SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) December 3, 1997
The Money Store Commercial Mortgage Inc. (as
Seller under a Pooling and Servicing
Agreement dated as of November 30, 1997 providing
for the issuance of The Money Store Business Loan
Backed Certificates, Series 1997-2, Class A and Class B)
The Money Store Commercial Mortgage Inc. (Exact name of
registrant as specified in its charter)
New Jersey 333-32775 22-2378261
(State or other (Commission File (IRS Employer ID
jurisdiction of Number) Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
(Address of principal executive offices) (Zip Code)
Registrants' Telephone Number, including area code: (908) 686-2000
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS
This Current Report on Form 8-K is being filed to file a copy of the
Computational Materials and ABS Term Sheets (as defined below) of Prudential
Securities Incorporated (the "Underwriter") in connection with the issuance by
The Money Store Inc., as representative of The Money Store Commercial Mortgage
Inc. of $50,000,000 principal amount of The Money Store Business Loan Backed
Certificates, Series 1997-2. The terms "Computational Materials" and "ABS Term
Sheets" shall have the meanings given in the No-Action Letter of May 20, 1994
issued by the Securities and Exchange Commission to Kidder, Peabody Acceptance
Corporation I, Kidder, Peabody & Co. Incorporated and Kidder Structured Asset
Corporation, as supplemented in the No- Action Letters of May 27, 1994 and
February 17, 1995 issued by the SEC to the Public Securities Association.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS
EXHIBIT NO. 99.1 Computational Materials and ABS Term Sheets
of Prudential Securities Incorporated.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE MONEY STORE COMMERCIAL MORTGAGE INC.
By: /S/ MICHAEL BENOFF
Name: MICHAEL BENOFF
Title: Senior Vice President
Dated: December 3, 1997
<PAGE>
EXHIBIT INDEX
EXHIBIT
99.1 Computational Materials and ABS Term Sheets of Prudential Securities
Incorporated
EXHIBIT 99.1
**PRELIMINARY INFORMATION**
The Money Store Business Loan Backed Certificates, Series 1997-2
[$45,500,000] Class A Certificates
[$4,500,000] Class B Certificates
The analysis in this report is accurate to the best of PSI's knowledge and
is based on information provided by the Seller. PSI makes no representations as
to the accuracy of such information provided to it by the Seller. All
assumptions and information in this report reflect PSI's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PSI does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PSI (or any of its affiliates) or
their officers, directors, analysts or employees may have positions in
securities, commodities or derivative instruments thereon referred to here, and
may, as principal or agent, buy or sell such securities, commodities or
derivative instruments. In addition, PSI may make a market in the securities
referred to herein. Neither the information nor the assumptions reflected herein
shall be construed to be, or constitute, an offer to sell or buy or a
solicitation of an offer to sell or buy any securities, commodities or
derivative instruments mentioned herein. No sale of any securities, commodities
or derivative instruments should be consumated without the purchaser first
having received a prospectus and, if required, prospectus supplement. Finally,
PSI has not addressed the legal, accounting and tax implications of the analysis
with respect to you, and PSI strongly urges you to seek advice from your
counsel, accountant and tax advisor.
<PAGE>
THE MONEY STORE BUSINESS LOAN BACKED CERTIFICATES, SERIES 1997-2
Title of Certificates: The Money Store Business Loan Backed
Certificates, Series 1997-2.
Description of Transaction: The securities will be issued in two classes:
Class A and Class B. The Class A Certificates
are expected to be rated Aaa/AAA and the Class
B Certificates A2/A by Moody's Investors
Service and Duff & Phelps, respectively. These
ratings reflect the quality of the assets and
the level of credit enhancement in the
transaction. The Money Store's business loans
generally are originated as simple-interest,
variable-rate, prime-based loans. The weighted
average rate on loans in this pool is [2.011%]
over the prime rate. Thus, substantial ongoing
excess spread is available to credit enhance
the Certificates (approximately [3.60%]). The
transaction also features credit enhancement in
the form of [9.0%] (estimated) subordination
and a spread account with an initial balance of
[TBD%] of the initial pool, growing to a
balance of [6.0%] of the remaining balance of
the pool plus the balance of all loans with
delinquencies of greater than 180 days, subject
to a floor of [3.0%] of the original pool
principal balance. The subordination enhances
the Class A Certificates. The excess spread and
the spread account protects both the Class A
and the Class B Certificates.
