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 20, 1998 The
Money Store Investment Corporation and The Money Store of New
York, Inc., as Originators under a Pooling and Servicing
Agreement dated as of February 28, 1998 providing for the
issuance of The Money Store SBA Loan-Backed Adjustable Rate
Certificates, Series 1998-1, Class A and Class B.
The Money Store Investment Corporation
and The Money Store of New York, Inc.
Exact name of registrant as specified in its charter)
New Jersey 22-2293019
New York 333-32775 22-3143559
(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 of
approximately $90,000,000 principal amount of The Money Store SBA Loan-Backed
Adjustable Rate Certificates, Series 1998-1. 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 INVESTMENT CORPORATION
THE MONEY STORE OF NEW YORK INC.
By:/s/ Michael H. Benoff
Name: Michael H. Benoff
Title: Senior Vice President
Dated: March 20, 1998
<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 1998-1
The Money Store Investment Corporation
and
The Money Store of New York, Inc.
Sellers
The Money Store SBA Loan-Backed Adjustable-Rate Certificates,
Series 1998-1
[$74,400,000] Class A Certificates
[$5,600,000] 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
consummated 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 1998-1
Preliminary Summary of Terms
THE MONEY STORE INVESTMENT CORPORATION
The Money Store SBA Loan-Backed
Adjustable Rate Certificates, Series 1998-1
[$74,400,000] Class A Certificates
[$5,600,000] Class B Certificates
(Approximate)
*** Preliminary ***
- Overview
- Pricing Information
- Summary of Terms
- Description of Transaction
- Loan Pool Information
<PAGE>
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
THE MONEY STORE SBA 1998-1
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 [2.05%] over the prime rate. Thus, substantial excess spread is
available from the sold, guaranteed portions to credit enhance the securitized,
unguaranteed portions ([1.43]%, expressed as a percentage of the principal
balance of the securitized, unguaranteed portions). In addition, excess spread
of [3.85]% is available from the unguaranteed portion assuming that the Aaa/AAA
tranche is at Prime - [230]bp and the A2/A tranche is at Prime - [180]bp. The
total excess spread that is available is thus approximately [5.28]%. The
transaction also features credit enhancement in the form of [7%] subordination
(estimated) and an estimated spread account with an initial balance of [0.50]%
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 or John Herbert at (212) 778-3203 of the Asset-Backed Finance
Group.
<PAGE>
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
THE MONEY STORE SBA 1998-1
Approximate Pricing Information
Class A Class B
Face Amount: (approximate) [$74,400,000] [$5,600,000]
Price: 100-00 100-00
Initial Coupon: [ %] [ %]
Spread (bps)/Index: [ %] [ %]
Pricing Speed: 8% CPR 8% CPR
Average Life to Maturity: [7.469] years [7.469] years
Average Life to Call: [7.289] years [7.289] years
Pricing Date: [03/ /98] [03/ /98]
Settlement Date: [03/26/98] [03/26/98]
Dated Date: [03/15/98] [03/15/98]
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: [04/15/98] [04/15/98]
First Adjustment Date: [07/01/98] [07/01/98]
Expected Maturity (to 10% call): [11/15/13] [11/15/13]
Stated Maturity: [07/15/24] [07/15/24]
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
THE MONEY STORE SBA 1998-1
Summary of Terms
Title of Certificates: The Money Store SBA Loan-Backed Adjustable Rate
Certificates, Series 1998-1.
Certificates Offered: Class A: Approximately [$74,400,000] initial
certificate principal amount.
Class B: Approximately [$5,600,000] 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
April 1998.
Interest Accrual Period: Interest will accrue on the
certificates from the 15th day of the
preceding month until the 14th day of
the current month except in the
initial accrual period in which
interest will accrue from March 15,
1998.
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: [March 26, 1998].
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 [25%] 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
Certificateholders. The initial
deposit currently is estimated to be
[0.50]% 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
Shortfall: The Servicer will pay compensating interest at the
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
