<PAGE> 1
- --------------------------------------------------------------------------------
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) November 18, 1997
Advanta Revolving Home Equity Loan Trust 1997-A
-----------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
- -------------------------------------- ------------------ ------------------------
New York 333-37107 Application Pending
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
------------------------
c/o Advanta Mortgage Conduit 92127
Services, Inc. (Zip Code)
Attention: Milton Riseman
16875 West Bernardo Drive
San Diego, California
(Address of Principal Executive Offices)
</TABLE>
Registrant's telephone number, including area code (619) 674-1800
--------------
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE> 2
Item 5. Other Events
In connection with the offering of Advanta Revolving Home Equity
Loan Trust 1997-A Revolving Home Equity Loan Asset-Backed Notes, Series 1997-A,
described in a Prospectus Supplement dated as of November 14, 1997, certain
"Computational Materials" within the meanings of the May 20, 1994 Kidder,
Peabody No-Action Letter and the February 17, 1995 Public Securities Association
No-Action Letter were furnished to certain prospective investors (the "Related
Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in
Item 5 above).
2
<PAGE> 3
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 hereunto duly authorized.
ADVANTA REVOLVING HOME EQUITY LOAN
TRUST 1997-A
By: Advanta Mortgage Conduit Services, Inc., as
Sponsor
By: /s/ Milton Riseman
------------------------
Name: Milton Riseman
Title: President
Dated: November 18, 1997
3
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION PAGE NO.
----------- ----------- --------
<S> <C> <C>
99.1 Related Computational Materials (as 5
defined in Item 5 above).
</TABLE>
4
<PAGE> 1
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JP MORGAN November, 1997
- --------------------------------------------------------------------------------
$100,000,000 ADVANTA REVOLVING HOME EQUITY LOAN ASSET BACKED NOTES,
SERIES 1997-A
Advanta National Bank, Advanta Finance Corp. - Originators
Advanta Mortgage Corp. USA - Master Servicer
TRANSACTION HIGHLIGHTS
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
EXPECTED EXPECTED EXPECTED
APPROXIMATE RATINGS AVERAGE LIFE EXPECTED PRINCIPAL FINAL LEGAL
SIZE (MOODY'S/ WINDOW DAY MATURITY FINAL
CLASS ($ THOUSANDS) S&P) COUNT MATURITY
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
TO 10% $100,000,000 Aaa/AAA 4.00 1 - 110 Act/360 1/25/2007 10/10/23
CALL
- ----------------------------------------------------------------------------------------------------------------------------------
TO MATURITY $100,000,000 Aaa/AAA 4.28 1 - 235 Act/360 6/25/2017 10/10/23
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
SELLER Advanta National Bank, Advanta Finance Corp.
DEPOSITOR: Advanta Mortgage Conduit Services, Inc.
TRUSTEE: Bankers Trust Company of California, N.A.
UNDERWRITERS: J.P. Morgan Securities, Inc.
COLLATERAL: Adjustable Rate Home Equity Lines of Credit
See attached "Collateral Description".
PREPAYMENT SPEED: 25% CPR
DRAW SPEED: 10% CDR
EXPECTED PRICING DATE: TBD
EXPECTED SETTLEMENT DATE: November 20, 1997, through DTC, Euroclear, and CEDEL.
CUT-OFF DATE: October 31, 1997
DISTRIBUTION DATES: The 25th of each month or the following business
day, beginning December 26, 1997.
</TABLE>
OPTIONAL TERMINATION: On any Distribution Date on which the
Class A Principal Balance is less than 10% of
the Original Class A Principal Balance, the
Master Servicer will have the option to
purchase, in whole, the Mortgage Loans and the
REO Property, if any, remaining in the Trust
Fund.