The Trust Assets will consist primarily of a
pool of loans made to small business concerns
in conjunction with either the SBA 504 Loan
Program (the "504 Loans"), the SBA 7(a) Program
(the "Companion Loans") or the Conventional
Commercial Loan Program (the "Commercial
Loans", and together with the 504 Loans and the
Companion Loans, the "Business Loans"). Most of
the Business Loans are secured primarily by
first liens on commercial property used by the
borrower or its affiliates in the conduct of
their business. The Business Loans also may be
secured by second liens on personal real
estate, personal guarantees, liens on machinery
and equipment and other business assets. NONE
OF THE BUSINESS LOANS ARE INSURED OR GUARANTEED
BY THE UNITED STATES SMALL BUSINESS
ADMINISTRATION (THE "SBA") OR ANY OTHER
GOVERNMENTAL AGENCY.
The Certificates will be floating rate
securities based on the prime rate. The
Certificates will pay monthly and adjust
quarterly. Funds are passed through to the
Certificateholders subject to available funds
on the underlying collateral. All of the loans
are self-amortizing. The Certificates receive
principal on a pro rata basis. The Class B
Certificates will bear all losses (if other
forms of credit enhancement are exhausted)
until reduced to zero.
- ------------------------------------------------------------------------------
Class A Class B
------- -------
Approximate Size: [$45,500,000] [$4,500,000]
Price: 100-00 100-00
Initial Coupon: [ %] [ %]
Spread (bps)/Index: [ bp] [ bp]
Pricing Speed: [ 8% CPR] [ 8% CPR]
**Actual prepayments may vary**
Average Life to Maturity: [9.250] years [9.250] years
Average Life to Call: [8.925] years [8.925] years
Pricing Date: [ ] [ ]
Settlement Date: [12/18/97] [12/18/97]
Dated Date: [12/15/97] [12/15/97]
Delay Days: 0 0
Interest: 30/360 30/360
Payment Terms: Monthly Monthly
Adjustment Frequency: Quarterly Quarterly
Index: Prime Rate Prime Rate
First Payment Date: [01/15/98] [01/15/98]
First Adjustment Date: [04/01/98] [04/01/98]
Expected Maturity: [04/15/26] [04/15/26]
Expected Maturity (to 10% call): [06/15/18] [06/15/18]
Stated Maturity: [02/15/29] [02/15/29]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH
A DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
THE MONEY STORE BUSINESS LOAN BACKED CERTIFICATES, SERIES 1997-2
Business Loans: The 504 Loans were originated in conjunction
with the SBA 504 Loan Program, which was
established to encourage lenders to provide
fixed asset financing for qualifying small
businesses. 504 Loans may be used for plant
acquisition, construction, renovation,
expansion, land and site improvements,
acquisition and installation of machinery and
equipment, as well as certain closing costs and
professional fees and the interest on interim
financing. The Seller provides approximately
50% of the project costs on a conventional loan
agreement with borrowers providing a minimum
10% equity contribution. The SBA provides the
remainder of the financing. Although each 504
Loan must receive the prior approval of the
SBA, such loans are not guaranteed by the SBA.
504 Loans comprise approximately [87.46%] by
principal balance of the initial pool of
Business Loans that back the Certificates.
In connection with administering the Section
7(a) Program, the SBA reduced the maximum loan
size to $500,000 for applications submitted
between January 1, 1995 and October 12, 1995.
