<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) September 23, 1998
Advanta Mortgage Conduit Services, Inc.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-52351 23-2723382
- ------------------------------- ---------------- -------------------
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
Attention: President
Welsh & McKean Roads
Spring House, Pennsylvania 19477
(Address of Principal Executive ----------
Offices) (Zip Code)
Registrant's telephone number, including area code (215) 657-4000
--------------
16875 West Bernardo Drive, San Diego, California 92127
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(Former name or former address, if changed since last report)
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<PAGE> 2
Item 5. Other Events
------------
In connection with the offering of Advanta Home Equity Loan Trust
1998-B, Asset Backed Notes, Series 1998-1, described in the related Prospectus
Supplement, certain "Computational Materials" within the meaning 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).
<PAGE> 3
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed
on its behalf by the undersigned thereunto duly authorized.
ADVANTA MORTGAGE CONDUIT SERVICES, INC.
as Sponsor and on behalf of Advanta Home
Equity Loan Trust 1998-B
Registrant
By: /s/ MARK DUNSHEATH
---------------------
Name: Mark Dunsheath
Title: Vice President
Dated: October 1, 1998
<PAGE> 4
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials
(as defined in Item 5 above).
<PAGE> 1
EXHIBIT 99.1
<PAGE> 2
<TABLE>
<S> <C>
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO o DALLAS o LOS ANGELES ASSET-BACKED SECURITIES GROUP
NEW YORK o SAN FRANCISCO o WASHINGTON D.C. 245 Park Avenue
BEIJING o BUENOS AIRES o DUBLIN o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o LUGANO o PARIS o SHANGHAI o TOKYO (212) 272-2000; (212) 272-7294 fax
</TABLE>
FAX TRANSMITTAL: COMPUTATIONAL MATERIAL
[ADVANTA LOGO] HOME EQUITY LOAN TRUST 1998-B
- ------------------------------------------------------------------------
FAX TO: DATE: 9/23/98
COMPANY: # PAGES (incl. cover): 30
FAX NO: PHONE NO:
- ------------------------------------------------------------------------
FROM: PHONE NO:
- ------------------------------------------------------------------------
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES,
AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information," please refer to this
statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE> 3
[ADVANTA LOGO]
HOME EQUITY LOAN TRUST 1998-B
Computational Materials
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
EXPECTED
APPROXIMATE EXPECTED AVERAGE PRINCIPAL EXPECTED
OFFERED SIZE RATINGS LIFE (1) WINDOW (1) DAY FINAL LEGAL FINAL
SECURITIES ($ MILLIONS) (MOODY'S/S&P) (CALL / MAT) (CALL / MAT) COUNT MATURITY MATURITY
======================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
Class V-1 $60.00 Aaa/AAA 2.7/3.0 82/184 Act/360 1/25/14 tbd
- ----------------------------------------------------------------------------------------------------------------------
Class F-1 $40.00 Aaa/AAA 3.8/4.0 117/200 30/360 5/25/15 tbd
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The bonds will be priced to their respective 10% optional termination
dates ("call").
SPONSOR: Advanta Mortgage Conduit Services, Inc.
ORIGINATORS: Advanta National Bank, Advanta Finance Corp., and
Unaffiliated Originators.
INDENTURE TRUSTEE: Bankers Trust Company of California, N.A.
OWNER TRUSTEE: Wilmington Trust Company.
BOND INSURER: MBIA Insurance Corporation.
UNDERWRITER: Bear, Stearns & Co. Inc.
INITIAL CUT-OFF DATE: Close of Business, August 31, 1998.
CUT-OFF DATE: TBD by Advanta (assumed to be prior to Settlement).
EXPECTED PRICING DATE: [Tuesday September 22, 1998].
CLASS V-1 VARIABLE RATE
NOTES: The Trust will issue variable rate notes (the Class
V-1 Notes) in the aggregate principal balance of
$60,000,000, collateralized by the Group I Loans.
CLASS F-1 FIXED RATE NOTES: The Trust will issue fixed rate notes (the Class F-1
Notes) in the aggregate principal balance of
$40,000,000, collateralized by the Group II Loans.
EXPECTED SETTLEMENT
AND REGISTRATION: Tuesday, September 29, 1998 through DTC and
Euroclear or CEDEL.
DENOMINATIONS: The Notes will be offered for purchase in minimum
denominations of $25,000 and multiples of $1,000
in excess thereof.
PAYMENT DATES: The 25th of each month, beginning October [26],
1998.
INTEREST ACCRUAL PERIOD: Class V-1 Variable Rate Notes: from the prior
Payment Date through the day preceding the current
Payment Date (A/360 basis).
Class F-1 Fixed Rate Notes: from the calendar month
immediately preceding the month in which such
Payment Date occurs (30/360 basis).
REMITTANCE PERIOD: As to any Payment Date, the related Remittance
Period is the calendar month preceding the month of
such Payment Date.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 2 BEAR STEARNS
<PAGE> 4
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
GROUP I LOANS: A pool of adjustable rate home equity revolving line
loans made or to be made and conveyed to the Trust
(the Group I Loans) under certain home equity
revolving credit line loan agreements (the Credit
Line Agreements), [with a portion of or no more than
[15%] of such loans secured by liens on the
mortgaged properties in which the borrowers have
little or no equity (i.e. the related combined
loan-to-value ratios equal or exceed 100%)].
GROUP II LOANS: A pool of fixed rate home equity loans secured by
mortgages, deeds of trust or other security
instruments, the proceeds of which were used to
finance property improvements, for debt
consolidation, and/or a combination of home
improvements, debt consolidation and other consumer
purposes (the Group II Loans), with substantially
all of such loans secured by liens on the mortgaged
properties in which the borrowers have little or no
equity (i.e. the related combined loan-to-value
ratios equal or exceed 100%).
RECORD DATE: For the Class V-1 Notes: With respect to any Payment
Date, the business day immediately preceding the
Payment Date.
For the Class F-1 Notes: With respect to any Payment
Date, the last business day of the calendar month
immediately preceding the calendar month in which
such Payment Date occurs.
OPTIONAL REDEMPTION DATES: For Class V-1 Notes: On or after the Payment Date
when the Class V-1 Principal Balance is equal to or
less than $6,000,000 (i.e. 10% of the Original
Principal Balance of the Class V-1 Notes).
For Class F-1 Notes: On or after the Payment Date
when the Group II Loan Balance is equal to or less
than 10% of the Original Group II Loan Balance.
STEP-UP COUPON: For Payment Dates occurring after the respective 10%
Optional Redemption Dates, the spread to LIBOR on
the Class V-1 Notes will double and the coupon on
the Class F-1 Notes will increase by [0.50%].
PRICING PREPAYMENT SPEED: Group I Loans: 30% CPR, 5% Constant Draw Rate.
Group II Loans: 100% of the prepayment assumption
("PPC") will be applied for pricing purposes. 100%
PPC describes prepayments starting at 0.0% CPR in
month 1, increasing by 1.17647% CPR per month to 20%
CPR in month 18, and remaining at 20% CPR
thereafter.