NET FUNDS CAP RATE: [ADD The Class A Interest Rate for an interest
STEP-UP FOR CALL IF accrual period will generally equal the
APPLICABLE] lesser of (I) one month LIBOR plus [x] bps and
(II) the fraction, expressed as an annual
percentage rate, equal to twelve times the
interest due on the Mortgage Loans during the
related Remittance Period, minus the amount of
Prepayment Interest Shortfalls and Relief Act
Shortfalls for the related Remittance Period
(net of Servicing Fee, the fees payable to the
Indenture Trustee, and the Owner Trustee
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any
description of the collateral contained herein supersedes any previous
collateral information and will be superseded by the final prospectus relating
to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have
been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual
rate or timing of principal payments or prepayments on any of the collateral
or the performance characteristics of the securities. This information was
prepared in reliance on information regarding the collateral furnished by the
seller of the collateral. J.P. Morgan may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC and SFA. Copyright 1997 J.P. Morgan & Co. Incorporated.
<PAGE> 2
<TABLE>
<S> <C>
and the Bond Insurer premium) divided by the Trust
Collateral Value immediately prior to the related
Payment Date, commencing on the ten Payment Date,
0.50% (the "Net Funds Cap Rate").
TRUST TAX STATUS: Owner Trust
ERISA ELIGIBILITY: Certificates are ERISA eligible.
SMMEA ELIGIBILITY: The Certificates are NOT SMMEA eligible as there
are 2nd mortgages in the pool.
</TABLE>
CREDIT ENHANCEMENT
100% AMBAC wrapped. AMBAC primarily insures newly issued municipal and
structured finance obligations. AMBAC is a wholly owned subsidiary of AMBAC,
Inc., a 100% publicly-held company. Moody's, Standard and Poor's and Fitch
have each assigned a triple-A claims-paying ability rating to AMBAC.
PAYMENT SCHEDULE
Managed Amortization Period: Commences December, 26th 1997 ending on the
earlier of I) the December, 2000 payment date or II) the payment date
immediately preceding a Rapid Amortization Event.
Rapid Amortization Period: Period which follows the earlier of I) end of the
Managed Amortization Period and II) a Rapid Amortization Event
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1997-A COLLATERAL DESCRIPTION
Based on October 17, 1997 Pool Data (Final pool cut will be October 31)
<TABLE>
<S> <C>
COLLATERAL: Adjustable Rate Home Equity Lines of Credit(1)
AGGREGATE POOL BALANCE: $75,450,120.14
NUMBER OF LOANS: 2,379
AVERAGE OUTSTANDING BALANCE: $31,715.06
PRODUCT TYPE: Home Equity Lines of Credit
WEIGHTED AVERAGE COUPON: 11.81%
WEIGHTED AVERAGE LIFE CAP: 19.82%
ORIGINAL WEIGHTED AVERAGE TERM: 256 months
REMAINING WEIGHTED AVERAGE TERM: 252 months
WEIGHTED AVERAGE SEASONING: 4.4 months
LIEN POSITION: 30.69% First Lien
WEIGHTED AVERAGE COMBINED LOAN TO VALUE RATIO: 77.044%
PROPERTY TYPE: 95.7% Single Family Homes
OWNER OCCUPANCY: 98.4% Owner Occupied
GEOGRAPHIC DISTRIBUTION (greater than or equal to 5%): 13.66% - NY; 8.63% - PA; 7.98% - NJ; 7.59%
- MI; 5.75% - AZ
</TABLE>
- --------------------
(1) All percentages and weighted averages calculated on the outstanding balance.
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any
description of the collateral contained herein supersedes any previous
collateral information and will be superseded by the final prospectus relating
to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have
been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual
rate or timing of principal payments or prepayments on any of the collateral
or the performance characteristics of the securities. This information was
prepared in reliance on information regarding the collateral furnished by the
seller of the collateral. J.P. Morgan may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC and SFA. Copyright 1997 J.P. Morgan & Co. Incorporated.
