<PAGE>
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ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o DC o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, New York 10167
LONDON o PARIS o TOKYO (212) 272-2000; (212) 272-7294 fax
</TABLE>
--------------------------------------------------------------------------------
ABFS MORTGAGE-BACKED NOTES, SERIES 2000-4: COMPUTATIONAL MATERIALS
--------------------------------------------------------------------------------
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,
seller or servicer, and although it may be based on data supplied to it by an
issuer, seller or servicer, none of the issuer, seller or servicer makes any
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.
--------------------------------------------------------------------------------
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.
BEAR STEARNS Page 1
<PAGE>
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ABFS MORTGAGE LOAN TRUST 2000-4
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$275,000,000 (APPROXIMATE)
<TABLE>
<CAPTION>
<S> <C>
ISSUER: ABFS Mortgage Loan Trust 2000-4.
TITLE OF SECURITIES: ABFS Mortgage Loan Trust 2000-4, Mortgage-Backed Notes,
Series 2000-4, Class A Notes (the "Notes").
SELLER: ABFS 2000-4, Inc., a Delaware corporation, will be the
seller of the loans.
SERVICER: American Business Credit, Inc., will be the servicer of the
loans.
SUBSERVICERS: Upland Mortgage and New Jersey Mortgage and Investment Corp.
will act as subservicers with respect to different portions
of the mortgage loans.
ORIGINATORS: American Business Credit, Inc., HomeAmerican Credit, Inc.
d/b/a Upland Mortgage and New Jersey Mortgage and Investment
Corp. originated or purchased the loans.
DEPOSITOR: Bear Stearns Asset Backed Securities, Inc.
NOTE INSURER: Ambac Assurance Corporation ("Ambac" or the "Note
Insurer"). Ambac's claims-paying ability is rated "Aaa" by
Moody's Investors Service and "AAA" by Standard & Poor's
Rating Services.
NOTE INSURANCE POLICY: The Note Insurance Policy will provide 100% coverage of
timely interest and ultimate principal payments due on the
Notes.
LEAD UNDERWRITER: Bear, Stearns & Co. Inc.
CO-UNDERWRITER: Morgan Stanley Dean Witter
INDENTURE TRUSTEE: The Chase Manhattan Bank (the "Indenture Trustee")
OWNER TRUSTEE: First Union Trust Company, N.A.
STATISTICAL CALCULATION DATE: November 9, 2000
CUT-OFF DATE: December 1, 2000
CLOSING DATE: December [21], 2000
THE NOTES: Approximately $275,000,000 Mortgage-Backed Notes, Series
2000-4, are being offered. The Notes will be issued
pursuant to an indenture to be dated as of December [1],
2000, between the Issuer and the Indenture Trustee.
<CAPTION>
CHARACTERISTICS OF THE NOTES (a), (b), (c), (d)
----------------------- --------------- ----------- ---------- ------------ ----------- -------------- ----------------
ORIGINAL AVG LIFE PRINCIPAL PRINCIPAL FINAL SCH.
OFFERED PRINCIPAL TO CALL LOCKOUT WINDOW MATURITY RATINGS
SECURITIES BALANCE* COUPON (YEARS) (MONTHS) (MONTHS) DATE (MOODY'S/S&P)
----------------------- --------------- ----------- ---------- ------------ ----------- -------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
----------------------- --------------- ----------- ---------- ------------ ----------- -------------- ----------------
Class A Notes $[275,000,000] [ ]% 3.36 None 103 6/15/31 Aaa / AAA
----------------------- --------------- ----------- ---------- ------------ ----------- -------------- ----------------
* Balances subject to a 5% variance.
NOTE: (a) Prepayment Assumption: 23% HEP (2.3% CPR in month 1, plus an additional 2.3% per
annum in each month thereafter until month 10. On and after month 10, 23% CPR;
(b) Transaction priced to 10% clean-up call;
(c) 100% P&I guaranty by Ambac.
(d) The coupon applicable to the Class A Notes will increase by 0.50% per annum if the 10% clean-up
call is not exercised;
</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.