To assist qualified borrowers in obtaining more
financing when needed, the Seller introduced a
Section 7(a) Companion Loan Program pursuant to
which the Seller originated a Companion Loan to
the related borrower in situations in which the
total amount financed would otherwise have
exceeded the $500,000 limit. Although Companion
Loans are not guaranteed by the SBA, they are
secured by a lien on the related primary
collateral, which lien is first in priority to
the lien of the related SBA 7(a) Loan.
Companion Loans may be utilized by the borrower
for all eligible SBA 7(a) Loan purposes.
Companion Loans comprise approximately [3.22%]
by principal balance of the initial pool of
Business Loans that back the Certificates.
Certain non-SBA loans ("Commercial Loans") will
be made under the Conventional Commercial Loans
Program. This program is intended to provide
financing for creditworthy borrowers that have
grown beyond SBA limits for financing. These
loans may be used for the same business
purposes as the 504 and 7(a) Companion Loan
Programs. Loans are limited to $2,000,000 with
terms not to exceed 30 years for commercial
real estate loans, 15 years for durable
machinery and equipment loans, or 10 years for
other loan types. All loans are secured by a
first lien on the financial collateral.
Additional liens on secondary collateral may
also be taken. Commercial Loans comprise
approximately [9.32%] by principal balance of
the initial pool of Business Loans that back
the Certificates.
Seller: The Money Store Commercial Mortgage Inc.
("TMSCMI"), a New Jersey corporation. TMSCMI is
a wholly-owned subsidiary of The Money Store
Inc., a New Jersey Corporation.
Servicer: TMSCMI.
Backup Servicer: Marine Midland Bank.
Trustee: Marine Midland Bank.
Subordination: Distributions of interest with respect to the
Class B Certificates will be subordinate to
distributions of interest with respect to the
Class A Certificates. Similarly, distributions
of principal with respect to the Class B
Certificates will be subordinate to
distributions of principal with respect to the
Class A Certificates.
Spread Account: A special-purpose affiliate of The Money Store
will be required to establish a reserve account
(the "Spread Account") with the Trustee. The
Spread Account will not be a part of the Trust
Fund but will be pledged to the Trustee for the
benefit of the Certificate holders. The initial
deposit is estimated to be [TBD%] of the
initial pool principal balance. Thereafter,
excess spread will be deposited until the
Spread Account balance is the greater of (i)
[TBD%] of the current pool principal balance
and (ii) [TBD%] of the original pool principal
balance. In addition to the above requirement,
additional excess spread will be deposited up
to the amount of the aggregate balances of all
loans delinquent 180 or more days.
Cash Flow Priorities: 1) Servicing Fee
2) Class A Interest
3) Class B Interest
4) Class A Principal
5) Class A Carry Forward (any previous
principal shortfall)
6) Class B Principal
7) Class B Carry Forward (any previous
principal shortfall)
8) Trustee Fee
9) Unreimbursed Servicer Advances
10) Build and Replenish Reserves (Spread
Account)
11) Released to TMSCMI or an affiliate
thereof
Monthly Advances: The Servicer will advance to pay certificate
interest, to the extent not covered by excess
spread.
Servicing Advances: The Servicer will make servicing advances to
the extent it deems such advances recoverable.
Prepayment Interest Shortfall: The Servicer will pay compensating interest at
the weighted-average certificate rate for any
prepayment interest shortfalls, up to the
amount of its servicing compensation for that
month.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
THE MONEY STORE BUSINESS LOAN BACKED CERTIFICATES, SERIES 1997-2
Settlement Date: [December 18, 1997].
Servicing Fee: 40 basis points per annum.
Optional Termination: The Servicer may purchase the
trust assets at par plus accrued interest
thereon on any distribution date on which the
pool principal balance is less than 10% of the
original pool principal balance.
Prefunding Account: Approximately [$9,173,010.12] of the Trust
Assets will be prefunded.
Denominations: Minimum denominations of $1,000 and integral
multiples of $1,000 in excess thereof.
Form of Certificates: The Certificates will be available in
book-entry form only through DTC. The
Certificates are also expected to be book-entry
eligible through Euroclear and CEDEL.