<PAGE> 3
AVERAGE LIFE SENSITIVITY TO CHANGES IN PREPAYMENT RATES
ASSUMES A 10% CLEAN-UP CALL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CPR
10% 15% 20% 25% 30% 35% 40%
----- ----- ----- ----- ----- ----- -----
CDR EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL
WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0% 8.38 253 5.52 170 4.04 124 3.15 97 2.55 78 2.12 65 1.79 55
5% 9.55 253 6.31 181 4.57 132 3.53 103 2.84 84 2.33 69 1.96 59
10% 10.97 253 7.29 193 5.23 141 4.00 110 3.18 89 2.60 74 2.16 63
15% 10.97 253 8.47 205 6.02 150 4.56 117 3.60 95 2.91 79 2.40 67
20% 10.97 253 8.47 205 7.00 160 5.25 124 4.10 101 3.29 84 2.69 71
25% 10.97 253 8.47 205 7.00 160 6.11 132 4.73 107 3.76 89 3.05 76
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
ASSUMES NO CLEAN-UP CALL (MATURITY)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CPR
10% 15% 20% 25% 30% 35% 40%
------ ----- ----- ----- ----- ----- -----
CDR EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL EXP FINAL
WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS) WAL (MONTHS)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0% 8.39 257 5.91 257 4.40 252 3.43 222 2.78 179 2.31 148 1.95 125
5% 9.56 257 6.68 257 4.94 252 3.82 228 3.06 184 2.53 153 2.12 129
10% 10.98 257 7.61 257 5.58 252 4.28 235 3.41 190 2.79 157 2.32 133
15% 10.98 257 8.76 257 6.37 252 4.85 242 3.82 196 3.10 162 2.56 137
20% 10.98 257 8.76 257 7.34 252 5.54 250 4.33 202 3.48 167 2.85 141
25% 10.98 257 8.76 257 7.34 252 6.40 252 4.96 208 3.95 173 3.21 146
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any
description of the collateral contained herein supersedes any previous
collateral information and will be superseded by the final prospectus relating
to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have
been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual
rate or timing of principal payments or prepayments on any of the collateral
or the performance characteristics of the securities. This information was
prepared in reliance on information regarding the collateral furnished by the
seller of the collateral. J.P. Morgan may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC and SFA. Copyright 1997 J.P. Morgan & Co. Incorporated.
<PAGE> 4
SENSITIVITY ANALYSIS - PERCENTAGE OF ORIGINAL CERTIFICATE BALANCE -
AMORTIZATION SCHEDULE
ASSUMES 10% CLEAN UP CALL AND 10% CONSTANT DRAW RATE
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
CPR
DATE 10% 15% 20% 25% 30% 35% 40%
---- --- --- --- --- --- --- ---
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
AT CLOSING 100% 100% 100% 100% 100% 100% 100%
NOVEMBER 25, 1998 99% 94% 88% 83% 77% 72% 66%
NOVEMBER 25, 1999 99% 89% 78% 69% 60% 51% 44%
NOVEMBER 25, 2000 99% 84% 70% 57% 46% 36% 28%
NOVEMBER 25, 2001 89% 71% 55% 43% 33% 24% 18%
NOVEMBER 25, 2002 80% 60% 44% 32% 23% 16% 11%
NOVEMBER 25, 2003 72% 51% 35% 24% 16% 10% 0%
NOVEMBER 25, 2004 64% 43% 28% 18% 11% 0% 0%
NOVEMBER 25, 2005 58% 37% 23% 14% 0% 0% 0%
NOVEMBER 25, 2006 52% 31% 18% 10% 0% 0% 0%
NOVEMBER 25, 2007 47% 27% 15% 0% 0% 0% 0%
NOVEMBER 25, 2008 42% 23% 12% 0% 0% 0% 0%
NOVEMBER 25, 2009 38% 19% 0% 0% 0% 0% 0%
NOVEMBER 25, 2010 34% 16% 0% 0% 0% 0% 0%
NOVEMBER 25, 2011 31% 14% 0% 0% 0% 0% 0%
NOVEMBER 25, 2012 28% 12% 0% 0% 0% 0% 0%
NOVEMBER 25, 2013 25% 10% 0% 0% 0% 0% 0%
NOVEMBER 25, 2014 22% 0% 0% 0% 0% 0% 0%
NOVEMBER 25, 2015 20% 0% 0% 0% 0% 0% 0%
NOVEMBER 25, 2016 18% 0% 0% 0% 0% 0% 0%
NOVEMBER 25, 2017 16% 0% 0% 0% 0% 0% 0%
NOVEMBER 25, 2018 3% 0% 0% 0% 0% 0% 0%
NOVEMBER 25, 2019 0% 0% 0% 0% 0% 0% 0%
NOVEMBER 25, 2020 0% 0% 0% 0% 0% 0% 0%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any
description of the collateral contained herein supersedes any previous
collateral information and will be superseded by the final prospectus relating
to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have
been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual
rate or timing of principal payments or prepayments on any of the collateral
or the performance characteristics of the securities. This information was
prepared in reliance on information regarding the collateral furnished by the
seller of the collateral. J.P. Morgan may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC and SFA. Copyright 1997 J.P. Morgan & Co. Incorporated.