BEAR STEARNS Page 2
<PAGE>
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ABFS MORTGAGE LOAN TRUST 2000-4
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<TABLE>
<CAPTION>
<S> <C>
OFFERING: The Notes will be issued publicly from the Depositor's shelf
registration.
FORM OF REGISTRATION: Book-entry form, same day funds through DTC, Euroclear and Clearstream,
Luxembourg.
ASSETS OF THE TRUST: The statistical information presented in these computational materials is a
projection of the expected collateral pool and reflects the pool of loans
existing as of the statistical calculation date. The aggregate outstanding
principal balance of the loans as of the statistical calculation date is
approximately $[239,995,183.40] and will consist of business or consumer
purpose residential home equity loans.
The actual collateral will be accumulated before the Closing Date to reach
the expected closing pool balance of approximately $[275,000,000.00]. The
characteristics of such additional collateral are not expected to be
materially different from the collateral information presented herein.
PREPAYMENT PRICING
SPEED ASSUMPTION: A constant prepayment of 2.3% per year of the then outstanding principal
balance of the loans in the first month of the life of the loans plus an
additional 2.3% per year in each month thereafter until it reaches 23.00% on
the tenth month. Beginning in the tenth month and thereafter during the life
of such loans, a constant prepayment rate of 23.00% per year.
PAYMENT DATE: The 15th day of each month (or the next succeeding business day), commencing
in January 2001.
PAYMENT DELAY: With respect to the Class A Notes, 14 days.
NOTE RATE: The Class A Note Rate will be [ ]% per annum, payable monthly;
provided, that if the Cleanup Call is not exercised, the Class A Note Rate
will be increased by 0.50%.
Interest will accrue on the Class A Notes at a fixed rate during the month
prior to the month of the related Payment Date (or from the Cut-off Date to
the end of such month in the case of the first Payment Date) based on an
assumed year of 360 days, consisting of 12 30-day months.
PRINCIPAL PAYMENTS ON THE NOTES: The holders of the Notes are entitled to receive payments of principal on
each Payment Date which generally reflect collections of principal during
the preceding calendar month on the loans, until the outstanding principal
balance is paid in full. In addition, in accordance with the
overcollateralization features of the transaction, holders may also receive
extra payments of principal from the excess interest on that Payment Date.
In no event will principal payments on the class of Notes on a Payment Date
exceed the principal balance of the class of Notes on that Payment Date. On
the final Payment Date, principal will be due and payable on the Notes in an
amount equal to the principal balance remaining outstanding on that Payment
Date.
PRIORITY OF PAYMENTS: On each Payment Date, principal and interest collections, minus fees and
expenses of the trust, will be allocated in the following order of priority:
(1) To pay the Note Insurer the Surety Fee;
(2) To pay accrued and unpaid interest due on the Notes;
</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.
BEAR STEARNS Page 3
<PAGE>
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ABFS MORTGAGE LOAN TRUST 2000-4
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<TABLE>
<CAPTION>
<S> <C>
(3) To pay principal in an amount equal to the principal collection
distribution amount for such Payment Date on the Notes;
(4) To reimburse the Note Insurer any prior draws on the Policy, with interest;
(5) To pay as additional principal on the Notes, an amount necessary to
bring the amount of overcollateralization up to the required
overcollateralization amount;
(6) To make a payment for net mortgage loan interest shortfalls in payments
on the Notes;
(7) Any remaining amounts to the holders of the Trust Certificates.
SERVICING FEE: The primary compensation to be paid to the Servicer in respect of its
servicing activities will be [0.70] % per annum, payable monthly.
ADVANCING: There is required advancing of delinquent interest by the Servicer.
CREDIT ENHANCEMENT: Credit enhancement with respect to the Notes will be provided by (1) excess
spread, (2) overcollateralization and (3) the Note Insurance Policy.
Excess Spread. The weighted average Loan Rate is generally expected to be
higher than the sum of (a) the servicing fee, (b) the indenture trustee fee,
(c) the weighted average Note Rate and (d) the Note Insurer premium. On each
Payment Date, excess spread generated during the related collection period
will be available to cover losses and build overcollateralization on such
Payment Date.