THE MONEY STORE SBA 1998-1
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) After the spread account target
has been initially been reached,
to pay Unreimbursed Servicer Advances
10) Build and Replenish Reserves (Spread
Account)
11) Prior to the spread account target
being reached, to pay Unreimbursed
Servicing Advances
12) 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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
THE MONEY STORE SBA 1998-1
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 [July
1998]. 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
1-15 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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
THE MONEY STORE SBA 1998-1
Credit Enhancement
The triple-A rating on the Class A Certificates is supported by
several types of credit enhancement:
* There are approximately [143] 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 [(1.43%)]
[10.55]% Gross Coupon
Excess Spread Available Servicing for Unguaranteed Portions 0.40%
Trustee [10.09]% Net Coupon
(0.06%)
Excess Spread
from Unguaranteed Portion
[(3.85%)]
Guaranteed Bond Coupon + SBA Fees
(6.24%)
[6.24%] WA PT
+ Colson Fees
+ Retained Portion (1.0%) (includes 40 bps servicing) Bond Coupon SR - [230] bps
/ Prime Rate SUB - [180] bps / Prime Rate (71.19% Guaranteed Portion) (28.81%
Unguar Portion)
* Also, per the diagram, there is excess spread of approximately [385]
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 [528] 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 [0.5]%
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT BALANCE: 74,400,000.00
DATED DATE: 3/15/98
CURRENT COUPON: TBD monsba981
FIRST PAYMENT: 0/15/98
FACTOR: 10000000000
TOTAL CLASSES: 2
ORIGINAL BALANCE: 74,400,000.00 BOND A ADJUSTED MARGIN TABLE
YIELD TABLE DATE: 03/26/98
<TABLE>
<CAPTION>
ASSUMED CONSTANT PRIME RT 8.5000
**** TO MATURITY ****
8.0% 2.00% 4.00% 6.00% 10.00% 12.00% 14.00%
PRICE CPR CPR CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 -225.404 -226.656 -226.262 -225.845 -224.941 -224.456 -223.951
99-24+ -225.692 -226.866 -226.497 -226.106 -225.258 -224.804 -224.331
99-25 -225.981 -227.075 -226.731 -226.366 -225.576 -225.152 -224.710
99-25+ -226.269 -227.285 -226.966 -226.627 -225.893 -225.500 -225.090
99-26 -226.558 -227.495 -227.200 -226.888 -226.211 -225.848 -225.470
99-26+ -226.846 -227.705 -227.435 -227.148 -226.528 -226.195 -225.849
99-27 -227.134 -227.914 -227.669 -227.409 -226.845 -226.543 -226.228
99-27+ -227.422 -228.124 -227.903 -227.669 -227.162 -226.891 -226.607
99-28 -227.710 -228.334 -228.138 -227.930 -227.479 -227.238 -226.986
99-28+ -227.998 -228.543 -228.372 -228.190 -227.796 -227.585 -227.365
99-29 -228.286 -228.753 -228.606 -228.450 -228.113 -227.932 -227.744
99-29+ -228.574 -228.962 -228.840 -228.710 -228.430 -228.280 -228.123
99-30 -228.861 -229.171 -229.074 -228.970 -228.747 -228.627 -228.502
99-30+ -229.149 -229.381 -229.308 -229.231 -229.063 -228.974 -228.880
99-31 -229.436 -229.590 -229.542 -229.491 -229.380 -229.320 -229.258
99-31+ -229.724 -229.799 -229.775 -229.750 -229.696 -229.667 -229.637
100-00 -230.011 -230.008 -230.009 -230.010 -230.013 -230.014 -230.015
100-00+ -230.299 -230.217 -230.243 -230.270 -230.329 -230.360 -230.393
100-01 -230.586 -230.426 -230.477 -230.530 -230.645 -230.707 -230.771
100-01+ -230.873 -230.635 -230.710 -230.789 -230.961 -231.053 -231.149
100-02 -231.160 -230.844 -230.944 -231.049 -231.277 -231.399 -231.527
100-02+ -231.447 -231.053 -231.177 -231.309 -231.593 -231.745 -231.904
100-03 -231.734 -231.262 -231.411 -231.568 -231.909 -232.091 -232.282
100-03+ -232.021 -231.471 -231.644 -231.827 -232.225 -232.437 -232.659
100-04 -232.308 -231.680 -231.877 -232.087 -232.540 -232.783 -233.037
100-04+ -232.595 -231.889 -232.110 -232.346 -232.856 -233.129 -233.414
100-05 -232.881 -232.097 -232.344 -232.605 -233.171 -233.475 -233.791
100-05+ -233.168 -232.306 -232.577 -232.864 -233.487 -233.820 -234.168
100-06 -233.454 -232.514 -232.810 -233.123 -233.802 -234.166 -234.545
100-06+ -233.741 -232.723 -233.043 -233.382 -234.117 -234.511 -234.922
100-07 -234.027 -232.931 -233.276 -233.641 -234.432 -234.856 -235.298
100-07+ -234.313 -233.140 -233.509 -233.900 -234.747 -235.202 -235.675
First 0.053 0.053 0.053 0.053 0.053 0.053 0.053
Payment
Average 7.469 11.033 9.626 8.453 6.640 5.938 5.341
Life
Last 20.386 20.386 20.386 20.386 20.386 20.386 20.386