Payment Date: The 15th day of each month or, if such day is
not a business day, the next succeeding
business day, beginning in January 1998.
Interest Accrual Period: Interest will accrue on the certificates from
the 15th day of the preceeding month until the
14th day of the current month except in the
initial accrual period in which interest will
accrue from December 15, 1997.
Interest Rate: Class A Certificates: Prime Rate minus [ %].
Class B Certificates: Prime Rate minus [ %].
The Interest Rate is reset quarterly as
described below.
Record Date: The last day of the month preceding any
distribution date.
Tax Status: Grantor Trust.
ERISA Considerations: The Certificates will not be ERISA eligible.
SMMEA: The Certificates will not be SMMEA eligible.
Expected Ratings: Class A: Aaa/AAA; Class B: A2/A by Moody's
Investors Service and Duff & Phelps Credit
Rating Co., respectively.
Prospectus: The Certificates are being offered pursuant to
a Prospectus which includes a Prospectus
Supplement (together, the "Prospectus").
Complete information with respect to the
Certificates and the Collateral is contained in
the Prospectus. The information contained
herein is qualified in its entirety by the
information appearing in the Prospectus. To the
extent that the information contained herein is
inconsistent with the Prospectus, the
Prospectus shall govern in all respects. Sales
of the Certificates may not be consumated
unless the purchaser has received the
Prospectus.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS,
AND WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS
SUPPLEMENT.
<PAGE>
THE MONEY STORE BUSINESS LOAN BACKED CERTIFICATES, SERIES 1997-2
Description of Transaction:
The loans pay a floating-rate, prime-based coupon that adjusts quarterly on the
first business day of each calendar quarter. On the loans, interest accrues from
the 1st to the 30th of each month and is due, along with the scheduled principal
payment, on the first day of the following month. The Certificates pay a
floating-rate, prime-based coupon that is adjusted on the first business day of
each January, April, July, and October, beginning April 1998. Interest on the
Certificates is paid on the 15th day of each month and is accrued from the 15th
day of the previous month to the 14th day of the current month. For example, the
January 2 prime rate will be used for the Certificate interest accrual periods
commencing January 15, February 15 and March 15. Interest collected on the loans
in one month will pay the interest due on the Certificates in the following
month. Please see the diagram below for a description of the interest accrual
and collection on the loans and the interest accrual and payment on the
Certificates.
ILLUSTRATION OF NOTE ACCRUAL PERIOD VS. CORRESPONDING CERTIFICATE ACCRUAL PERIOD
JAN FEB MAR APR MAY
1--------15--------1--------15--------1--------15--------1--------15--------1
* *
Interest Accrual Interest Collection
Business Loan: |------------------||-----------------|
Period Period
Corresponding
Interest Accrual
Certificates: |-----------------|**
Period
* The Interest Rate adjusts every Jan.1, Apr.1, July 1, Oct.1
** Certificate payment date
Please note that in February, May, August and November, there may be a mismatch
in the prime rate used to accrue interest on the collateral and the prime rate
used to accrue interest on the Certificates. For example, with respect to the
February 15th remittance date, the interest rate due to the investors is based
on the prime rate as of January 2nd; however, the interest collected from the
underlying loans for such remittance date accrued from December 1st to December
30th with a coupon based on the prime rate as of October 1st. Should the prime
rate used to accrue interest on the loans be higher than the prime rate used to
accrue interest on the Certificates, excess interest will be collected and will
be passed through on a pro-rata basis to the Certificateholders (and vice versa
with lower interest should the accrual rate on the loans be lower than the
accrual rate on the Certificates).