SERVICING FEES: Group I Loans: [0.50]% per annum (the Group I
Servicing Fee Rate) on the aggregate principal
balances of the Group I Loans
Group II Loans: [0.75]% per annum (the Group II
Servicing Fee Rate) on the aggregate principal
balances of the Group II Loans, each as of the first
day of the Remittance Period.
TAX STATUS: The Class V-1 Notes and Class F-1 Notes will be
characterized as debt.
ERISA ELIGIBILITY: The Class V-1 Notes and the Class F-1 Notes are
ERISA eligible.
SMMEA ELIGIBILITY: The offered securities will NOT be SMMEA eligible.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 3 BEAR STEARNS
<PAGE> 5
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
GROUP I SUBSEQUENT DRAWS Any additional balances arising as a result of
future borrowings (Draws) under the Credit Line
Agreements by Mortgagors subsequent to the related
Cut-off Date will automatically be assigned to the
trust, and will result in an immediate corresponding
increase in the Originator's Group I Interest.
OVERCOLLATERALIZATION: The Insurer will require that Overcollateralization
Amounts be maintained at a certain specified levels,
the Specified Overcollateralization Amounts. For the
Group I Loans and the Group II Loans, there will be
separate overcollateralization provisions.
The Insurer may permit the Specified
Overcollateralization Amount to decrease or
"step-down:" over time, subject to certain floors
and triggers. For each collateral pool, if the
trigger(s) are hit, the target overcollateralization
increases.
The Group I or Group II Overcollateralization Step
Down means the later to occur of:
1) The Payment Date in [October 2001], (i.e. the
[37th] Payment Date); and
2) The first Payment Date on which the Group I or
Group II Overcollateralization Amount is greater
than or equal to the Group I or Group II
Specified Overcollateralization Amount.
GROUP I NET FUNDS CAP RATE: The Class V-1 Note Interest Rate for an Interest
Accrual Period will generally equal the lesser of:
(i) (x) with respect to any Payment Date which
occurs on or prior to the Optional Redemption
Date, the sum of (a) the London interbank
offered rate for one-month Eurodollar
deposits appearing on Telerate Screen Page
3750 (LIBOR) as of the second LIBOR Business
Day prior to the first day of such Interest
Accrual Period (or as of two LIBOR Business
Days prior to the Closing Date, in the case
of the first Interest Accrual Period) and (b)
[__]% and (y) for any Payment Date
thereafter, the sum of (a) LIBOR and (b) [2x
the pricing spread]% (the rate described in
the clause (i), the Class V-1 Note Formula
Rate) and
(ii) (x) the fraction, expressed as an annual
percentage rate, equal to twelve times the
interest due on the Group I Loans during the
prior Remittance Period, minus the amount of
Prepayment Interest Shortfalls and Relief Act
Shortfalls for the related Remittance Period
(net of the Group I Servicing Fee, the fee
payable to the Indenture Trustee (the Group I
Indenture Trustee Fee), the fee payable to
the Owner Trustee (the Group I Owner Trustee
Fee) and the Group I premium payable to the
Insurer (the Group I Premium Amount)) divided
by the Group I Collateral Value immediately
prior to the related Payment Date, less (y)
commencing on the 10(th) Payment Date,
[0.50]% (the rate described in this clause
(ii) the Group I Net Funds Cap Rate).
GROUP I NET FUNDS CAP
CARRY FORWARD: For any Payment Date, if the Group I Net Funds Cap
Rate is less than the Class V-1 Note Formula Rate,
such interest shortfall plus accrued interest
thereon at the Class V-1 Note Formula Rate will be
carried forward and due on future Payment Dates,
with such shortfall amounts plus accrued interest
NOT being covered by the MBIA Policy.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 4 BEAR STEARNS
<PAGE> 6
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
SCHEDULED PRINCIPAL
PAYMENTS FOR CLASS V-1
NOTES: The term of the Class V-1 Notes has been divided
into two periods, the Managed Amortization Period
and the Rapid Amortization Period. The Managed
Amortization Period commences on [October 26, 1998]
(the Initial Payment Date) and ending the earlier to
occur of (x) the [October 2001] Payment Date and (y)
the Payment Date which immediately precedes the
occurrence of a Rapid Amortization Event. The Rapid
Amortization Period is the period which follows the
end of a Managed Amortization Period.
On each payment date, the holders of the Class V-1
Notes will be entitled to receive the Group I
Scheduled Principal Distribution Amount for such
payment date.
On any Payment Date during the Managed Amortization
Period, the Scheduled Principal Distribution Amount
shall equal the excess (but in no event less than
zero) of (x) the lesser of (i) the Maximum Principal
Payment and (ii) the Net Principal Collections over
(y) the Overcollateralization Release Amount for
Group I, if any, with respect to such Payment Date.
With respect to any Payment Date, the Maximum
Principal Amount will equal [98]% (the Fixed
Allocation Percentage) of the Principal Collections
relating to such Payment Date. With respect to any
Payment Date, the Net Principal Collections is the
excess of (x) Principal Collections for Group I with
respect to the related Remittance Period over (y)
the aggregate principal amount of Additional
Balances arising during such related Remittance
Period, provided, that in no event will Net
Principal Collections be less than zero with respect
to any Payment Date. The aggregate distributions of
principal to the holders of the Class V-1 Notes will
not exceed the Original Class V-1 Note Principal
Balance.
On any Payment Date during the Rapid Amortization
Period, the Scheduled Principal Distribution Amount
shall equal the excess of (x) the Maximum Principal
Amount over (y) the Overcollateralization Release
Amount for Group I, if any, with respect to such
Payment Date.
As of any Payment Date, the Step-Down Amount is the
lesser of (x) the Maximum Step-Down Amount for such
Payment Date and (y) the Maximum Principal Payment
or Net Principal Collections, as applicable, on such
Payment Date. As of any Payment Date, the Maximum
Step-Down Amount is the lesser of (i) the aggregate,
cumulative amount of Group I or Group II
Overcollateralization Amounts for such current and
all prior Payment Dates for their respective Group
over (ii) the aggregate cumulative amounts of all
payments made with respect to Step-Down Amounts for
all prior dates; provided, that for any Payment Date
on which the Specified Group I or Group II
Overcollateralization Amount exceeds the Group I or
Group II Overcollateralization Amount, the Step-Down
Amount for such Group will be reduced (but not below
zero) by the amount of any such excess.
SCHEDULED PRINCIPAL
PAYMENTS FOR CLASS
F-1 NOTES: The Group II Principal Distribution Amount will
equal the Group II Principal Collections plus Group
II excess spread applied as principal payments to
meet the various Group II overcollateralization
requirements.
On each payment date, the holders of the Class F-1
Notes will be entitled to receive the Group II
Principal Distribution Amount for such payment date.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 5 BEAR STEARNS
<PAGE> 7
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
ACCELERATED PRINCIPAL
PAYMENTS: The holders of the Class V-1 Notes and Class F-1
Notes may receive a payment of Excess Cashflow on
any Payment Date, as a payment of principal (any
such payment, an Accelerated Principal Payment), for
the purpose of increasing the Overcollateralization
Amount applicable to such Payment Date for such Loan
Group.