Payment
Mod.Dur. 7.267 6.503 5.850 4.805 4.385 4.019 5.289
@ 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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT BALANCE: $74,400,000.00
DATED DATE: 03/15/98
CURRENT COUPON: TBD monsba981
FIRST PAYMENT: 04/15/98
FACTOR: 1.0000000000
TOTAL CLASSES: 2
ORIGINAL BALANCE: $74,400,000.00
BOND A ADJUSTED MARGIN TABLE
YIELD TABLE DATE: 03/26/98
<TABLE>
<CAPTION>
ASSUMED CONSTANT PRIME RT 8.5000
**** TO CALL ****
8.0% 2.00% 4.00% 6.00% 10.00% 12.00% 14.00%
PRICE CPR CPR CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 -225.350 -226.645 -226.245 -225.813 -224.854 -224.330 -223.770
99-24+ -225.642 -226.856 -226.480 -226.076 -225.177 -224.686 -224.161
99-25 -225.934 -227.066 -226.716 -226.338 -225.500 -225.042 -224.552
99-25+ -226.226 -227.277 -226.952 -226.601 -225.823 -225.398 -224.943
99-26 -226.517 -227.487 -227.187 -226.864 -226.146 -225.753 -225.334
99-26+ -226.809 -227.698 -227.423 -227.126 -226.469 -226.109 -225.725
99-27 -227.100 -227.908 -227.658 -227.389 -226.791 -226.464 -226.115
99-27+ -227.392 -228.118 -227.893 -227.651 -227.114 -226.820 -226.506
99-28 -227.683 -228.328 -228.129 -227.914 -227.436 -227.175 -226.896
99-28+ -227.974 -228.539 -228.364 -228.176 -227.759 -227.530 -227.286
99-29 -228.266 -228.749 -228.599 -228.438 -228.081 -227.885 -227.677
99-29+ -228.557 -228.959 -228.834 -228.700 -228.403 -228.240 -228.067
99-30 -228.848 -229.169 -229.069 -228.963 -228.725 -228.595 -228.457
99-30+ -229.139 -229.379 -229.305 -229.225 -229.047 -228.950 -228.846
99-31 -229.430 -229.589 -229.540 -229.487 -229.369 -229.305 -229.236
99-31+ -229.721 -229.798 -229.774 -229.748 -229.691 -229.659 -229.626
100-00 -230.011 -230.008 -230.009 -230.010 -230.013 -230.014 -230.015
100-00+ -230.302 -230.218 -230.244 -230.272 -230.334 -230.368 -230.405
100-01 -230.593 -230.428 -230.479 -230.534 -230.656 -230.723 -230.794
100-01+ -230.883 -230.637 -230.714 -230.796 -230.977 -231.077 -231.183
100-02 -231.174 -230.847 -230.948 -231.057 -231.299 -231.431 -231.573
100-02+ -231.464 -231.057 -231.183 -231.319 -231.620 -231.785 -231.962
100-03 -231.755 -231.266 -231.417 -231.580 -231.941 -232.139 -232.351
100-03+ -232.045 -231.476 -231.652 -231.841 -232.263 -232.493 -232.739
100-04 -232.335 -231.685 -231.886 -232.103 -232.584 -232.847 -233.128
100-04+ -232.625 -231.894 -232.120 -232.364 -232.905 -233.201 -233.517
100-05 -232.915 -232.104 -232.355 -232.625 -233.226 -233.554 -233.905
100-05+ -233.205 -232.313 -232.589 -232.886 -233.546 -233.908 -234.294
100-06 -233.495 -232.522 -232.823 -233.147 -233.867 -234.261 -234.682
100-06+ -233.785 -232.731 -233.057 -233.408 -234.188 -234.614 -235.070
100-07 -234.074 -232.940 -233.291 -233.669 -234.508 -234.967 -235.458
100-07+ -234.364 -233.150 -233.525 -233.930 -234.829 -235.321 -235.846
First 0.053 0.053 0.053 0.053 0.053 0.053 0.053
Payment
Average 7.289 10.960 9.528 8.315 6.416 5.682 5.051
Life
Last 15.636 18.053 17.469 16.636 14.469 13.303 12.053
Payment
Mod.Dur. 7.245 6.472 5.805 4.724 4.287 3.902
@ 100-00
5.228
</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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT BALANCE: $5,600,000.00
DATED DATE: 03/15/98
CURRENT COUPON: TBD monsba981
FIRST PAYMENT: 04/15/98
FACTOR: 1.0000000000
TOTAL CLASSES: 2
ORIGINAL BALANCE: $5,600,000.00
BOND B ADJUSTED MARGIN TABLE
YIELD TABLE DATE: 03/26/98
<TABLE>
<CAPTION>
ASSUMED CONSTANT PRIME RT 8.5000
**** TO MATURITY ****
8.0% 2.00% 4.00% 6.00% 10.00% 12.00% 14.00%
PRICE CPR CPR CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 -175.299 -176.562 -176.164 -175.743 -174.833 -174.347 -173.840
99-24+ -175.594 -176.778 -176.405 -176.011 -175.158 -174.702 -174.227
99-25 -175.890 -176.993 -176.646 -176.278 -175.482 -175.057 -174.614
99-25+ -176.185 -177.209 -176.887 -176.545 -175.807 -175.412 -175.000
99-26 -176.480 -177.425 -177.128 -176.812 -176.131 -175.766 -175.387
99-26+ -176.775 -177.641 -177.368 -177.079 -176.455 -176.121 -175.773
99-27 -177.069 -177.856 -177.609 -177.346 -176.779 -176.476 -176.160
99-27+ -177.364 -178.072 -177.849 -177.613 -177.103 -176.830 -176.546
99-28 -177.659 -178.287 -178.090 -177.880 -177.427 -177.185 -176.932
99-28+ -177.954 -178.503 -178.330 -178.147 -177.751 -177.539 -177.318
99-29 -178.248 -178.718 -178.570 -178.413 -178.074 -177.893 -177.704
99-29+ -178.543 -178.934 -178.811 -178.680 -178.398 -178.247 -178.090