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
- -------------------------------------------------------------------------------
- MONEY STORE 504 1997-2
- Small Business Administration Loans
- Cutoff Date - 12/1/97
- $40,826,989.88
- -------------------------------------------------------------------------------
Index: Prime Rate
Number of Mortgage Loans: 44
Aggregate Unpaid Unguaranteed Principal Balance: $40,826,989.88
Average Unpaid Principal Balance: $927,886.13
Maximum Unpaid Principal Balance: $2,000,000.00
Minimum Unpaid Principal Balance: $19,850.50
Aggregate Original Principal Balance: $40,868,137.00
Average Original Principal Balance: $928,821.30
Maximum Original Principal Balance: $2,000,000.00
Minimum Original Principal Balance: $20,000.00
Weighted Average Coupon: 10.511%
Gross Coupon Range: 10.000% - 11.000%
Weighted Average Months to Maturity (Int PTD to Mat.): 328.508
Maturity Range: 94 - 360
Weighted Average Age in Months (Orig Term - Rem Term): 3.308
Age Range: 0 - 26
Weighted Average Original Term: 331.816
Original Term Range: 96 - 360
Weighted Average Number of Months Until
Next Interest Roll Date: 1.000
Range: 1 - 1
Weighted Average Gross Margin: 2.011%
Gross Margin Range: 1.500% - 2.500%
Weighted Average Disc. LTV: 51.435% (1)
Undisc. LTV Range: 30.930% - 90.000%
Weighted Average Undisc. LTV: 35.091% (1)
Undisc. Orig. LTV Range: 14.550% - 65.930%
Weighted Average Debt Service Coverage Ratio: 1.245
Debt Service Coverage Ratio Range: 0.200 - 2.210
Weighted Average Life Floor: 4.137% (2)
Life Floor Range: 1.500% - 6.000%
Weighted Average Life Cap (Gross): 15.507% (3)
Life Cap Range: 15.000% - 16.000%
- ------------------------------------------------------------------------------
(1) LTV Calculations exclude two loans with 0 LTVs.
(2) 20 Loans without a specified life floor have gross margin as assumed life
floor.
(3) Excludes 20 uncapped loans.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
<TABLE>
<CAPTION>
GROSS INTEREST RATE RANGE
Gross Aggregate Percentage of
Interest Rate Number of Cut-Off Date Cut-Off Date Percentage of
Range Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
9.50% * Gross Coupon *= 10.00% 6 6,277,100.00 15.37 13.64
10.00% * Gross Coupon *= 10.50% 22 21,469,613.97 52.59 50.00
10.50% * Gross Coupon *= 11.00% 16 13,080,275.91 32.04 36.36
- -----------------------------------------------------------------------------------------------
Total.......... 44 $ 40,826,989.88 100.00% 100.00%
===============================================================================================
*=Less Than
</TABLE>
ORIGINAL TERM
<TABLE>
<CAPTION>
Aggregate Percentage of
Number of Cut-Off Date Cut-Off Date Percentage of
Original Term Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
84 * Orig. Term *= 96 1 19,850.50 0.05% 2.27
108 * Orig. Term *= 120 1 333,000.00 0.82% 2.27
228 * Orig. Term *= 240 4 3,125,451.86 7.66% 9.09
288 * Orig. Term *= 300 12 11,446,075.11 28.04% 27.27
336 * Orig. Term *= 348 1 306,600.00 0.75% 2.27
348 * Orig. Term *= 360 25 25,596,012.41 62.69% 56.82
- -----------------------------------------------------------------------------------------------
Total............ 44 40,826,989.88 100.00% 100.00%
===============================================================================================
*= Less Than
</TABLE>
AGE OF LOAN
<TABLE>
<CAPTION>
Aggregate Percentage of
Number of Cut-Off Date Cut-Off Date Percentage of
Age Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