CASH FLOW WATERFALL: With respect the Group I and to the extent funds are
on deposit in the Certificate Account, the Indenture
Trustee shall make the following allocations,
disbursements and transfers in the following order
of priority:
1) Any Group I fees due to the Indenture Trustee
and Owner Trustee;
2) Group I Premium Amount payable to the Insurer;
3) Group I Note Interest Distribution Amount;
4) Group I Overcollateralization Deficit Amount as
a distribution of principal;
5) Group I Note Scheduled Principal Distribution
Amount;
6) Insurer Group I Reimbursement Amount
7) Group I Excess Cashflow Amount as Accelerated
Group I Principal Payment in satisfaction of
Group I overcollateralization requirements;
8) Reimbursement to Master Servicer for Servicer
Advances;
9) Class V-1 Notes Net Funds Cap Carryforward
Amount then due;
10) Group I Excess Cashflow Amount to Group II,
for cross collateralization purposes, i.e. for
the Group II Overcollateralization Deficit
Amount if required, and to the payment of
current interest as may be required for Class
F-1 Notes;
11) Any amount remaining to the
Certificateholders (who is initially the
Originator).
With respect the Group II and to the extent funds
are on deposit in the Certificate Account, the
Indenture Trustee shall make the following
allocations, disbursements and transfers in the
following order of priority:
1) Any Group II fees due to the Indenture
Trustee and Owner Trustee;
2) Group II Premium Amount payable to the Insurer;
3) Group II Note Interest Distribution Amount;
4) Group II Overcollateralization Deficit Amount
as a distribution of principal;
5) Group II Note Principal Distribution Amount;
6) Insurer Group II Reimbursement Amount
7) Group II Excess Cashflow Amount as Accelerated
Group II Principal Payment in satisfaction of
Group II overcollateralization requirements;
8) Group II Excess Cashflow Amount to Group I, for
cross collateralization purposes, i.e. for the
Group I Overcollateralization Deficit Amount if
required, and to the payment of current
interest as may be required for Class V-1
Notes;
9) Any amount remaining to the Certificateholders
(who is initially the Originator).
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 6 BEAR STEARNS
<PAGE> 8
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
AVERAGE LIFE SENSITIVITY TABLES
CLASS V-1
<TABLE>
<CAPTION>
TO 10% CALL
% PREPAYMENT IN CPR
--------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CONSTANT DRAW RATE 10% 20% 25% 30% 35% 45%
- -----------------------------------------------------------------------------------
0% WAL in years 8.2 3.9 3.0 2.4 2.0 1.4
Expected Final in months 257 122 95 77 64 47
- -----------------------------------------------------------------------------------
10% WAL in years 10.8 5.0 3.9 3.1 2.5 1.7
Expected Final in months 264 139 109 88 73 53
- -----------------------------------------------------------------------------------
20% WAL in years 10.8 6.8 5.1 4.0 3.2 2.1
Expected Final in months 264 158 123 100 83 60
</TABLE>
<TABLE>
<CAPTION>
TO MATURITY
% PREPAYMENT IN CPR
--------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CONSTANT DRAW RATE 10% 20% 25% 30% 35% 45%
- -----------------------------------------------------------------------------------
0% WAL in years 8.2 4.3 3.3 2.7 2.2 1.6
Expected Final in months 264 264 222 179 148 107
- -----------------------------------------------------------------------------------
10% WAL in years 10.8 5.4 4.1 3.3 2.7 1.9
Expected Final in months 264 264 235 190 157 113
- -----------------------------------------------------------------------------------
20% WAL in years 10.8 7.2 5.4 4.2 3.4 2.3
Expected Final in months 264 264 250 202 167 121
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 7 BEAR STEARNS
<PAGE> 9
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
AVERAGE LIFE SENSITIVITY TABLES
CLASS F-1
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
Class F-1 (to 10% Call)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% PPC 0% 50% 75% 100% 125% 150%
- ----------------------------------------------------------------------------------------------------------
Average Life (years) 12.5 6.1 4.7 3.8 3.1 2.7
Modified Duration (years) 7.7 4.5 3.7 3.1 2.6 2.3
First Principal Payment 10/25/98 10/25/98 10/25/98 10/25/98 10/25/98 10/25/98 10/25/98
Last Principal Payment 03/25/21 04/25/13 09/25/10 06/25/08 09/25/06 06/25/05
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 270 175 144 117 96 81
Illustrative Yield @ Par (30/360) 6.49% 6.45% 6.43% 6.41% 6.38% 6.36%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class F-1 (to Maturity)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% PPC 0% 50% 75% 100% 125% 150%
- ----------------------------------------------------------------------------------------------------------
Average Life (years) 12.6 6.4 4.9 4.0 3.3 2.8
Modified Duration (years) 7.8 4.6 3.7 3.2 2.7 2.4
First Principal Payment 10/25/98 10/25/98 10/25/98 10/25/98 10/25/98 10/25/98 10/25/98
Last Principal Payment 05/25/23 03/25/21 02/25/18 05/25/15 10/25/12 12/25/10
Principal Lockout (months) 0 0 0 0 0 0
Principal Window (months) 296 270 233 200 169 147
Illustrative Yield @ Par (30/360) 6.49% 6.46% 6.45% 6.43% 6.41% 6.39%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 7 BEAR STEARNS
<PAGE> 10
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
DECREMENT TABLES
<TABLE>
<CAPTION>
CLASS V-1 TO 10% CALL
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CPR % 10% 20% 25% 30% 35% 40% 45%
DRAW % 5% 5% 5% 5% 5% 5% 5%
PAYMENT DATE
Initial % (9/29/98) 100% 100% 100% 100% 100% 100% 100%
9/25/99 93% 82% 77% 71% 66% 61% 55%
9/25/00 88% 69% 60% 52% 44% 37% 31%
9/25/01 83% 57% 47% 37% 29% 22% 16%
9/25/02 74% 45% 35% 27% 20% 14% 10%
9/25/03 66% 36% 26% 19% 13% 0% 0%
9/25/04 59% 29% 20% 13% 0% 0% 0%
9/25/05 53% 23% 15% 0% 0% 0% 0%
9/25/06 47% 19% 11% 0% 0% 0% 0%
9/25/07 43% 15% 0% 0% 0% 0% 0%
9/25/08 38% 12% 0% 0% 0% 0% 0%
9/25/09 35% 0% 0% 0% 0% 0% 0%
9/25/10 31% 0% 0% 0% 0% 0% 0%
9/25/11 28% 0% 0% 0% 0% 0% 0%
9/25/12 25% 0% 0% 0% 0% 0% 0%
9/25/13 23% 0% 0% 0% 0% 0% 0%
9/25/14 20% 0% 0% 0% 0% 0% 0%
9/25/15 18% 0% 0% 0% 0% 0% 0%
9/25/16 17% 0% 0% 0% 0% 0% 0%
9/25/17 15% 0% 0% 0% 0% 0% 0%
9/25/18 13% 0% 0% 0% 0% 0% 0%
9/25/19 12% 0% 0% 0% 0% 0% 0%
9/25/20 0% 0% 0% 0% 0% 0% 0%
9/25/21 0% 0% 0% 0% 0% 0% 0%
Weighted Average Life (in years) (1) 9.4 4.4 3.4 2.7 2.2 1.9 1.6
Weighted Average Life (in years) (2) 9.4 4.8 3.7 3.0 2.4 2.0 1.7
</TABLE>
(1) Assumes that optional termination (10% of Notes) is exercised on the first
possible Payment Date.