99-30 -178.837 -179.149 -179.051 -178.947 -178.722 -178.601 -178.476
99-30+ -179.131 -179.364 -179.291 -179.213 -179.045 -178.955 -178.862
99-31 -179.425 -179.580 -179.531 -179.480 -179.368 -179.309 -179.247
99-31+ -179.720 -179.795 -179.771 -179.746 -179.692 -179.663 -179.632
100-00 -180.014 -180.010 -180.011 -180.012 -180.015 -180.016 -180.018
100-00+ -180.308 -180.225 -180.251 -180.279 -180.338 -180.370 -180.403
100-01 -180.601 -180.440 -180.491 -180.545 -180.661 -180.723 -180.788
100-01+ -180.895 -180.655 -180.731 -180.811 -180.984 -181.077 -181.173
100-02 -181.189 -180.870 -180.970 -181.077 -181.307 -181.430 -181.558
100-02+ -181.483 -181.085 -181.210 -181.343 -181.630 -181.783 -181.943
100-03 -181.776 -181.300 -181.450 -181.609 -181.952 -182.136 -182.327
100-03+ -182.070 -181.514 -181.689 -181.874 -182.275 -182.489 -182.712
100-04 -182.363 -181.729 -181.929 -182.140 -182.597 -182.842 -183.096
100-04+ -182.657 -181.944 -182.168 -182.406 -182.920 -183.194 -183.481
100-05 -182.950 -182.158 -182.407 -182.671 -183.242 -183.547 -183.865
100-05+ -183.243 -182.373 -182.647 -182.937 -183.564 -183.900 -184.249
100-06 -183.536 -182.587 -182.886 -183.202 -183.886 -184.252 -184.633
100-06+ -183.829 -182.802 -183.125 -183.468 -184.208 -184.604 -185.017
100-07 -184.122 -183.016 -183.364 -183.733 -184.530 -184.957 -185.401
100-07+ -184.415 -183.231 -183.603 -183.998 -184.852 -185.309 -185.784
First 0.053 0.053 0.053 0.053 0.053 0.053 0.053
Payment
Average 7.469 11.033 9.626 8.453 6.640 5.938 5.341
Life
Last 20.386 20.386 20.386 20.386 20.386 20.386 20.386
Payment
Mod.Dur. 7.050 6.320 5.695 4.693 4.289 3.936
@ 100-00
5.158
</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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT BALANCE: $5,600,000.00
DATED DATE: 03/15/98
CURRENT COUPON: TBD monsba981
FIRST PAYMENT: 04/15/98
FACTOR: 1.0000000000
TOTAL CLASSES: 2
ORIGINAL BALANCE: $5,600,000.00
BOND B ADJUSTED MARGIN TABLE
YIELD TABLE DATE: 03/26/98
<TABLE>
<CAPTION>
ASSUMED CONSTANT PRIME RT 8.5000
**** TO CALL ****
8.0% 2.00% 4.00% 6.00% 10.00% 12.00% 14.00%
PRICE CPR CPR CPR CPR CPR CPR CPR
<S> <C> <C> <C> <C> <C> <C> <C>
99-24 -175.248 -176.552 -176.147 -175.712 -174.750 -174.225 -173.665
99-24+ -175.546 -176.768 -176.389 -175.982 -175.080 -174.588 -174.063
99-25 -175.844 -176.985 -176.631 -176.251 -175.410 -174.951 -174.461
99-25+ -176.143 -177.201 -176.873 -176.520 -175.739 -175.313 -174.858
99-26 -176.441 -177.418 -177.115 -176.789 -176.069 -175.675 -175.256
99-26+ -176.739 -177.634 -177.356 -177.058 -176.398 -176.038 -175.653
99-27 -177.037 -177.850 -177.598 -177.327 -176.727 -176.400 -176.051
99-27+ -177.335 -178.066 -177.840 -177.596 -177.057 -176.762 -176.448
99-28 -177.633 -178.283 -178.081 -177.865 -177.386 -177.124 -176.845
99-28+ -177.931 -178.499 -178.323 -178.133 -177.715 -177.486 -177.242
99-29 -178.229 -178.715 -178.564 -178.402 -178.044 -177.848 -177.639
99-29+ -178.526 -178.931 -178.805 -178.671 -178.372 -178.210 -178.036
99-30 -178.824 -179.147 -179.047 -178.939 -178.701 -178.571 -178.433
99-30+ -179.122 -179.363 -179.288 -179.207 -179.030 -178.933 -178.829
99-31 -179.419 -179.578 -179.529 -179.476 -179.358 -179.294 -179.226
99-31+ -179.716 -179.794 -179.770 -179.744 -179.687 -179.655 -179.622
100-00 -180.014 -180.010 -180.011 -180.012 -180.015 -180.017 -180.018
100-00+ -180.311 -180.226 -180.252 -180.281 -180.343 -180.378 -180.414
100-01 -180.608 -180.441 -180.493 -180.549 -180.672 -180.739 -180.811
100-01+ -180.905 -180.657 -180.734 -180.817 -181.000 -181.100 -181.207
100-02 -181.202 -180.872 -180.975 -181.085 -181.328 -181.461 -181.602
100-02+ -181.499 -181.088 -181.215 -181.352 -181.656 -181.821 -181.998
100-03 -181.796 -181.303 -181.456 -181.620 -181.984 -182.182 -182.394
100-03+ -182.093 -181.519 -181.697 -181.888 -182.311 -182.543 -182.789
100-04 -182.389 -181.734 -181.937 -182.156 -182.639 -182.903 -183.185
100-04+ -182.686 -181.949 -182.178 -182.423 -182.967 -183.263 -183.580
100-05 -182.982 -182.165 -182.418 -182.691 -183.294 -183.624 -183.975
100-05+ -183.279 -182.380 -182.659 -182.958 -183.622 -183.984 -184.370
100-06 -183.575 -182.595 -182.899 -183.226 -183.949 -184.344 -184.765
100-06+ -183.872 -182.810 -183.139 -183.493 -184.276 -184.704 -185.160
100-07 -184.168 -183.025 -183.379 -183.760 -184.603 -185.064 -185.555
100-07+ -184.464 -183.240 -183.620 -184.028 -184.931 -185.423 -185.950