Overcollateralization: Excess spread will be applied, to the extent
available, to make accelerated payments of principal to the securities then
entitled to receive payments of principal; such application will cause the
aggregate principal balance of the Notes to amortize more rapidly than the
Loans, resulting in overcollateralization. Excess spread will be used to pay
down the Notes such that, prior to the Stepdown Date, the "Required
Overcollateralization Amount" will generally be equal to approximately
[4.50]% of the original Pool Balance. On or after the Stepdown Date, the
"Required Overcollateralization Amount" will generally be equal to the
lesser of (a) the Required Overcollateralization Amount as of the initial
payment date and (b) [9.00]% of the current Pool Balance (provided, however,
that the two preceding percentages may increase upon the failure of certain
loss criteria), but not lower than [0.50]% of the original Pool Balance as
of the closing date. The initial overcollateralization amount will be equal
to [0.00]%.
Note Insurance Policy: The Note Insurer will unconditionally and irrevocably
guarantee: (a) timely payment of interest, (b) the amount of any losses not
covered by excess spread or overcollateralization, and (c) the payment of
principal due on the Notes on the final payment date. The Insurance Policy
is not cancelable for any reason.
STEPDOWN DATE: The Stepdown Date is the Payment Date occurring on the later of:
(1) the Payment Date in January 2004 (i.e. on the 37th Payment Date); and
(2) the first Payment Date on which the current Pool Balance has been
reduced to an amount equal to 50% of the original Pool Balance
as of the closing date.
</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.
BEAR STEARNS Page 4
<PAGE>
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ABFS MORTGAGE LOAN TRUST 2000-4
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<TABLE>
<CAPTION>
<S> <C>
OPTIONAL CLEANUP CALL: The Servicer may, at its option, call the Notes on or after any Payment Date
when the current Pool Balance declines to less than or equal to 10% of the
original Pool Balance of the Loans as of the cut-off date (the "Step-up
Date"). If the Servicer does not exercise the Cleanup Call, the coupon on
the Notes will increase by 50 basis points.
TAX STATUS: For federal income tax purposes, the Notes will be characterized as
indebtedness of the Issuer. The Notes will be issued by an Owner Trust.
ERISA ELIGIBILITY: The Notes may be purchased by employee benefit plans that are subject to
ERISA.
SMMEA TREATMENT: The Notes will not constitute "mortgage related securities" for purposes of
SMMEA.
</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.
BEAR STEARNS Page 5
<PAGE>
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ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
COLLATERAL SUMMARY
<TABLE>
<CAPTION>
<S> <C>
STATISTICAL CALCULATION DATE 11/9/00
TOTAL OUTSTANDING BALANCE: $239,995,183.40
NUMBER OF LOANS: 2,982
AVERAGE REMAINING BALANCE: $80,481.28 (range: $9,801.79 - $581,000.00)
WA LOAN RATE: 12.023% (range: 9.650% - 16.990%)
ORIGINAL WEIGHTED AVERAGE TERM: 245 months
REMAINING WEIGHTED AVERAGE TERM: 244 months
LIEN POSITION: 84.82% first, 15.18% second
WA CLTV RATIO: 76.28% (range: 7.80% - 100.00%)
WA JUNIOR RATIO: 35.40%
WA DTI RATIO: 41.93%
WA FICO SCORE: 595
DOCUMENTATION: 87.95% full documentation,
6.48% no documentation,
5.57% limited documentation.
LOAN PURPOSE: 43.17% debt consolidation,
29.66% cash out,
10.85% rate/term refinance,
6.92% other,
5.07% home improvement,
4.05% purchase,
0.27% education.
PROPERTY TYPE: 68.94% single family,
15.41% 2-4 family,
4.44% townhouse,
3.50% mixed use,
2.51% condominium,
1.96% PUD,
1.52% commercial,
0.93% manufactured housing,
0.80% multi-family.
OWNER OCCUPANCY: 89.71% owner occupied
GEOGRAPHIC DISTRIBUTION: NY (26.41%), NJ (13.21%), PA (8.42%),
(ALL STATES (is greater than FL (7.65%), OH (5.10%).
or equal to) 5.00%)
</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.