(2) Assumes that bonds pay to maturity.
(3) All percentages are rounded to the nearest 1%.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 9 BEAR STEARNS
<PAGE> 11
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
DECREMENT TABLES
<TABLE>
<CAPTION>
CLASS F-1 TO 10% CALL
------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PPC% 0% 50% 75% 100% 125% 150%
PAYMENT DATE
Initial % (9/29/98) 100% 100% 100% 100% 100% 100%
9/25/99 93% 88% 86% 83% 81% 79%
9/25/00 91% 77% 70% 64% 58% 52%
9/25/01 89% 67% 57% 48% 40% 32%
9/25/02 87% 58% 46% 37% 29% 23%
9/25/03 85% 49% 37% 29% 22% 16%
9/25/04 82% 42% 31% 22% 16% 11%
9/25/05 79% 36% 25% 17% 11% 0%
9/25/06 76% 31% 21% 13% 0% 0%
9/25/07 72% 27% 17% 10% 0% 0%
9/25/08 67% 23% 13% 0% 0% 0%
9/25/09 62% 19% 11% 0% 0% 0%
9/25/10 55% 16% 0% 0% 0% 0%
9/25/11 48% 13% 0% 0% 0% 0%
9/25/12 40% 10% 0% 0% 0% 0%
9/25/13 35% 0% 0% 0% 0% 0%
9/25/14 31% 0% 0% 0% 0% 0%
9/25/15 28% 0% 0% 0% 0% 0%
9/25/16 24% 0% 0% 0% 0% 0%
9/25/17 19% 0% 0% 0% 0% 0%
9/25/18 14% 0% 0% 0% 0% 0%
9/25/19 12% 0% 0% 0% 0% 0%
9/25/20 10% 0% 0% 0% 0% 0%
9/25/21 0% 0% 0% 0% 0% 0%
Weighted Average Life (in years) (1) 12.5 6.1 4.7 3.8 3.1 2.7
Weighted Average Life (in years) (2) 12.6 6.4 4.9 4.0 3.3 2.8
</TABLE>
(1) Assumes that optional termination (10% collateral) is exercised on the
first possible Distribution Date.
(2) Assumes that bonds pay to maturity at the indicated PPC%, with 100% PPC as
0% CPR in month 1, building to 20% CPR in month 18, and remaining constant
at 20% CPR thereafter.
(3) All percentages are rounded to the nearest 1%.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 10 BEAR STEARNS
<PAGE> 12
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
COLLATERAL SUMMARY FOR HELOC
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Total Minimum Maximum
-------------- ------- -----------
<S> <C> <C> <C>
TOTAL NUMBER OF LOANS: 1,950
TOTAL OUTSTANDING LOAN BALANCE: $58,128,809.86 $304.66 $285,000.00
AVERAGE LOAN PRINCIPAL BALANCE: $29,809.65
WA COUPON: 12.327% 8.50% 16.00%
WA GROSS MARGIN: 3.827% 0.00% 7.50%
WA GROSS LIFE CAP: 20.422% 16.00% 24.00%
WA GROSS LIFE FLOOR: 5.884% 2.00% 7.50%
WA REMAINING TERM TO MATURITY (MONTHS): 264 63 276
WA SEASONING (MONTHS): 2 0 23
WA ORIGINAL TERM (MONTHS): 267 86 276
LIEN POSITION:
First Lien 19.49%
Junior Lien 80.51%
WA CLTV: 88.90% 9.98% 125.00%
WA CREDIT UTILIZATION: 95.63% 1.70% 102.90%
PRODUCT TYPE:
36 month draw / 50 month repayment 2.01%
36 month draw / 240 month repayment 82.95%
60 month draw / 180 month repayment 15.05%
DOCUMENTATION:
Alternate 2.52%
Full 97.48%
PROPERTY TYPE: OCCUPANCY STATUS:
SF Detached/Deminimus PUD 94.98% Non-investor Owned (1) 99.40%
SF Rowhouse/Townhouse/Condo 2.25% Investor Owned 0.60%
Two to Four Family Homes 1.40% (1) Includes vacation and second homes.
Prefabricated Single Family 1.10%
Blanket Mortgages 0.27%
GEOGAPHIC DISTRIBUTION:
CA: 10.52% (states not listed individually account
NY: 9.62% for less than 5.00% of the Cut-off Pool
PN: 9.26% principal balance)
NJ: 5.64%
VA: 5.10%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 11 BEAR STEARNS
<PAGE> 13
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
PRINCIPAL BALANCES
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
RANGE OF PRINCIPAL BALANCES MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- --------------------------- -------------- ------- -----------------
<S> <C> <C> <C>
$0.01 - 25,000.00 915 $14,826,821.69 25.51%
25,000.01 - 50,000.00 891 31,144,634.22 53.58%
50,000.01 - 75,000.00 92 5,714,348.65 9.83%
75,000.01 - 100,000.00 21 1,817,010.76 3.13%
100,000.01 - 125,000.00 13 1,492,400.85 2.57%
125,000.01 - 150,000.00 8 1,102,172.71 1.90%
150,000.01 - 175,000.00 4 688,890.25 1.19%
175,000.01 - 200,000.00 2 395,862.23 0.68%
200,000.01 - 225,000.00 2 427,968.50 0.74%
225,000.01 - 250,000.00 1 233,700.00 0.40%
275,000.01 - 300,000.00 1 285,000.00 0.49%
----------------------------------------
Total 1,950 $58,128,809.86 100.00%
========================================
Minimum: $304.66
Maximum: $285,000.00
Weighted Average: $29,809.65
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 12 BEAR STEARNS
<PAGE> 14
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
STATE MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
----- -------------- ------- -----------------
<S> <C> <C> <C>
Arizona 72 $1,981,909.32 3.41%
California 166 6,117,154.39 10.52%
Colorado 37 1,222,412.14 2.10%
Connecticut 30 781,794.67 1.34%
Delaware 13 428,363.87 0.74%
Florida 71 2,149,075.46 3.70%
Georgia 61 1,495,102.07 2.57%
Idaho 4 79,449.66 0.14%
Illinois 49 1,367,763.18 2.35%
Indiana 57 1,452,691.69 2.50%
Kansas 22 576,594.83 0.99%
Kentucky 25 540,417.03 0.93%
Maryland 67 2,266,398.18 3.90%
Massachusetts 58 1,976,361.96 3.40%
Michigan 164 4,836,811.05 8.32%
Minnesota 24 505,995.88 0.87%
Missouri 50 1,330,715.62 2.29%
Nevada 39 1,123,498.13 1.93%
New Jersey 96 3,277,726.45 5.64%
New Mexico 2 45,333.85 0.08%
New York 166 5,593,571.98 9.62%
North Carolina 51 1,354,264.96 2.33%
Ohio 65 1,630,289.91 2.80%
Oklahoma 8 107,704.30 0.19%
Oregon 51 1,723,139.79 2.96%
Pennsylvania 190 5,380,345.19 9.26%
Tennessee 57 1,768,530.30 3.04%
Utah 36 957,157.06 1.65%
Virginia 107 2,966,207.28 5.10%
Washington 80 2,229,936.66 3.84%
Wisconsin 32 862,093.00 1.48%
-------------------------------------------------------------
Total 1,950 $58,128,809.86 100.00%
=============================================================
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 13 BEAR STEARNS
<PAGE> 15
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF COMBINED NUMBER OF INITIAL PRINCIPAL POOL BY
LOAN-TO-VALUE RATIO MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ------------------- -------------- ------- -----------------
<S> <C> <C> <C>
0.01 - 10.00% 1 $ 2,661.41 0.00%
10.01 - 20.00 3 130,500.00 0.22%
20.01 - 30.00 8 268,904.93 0.46%
30.01 - 40.00 25 781,848.35 1.35%