<PAGE> 5
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1997-A COLLATERAL TABLES
<TABLE>
<CAPTION>
PORTFOLIO BY REMAINING TERM
- -----------------------------------------------------------------------------------------
REMAINING TERM PERCENT OF CURRENT
(MONTHS) NUMBER OF LOANS CURRENT BALANCE BALANCE
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
61 - 72 38 1,146,060.61 1.52%
73 - 84 197 6,303,078.29 8.35%
85 - 96 17 503,470.18 0.67%
253 - 264 3 94,817.18 0.13%
265 - 276 2,080 66,240,905.31 87.79%
289 - 300 44 1,161,788.57 1.54%
- -----------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- -----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO BY CREDIT LIMIT
- ---------------------------------------------------------------------------------------
CREDIT LIMIT PERCENT OF CURRENT
NUMBER OF LOANS CURRENT BALANCE BALANCE
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 - 25,000 1,086 18,407,126.64 24.40%
25,001 - 50,000 963 31,521,607.57 41.77%
50,001 - 75,000 203 12,004,027.81 15.91%
75,001 - 100,000 71 6,029,488.75 7.99%
100,001 - 125,000 31 3,435,307.65 4.55%
125,001 - 150,000 12 1,601,092.78 2.12%
150,001 - 175,000 8 1,294,739.66 1.72%
175,001 - 200,000 1 177,585.78 0.24%
200,001 - 225,000 1 210,000.00 0.28%
225,001 - 250,000 2 490,343.50 0.65%
250,001 - 300,000 1 279,000.00 0.37%
- ---------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- ---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO BY CREDIT UTILIZATION RATE
- -------------------------------------------------------------------------------------
CREDIT UTILIZATION RATE PERCENT OF CURRENT
NUMBER OF LOANS CURRENT BALANCE BALANCE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.01 - 10.00% 17 17,382.18 0.02%
10.01 - 20.00% 8 22,430.55 0.03%
20.01 - 30.00% 17 112,053.33 0.15%
30.01 - 40.00% 20 201,821.82 0.27%
40.01 - 50.00% 22 334,729.00 0.44%
50.01 - 60.00% 30 459,216.11 0.61%
60.01 - 70.00% 42 779,824.84 1.03%
70.01 - 80.00% 75 2,016,508.37 2.67%
80.01 - 90.00% 91 2,430,460.66 3.23%
90.01 - 100.00% 2,025 67,733,831.31 89.77%
100.01 - 110.00% 32 1,341,861.97 1.78%
- -------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any
description of the collateral contained herein supersedes any previous
collateral information and will be superseded by the final prospectus relating
to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have
been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual
rate or timing of principal payments or prepayments on any of the collateral
or the performance characteristics of the securities. This information was
prepared in reliance on information regarding the collateral furnished by the
seller of the collateral. J.P. Morgan may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC and SFA. Copyright 1997 J.P. Morgan & Co. Incorporated.
<PAGE> 6
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1997-A COLLATERAL TABLES (CONT.)
