00% Dsc Ratio = 6.50% 2 62,439.17 0.06 .18
6.50% Dsc Ratio = 7.00% 3 101,795.40 0.09 .26
8.00% Dsc Ratio = 8.50% 1 53,589.67 0.05 .09
9.00% Dsc Ratio = 9.50% 1 57,115.35 0.05 .09
11.00% Dsc Ratio = 11.50% 1 34,250.00 0.03 .09
- -------------------------------------------------------------------------------------------------------------------------------
Total....... 1138 $108,301,765.62 100.00% 100.00%
==============================================================================================================================
</TABLE>
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.