40.01 - 50.00 26 758,846.80 1.31%
50.01 - 60.00 51 1,829,974.68 3.15%
60.01 - 70.00 100 3,763,308.76 6.47%
70.01 - 80.00 187 7,091,672.42 12.20%
80.01 - 90.00 424 14,644,125.86 25.19%
90.01 - 100.00 906 21,575,527.80 37.12%
100.01 - 110.00 41 1,315,659.48 2.26%
110.01 - 120.00 73 2,507,961.12 4.31%
120.01 - 130.00 105 3,457,818.25 5.95%
-------------------------------------------------------
TOTAL 1,950 $58,128,809.86 100.00%
=======================================================
Minimum: 9.98%
Maximum: 125.00%
Weighted Average: 88.90%
</TABLE>
<TABLE>
<CAPTION>
PROPERTY TYPE
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
PROPERTY TYPE MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ------------- -------------- ------- -----------------
<S> <C> <C> <C>
SF Detached/Deminimus PUD 1,836 $55,212,238.75 94.98%
SF Rowhouse/Townhouse/Condo 60 1,307,939.83 2.25%
Two to Four Family Homes 28 810,771.41 1.40%
Prefabricated Single Family 24 636,818.07 1.10%
Blanket Mortgages 2 161,041.80 0.27%
-------------------------------------------------------
1,950 $58,128,809.86 100.00%
=======================================================
</TABLE>
<TABLE>
<CAPTION>
LIEN PRIORITY
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
LIEN PRIORITY MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
------------- -------------- ------- -----------------
<S> <C> <C> <C>
First Lien 198 $11,327,725.19 19.49%
Junior Lien 1,752 46,801,084.67 80.51%
-------------------------------------------------------
TOTAL 1,950 $58,128,809.86 100.00%
=======================================================
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 14 BEAR STEARNS
<PAGE> 16
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
LOAN RATES
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
RANGE OF LOAN RATES MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ------------------- -------------- ------- -----------------
<S> <C> <C> <C>
8.001 - 8.500% 7 $ 827,900.00 1.42%
8.501 - 9.000 20 1,699,208.04 2.92%
9.001 - 9.500 27 1,989,398.20 3.42%
9.501 - 10.000 94 3,745,373.18 6.44%
10.001 - 10.500 97 3,565,005.02 6.13%
10.501 - 11.000 88 3,624,524.55 6.24%
11.001 - 11.500 142 4,034,199.73 6.94%
11.501 - 12.000 163 5,125,133.55 8.82%
12.001 - 12.500 257 7,406,062.74 12.74%
12.501 - 13.000 148 3,914,542.15 6.73%
13.001 - 13.500 280 7,726,737.34 13.29%
13.501 - 14.000 255 5,822,007.12 10.02%
14.001 - 14.500 293 6,817,801.38 11.73%
14.501 - 15.000 61 1,497,837.30 2.58%
15.001 - 15.500 15 268,313.05 0.46%
15.501 - 16.000 3 64,766.51 0.11%
-------------------------------------------------------
TOTAL 1,950 $58,128,809.86 100.00%
=======================================================
Minimum: 8.500%
Maximum: 16.000%
Weighted Average: 12.327%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 15 BEAR STEARNS
<PAGE> 17
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
<TABLE>
<CAPTION>
CREDIT LIMITS
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
RANGE OF CREDIT LIMITS MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ---------------------- -------------- ------- -----------------
<S> <C> <C> <C>
$0.01 - 25,000.00 856 $13,843,318.43 23.81%
25,000.01 - 50,000.00 937 31,658,131.96 54.46%
50,000.01 - 75,000.00 101 5,982,460.17 10.29%
75,000.01 - 100,000.00 24 1,995,039.61 3.43%
100,000.01 - 125,000.00 14 1,516,266.00 2.61%
125,000.01 - 150,000.00 8 1,102,172.71 1.90%
150,000.01 - 175,000.00 2 339,000.00 0.58%
175,000.01 - 200,000.00 3 570,862.23 0.98%
200,000.01 - 225,000.00 3 602,858.75 1.04%
225,000.01 - 250,000.00 1 233,700.00 0.40%
275,000.01 - 300,000.00 1 285,000.00 0.49%
------------------------------------------------------------
TOTAL 1,950 $58,128,809.86 100.00%
============================================================
Minimum: $7,741.00
Maximum: $285,000.00
Weighted Average: $46,623.28
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 16 BEAR STEARNS
<PAGE> 18
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
MAXIMUM MORTGAGE RATES
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
RANGE OF MORTGAGE RATES MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ----------------------- -------------- ------- -----------------
<S> <C> <C> <C>
15.501 - 16.000% 3 $ 37,696.42 0.06%
16.001 - 16.500 7 827,900.00 1.42%
16.501 - 17.000 20 1,699,208.04 2.92%
17.001 - 17.500 27 2,023,606.63 3.48%
17.501 - 18.000 108 4,016,917.18 6.91%
18.001 - 18.500 60 2,136,417.61 3.68%
18.501 - 19.000 84 3,460,150.66 5.95%
19.001 - 19.500 143 4,032,943.56 6.94%
19.501 - 20.000 121 3,804,413.60 6.54%
20.001 - 20.500 164 5,403,903.83 9.30%
20.501 - 21.000 142 3,588,167.59 6.17%
21.001 - 21.500 621 16,321,762.35 28.08%
21.501 - 22.000 88 2,268,290.47 3.90%
22.001 - 22.500 284 6,697,321.94 11.52%
22.501 - 23.000 60 1,477,030.42 2.54%
23.001 - 23.500 16 281,813.05 0.48%
23.501 - 24.000 2 51,266.51 0.09%
-----------------------------------------------------------
TOTAL 1,950 $58,128,809.86 100.00%
===========================================================
Minimum: 16.000%
Maximum: 24.000%
Weighted Average: 20.422%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 17 BEAR STEARNS
<PAGE> 19
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
MARGIN
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
RANGE OF MAGINS MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- --------------- -------------- ------- -----------------
<S> <C> <C> <C>
No Margin 7 $ 827,900.00 1.42%
0.001 - 0.500% 20 1,699,208.04 2.92%
0.501 - 1.000 27 1,989,398.20 3.42%
1.001 - 1.500 94 3,745,373.18 6.44%
1.501 - 2.000 97 3,565,005.02 6.13%
2.001 - 2.500 88 3,624,524.55 6.24%
2.501 - 3.000 142 4,034,199.73 6.94%
3.001 - 3.500 163 5,125,133.55 8.82%
3.501 - 4.000 257 7,406,062.74 12.74%
4.001 - 4.500 148 3,914,542.15 6.73%
4.501 - 5.000 280 7,726,737.34 13.29%
5.001 - 5.500 255 5,822,007.12 10.02%
