FBR Securitization 8-K Other Events

First NLC Trust 2005-1
Mortgage-Backed Notes, Series 2005-1
Preliminary Collateral Term Sheet

Aggregate Mortgage Loans

DISCLAIMER

The attached tables and other statistical analyses (the “Collateral Materials”) are privileged and intended for use by the addressee only. These Collateral Materials have been prepared by Friedman, Billings, Ramsey & Co., Inc. in reliance upon information furnished by the prospective sellers of the mortgage loans and their affiliates. These Collateral Materials are furnished to you solely by Friedman, Billings, Ramsey & Co., Inc. and not by the issuer of the securities. They may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating said material.

Numerous assumptions were used in preparing the Collateral Materials which may or may not be reflected therein. As such, no assurance can be given as to the Collateral Materials’ accuracy, appropriateness or completeness in any particular context. Also, no assurance can be given as to whether the Collateral Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Collateral Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

The specific characteristics of the assets may differ from those shown in the Collateral Materials. Neither Friedman, Billings, Ramsey & Co., Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets.

Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication for definitive Collateral Materials and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the FBR Trading Desk at (703) 469-1225.

Please be advised that the securities related to the mortgage loans described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors should make every effort to consider the risks of these securities.

If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail

First NLC 2005-1 Preliminary Stratifications	4,380 records
Friedman Billings Ramsey

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Mortgage Rate (%)	Loans		Balance		Balance		Coupon		Score		CLTV
4.501 - 5.000		3		635,850.00		0.09		4.933		641		76.02
5.001 - 5.500		46		11,565,714.02		1.56		5.352		664		77.71
5.501 - 6.000		280		73,617,012.71		9.95		5.880		665		78.92
6.001 - 6.500		515		124,302,095.99		16.81		6.350		661		80.65
6.501 - 7.000		807		173,392,675.06		23.44		6.810		643		80.77
7.001 - 7.500		585		106,534,524.82		14.40		7.322		628		81.92
7.501 - 8.000		691		111,671,801.20		15.10		7.781		607		82.87
8.001 - 8.500		312		46,252,311.73		6.25		8.288		587		81.93
8.501 - 9.000		275		34,215,257.48		4.63		8.801		581		85.36
9.001 - 9.500		185		18,251,329.68		2.47		9.255		604		89.60
9.501 - 10.000		277		20,067,562.70		2.71		9.789		636		95.25
10.001 - 10.500		73		4,462,047.48		0.60		10.242		623		92.99
10.501 - 11.000		94		5,165,674.56		0.70		10.735		639		99.41
11.001 - 11.500		90		3,595,576.72		0.49		11.283		660		99.13
11.501 - 12.000		95		3,663,564.45		0.50		11.872		630		99.01
12.001 - 12.500		48		2,064,638.24		0.28		12.278		630		99.50
12.501 - 13.000		3		98,332.39		0.01		12.717		632		100.00
13.001 - 13.500		1		35,633.80		0.00		13.050		636		99.97
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

Min: 4.875%
Max: 13.050%
Weighted Average: 7.273%

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Current Balance ($)	Loans		Balance		Balance		Coupon		Score		CLTV
0.01 - 50,000.00		406		13,598,507.62		1.84		10.514		650		95.98
50,000.01 - 100,000.00		956		73,691,686.91		9.96		8.534		618		85.98
100,000.01 - 150,000.00		945		116,950,389.40		15.81		7.600		616		82.16
150,000.01 - 200,000.00		718		126,006,509.24		17.04		7.267		624		82.04
200,000.01 - 250,000.00		483		107,923,244.94		14.59		7.061		634		81.93
250,000.01 - 300,000.00		336		92,667,317.43		12.53		6.854		641		81.23
300,000.01 - 350,000.00		199		64,360,373.31		8.70		6.896		645		82.75
350,000.01 - 400,000.00		143		53,665,100.76		7.26		6.790		648		81.08
400,000.01 - 450,000.00		82		34,967,497.15		4.73		6.613		645		81.07
450,000.01 - 500,000.00		91		43,854,845.17		5.93		6.529		660		79.28
500,000.01 - 550,000.00		12		6,289,148.56		0.85		6.932		640		82.96
550,000.01 - 600,000.00		2		1,103,650.00		0.15		6.063		696		84.99
600,000.01 - 650,000.00		6		3,763,332.54		0.51		6.750		636		72.56
700,000.01 - 750,000.00		1		750,000.00		0.10		5.250		688		79.79
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

Min: $13,750.00
Max: $750,000.00
Average: $168,856.53

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their afiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their afiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an ofer to sell, nor a solicitation of an ofer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An ofering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Page 1 of 8

First NLC 2005-1 Preliminary Stratifications	4,380 records
Friedman Billings Ramsey