First 0.053 0.053 0.053 0.053 0.053 0.053 0.053
Payment
Average 7.289 10.960 9.528 8.315 6.416 5.682 5.051
Life
Last 15.636 18.053 17.469 16.636 14.469 13.303 12.053
Payment
Mod.Dur. 7.030 6.292 5.654 4.618 4.199 3.827
@ 100-00
5.101
</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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
MONSBA8A
Small Business Administration 7(a) Loans Preliminary Pool
Cutoff Date - 02/28/98
$55,707,828.59
Index: Prime Rate
Number of Mortgage Loans: 458
Aggregate Unpaid Unguaranteed Principal Balance: $55,707,828.59
Average Unpaid Unguaranteed Principal Balance: $121,632.81
Maximum Unpaid Unguaranteed Principal Balance: $946,001.66
Minimum Unpaid Unguaranteed Principal Balance: $9,804.85
Aggregate Original Unguaranteed Principal Balance: $56,012,205.13
Average Original Unguaranteed Principal Balance: $122,297.39
Maximum Original Unguaranteed Principal Balance: $946,028.78
Minimum Original Unguaranteed Principal Balance: $10,000.00
Aggregate Unpaid Principal (Ung+Guar) Balance: $193,363,311.50
Average Unpaid Principal Balance: $422,190.64
Maximum Unpaid Principal Balance: $1,696,000.00
Minimum Unpaid Principal Balance: $49,024.26
Aggregate Original Principal (Ung+Guar) Balance: $194,457,789.00
Aggregate Unpaid Guaranteed Principal Balance: $137,650,731.01
Aggregate Original Guaranteed Principal Balance: $138,445,583.88
Weighted Average Coupon: 10.547%
Gross Coupon Range: 9.500% -
11.250%
Weighted Average Excess Interest on the Guaranteed Portion
Available for the Unguaranteed Portion: 1.427%
Excess Interest on the Guaranteed Portion Range: 0.000% -
5.000%
Weighted Average Months to Maturity: 230.104
Maturity Range: 79 - 300
Weighted Average Months to Amoritized Maturity: 36.607
Amoritized Maturity Range: 12 - 83
Weighted Average Age in Months: 3.082
Age Range: 0 - 8
Weighted Average Original Term: 233.186
Original Term Range: 84 - 300
Weighted Average Gross Margin: 2.050%
Gross Margin Range: 1.000% -
2.750%
Aggregate Average Guaranteed Percentage: 71.188%
Aggregate Average Unguaranteed Percentage: 28.810%
Weighted Average Disc. Orig. LTV: 415.250%
Disc. Orig. LTV Range: 29.919% -
8676.522%
Weighted Average Undisc. Orig. LTV: 92.593%
Undisc. Orig. LTV Range: 7.960% -
3759.500%
Weighted Average Debt Service Coverage Ratio: 1.451
Debt Service Coverage Ratio Range: 0.090 - 5.300
Weighted Average Life Floor: 3.095%
Life Floor Range: 1.000% -
6.250%
Weighted Average Life Cap (Gross): 15.615% *
excluding 338
capless loans
Life Cap Range: 15.000% -
16.250%
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
GROSS INTEREST RATE RANGE
9.00% * Gross Coupon *= 9.50% 2 278,118.66 0.50 .44
9.50% * Gross Coupon *= 10.00% 47 8,571,137.85 15.39 10.26
10.00% * Gross Coupon *=10.50% 169 25,027,106.43 44.93 36.90
10.50% * Gross Coupon *= 11.00% 186 18,539,980.05 33.28 40.61
11.00% * Gross Coupon *= 11.50% 54 3,291,485.60 5.91 11.79
Total 458 $55,707,828.59 100.00% 100.00%
* = Less Than
ORIGINAL TERM
72 * Orig. Term * = 84 14 827,390.52 1.49% 3.06
84 * Orig. Term * = 96 11 483,635.50 0.87% 2.40
96 * Orig. Term *= 108 17 919,076.06 1.65% 3.71
108 * Orig. Term *= 120 129 10,388,299.06 18.65% 28.17
120 * Orig. Term *= 132 3 180,009.67 0.32% .66
132 * Orig. Term *= 144 4 200,629.76 0.36% .87
144 * Orig. Term *= 156 6 822,720.68 1.48% 1.31
156 * Orig. Term *= 168 3 396,179.15 0.71% .66
168 * Orig. Term *= 180 15 1,807,913.14 3.25% 3.28
180 * Orig. Term *= 192 14 2,040,481.15 3.66% 3.06
192 * Orig. Term *= 204 9 880,589.64 1.58% 1.97
204 * Orig. Term *= 216 8 792,399.87 1.42% 1.75
216 * Orig. Term *= 228 7 1,110,945.50 1.99% 1.53
228 * Orig. Term *= 240 26 3,527,689.99 6.33% 5.68
240 * Orig. Term *= 252 13 1,742,819.25 3.13% 2.84
252 * Orig. Term *= 264 15 1,833,722.15 3.29% 3.28
264 * Orig. Term *= 276 22 4,123,010.25 7.40% 4.80
276 * Orig. Term *= 288 18 3,109,049.41 5.58% 3.93
288 * Orig. Term *= 300 124 20,521,267.84 36.84% 27.07
Total 458 55,707,828.59 100.00% 100.00%
* = Less Than
AGE OF LOAN
Age = 0 26 2,735,038.18 4.91% 5.68
1 * Age * = 12 432 52,972,790.41 95.09% 94.32
Total 458 55,707,828.59 100.00% 100.00%
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
REMAINING MONTHS TO STATED MATURITY
72 * Rem Term * = 84 14 827,390.52 1.49% 3.06
84 * Rem Term * = 96 11 483,635.50 0.87% 2.40
96 * Rem Term * = 108 17 919,076.06 1.65% 3.71
108 * Rem Term * = 120 129 10,388,299.06 18.65% 28.17
120 * Rem Term * = 132 3 180,009.67 0.32% .66