5.501 - 6.000 293 6,817,801.38 11.73%
6.001 - 6.500 61 1,497,837.30 2.58%
6.501 - 7.000 15 268,313.05 0.46%
7.001 - 7.500 3 64,766.51 0.11%
-------------------------------------------------------------------
TOTAL 1,950 $58,128,809.86 100.00%
===================================================================
Minimum: 0.000%
Maximum: 7.500%
Weighted Average: 3.827%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 18 BEAR STEARNS
<PAGE> 20
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
CREDIT LIMIT UTILIZATION RATE
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF CREDIT LIMIT NUMBER OF INITIAL PRINCIPAL POOL BY
UTILIZATION RATE MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
---------------- -------------- ------- -----------------
<S> <C> <C> <C>
0.001 - 10.000% 18 $ 19,485.95 0.03%
10.001 - 20.000 11 50,204.93 0.09%
20.001 - 30.000 12 77,362.18 0.13%
30.001 - 40.000 11 104,879.10 0.18%
40.001 - 50.000 25 329,824.81 0.57%
50.001 - 60.000 22 280,470.19 0.48%
60.001 - 70.000 36 576,291.12 0.99%
70.001 - 80.000 36 794,706.19 1.37%
80.001 - 90.000 57 1,671,933.30 2.88%
90.001 - 100.000 1,691 53,061,287.38 91.28%
100.001 - 110.000 31 1,162,364.71 2.00%
-------------------------------------------------------------------
TOTAL 1,950 $58,128,809.86 100.00%
===================================================================
Minimum: 1.70%
Maximum: 102.90%
Weighted Average: 95.63%
</TABLE>
MONTHS REMAINING TO SCHEDULED MATURITY
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF MONTHS REMAINING NUMBER OF INITIAL PRINCIPAL POOL BY
TO SCHEDULED MATURITY MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
--------------------- -------------- ------- -----------------
<S> <C> <C> <C>
61 - 66 1 $ 54,255.22 0.09%
67 - 72 1 19,267.24 0.03%
73 - 78 19 626,925.49 1.08%
79 - 84 11 251,965.38 0.43%
85 - 90 6 213,699.05 0.37%
229 - 234 21 723,542.00 1.24%
235 - 240 346 8,024,126.23 13.80%
253 - 258 48 1,496,684.45 2.57%
259 - 264 3 9,460.41 0.02%
265 - 270 5 8,467.53 0.01%
271 - 276 1,489 46,700,416.86 80.34%
--------------------------------------------------------------
TOTAL 1,950 $58,128,809.86 100.00%
==============================================================
Minimum: 63
Maximum: 276
Weighted Average: 264
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 19 BEAR STEARNS
<PAGE> 21
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
ORIGINATION YEAR
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
ORIGINATION YEAR MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ---------------- -------------- ------- -----------------
<S> <C> <C> <C>
1996 49 $ 1,550,939.67 2.67%
1997 32 956,614.65 1.65%
1998 1,869 55,621,255.54 95.69%
--------------------------------------------------------------------
TOTAL 1,950 $ 58,128,809.86 100.00%
====================================================================
</TABLE>
OCCUPANCY STATUS
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
OCCUPANCY STATUS MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
---------------- -------------- ------- -----------------
<S> <C> <C> <C>
Non-investor Owned (1) 1,941 $ 57,781,817.75 99.40%
Investor Owned 9 346,992.11 0.60%
-----------------------------------------------------------------------
Total 1,950 $ 58,128,809.86 100.00%
=======================================================================
</TABLE>
(1) Includes vacation and second homes.
DISTRIBUTION OF SEASONING
<TABLE>
<CAPTION>
PERCENTAGE OF
MONTHS ELAPSED NUMBER OF INITIAL PRINCIPAL POOL BY
SINCE ORIGINATION MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ----------------- -------------- ------- -----------------
<S> <C> <C> <C>
0 145 $ 5,298,660.56 9.12%
1 - 6 1,714 50,115,718.51 86.21%
7 - 12 38 994,949.32 1.71%
13 - 18 4 168,541.80 0.29%
19 - 24 49 1,550,939.67 2.67%
----------------------------------------------------------------
TOTAL 1,950 $58,128,809.86 100.00%
================================================================
Minimum: 0
Maximum: 23
Weighted Average: 2
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 20 BEAR STEARNS
<PAGE> 22
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HELOC POOL
DELINQUENCY STATUS
<TABLE>
<CAPTION>
NUMBER OF INITIAL PRINCIPAL POOL BY
NUMBER OF DAYS DELINQUENT MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ------------------------- -------------- ------- -----------------
<S> <C> <C> <C>
Current 1,919 $57,240,116.25 98.47%
1-29 days 31 888,693.61 1.53%
30-59 days 0 0.00 0.00%
---------------------------------------------------------------
TOTAL 1,950 $58,128,809.86 100.00%
===============================================================
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 21 BEAR STEARNS
<PAGE> 23
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HLTV POOL
COLLATERAL SUMMARY FOR HLTV
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
TOTAL MINIMUM MAXIMUM
----- ------- -------
<S> <C> <C> <C>
TOTAL NUMBER OF LOANS: 975
TOTAL OUTSTANDING LOAN BALANCE: $35,705,951.76 $9,936.76 $99,916.38
AVERAGE LOAN PRINCIPAL BALANCE: $36,621.49
WA COUPON: 14.15% 10.73% 19.25%
WA REMAINING TERM TO MATURITY (MONTHS): 235 84 300
WA SEASONING (MONTHS): 2 0 9
WA ORIGINAL TERM (MONTHS): 238 84 300
LIEN POSITION:
First Lien 0.00%
Junior Lien 100.00%
WA CLTV: 117.16% 64.09% 125.00%
WA DEBT-TO-INCOME: 41.23% 15.50% 64.20%
FICO SCORE: 680 601 800
PRODUCT TYPE:
CLOSED-END FIXED RATE FULLY AMORTIZING HLTV LOAN 100.00%
LOAN PURPOSE
Debt Consolidation 89.08%
Refinance/Cash-out 4.28%
Home Improvement 3.31%
Refinance (Rate/Term) 2.45%
Personal Expense 0.78%
Business Purpose 0.06%
Personal Savings 0.04%
DOCUMENTATION:
Alternate 0.00%
Full 100.00%
PROPERTY TYPE: OCCUPANCY STATUS:
SF Detached/Deminimus PUD 92.28% Non-investor Owned (1) 100.00%
SF Rowhouse/Townhouse/Condo 7.45% Investor Owned 0.00%
Two to Four Family Homes 0.27% (1) Includes vacation and second homes.