BEAR STEARNS Page 6
<PAGE>
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ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
LOAN CHARACTERISTICS
--------------------
Set forth below is a description of certain characteristics of the Loans as of
the Statistical Calculation Date. Unless otherwise specified, all principal
balances of the Loans are as of the Statistical Calculation Date and are rounded
to the nearest dollar. All percentages are approximate percentages by aggregate
principal balance as of the Statistical Calculation Date (except as indicated
otherwise).
PROPERTY TYPE
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
PROPERTY TYPE NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
--------------------------------- --------------------- -------------------- ----------------------
<S> <C> <C> <C>
Single Family 2,172 $165,449,040.48 68.94%
2-4 Family 328 36,977,534.26 15.41
Townhouse 194 10,664,446.41 4.44
Mixed Use 82 8,403,165.95 3.50
Condominium 87 6,017,254.77 2.51
Planned Unit Development 43 4,693,100.36 1.96
Commercial 29 3,653,398.11 1.52
Manufactured Housing 34 2,220,743.01 0.93
Multi-Family 13 1,916,500.05 0.80
-------------------- ------------ ----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
<TABLE>
<CAPTION>
OCCUPANCY TYPES
PERCENT OF LOANS
BY STATISTICAL
OCCUPANCY AGGREGATE UNPAID CALCULATION
(AS INDICATED BY BORROWER) NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
------------------------------------- -------------------- ----------------- ----------------------
<S> <C> <C> <C>
Owner Occupied 2,705 $215,294,489.83 89.71%
Non-Owner Occupied 176 14,369,711.79 5.99
Other 80 8,514,616.86 3.55
Second Home 21 1,816,364.92 0.76
-- ------------ ----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
BEAR STEARNS Page 7
<PAGE>
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ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
PRINCIPAL BALANCES
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
RANGE OF PRINCIPAL BALANCES ($) NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
----------------------------------------- -------------------- ------------------ ----------------------
<S> <C> <C> <C>
$1 to $25,000 288 $6,127,904.49 2.55%
$25,001 to $50,000 877 32,970,298.25 13.74
$50,001 to $75,000 677 42,002,247.04 17.50
$75,001 to $100,000 380 33,011,427.71 13.76
$100,001 to $125,000 243 27,438,025.78 11.43
$125,001 to $150,000 146 20,250,022.18 8.44
$150,001 to $175,000 110 17,928,002.13 7.47
$175,001 to $200,000 84 15,721,146.46 6.55
$200,001 to $225,000 67 14,294,124.87 5.96
$225,001 to $250,000 43 10,312,465.65 4.30
$250,001 to $275,000 26 6,782,283.35 2.83
$275,001 + 41 13,157,235.49 5.48
-- ------------- ----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
The average principal balance of the Loans as of the Statistical Calculation
Date is approximately $80,481.28.
ORIGINAL BALANCES
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
RANGE OF ORIGINAL BALANCES ($) NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
----------------------------------------- --------------------- -------------------- ----------------------
<S> <C> <C> <C>
$1 to $25,000 285 $6,053,278.02 2.52%
$25,001 to $50,000 876 32,845,296.03 13.69
$50,001 to $75,000 680 42,127,109.41 17.55
$75,001 to $100,000 381 33,086,194.03 13.79
$100,001 to $125,000 243 27,438,025.78 11.43
$125,001 to $150,000 146 20,250,022.18 8.44
$150,001 to $175,000 110 17,928,002.13 7.47
$175,001 to $200,000 83 15,521,340.10 6.47
$200,001 to $225,000 68 14,493,931.23 6.04
$225,001 to $250,000 43 10,312,465.65 4.30
$250,001 to $275,000 25 6,507,356.42 2.71
$275,001 + 42 13,432,162.42 5.60
-- ------------- ----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
The average original balance of the Loans as of the Statistical Calculation Date
is approximately $80,580.35.
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.