132 * Rem Term * = 144 4 200,629.76 0.36% .87
144 * Rem Term * = 156 6 822,720.68 1.48% 1.31
156 * Rem Term * = 168 3 396,179.15 0.71% .66
168 * Rem Term * = 180 15 1,807,913.14 3.25% 3.28
180 * Rem Term * = 192 14 2,040,481.15 3.66% 3.06
192 * Rem Term * = 204 9 880,589.64 1.58% 1.97
204 * Rem Term * = 216 8 792,399.87 1.42% 1.75
216 * Rem Term * = 228 7 1,110,945.50 1.99% 1.53
228 * Rem Term * = 240 26 3,527,689.99 6.33% 5.68
240 * Rem Term * = 252 13 1,742,819.25 3.13% 2.84
252 * Rem Term * = 264 15 1,833,722.15 3.29% 3.28
264 * Rem Term * = 276 22 4,123,010.25 7.40% 4.80
276 * Rem Term * = 288 18 3,109,049.41 5.58% 3.93
288 * Rem Term * = 300 124 20,521,267.84 36.84% 27.07
Total 458 55,707,828.59 100.00% 100.00%
* = Less Than
<PAGE>
YEARS OF ORIGINATION
1997 396 49,298,537.25 88.49 86.46
1998 62 6,409,291.34 11.51 13.54
Total 458 $55,707,828.59 100.00% 100.00%
DISTRIBUTION OF MARGINS
0.5 * Margin * = 1.0 2 278,118.66 0.50 .44
1.0 * Margin * = 1.5 47 8,571,137.85 15.39 10.26
1.5 * Margin * = 2.0 169 25,027,106.43 44.93 36.90
2.0 * Margin * = 2.5 186 18,539,980.05 33.28 40.61
2.5 * Margin * = 3.0 54 3,291,485.60 5.91 11.79
Total 458 $55,707,828.59 100.00% 100.00%
*= Less Than
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
LOAN SUMMARY STRATIFIED BY LIFE FLOOR
0.500 * Floor * = 1.000 2 278,118.66 0.50 .44
1.000 * Floor * = 1.500 40 7,224,940.18 12.97 8.73
1.500 * Floor * = 2.000 117 17,259,807.31 30.98 25.55
2.000 * Floor * = 2.500 129 10,878,920.84 19.53 28.17
2.500 * Floor * = 3.000 50 2,950,004.22 5.30 10.92
4.000 * Floor * = 4.500 1 145,731.59 0.26 .22
4.500 * Floor * = 5.000 13 2,711,463.51 4.87 2.84
5.000 * Floor * = 5.500 52 8,396,809.02 15.07 11.35
5.500 * Floor * = 6.000 49 4,812,929.54 8.64 10.70
6.000 * Floor * = 6.500 5 1,049,103.72 1.88 1.09
Total 458 $55,707,828.59 100.00% 100.00%
* + Less Than
LOAN SUMMARY STRATIFIED BY LIFE CAP
CAPPLESS 338 38,591,791.21 69.28 73.80
14.500* CAP* =15.000 7 1,346,197.67 2.42 1.53
15.000* CAP* =15.500 52 7,767,299.12 13.94 11.35
15.500* CAP* =16.000 57 7,661,059.21 13.75 12.45
16.000* CAP* =16.500 4 341,481.38 0.61 .87
Total 458 $55,707,828.59 100.00% 100.00%
*= Less Than
ORIGINAL AGGREGATE LOAN AMOUNTS
0* Balance* =50,000 1 9,804.85 0.02 .22
50,000* Balance* = 100,000 17 280,853.45 0.50 3.71
100,000* Balance* = 150,000 40 1,300,365.55 2.33 8.73
150,000* Balance* = 200,000 48 2,105,581.89 3.78 10.48
200,000* Balance* = 250,000 57 3,232,519.50 5.80 12.45
250,000* Balance* = 300,000 54 3,723,719.03 6.68 11.79
300,000* Balance* = 350,000 41 3,346,966.37 6.01 8.95
350,000* Balance* = 400,000 28 2,633,213.09 4.73 6.11
400,000* Balance* = 450,000 26 2,790,076.72 5.01 5.68
450,000* Balance* = 500,000 21 2,509,349.15 4.50 4.59
500,000* Balance* = 550,000 20 2,623,877.79 4.71 4.37
550,000* Balance* = 600,000 10 1,430,628.54 2.57 2.18
600,000* Balance* = 650,000 19 3,002,175.82 5.39 4.15
650,000* Balance* = 700,000 4 681,490.08 1.22 .87
700,000* Balance* = 750,000 6 1,098,275.48 1.97 1.31
750,000* Balance* = 800,000 6 1,196,581.92 2.15 1.31
800,000* Balance* = 850,000 11 2,272,400.19 4.08 2.40
850,000* Balance* = 900,000 7 1,523,005.22 2.73 1.53
900,000* Balance* = 950,000 5 1,579,055.16 2.83 1.09
950,000* Balance* =1,000,000 4 970,627.55 1.74 .87
1,000,000* Balance* =1,100,000 9 2,764,938.52 4.96 1.97
1,100,000* Balance* =1,200,000 8 3,378,418.72 6.06 1.75
1,200,000* Balance* =1,300,000 4 1,995,026.21 3.58 .87
1,300,000* Balance* =1,400,000 1 599,455.96 1.08 .22
1,400,000* Balance* =1,500,000 5 3,570,458.69 6.41 1.09
1,500,000* Balance 6 5,088,963.14 9.14 1.31
Total 458 $55,707,828.59 100.00% 100.00%
* = Less Than
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT AGGREGATE LOAN AMOUNTS
0 * Balance * = 50,000 1 9,804.85 0.02 .22
50,000 * Balance * = 100,000 18 305,464.25 0.55 3.93
100,000 * Balance * = 150,000 40 1,313,171.86 2.36 8.73
150,000 * Balance * = 200,000 48 2,115,374.38 3.80 10.48
200,000 * Balance * = 250,000 57 3,247,641.92 5.83 12.45
250,000 * Balance * = 300,000 55 3,807,009.98 6.83 12.01
300,000 * Balance * = 350,000 39 3,201,343.40 5.75 8.52
350,000 * Balance * = 400,000 28 2,633,213.09 4.73 6.11
400,000 * Balance * = 450,000 27 2,899,369.92 5.20 5.90
450,000 * Balance * = 500,000 21 2,521,534.80 4.53 4.59
500,000 * Balance * = 550,000 19 2,502,398.94 4.49 4.15
550,000 * Balance * = 600,000 11 1,580,024.95 2.84 2.40
600,000 * Balance * = 650,000 18 2,852,779.41 5.12 3.93