<TABLE>
<CAPTION>
PORTFOLIO BY LIFE CAP
- -------------------------------------------------------------------------------------
LIFE CAP PERCENT OF CURRENT
NUMBER OF LOANS CURRENT BALANCE BALANCE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
15.51 - 16.00% 4 78,300.75 0.10%
16.01 - 16.50% 9 1,267,149.97 1.68%
16.51 - 17.00% 13 1,333,049.58 1.77%
17.01 - 17.50% 75 4,220,038.66 5.59%
17.51 - 18.00% 155 5,731,935.53 7.60%
18.01 - 18.50% 166 7,438,508.86 9.86%
18.51 - 19.00% 202 7,157,697.76 9.49%
19.01 - 19.50% 246 8,824,856.36 11.70%
19.51 - 20.00% 296 9,242,138.19 12.25%
20.01 - 20.50% 203 6,024,973.22 7.99%
20.51 - 21.00% 158 4,247,246.30 5.63%
21.01 - 21.50% 354 9,540,706.08 12.63%
21.51 - 22.00% 152 3,254,103.13 4.31%
22.01 - 22.50% 156 3,182,630.84 4.22%
22.51 - 23.00% 150 3,145,259.50 4.17%
23.01 - 23.50% 38 739,125.41 0.98%
23.51 - 24.00% 1 10,000.00 0.01%
24.01 - 24.50% 1 12,400.00 0.02%
- -------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO BY ARM MARGIN
- -------------------------------------------------------------------------------------
ARM MARGIN PERCENT OF CURRENT
NUMBER OF LOANS CURRENT BALANCE BALANCE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.00 - 0.00% 5 684,170.96 0.91%
0.01 - 0.50% 17 1,916,028.59 2.54%
0.51 - 1.00% 57 3,417,376.11 4.53%
1.01 - 1.50% 162 6,093,229.28 8.08%
1.51 - 2.00% 136 6,344,995.94 8.41%
2.01 - 2.50% 191 7,021,940.07 9.31%
2.51 - 3.00% 229 8,675,159.42 11.50%
3.01 - 3.50% 416 12,995,195.57 17.20%
3.51 4.00% 207 6,785,907.73 8.99%
4.01 4.50% 258 7,032,509.88 9.32%
4.51 5.00% 166 3,423,053.60 4.54%
5.01 5.50% 182 3,883,490.45 5.15%
5.51 6.00% 155 3,121,670.38 4.14%
6.01 6.50% 158 3,293,866.75 4.37%
6.51 - 7.00% 38 739,125.41 0.98%
7.01 - 7.50% 1 10,000.00 0.01%
7.51 - 8.00% 1 12,400.00 0.02%
- -------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any
description of the collateral contained herein supersedes any previous
collateral information and will be superseded by the final prospectus relating
to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have
been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual
rate or timing of principal payments or prepayments on any of the collateral
or the performance characteristics of the securities. This information was
prepared in reliance on information regarding the collateral furnished by the
seller of the collateral. J.P. Morgan may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC and SFA. Copyright 1997 J.P. Morgan & Co. Incorporated.
<PAGE> 7
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1997-A COLLATERAL TABLES (CONT.)
<TABLE>
<CAPTION>
PORTFOLIO BY PROPERTY STATE
- -------------------------------------------------------------------------------------
NUMBER OF PERCENT OF CURRENT
PROPERTY STATE LOANS CURRENT BALANCE BALANCE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Arizona 130 4,338,206.01 5.75%
Arkansas 1 17,905.93 0.02%
California 87 3,044,731.82 4.04%
Colorado 38 1,207,086.59 1.60%
Connecticut 67 2,195,014.93 2.91%
Delaware 12 471,153.69 0.62%
Florida 81 2,364,058.86 3.13%
Georgia 52 1,338,586.91 1.77%
Illinois 117 3,764,400.47 4.99%
Indiana 71 2,351,341.51 3.12%
Iowa 1 8,425.60 0.01%
Kansas 27 634,157.38 0.84%
Kentucky 17 416,816.79 0.55%
Louisiana 1 41,800.00 0.06%
Maryland 60 1,927,172.22 2.55%
Massachusetts 24 610,462.78 0.81%
Michigan 205 5,727,456.93 7.59%
Minnesota 48 1,475,588.30 1.96%
Missouri 64 2,073,184.18 2.75%
Nevada 26 789,112.40 1.05%
New Jersey 149 6,021,256.47 7.98%
New York 289 10,320,233.48 13.66%
North Carolina 66 1,796,034.07 2.38%
Ohio 123 3,536,975.29 4.69%
Oregon 91 2,894,220.39 3.84%
Pennsylvania 228 6,510,576.76 8.63%
Tennessee 45 1,453,966.82 1.93%
Utah 44 1,247,517.90 1.65%
Vermont 1 71,980.00 0.10%
Virginia 80 2,414,495.15 3.20%
Washington 81 2,833,828.01 3.76%
Wisconsin 53 1,552,372.50 2.06%
- -------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any
description of the collateral contained herein supersedes any previous
collateral information and will be superseded by the final prospectus relating
to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have
been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual
rate or timing of principal payments or prepayments on any of the collateral
or the performance characteristics of the securities. This information was
prepared in reliance on information regarding the collateral furnished by the
seller of the collateral. J.P. Morgan may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC and SFA. Copyright 1997 J.P. Morgan & Co. Incorporated.