BEAR STEARNS Page 8
<PAGE>
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ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
RANGE OF COMBINED AGGREGATE UNPAID CALCULATION
LOAN-TO-VALUE RATIOS(%) NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
------------------------------------ ------------------------- ------------------ -----------------------
<S> <C> <C> <C>
0.01% to 40.00% 155 $7,924,459.85 3.30%
40.01% to 50.00% 141 7,716,459.80 3.22
50.01% to 60.00% 201 13,657,084.58 5.69
60.01% to 70.00% 412 31,394,507.15 13.08
70.01% to 80.00% 910 77,785,744.53 32.41
80.01% to 90.00% 1,153 101,154,654.92 42.15
90.01% to 100.00% 10 362,272.57 0.15
-- ---------- ----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
The minimum and maximum combined loan-to-value ratios of the Loans as of the
Statistical Calculation Date are approximately 7.80% and 100.00%, respectively,
and the weighted average combined loan-to-value ratio of the Loans as of the
Statistical Calculation Date is approximately 76.28%.
GEOGRAPHICAL DISTRIBUTIONS
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
LOCATION NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
------------------------------------ ----------------------- -------------------- -----------------------
<S> <C> <C> <C>
New York 621 $63,375,073.47 26.41%
New Jersey 365 31,709,459.43 13.21
Pennsylvania 362 20,218,129.65 8.42
Florida 243 18,369,906.15 7.65
Ohio 192 12,247,078.26 5.10
Massachusetts 134 11,669,109.00 4.86
Illinois 142 10,600,084.78 4.42
Virginia 92 8,383,749.25 3.49
North Carolina 104 8,035,233.21 3.35
Georgia 108 7,844,766.26 3.27
Michigan 95 6,883,989.77 2.87
Maryland 62 6,712,285.26 2.80
Other 462 33,946,318.91 14.14
--- ------------- -----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
The reference to "Other" in the preceding table includes states and the District
of Columbia that contain mortgaged properties for which the Principal Balance is
less than 2.00% of the Statistical Calculation Date Aggregate Principal Balance.
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.
BEAR STEARNS Page 9
<PAGE>
--------------------------------------------------------------------------------
ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
JUNIOR RATIOS(1)(2)(3)
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
RANGE OF JUNIOR RATIOS (%) NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
----------------------------------------- ----------------------- ------------------ -----------------------
<S> <C> <C> <C>
0.001% to 10.000% 2 $39,929.09 0.11%
10.001% to 20.000% 202 6,134,487.90 16.84
20.001% to 30.000% 282 11,444,664.13 31.41
30.001% to 40.000% 154 7,411,487.74 20.34
40.001% to 50.000% 65 4,743,571.00 13.02
50.001% to 60.000% 36 3,191,573.50 8.76
60.001% to 70.000% 16 1,430,092.78 3.92
70.001% to 80.000% 9 1,070,966.02 2.94
80.001% to 90.000% 6 563,746.62 1.55
90.001% to 100.000% 5 405,768.94 1.11
- ---------- ----
TOTAL 777 $36,436,287.72 100.00%
</TABLE>
(1) The junior ratio of a Loan is the ratio (expressed as a percentage) of the
outstanding balance of such Loan to the sum of such outstanding balance and the
outstanding balance of any senior mortgage computed as of the date such Loan is
underwritten.
(2) The weighted average junior ratio of the Loans as of the Statistical
Calculation Date is approximately 35.40%.
(3) Includes only the Loans secured by second liens.
LOAN RATES
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
RANGE OF LOAN RATES(%) NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
--------------------------------------- ---------------------------- ------------------- -----------------------
<S> <C> <C> <C>
9.000% to 9.999% 120 $14,868,732.81 6.20%
10.000% to 10.999% 622 64,547,144.65 26.90
11.000% to 11.999% 866 76,632,163.67 31.93
12.000% to 12.999% 582 38,447,368.62 16.02
13.000% to 13.999% 387 17,094,983.01 7.12
14.000% to 14.999% 165 7,599,767.83 3.17
15.000% to 15.999% 33 3,398,202.38 1.42
16.000% to 16.999% 207 17,406,820.43 7.25
--- ------------- ----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
The weighted average loan rate of the Loans as of the Statistical Calculation
Date is approximately 12.023%.