650,000 * Balance * = 700,000 4 681,490.08 1.22 .87
700,000 * Balance * = 750,000 7 1,285,761.40 2.31 1.53
750,000 * Balance * = 800,000 6 1,201,455.95 2.16 1.31
800,000 * Balance * = 850,000 11 2,289,807.24 4.11 2.40
850,000 * Balance * = 900,000 6 1,313,238.22 2.36 1.31
900,000 * Balance * = 950,000 5 1,579,055.16 2.83 1.09
950,000 * Balance * = 1,000,000 4 970,627.55 1.74 .87
1,000,000 * Balance * = 1,100,000 9 2,764,938.52 4.96 1.97
1,100,000 * Balance * = 1,200,000 8 3,378,418.72 6.06 1.75
1,200,000 * Balance * = 1,300,000 4 1,995,026.21 3.58 .87
1,300,000 * Balance * = 1,400,000 1 599,455.96 1.08 .22
1,400,000 * Balance * = 1,500,000 5 3,570,458.69 6.41 1.09
1,500,000 * Balance 6 5,088,963.14 9.14 1.31
Total 458 $55,707,828.59 100.00% 100.00%
* = Less Than
ORIGINAL UNGUARANTEED LOAN BALANCE
0* Balance* =25,000 18 290,658.30 0.52 3.93
25,000* Balance* =50,000 87 3,336,542.21 5.99 19.00
50,000* Balance* =75,000 112 7,025,643.76 12.61 24.45
75,000* Balance* =100,000 68 5,871,880.86 10.54 14.85
100,000* Balance* =150,000 78 9,462,230.80 16.99 17.03
150,000* Balance* =200,000 34 5,745,394.30 10.31 7.42
200,000* Balance* =250,000 27 5,940,125.84 10.66 5.90
250,000* Balance* =300,000 3 813,333.58 1.46 .66
300,000* Balance* =350,000 5 1,601,626.24 2.88 1.09
350,000* Balance* =400,000 5 1,862,688.36 3.34 1.09
400,000* Balance* =450,000 3 1,311,830.14 2.35 .66
450,000* Balance* =500,000 3 1,463,761.76 2.63 .66
500,000* Balance* =550,000 1 531,264.45 0.95 .22
550,000* Balance* =600,000 1 553,878.92 0.99 .22
600,000* Balance* =650,000 2 1,237,547.24 2.22 .44
650,000* Balance* =700,000 1 677,400.29 1.22 .22
700,000* Balance* =750,000 4 2,893,058.40 5.19 .87
750,000* Balance* =1,000,000 6 5,088,963.14 9.14 1.31
Total 458 $55,707,828.59 100.00% 100.00%
* = Less Than
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT UNGUARANTEED LOAN BALANCE
0* Balance* =25,000 19 315,269.10 0.57 4.15
25,000* Balance* =50,000 87 3,359,141.01 6.03 19.00
50,000* Balance* =75,000 113 7,124,057.13 12.79 24.67
75,000* Balance* =100,000 66 5,726,257.89 10.28 14.41
100,000* Balance* =150,000 79 9,611,627.21 17.25 17.25
150,000* Balance* =200,000 34 5,788,357.84 10.39 7.42
200,000* Balance* =250,000 26 5,747,765.89 10.32 5.68
250,000* Balance* =300,000 5 1,410,034.67 2.53 1.09
300,000* Balance* =350,000 4 1,354,903.85 2.43 .87
350,000* Balance* =400,000 4 1,512,709.66 2.72 .87
400,000* Balance* =450,000 3 1,311,830.14 2.35 .66
450,000* Balance* =500,000 3 1,463,761.76 2.63 .66
500,000* Balance* =550,000 1 531,264.45 0.95 .22
550,000* Balance* =600,000 2 1,153,334.88 2.07 .44
600,000* Balance* =650,000 1 638,091.28 1.15 .22
650,000* Balance* =700,000 1 677,400.29 1.22 .22
700,000* Balance* =750,000 4 2,893,058.40 5.19 .87
750,000* Balance* =800,000 1 763,848.19 1.37 .22
800,000* Balance* =850,000 2 1,620,472.33 2.91 .44
850,000* Balance* =900,000 2 1,758,640.96 3.16 .44
900,000* Balance* =950,000 1 946,001.66 1.70 .22
Total 458 $55,707,828.59 100.00% 100.00%
* = Less Than
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
GEOGRAPHICAL DISTRIBUTION OF PROPERTIES BY LOAN
AK 1 42,902.57 0.08 .22
AL 7 474,158.98 0.85 1.53
AR 1 49,557.80 0.09 .22
AZ 44 5,095,491.83 9.15 9.61
CA 91 12,348,304.20 22.17 19.87
CO 20 1,933,668.18 3.47 4.37
CT 1 188,907.98 0.34 .22
DC 1 38,644.25 0.07 .22
FL 26 3,023,964.51 5.43 5.68
GA 9 684,687.48 1.23 1.97
HI 1 126,563.81 0.23 .22
IN 6 414,239.52 0.74 1.31
IL 14 2,039,152.81 3.66 3.06
IN 6 1,072,999.63 1.93 1.31
KS 1 66,676.26 0.12 .22
KY 8 1,011,991.91 1.82 1.75
LA 1 156,115.21 0.28 .22
MA 6 397,591.53 0.71 1.31
MD 15 1,598,262.92 2.87 3.28
MI 4 413,120.74 0.74 .87
MN 5 287,406.19 0.52 1.09
MO 3 375,120.61 0.67 .66
NC 5 1,341,957.31 2.41 1.09
NE 2 251,825.30 0.45 .44
NH 1 84,407.88 0.15 .22
NJ 10 1,117,204.20 2.01 2.18
NM 1 73,084.00 0.13 .22
NV 4 478,214.92 0.86 .87
NY 15 1,811,322.79 3.25 3.28
OH 16 2,407,211.59 4.32 3.49
OK 7 776,526.39 1.39 1.53
OR 9 792,708.02 1.42 1.97
PA 11 939,175.83 1.69 2.40
SC 5 635,173.49 1.14 1.09
TN 4 837,033.43 1.50 .87
TX 47 5,617,772.11 10.08 10.26
UT 1 74,139.32 0.13 .22
VA 15 1,386,491.69 2.49 3.28
VT 1 97,450.06 0.17 .22
WA 22 3,838,725.21 6.89 4.80
WI 7 983,611.18 1.77 1.53
WV 2 148,379.70 0.27 .44
WY 1 105,686.75 0.19 .22
Unknown 1 70,198.50 0.13 .22
Total 458 $55,707,828.59 100.00% 100.00%
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
EXCESS INTEREST AVAILABLE FOR UNGUAR.