<PAGE> 8
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1997-A COLLATERAL TABLES (CONT.)
<TABLE>
<CAPTION>
PORTFOLIO BY COMBINED LTV
- --------------------------------------------------------------------------------------
NUMBER OF PERCENT OF CURRENT
COMBINED LTV LOANS CURRENT BALANCE BALANCE
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
0.01% - 10.00% 2 52,866.30 0.07%
10.01% - 20.00% 22 461,458.57 0.61%
20.01% - 30.00% 32 801,701.26 1.06%
30.01% - 40.00% 57 1,920,638.98 2.55%
40.01% - 50.00% 82 2,392,010.74 3.17%
50.01% - 60.00% 143 4,460,673.59 5.91%
60.01% - 70.00% 216 7,044,164.81 9.34%
70.01% - 80.00% 506 18,059,308.41 23.94%
80.01% - 90.00% 915 31,442,064.21 41.67%
90.01% - 100.00% 404 8,815,233.27 11.68%
- --------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- --------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO BY PROPERTY TYPE
- -------------------------------------------------------------------------------------
PERCENT OF CURRENT
PROPERTY TYPE NUMBER OF LOANS CURRENT BALANCE BALANCE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Single Family 2,284 72,210,671.65 95.71%
Two- to Four-Family 35 1,213,028.11 1.61%
Condominium 13 342,072.22 0.45%
Other 47 1,684,348.16 2.23%
- -------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO BY LIEN POSITION
- --------------------------------------------------------------------------------------
PERCENT OF CURRENT
LIEN POSITION NUMBER OF LOANS CURRENT BALANCE BALANCE
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
First 454 23,153,334.77 30.69%
Second 1,925 52,296,785.37 69.31%
- --------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- --------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO BY OCCUPANCY TYPE
- --------------------------------------------------------------------------------------
PERCENT OF
OCCUPANCY NUMBER OF LOANS CURRENT BALANCE CURRENT BALANCE
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
Owner Occupied 2,340 73,888,055.43 97.93%
Non-Owner Occupied 39 1,562,064.71 2.07%
- --------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- --------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any
description of the collateral contained herein supersedes any previous
collateral information and will be superseded by the final prospectus relating
to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have
been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual
rate or timing of principal payments or prepayments on any of the collateral
or the performance characteristics of the securities. This information was
prepared in reliance on information regarding the collateral furnished by the
seller of the collateral. J.P. Morgan may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC and SFA. Copyright 1997 J.P. Morgan & Co. Incorporated.
<PAGE> 9
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1997-A COLLATERAL TABLES (CONT.)