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.
BEAR STEARNS Page 10
<PAGE>
--------------------------------------------------------------------------------
ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
ORIGINAL TERM TO SCHEDULED MATURITY
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
RANGE OF MONTHS NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
------------------------------------ ------------------------- ------------------ -----------------------
<S> <C> <C> <C>
0 to 60 43 $1,759,920.01 0.73%
61 to 120 242 11,262,727.02 4.69
121 to 180 1,102 82,157,373.65 34.23
181 to 240 975 74,332,294.67 30.97
241 to 300 79 8,058,999.12 3.36
301 to 360 541 62,423,868.93 26.01
--- ------------- -----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
The weighted average original term to scheduled maturity of the Loans as of the
Statistical Calculation Date is approximately 245 months.
REMAINING TERM TO SCHEDULED MATURITY
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
RANGE OF MONTHS NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
--------------------------------- ----------------------------- ------------------- -----------------------
<S> <C> <C> <C>
0 to 60 43 $1,759,920.01 0.73%
61 to 120 242 11,262,727.02 4.69
121 to 180 1,102 82,157,373.65 34.23
181 to 240 975 74,332,294.67 30.97
241 to 300 79 8,058,999.12 3.36
301 to 360 541 62,423,868.93 26.01
--- ------------- -----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
The weighted average remaining term to scheduled maturity of the Loans as of the
Statistical Calculation Date is approximately 244 months.
ORIGINATION YEAR
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
ORIGINATION YEAR NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
----------------------------- ------------------------ ------------------- -----------------------
<S> <C> <C> <C>
2000 2,982 $239,995,183.40 100.00%
----- --------------- -------
TOTAL 2,982 $239,995,183.40 100.00%
</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.
BEAR STEARNS Page 11
<PAGE>
--------------------------------------------------------------------------------
ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
LIEN PRIORITY
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
LIEN POSITION NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
-------------------------- ---------------------------- ------------------- -----------------------
<S> <C> <C> <C>
First 2,205 $203,558,895.68 84.82%
Second 777 36,436,287.72 15.18
--- ------------- -----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
DEBT-TO-INCOME RATIOS
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
RANGE OF DEBT-TO-INCOME RATIOS (%) NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
---------------------------------------- ----------------------- ------------------ -----------------------
<S> <C> <C> <C>
0.000% to 10.000% 10 $938,014.88 0.39%
10.001% to 20.000% 117 6,955,997.41 2.90
20.001% to 30.000% 345 21,156,061.61 8.82
30.001% to 40.000% 691 50,928,506.13 21.22
40.001% to 50.000% 1,376 117,264,700.12 48.86
50.001% to 60.000% 432 41,884,439.61 17.45
60.001% + 11 867,463.64 0.36
-- ---------- ----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
The weighted average debt-to-income ratio of the Loans as of the Statistical
Calculation Date is approximately 41.93% per annum.
DOCUMENTATION TYPE
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
DOCUMENTATION NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
------------------------------------------- ---------------------- ----------------- -----------------------
<S> <C> <C> <C>
Full Documentation 2,651 $211,071,554.36 87.95%
No Documentation 173 15,558,097.89 6.48
Limited Documentation 158 13,365,531.15 5.57
--- ------------- ----
TOTAL 2,982 $239,995,183.40 100.00%
</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.