GEOGAPHIC DISTRIBUTION:
CA: 17.82% (states not listed individually account
MD: 12.11% for less than 5.00% of the Cut-off Pool
VA: 10.61% principal balance)
OH: 9.35%
MO: 6.70%
FL: 6.35%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 22 BEAR STEARNS
<PAGE> 24
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HLTV POOL
PRINCIPAL BALANCES
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF NUMBER OF INITIAL PRINCIPAL POOL BY
PRINCIPAL BALANCES MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
------------------ -------------- ------- -----------------
<S> <C> <C> <C>
$5,000.01 - 10,000.00 3 $ 29,897.01 0.08%
10,000.01 - 15,000.00 21 305,902.23 0.86%
15,000.01 - 20,000.00 75 1,391,451.96 3.90%
20,000.01 - 25,000.00 124 2,911,492.16 8.15%
25,000.01 - 30,000.00 138 3,904,273.38 10.93%
30,000.01 - 35,000.00 183 6,195,435.29 17.35%
35,000.01 - 40,000.00 94 3,600,246.44 10.08%
40,000.01 - 45,000.00 95 4,114,424.45 11.52%
45,000.01 - 50,000.00 151 7,422,603.20 20.79%
50,000.01 - 55,000.00 31 1,679,476.50 4.70%
55,000.01 - 60,000.00 18 1,051,987.87 2.95%
60,000.01 - 65,000.00 13 820,174.26 2.30%
65,000.01 - 70,000.00 7 482,228.47 1.35%
70,000.01 - 75,000.00 15 1,118,006.93 3.13%
75,000.01 - 80,000.00 1 79,684.87 0.22%
95,000.01 - 100,000.00 6 598,666.74 1.68%
---------------------------------------------------------------
TOTAL 975 $ 35,705,951.76 100.00%
===============================================================
Minimum: $9,936.76
Maximum: $99,916.38
Weighted Average: $36,621.49
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 23 BEAR STEARNS
<PAGE> 25
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HLTV POOL
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
STATE MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
----- -------------- ------- -----------------
<S> <C> <C> <C>
Arizona 13 $ 440,054.83 1.23%
Arkansas 14 463,898.63 1.30%
California 155 6,362,223.99 17.82%
Colorado 25 826,078.57 2.31%
Connecticut 14 482,523.59 1.35%
Delaware 7 307,080.82 0.86%
Florida 58 2,268,154.23 6.35%
Georgia 10 433,799.44 1.21%
Hawaii 1 24,771.30 0.07%
Idaho 11 403,137.13 1.13%
Illinois 17 498,980.57 1.40%
Indiana 10 334,439.75 0.94%
Iowa 6 180,500.73 0.51%
Kansas 23 736,483.01 2.06%
Kentucky 21 774,251.36 2.17%
Louisiana 7 254,855.09 0.71%
Maine 3 139,347.88 0.39%
Maryland 115 4,322,905.95 12.11%
Michigan 3 108,750.91 0.30%
Minnesota 3 107,024.22 0.30%
Mississippi 2 44,988.71 0.13%
Missouri 74 2,392,252.89 6.70%
Montana 1 41,928.96 0.12%
Nebraska 5 166,619.89 0.47%
Nevada 27 1,091,100.73 3.06%
New Mexico 17 607,995.81 1.70%
North Carolina 22 797,141.38 2.23%
Ohio 94 3,337,732.07 9.35%
Oklahoma 10 273,983.66 0.77%
Oregon 7 345,966.97 0.97%
Pennsylvania 17 517,784.12 1.45%
South Carolina 9 265,506.53 0.74%
South Dakota 1 30,976.14 0.09%
Tennessee 19 665,129.89 1.86%
Utah 23 841,997.96 2.36%
Virginia 103 3,788,802.94 10.61%
Washington 28 1,026,781.11 2.88%
-----------------------------------------------------------------
TOTAL 975 $ 35,705,951.76 100.00%
=================================================================
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 24 BEAR STEARNS
<PAGE> 26
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HLTV POOL
COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF COMBINED NUMBER OF INITIAL PRINCIPAL POOL BY
LOAN-TO-VALUE RATIO MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ------------------- -------------- ------- -----------------
<S> <C> <C> <C>
60.01 - 70.00% 1 $ 15,949.40 0.04%
70.01 - 80.00 2 40,219.58 0.11%
80.01 - 90.00 1 24,771.30 0.07%
90.01 - 100.00 38 1,376,798.33 3.86%
100.01 - 110.00 151 5,047,881.99 14.14%
110.01 - 120.00 329 11,933,530.69 33.42%
120.01 - 125.00 453 17,266,800.47 48.36%
-----------------------------------------------------------------
TOTAL 975 $35,705,951.76 100.00%
=================================================================
Minimum: 64.09%
Maximum: 125.00%
Weighted Average: 117.16%
</TABLE>
PROPERTY TYPE
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
PROPERTY TYPE MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
------------- -------------- ------- -----------------
<S> <C> <C> <C>
SF Detached/Deminimus PUD 899 $ 32,950,931.00 92.28%
SF Rowhouse/Townhouse/Condo 74 2,657,878.83 7.45%
Two to Four Family Homes 2 97,141.93 0.27%
------------------------------------------------------------------
TOTAL 975 $ 35,705,951.76 100.00%
==================================================================
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 25 BEAR STEARNS
<PAGE> 27
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HLTV POOL
LOAN RATES
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
RANGE OF LOAN RATES MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ------------------- -------------- ------- -----------------
<S> <C> <C> <C>
10.001 - 11.000% 2 $ 39,718.83 0.11%
11.001 - 12.000 39 1,518,768.69 4.25%
12.001 - 13.000 190 7,705,499.76 21.58%
13.001 - 14.000 245 9,164,481.05 25.67%
14.001 - 15.000 248 9,033,352.86 25.30%
15.001 - 16.000 156 5,330,454.19 14.93%
16.001 - 17.000 72 2,174,272.73 6.09%
17.001 - 18.000 14 460,880.52 1.29%
18.001 - 19.000 4 121,875.93 0.34%
19.001 - 20.000 5 156,647.20 0.44%
----------------------------------------------------------------
TOTAL 975 $ 35,705,951.76 100.00%
================================================================
Minimum: 10.73%
Maximum: 19.25%
Weighted Average: 14.15%
</TABLE>
MONTHS REMAINING TO SCHEDULED MATURITY
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF MONTHS REMAINING NUMBER OF INITIAL PRINCIPAL POOL BY
TO SCHEDULED MATURITY MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
--------------------- -------------- ------- -----------------
<S> <C> <C> <C>
73 - 84 1 $ 16,863.04 0.05%
85 - 96 1 12,492.55 0.03%
109 - 120 16 412,302.72 1.15%
169 - 180 382 12,740,630.82 35.68%
229 - 240 279 10,345,481.68 28.97%
289 - 300 296 12,178,180.95 34.11%
----------------------------------------------------------------
TOTAL $ 975 35,705,951.76 100.00%
================================================================
Minimum: 84
Maximum: 300
Weighted Average: 235
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 26 BEAR STEARNS
<PAGE> 28
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HLTV POOL
OCCUPANCY STATUS
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
OCCUPANCY STATUS MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
---------------- -------------- ------- -----------------
<S> <C> <C> <C>
Non-investor Owned (1) 975 $35,705,951.76 100.00%
Investor Owned 0 0.00 0.00%
---------------------------------------------------------------
TOTAL 975 $35,705,951.76 100.00%
===============================================================
</TABLE>
(1) Includes vacation and second homes.