Age = 0 5 6,085,034.00 14.90% 11.36
1 * Age *= 12 37 34,054,201.47 83.41% 84.09
12 * Age *= 24 1 298,308.92 0.73% 2.27
24 * Age *= 36 1 389,445.49 0.95% 2.27
- -----------------------------------------------------------------------------------------------
Total............ 44 40,826,989.88 100.00% 100.00%
===============================================================================================
*=Less Than
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
Aggregate Percentage of
Number of Cut-Off Date Cut-Off Date Percentage of
Remaining Term Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
84 * Rem Term *= 96 1 19,850.50 0.05% 2.27
108 * Rem Term *= 120 1 333,000.00 0.82% 2.27
216 * Rem Term *= 228 1 298,308.92 0.73% 2.27
228 * Rem Term *= 240 3 2,827,142.94 6.92% 6.82
264 * Rem Term *= 276 1 389,445.49 0.95% 2.27
288 * Rem Term *= 300 11 11,056,629.62 27.08% 25.00
336 * Rem Term *= 348 1 306,600.00 0.75% 2.27
348 * Rem Term *= 360 25 25,596,012.41 62.69% 56.82
- -----------------------------------------------------------------------------------------------
Total............ 44 40,826,989.88 100.00% 100.00%
===============================================================================================
*=Less Than
</TABLE>
YEARS OF ORIGINATION
<TABLE>
<CAPTION>
Number of Aggregate Percentage of
Year of Mortgage Cut-Off Date Cut-Off Date Percentage of
Origination Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
1995 2 687,754.41 1.68 4.55
1997 42 40,139,235.47 98.32 95.45
- ------------------------------------------------------------------------------------------------------
Total................. 44 $ 40,826,989.88 100.00% 100.00%
======================================================================================================
</TABLE>
DISTRIBUTION OF
MARGINS
<TABLE>
<CAPTION>
Aggregate Percentage of
Gross Number of Cut-Off Date Cut-Off Date Percentage of
Margin Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
1.0 * Margin *= 1.5 6 6,277,100.00 15.37 13.64
1.5 * Margin *= 2.0 22 21,469,613.97 52.59 50.00
2.0 * Margin *= 2.5 16 13,080,275.91 32.04 36.36
- ------------------------------------------------------------------------------------------------------
Total................. 44 $ 40,826,989.88 100.00% 100.00%
======================================================================================================
*=Less Than
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
LOAN SUMMARY STRATIFIED BY LIFE FLOOR
<TABLE>
<CAPTION>
Aggregate Percentage of
Gross Number of Cut-Off Date Cut-Off Date Percentage of
Life Floor Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
1.000 * Floor *= 1.500 3 2,265,600.00 5.55 6.82
1.500 * Floor *= 2.000 10 8,681,199.86 21.26 22.73
2.000 * Floor *= 2.500 7 4,161,650.86 10.19 15.91
4.500 * Floor *= 5.000 7 9,079,064.01 22.24 15.91
5.000 * Floor *= 5.500 11 10,247,151.68 25.10 25.00
5.500 * Floor *= 6.000 6 6,392,323.47 15.66 13.64
- ------------------------------------------------------------------------------------------------------
Total................. 44 $ 40,826,989.88 100.00% 100.00%
======================================================================================================
*=Less Than
</TABLE>
LOAN SUMMARY STRATIFIED BY
LIFE CAP
<TABLE>
<CAPTION>
Aggregate Percentage of
Gross Number of Cut-Off Date Cut-Off Date Percentage of
Life Cap Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
14.500 * CAP *= 15.000 4 5,164,843.04 12.65 9.09