BEAR STEARNS Page 12
<PAGE>
--------------------------------------------------------------------------------
ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT
--------------------------------------------------------------------------------
AMORTIZATION TYPE
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
AMORTIZATION TYPE NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
---------------------------------- --------------------- ------------------ -----------------------
<S> <C> <C> <C>
Fully Amortizing 1,635 $129,609,012.74 54.00%
Balloon Loans 1,347 110,386,170.66 46.00
----- -------------- -----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
LOAN PURPOSE
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
LOAN PURPOSE NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
------------------------------------ ------------------- ----------------- -----------------------
<S> <C> <C> <C>
Debt Consolidation 1,368 $103,606,406.58 43.17%
Cash Out 803 71,184,141.59 29.66
Rate/Term Refinance 287 26,047,001.10 10.85
Other 209 16,611,558.30 6.92
Home Improvement 196 12,171,580.61 5.07
Purchase 115 9,725,572.93 4.05
Education 4 648,922.29 0.27
- ---------- ----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
CREDIT SCORES AS OF THE DATE OF ORIGINATION OF THE LOANS
<TABLE>
<CAPTION>
PERCENT OF LOANS
BY STATISTICAL
AGGREGATE UNPAID CALCULATION
RANGE OF CREDIT SCORES NUMBER OF LOANS PRINCIPAL BALANCE DATE PRINCIPAL BALANCE
------------------------------------ ------------------ ----------------- -----------------------
<S> <C> <C> <C>
Less than 500 210 $16,708,072.49 6.96%
500 to 519 197 15,293,098.53 6.37
520 to 539 245 21,458,086.30 8.94
540 to 559 287 23,171,951.77 9.66
560 to 579 326 27,220,854.00 11.34
580 to 599 296 22,754,740.93 9.48
600 to 619 313 26,345,945.57 10.98
620 to 639 300 22,757,015.60 9.48
640 to 659 258 21,268,285.56 8.86
660 to 679 195 15,170,881.65 6.32
680 to 699 149 12,250,938.07 5.10
700 to 719 77 5,845,477.18 2.44
720 + 104 8,000,481.47 3.33
n/a 25 1,749,354.28 0.73
-- ------------ ----
TOTAL 2,982 $239,995,183.40 100.00%
</TABLE>
Of the Loans with available credit scores, the weighted average credit score of
the Loans as of the Statistical Calculation Date is approximately 595.
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.
BEAR STEARNS Page 13
<PAGE>
--------------------------------------------------------------------------------
ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
SENSITIVITY TABLES
<TABLE>
<CAPTION>
CLASS A (TO CALL)
----------------------------------------------------------------------------------------------------------------------
% HEP 0% 15% 20% 23% 30% 35%
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVERAGE LIFE (YEARS) 15.01 4.97 3.84 3.36 2.60 2.23
MODIFIED DURATION (YEARS) 8.40 3.71 3.03 2.73 2.20 1.92
FIRST PRINCIPAL PAYMENT 1/15/01 1/15/01 1/15/01 1/15/01 1/15/01 1/15/01
LAST PRINCIPAL PAYMENT 10/15/26 9/15/13 10/15/10 7/15/09 7/15/07 7/15/06
PRINCIPAL LOCKOUT (MONTHS) 0 0 0 0 0 0
PRINCIPAL WINDOW (MONTHS) 310 153 118 103 79 67
ILLUSTRATIVE YIELD AT PAR (30/360) 7.12% 7.08% 7.06% 7.05% 7.03% 7.01%
----------------------------------------------------------------------------------------------------------------------
</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.
BEAR STEARNS Page 14
<PAGE>
--------------------------------------------------------------------------------
ABFS MORTGAGE LOAN TRUST 2000-4
--------------------------------------------------------------------------------
SENSITIVITY TABLES
<TABLE>
<CAPTION>
CLASS A (TO MATURITY)
----------------------------------------------------------------------------------------------------------------------
% HEP 0% 15% 20% 23% 30% 35%
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVERAGE LIFE (YEARS) 15.21 5.25 4.12 3.63 2.81 2.40
MODIFIED DURATION (YEARS) 8.43 3.81 3.16 2.85 2.31 2.02
FIRST PRINCIPAL PAYMENT 1/15/01 1/15/01 1/15/01 1/15/01 1/15/01 1/15/01
LAST PRINCIPAL PAYMENT 9/15/30 9/15/22 8/15/18 1/15/18 3/15/15 1/15/13
PRINCIPAL LOCKOUT (MONTHS) 0 0 0 0 0 0
PRINCIPAL WINDOW (MONTHS) 357 261 212 205 171 145
ILLUSTRATIVE YIELD AT PAR (30/360) 7.12% 7.10% 7.09% 7.08% 7.06% 7.04%
----------------------------------------------------------------------------------------------------------------------
</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.
BEAR STEARNS Page 15