DISTRIBUTION OF SEASONING
<TABLE>
<CAPTION>
PERCENTAGE OF
MONTHS ELAPSED NUMBER OF INITIAL PRINCIPAL POOL BY
SINCE ORIGINATION MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ----------------- -------------- ------- -----------------
<S> <C> <C> <C>
0 - 3 769 $ 27,880,195.27 78.08%
4 - 6 200 7,663,448.30 21.46%
7 - 12 6 162,308.19 0.46%
---------------------------------------------------------------
TOTAL 975 $ 35,705,951.76 100.00%
===============================================================
Minimum: 0
Maximum: 9
Weighted Average: 2
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 27 BEAR STEARNS
<PAGE> 29
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HLTV POOL
FICO
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
RANGE OF FICO SCORES MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- -------------------- -------------- ------- -----------------
<S> <C> <C> <C>
601 - 619 18 $ 571,125.60 1.60%
620 - 639 102 3,280,899.86 9.19%
640 - 659 194 6,717,164.63 18.81%
660 - 679 225 8,495,594.72 23.79%
680 - 699 168 6,340,969.39 17.76%
700 - 719 130 5,140,069.47 14.40%
720 - 739 83 2,968,015.94 8.31%
740 - 759 38 1,520,331.99 4.26%
760 - 779 12 444,266.77 1.24%
780 - 799 4 199,085.84 0.56%
800 1 28,427.55 0.08%
---------------------------------------------------------------
TOTAL 975 $35,705,951.76 100.00%
===============================================================
Minimum: 601
Maximum: 800
Weighted Average: 680
</TABLE>
DEBT TO INCOME
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
RANGE OF DEBT-TO-INCOME RATIO MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ----------------------------- -------------- ------- -----------------
<S> <C> <C> <C>
15.01 - 20.00% 6 $ 193,421.10 0.54%
20.01 - 25.00 18 666,956.26 1.87%
25.01 - 30.00 65 2,043,826.08 5.72%
30.01 - 35.00 123 4,259,320.25 11.93%
35.01 - 40.00 196 7,079,464.64 19.83%
40.01 - 45.00 264 9,447,886.81 26.46%
45.01 - 50.00 283 11,159,424.24 31.25%
50.01 - 55.00 13 588,247.54 1.65%
55.01 - 60.00 5 212,866.30 0.60%
60.01 - 65.00 2 54,538.54 0.15%
--------------------------------------------------------------
TOTAL 975 $35,705,951.76 100.00%
==============================================================
Minimum: 15.50%
Maximum: 64.20%
Weighted Average: 41.23%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 28 BEAR STEARNS
<PAGE> 30
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HLTV POOL
LOAN PURPOSE
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
LOAN PURPOSE TYPES MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
------------------ -------------- ------- -----------------
<S> <C> <C> <C>
Debt Consolidation 867 $ 31,806,102.70 89.08%
Refinance (Cash Out) 40 1,529,494.28 4.28%
Home Improvement 33 1,180,971.19 3.31%
Refinance (Rate/Term) 26 875,141.88 2.45%
Personal Expense 7 278,359.10 0.78%
Business Purpose 1 21,536.96 0.06%
Personal Savings 1 14,345.65 0.04%
----------------------------------------------------------------
TOTAL 975 $ 35,705,951.76 100.00%
================================================================
</TABLE>
DELINQUENCY STATUS
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
NUMBER OF DAYS DELINQUENT MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ------------------------- -------------- ------- -----------------
<S> <C> <C> <C>
Current 921 $ 33,868,127.77 94.85%
1-29 days 54 1,837,823.99 5.15%
30-59 days 0 0.00 0.00%
------------------------------------------------------------------
TOTAL 975 $ 35,705,951.76 100.00%
==================================================================
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 29 BEAR STEARNS
<PAGE> 31
ADVANTA HOME EQUITY LOAN TRUST 1998-B
Computational Materials
COLLATERAL TABLES: HLTV POOL
ORIGINAL BALANCE
<TABLE>
<CAPTION>
PERCENTAGE OF
NUMBER OF INITIAL PRINCIPAL POOL BY
RANGE OF ORIGINAL BALANCES MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- -------------------------- -------------- ------- -----------------
<S> <C> <C> <C>
$5,000.01 - 10,000.00 3 $ 29,897.01 0.08%
10,000.01 - 15,000.00 21 305,902.23 0.86%
15,000.01 - 20,000.00 75 1,391,451.96 3.90%
20,000.01 - 25,000.00 124 2,911,492.16 8.15%
25,000.01 - 30,000.00 138 3,904,273.38 10.93%
30,000.01 - 35,000.00 183 6,195,435.29 17.35%
35,000.01 - 40,000.00 94 3,600,246.44 10.08%
40,000.01 - 45,000.00 95 4,114,424.45 11.52%
45,000.01 - 50,000.00 151 7,422,603.20 20.79%
50,000.01 - 55,000.00 30 1,624,512.22 4.55%
55,000.01 - 60,000.00 19 1,106,952.15 3.10%
60,000.01 - 65,000.00 13 820,174.26 2.30%
65,000.01 - 70,000.00 7 482,228.47 1.35%
70,000.01 - 75,000.00 15 1,118,006.93 3.13%
75,000.01 - 80,000.00 1 79,684.87 0.22%
95,000.01 - 100,000.00 6 598,666.74 1.68%
-------------------------------------------------------------
TOTAL 975 $35,705,951.76 100.00%
=============================================================
Minimum: $10,000.00
Maximum: $100,000.00
Weighted Average: $41,816.53
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 30 BEAR STEARNS