SCALED TO UNGUAR. BALANCE
NET OF FEES AND RETENTION
Outside Gross Coupon Range 1 164,493.66 0.30 .22
Excess=0.00% 48 8,684,762.85 15.59 10.48
0.00%* Excess* =0.50% 7 5,558,127.99 9.98 1.53
0.50%* Excess* =1.00% 42 8,154,988.62 14.64 9.17
1.00%* Excess* =1.50% 120 14,265,772.85 5.61 26.20
1.50%* Excess* =2.00% 8 658,257.87 1.18 1.75
2.00%* Excess* =2.50% 96 8,718,740.12 5.65 20.96
2.50%* Excess* =3.00% 82 6,264,204.26 11.24 17.90
3.00%* Excess* =3.50% 1 72,267.38 0.13 .22
3.50%* Excess* =4.00% 45 2,991,456.44 5.37 9.83
4.00%* Excess* =4.50% 1 61,364.34 0.11 .22
4.50%* Excess* =5.00% 7 113,392.21 0.20 1.53
Total....... 458 $55,707,828.59 100.00% 100.00%
* = Less Than
UNGUARANTEED LOAN PERCENTAGE
15.000* UNGR%* =20.000 18 290,658.30 0.52 3.93
20.000* UNGR%* =25.000 401 36,681,451.51 65.85 87.55
25.000* UNGR%* =30.000 8 1,932,697.10 3.47 1.75
30.000* UNGR%* =35.000 9 2,975,912.11 5.34 1.97
35.000* UNGR%* =40.000 6 2,775,591.90 4.98 1.31
40.000* UNGR%* =45.000 2 1,130,720.41 2.03 .44
45.000* UNGR%* =50.000 7 4,193,742.84 7.53 1.53
50.000* UNGR%* =55.000 5 4,142,961.48 7.44 1.09
55.000* UNGR%* =60.000 1 946,001.66 1.70 .22
65.000* UNGR%* =70.000 1 638,091.28 1.15 .22
Total 458 $55,707,828.59 100.00% 100.00%
* = Less Than
DEBT SERVICE COVERAGE RATIO
DscRatio=0.00% 36 2,919,127.21 5.24 7.86
0.00* DscRatio* =0.50 30 3,835,696.07 6.89 6.55
0.50* DscRatio* =1.00 30 2,640,547.97 4.74 6.55
1.00* DscRatio* =1.50 211 30,256,456.49 54.31 46.07
1.50* DscRatio* =2.00 85 9,866,880.88 17.71 18.56
2.00* DscRatio* =2.50 37 3,356,329.92 6.02 8.08
2.50* DscRatio* =3.00 17 1,766,281.58 3.17 3.71
3.00* DscRatio* =3.50 6 426,363.18 0.77 1.31
4.00* DscRatio* =4.50 2 161,791.55 0.29 .44
4.50* DscRatio* =5.00 3 386,393.71 0.69 .66
5.00* DscRatio* =5.50 1 91,960.03 0.17 .22
Total 458 $55,707,828.59 100.00% 100.00%
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
<PAGE>
INDUSTRY CODE
Agricultural Services 354,280,156.54 7.68 7.64
Amusement, Recreation Ser 2 225,270.82 0.40 .44
Construction-Htg, Plumb 14 2,269,579.02 4.07 3.06
Construction-Residential 1 41,338.89 0.07 .22
Finance, Insurance, Real 1 52,442.51 0.09 .22
Health Services 59 3,436,363.14 6.17 12.88
Hotels & Motels 22 8,150,576.90 14.63 4.80
Insurance Agents, Brokers 3 329,259.03 0.59 .66
Legal Services 7 840,477.22 1.51 1.53
Manufacturing-Chemical 5 396,639.73 0.71 1.09
Manufacturing-Electroni 1 375,969.71 0.67 .22
Manufacturing-Food, Bvg 3 871,427.44 1.56 .66
Manufacturing-Industrial 3 611,857.21 1.10 .66
Manufacturing-Lumber& 14 1,785,665.96 3.21 3.06
Manufacturing-Textile 1 164,493.66 0.30 .22
Manufacturing-Transport 3 483,958.96 0.87 .66
Motion Picture 1 242,795.24 0.44 .22
Office/Clinics-Dentist 72 7,589,606.83 13.62 15.72
Office/Clinics-Doctor 9 1,336,301.37 2.40 1.97
Public Transportation & U 7 886,748.05 1.59 1.53
RealEstate Operators & L 3 241,537.59 0.43 .66
Retail-Alcholic Beverag 2 144,360.23 0.26 .44
Retail-Apparel, Acess, Fu 9 962,434.42 1.73 1.97
Retail-Automobile 5 331,147.44 0.59 1.09
Retail-Gasoline Svc Stn 3 181,445.62 0.33 .66
Retail-Miscellaneous 28 3,223,132.83 5.79 6.11
Retail-Personal & House 11 904,090.09 1.62 2.40
Retail-Prepared Food & 41 4,617,489.30 8.29 8.95
Services-Auto Repair 19 2,233,868.05 4.01 4.15
Services-Business 18 2,373,222.95 4.26 3.93
Services-Educ & Soc 11 1,702,307.80 3.06 2.40
Services-Misc Repair 3 265,795.77 0.48 .66
Services-Museums, Bus & 12 1,611,872.27 2.89 2.62
Services-Personal 13 1,028,608.18 1.85 2.84
Wholesal-Durable Goods 6 688,568.89 1.24 1.31
Wholesale-Non-Durable G 5 313,236.86 0.56 1.09
Wholesale Parts & Tires 2 86,050.53 0.15 .44
To be determined 4 427,731.54 0.77 .87
Total 458 $55,707,828.59 100.00% 100.00%
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.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL
TERMSHEETS, AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE
PROSPECTUS SUPPLEMENT.