15.000 * CAP *= 15.500 12 12,157,461.83 29.78 27.27
15.500 * CAP *= 16.000 8 8,396,234.29 20.57 18.18
Uncapped 20 15,108,450.72 37.01 45.45
- ------------------------------------------------------------------------------------------------------
Total................. 44 $ 40,826,989.88 100.00% 100.00%
======================================================================================================
*= Less Than
</TABLE>
ORIGINAL LOAN BALANCE
<TABLE>
<CAPTION>
Aggregate Percentage of
Original Number of Cut-Off Date Cut-Off Date Percentage of
Principal Balance Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
0 * Balance *= 25,000 1 19,850.50 0.05 2.27
250,000 * Balance *= 300,000 2 585,558.92 1.43 4.55
300,000 * Balance *= 350,000 3 949,600.00 2.33 6.82
350,000 * Balance *= 400,000 3 1,167,343.26 2.86 6.82
400,000 * Balance *= 450,000 2 831,617.21 2.04 4.55
450,000 * Balance *= 500,000 1 470,000.00 1.15 2.27
500,000 * Balance *= 550,000 3 1,558,576.27 3.82 6.82
650,000 * Balance *= 700,000 1 674,253.91 1.65 2.27
700,000 * Balance *= 750,000 1 719,600.00 1.76 2.27
750,000 * Balance *= 800,000 1 787,000.00 1.93 2.27
800,000 * Balance *= 850,000 1 822,574.30 2.01 2.27
850,000 * Balance *= 900,000 1 852,000.00 2.09 2.27
900,000 * Balance *= 950,000 1 944,412.69 2.31 2.27
950,000 * Balance *= 1,000,000 3 2,956,012.24 7.24 6.82
1,000,000 * Balance *= 1,100,000 4 4,223,249.74 10.34 9.09
1,100,000 * Balance *= 1,200,000 3 3,458,095.22 8.47 6.82
1,200,000 * Balance *= 1,300,000 5 6,110,512.42 14.97 11.36
1,300,000 * Balance *= 1,400,000 1 1,359,334.33 3.33 2.27
1,500,000 * Balance *= 1,600,000 1 1,561,906.40 3.83 2.27
1,600,000 * Balance *= 1,700,000 2 3,379,310.82 8.28 4.55
1,700,000 * Balance *= 1,800,000 2 3,446,584.00 8.44 4.55
1,900,000 * Balance *= 2,000,000 2 3,949,597.65 9.67 4.55
- ------------------------------------------------------------------------------------------------------
Total.................... 44 $ 40,826,989.88 100.00% 100.00%
======================================================================================================
* = Less Than
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
CURRENT LOAN BALANCE
<TABLE>
<CAPTION>
Aggregate Percentage of
Current Number of Cut-Off Date Cut-Off Date Percentage of
Principal Balance Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
0 * Balance *= 25,000 1 19,850.50 0.05 2.27
250,000 * Balance *= 300,000 2 585,558.92 1.43 4.55
300,000 * Balance *= 350,000 3 949,600.00 2.33 6.82
350,000 * Balance *= 400,000 3 1,167,343.26 2.86 6.82
400,000 * Balance *= 450,000 2 831,617.21 2.04 4.55
450,000 * Balance *= 500,000 1 470,000.00 1.15 2.27
500,000 * Balance *= 550,000 3 1,558,576.27 3.82 6.82
650,000 * Balance *= 700,000 1 674,253.91 1.65 2.27
700,000 * Balance *= 750,000 1 719,600.00 1.76 2.27
750,000 * Balance *= 800,000 1 787,000.00 1.93 2.27
800,000 * Balance *= 850,000 1 822,574.30 2.01 2.27
850,000 * Balance *= 900,000 1 852,000.00 2.09 2.27
900,000 * Balance *= 950,000 1 944,412.69 2.31 2.27
950,000 * Balance *= 1,000,000 3 2,956,012.24 7.24 6.82
1,000,000 * Balance *= 1,100,000 4 4,223,249.74 10.34 9.09
1,100,000 * Balance *= 1,200,000 3 3,458,095.22 8.47 6.82
1,200,000 * Balance *= 1,300,000 5 6,110,512.42 14.97 11.36
1,300,000 * Balance *= 1,400,000 1 1,359,334.33 3.33 2.27
1,500,000 * Balance *= 1,600,000 1 1,561,906.40 3.83 2.27
1,600,000 * Balance *= 1,700,000 2 3,379,310.82 8.28 4.55
1,700,000 * Balance *= 1,800,000 2 3,446,584.00 8.44 4.55