<TABLE>
<CAPTION>
PORTFOLIO BY COUPON
- --------------------------------------------------------------------------------------
NUMBER OF PERCENT OF
COUPON RANGE LOANS CURRENT BALANCE CURRENT BALANCE
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
8.01% - 8.50% 5 684,170.96 0.91%
8.51% - 9.00% 17 1,916,028.59 2.54%
9.01% - 9.50% 57 3,417,376.11 4.53%
9.51% - 10.00% 162 6,093,229.28 8.08%
10.01% - 10.50% 136 6,344,995.94 8.41%
10.51% - 11.00% 191 7,021,940.07 9.31%
11.01% - 11.50% 229 8,675,159.42 11.50%
11.51% - 12.00% 416 12,995,195.57 17.20%
12.01% - 12.50% 208 6,815,807.73 9.03%
12.51% - 13.00% 257 7,002,609.88 9.28%
13.01% - 13.50% 165 3,393,932.38 4.50%
13.51% - 14.00% 182 3,883,490.45 5.15%
14.01% - 14.50% 156 3,150,791.60 4.18%
14.51% - 15.00% 158 3,293,866.75 4.37%
15.01% - 15.50% 38 739,125.41 0.98%
15.51% - 16.00% 1 10,000.00 0.01%
16.01% - 16.50% 1 12.400.00 0.02%
- --------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- --------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO BY CURRENT
BALANCE
- -------------------------------------------------------------------------------------
NUMBER OF PERCENT OF
CURRENT BALANCE RANGE LOANS CURRENT BALANCE CURRENT BALANCE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 - 25,000 1,164 19,805,507.82 26.25%
25,001 - 50,000 904 30,760,132.53 40.76%
50,001 - 75,000 188 11,591,292.88 15.36%
75,001 - 100,000 69 5,990,927.96 7.94%
100,001 - 125,000 32 3,607,347.26 4.78%
125,001 - 150,000 9 1,243,242.75 1.65%
150,001 - 175,000 8 1,294,739.66 1.72%
175,001 - 200,000 1 177,585.78 0.24%
200,001 - 225,000 1 210,000 0.28%
225,001 - 250,000 2 490,343.50 0.65%
250,001 - 275,000 0 0 0.00%
275,001 - 300,000 1 279,000.00 0.37%
- -------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO BY DAYS DELINQUENT
- -------------------------------------------------------------------------------------
PERCENT OF
DAYS DELINQUENT NUMBER OF LOANS CURRENT BALANCE CURRENT BALANCE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Current 2,331 73,634,410.43 97.59%
30-59 Days 48 1,815,709.71 2.41%
- -------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any
description of the collateral contained herein supersedes any previous
collateral information and will be superseded by the final prospectus relating
to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have
been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual
rate or timing of principal payments or prepayments on any of the collateral
or the performance characteristics of the securities. This information was
prepared in reliance on information regarding the collateral furnished by the
seller of the collateral. J.P. Morgan may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC and SFA. Copyright 1997 J.P. Morgan & Co. Incorporated.
<PAGE> 10
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1997-A COLLATERAL TABLES (CONT.)
<TABLE>
<CAPTION>
PORTFOLIO BY ORIGINATION
DATE
- -------------------------------------------------------------------------------------
NUMBER OF PERCENT OF
ORIGINATION DATE LOANS CURRENT BALANCE CURRENT BALANCE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
01/01/95 - 12/31/95 2 53,217.44 0.07%
01/01/96 - 12/31/96 104 3,351,719.15 4.44%
01/01/97 - 12/31/97 2,273 72,045,183.55 95.49%
- -------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO BY SEASONING
- -------------------------------------------------------------------------------------
NUMBER OF PERCENT OF
SEASONING LOANS CURRENT BALANCE CURRENT BALANCE
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
0 - 0 127 3,832,390.13 5.08%
1 - 12 2,203 70,194,878.49 93.03%
13 - 24 49 1,422,851.52 1.89%
- -------------------------------------------------------------------------------------
2,379 75,450,120.14 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
Additional information is available upon request. Information herein is
believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. These materials are subject to change from time to time without
notice. Past performance is not indicative of future results. Any
description of the collateral contained herein supersedes any previous
collateral information and will be superseded by the final prospectus relating
to the securities. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security, and have
been provided to you for informational purposes only and may not be relied
upon by you in evaluating the merits of investing in the securities. Any
investment decision with respect to the securities should be made by you based
solely upon the information contained in the final prospectus relating to the
securities. No assurance or representation can be made as to the actual
rate or timing of principal payments or prepayments on any of the collateral
or the performance characteristics of the securities. This information was
prepared in reliance on information regarding the collateral furnished by the
seller of the collateral. J.P. Morgan may hold a position or act as market
maker in the financial instruments of any issuer discussed herein or act as
advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC and SFA. Copyright 1997 J.P. Morgan & Co. Incorporated.