1,900,000 * Balance *= 2,000,000 2 3,949,597.65 9.67 4.55
- ------------------------------------------------------------------------------------------------------
Total.................... 44 $ 40,826,989.88 100.00% 100.00%
======================================================================================================
* = Less Than
</TABLE>
GEOGRAPHICAL DISTRIBUTION OF PROPERTIES BY LOAN
<TABLE>
<CAPTION>
Aggregate Percentage of
Number of Cut-Off Date Cut-Off Date Percentage of
State Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
AL 4 2,274,615.50 5.57 9.09
AZ 1 1,949,597.65 4.78 2.27
CA 6 5,090,949.64 12.47 13.64
CO 4 4,841,259.31 11.86 9.09
FL 4 5,868,089.81 14.37 9.09
IN 1 944,412.69 2.31 2.27
MA 1 389,445.49 0.95 2.27
MI 1 298,308.92 0.73 2.27
NC 1 392,421.90 0.96 2.27
ND 1 19,850.50 0.05 2.27
NJ 2 1,386,000.00 3.39 4.55
NV 1 787,000.00 1.93 2.27
NY 2 2,265,375.96 5.55 4.55
OH 3 2,563,137.26 6.28 6.82
OK 2 2,210,647.03 5.41 4.55
OR 2 1,526,253.91 3.74 4.55
PA 3 4,238,986.80 10.38 6.82
TX 1 822,574.30 2.01 2.27
UT 2 1,607,813.21 3.94 4.55
VA 1 287,250.00 0.70 2.27
WA 1 1,063,000.00 2.60 2.27
- ------------------------------------------------------------------------------------------------------
Total............... 44 $ 40,826,989.88 100.00% 100.00%
======================================================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
<PAGE>
DEBT SERVICE COVERAGE RATIO
<TABLE>
<CAPTION>
Debt Sevice Aggregate Percentage of
Coverage Ratio Number of Cut-Off Date Cut-Off Date Percentage of
Range Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
0.00 * Dsc Ratio *= 0.50 3 3,534,988.41 8.66 6.82
0.50 * Dsc Ratio *= 1.00 5 3,975,064.95 9.74 11.36
1.00 * Dsc Ratio *= 1.50 29 27,032,259.13 66.21 65.91
1.50 * Dsc Ratio *= 2.00 6 5,951,677.39 14.58 13.64
2.00 * Dsc Ratio *= 2.50 1 333,000.00 0.82 2.27
- -------------------------------------------------------------------------------------------------------------------------------
Total....... 44 $ 40,826,989.88 100.00% 100.00%
==============================================================================================================================
* = Less Than
</TABLE>
INDUSTRY CODE
<TABLE>
<CAPTION>
Aggregate Percentage of
Number of Cut-Off Date Cut-Off Date Percentage of
Loans Principal Balance Principal Balance Loan Count
<S> <C> <C> <C> <C>
Aircraft Parts, Aux Eq, Nec 1 1,063,000.00 2.60 2.27
Auto Exhaust Sys Repair Shops 1 298,308.92 0.73 2.27
Auto and Home Supply Stores 1 405,242.21 0.99 2.27
Body Repair and Paint Shops 2 818,838.48 2.01 4.55
Coin-Op Amusement Devices 1 426,375.00 1.04 2.27
Drinking Places (Alcoholic) 1 719,600.00 1.76 2.27
Eating Places 1 1,182,341.65 2.90 2.27
Electrical Work 1 822,574.30 2.01 2.27
Grocery Stores 1 522,390.76 1.28 2.27
Hotels and Motels 24 26,802,707.51 65.65 54.55
Motion Pic, Videotape Prodn. 1 504,597.03 1.24 2.27
Offices and Clinics-Dentists 1 333,000.00 0.82 2.27
Offices of Medical Doctors 2 2,095,249.74 5.13 4.55
Offices of Optometrists 1 19,850.50 0.05 2.27
Physical Fitness Facilities 1 306,600.00 0.75 2.27
Printed Circuit Boards 1 674,253.91 1.65 2.27
Public Golf Courses 2 3,446,584.00 8.44 4.55
Refrig,Air-Cond Svc and Repair 1 385,475.87 0.94 2.27
- ------------------------------------------------------------------------------------------------------
Total............... 44 $ 40,826,989.88 100.00% 100.00%
======================================================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