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Loan Type	Loans		Balance		Balance		Coupon		Score		CLTV
ARM 3/27		1,535		242,826,575.97		32.83		7.584		605		81.16
ARM 2/28		827		151,163,061.20		20.44		7.240		621		83.83
ARM 3/27 60 Month IO		486		133,588,845.95		18.06		6.515		666		80.21
ARM 2/28 60 Month IO		460		122,176,118.35		16.52		6.601		662		80.51
30 Year Fixed		789		75,841,851.41		10.25		8.305		641		87.73
15 Year Balloon		222		9,237,564.68		1.25		10.630		657		99.20
15 Year Fixed		35		2,941,646.41		0.40		7.944		650		81.09
20 Year Fixed		26		1,815,939.06		0.25		8.199		641		83.88
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Lien Position	Loans		Balance		Balance		Coupon		Score		CLTV
1		3,683		702,663,160.81		95.01		7.114		632		81.43
2		697		36,928,442.22		4.99		10.305		664		99.42
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
Remaining Term to Maturity	Mortgage		Principal		Principal		Gross		Credit		Orginal
(Months)	Loans		Balance		Balance		Coupon		Score		CLTV
169 - 180		257		12,179,211.09		1.65		9.981		655		94.83
229 - 240		26		1,815,939.06		0.25		8.199		641		83.88
349 - 360		4,097		725,596,452.88		98.11		7.225		633		82.12
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

Min: 173
Max: 360
Weighted Average: 355

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Seasoning (Months)	Loans		Balance		Balance		Coupon		Score		CLTV
0		1,595		268,317,997.63		36.28		7.260		631		82.50
1		841		126,699,449.25		17.13		7.533		627		82.87
2		1,283		217,663,090.69		29.43		7.354		631		81.72
3		471		89,123,360.69		12.05		6.924		648		82.09
4		141		28,218,002.05		3.82		6.765		656		83.34
5		27		6,531,918.82		0.88		6.666		651		83.31
6		4		675,329.75		0.09		8.420		576		82.10
7		13		1,654,160.00		0.22		8.537		618		85.67
8		3		536,672.95		0.07		7.011		584		84.08
9		2		171,621.20		0.02		6.281		634		81.73
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

Min: 0
Max: 9
Weighted Average: 1

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their afiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their afiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an ofer to sell, nor a solicitation of an ofer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An ofering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Page 2 of 8

First NLC 2005-1 Preliminary Stratifications	4,380 records
Friedman Billings Ramsey

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Original CLTV (%)	Loans		Balance		Balance		Coupon		Score		CLTV
10.01 - 15.00		1		50,000.00		0.01		7.750		577		13.59
15.01 - 20.00		2		249,000.00		0.03		5.811		609		16.95
20.01 - 25.00		3		293,900.00		0.04		6.968		587		23.52
25.01 - 30.00		3		177,565.45		0.02		7.576		577		26.95
30.01 - 35.00		4		374,763.79		0.05		7.457		552		31.79
35.01 - 40.00		13		1,405,302.09		0.19		7.186		585		37.43
40.01 - 45.00		16		2,279,343.85		0.31		7.207		613		43.06
45.01 - 50.00		21		2,948,122.37		0.40		7.040		602		48.12
50.01 - 55.00		34		4,762,262.47		0.64		6.937		584		53.12
55.01 - 60.00		46		7,103,612.20		0.96		7.307		580		57.99
60.01 - 65.00		92		15,224,314.04		2.06		7.235		591		63.23
65.01 - 70.00		144		27,698,902.21		3.75		7.103		590		68.39
70.01 - 75.00		239		42,402,439.54		5.73		7.206		605		73.58
75.01 - 80.00		1,727		363,828,185.63		49.19		6.874		647		79.82
80.01 - 85.00		357		62,385,848.66		8.44		7.378		608		84.38
85.01 - 90.00		558		98,529,778.27		13.32		7.475		618		89.58
90.01 - 95.00		221		33,643,762.61		4.55		7.348		643		94.53
95.01 - 100.00		899		76,234,499.85		10.31		8.941		655		99.91
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

Min: 13.59%
Max: 100.00%
Weighted Average: 82.33%

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
FICO Score	Loans		Balance		Balance		Coupon		Score		CLTV
481 - 500		9		1,453,194.07		0.20		8.130		500		77.38
501 - 520		145		21,205,218.85		2.87		8.117		510		75.16
521 - 540		211		29,755,153.67		4.02		8.205		532		76.50
541 - 560		250		37,145,567.29		5.02		7.959		551		78.63
561 - 580		267		42,048,183.97		5.69		7.668		571		79.60
581 - 600		336		57,050,578.28		7.71		7.612		590		83.43
601 - 620		592		92,165,532.39		12.46		7.392		611		83.57
621 - 640		744		121,988,209.28		16.49		7.215		630		82.85
641 - 660		602		115,377,576.47		15.60		7.011		650		82.72
661 - 680		467		86,422,347.06		11.69		6.964		670		83.93
681 - 700		301		50,931,640.08		6.89		6.888		689		82.90
701 - 720		186		33,968,081.82		4.59		6.867		710		83.53
721 - 740		115		20,874,721.49		2.82		6.738		730		84.05
741 - 760		71		13,927,707.73		1.88		6.853		749		83.60
761 - 780		49		8,830,072.00		1.19		6.869		770		85.22
781 - 800		31		5,712,636.23		0.77		6.998		788		84.08
801 - 820		4		735,182.35		0.10		7.780		805		88.37
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

Min: 500
Max: 813
Weighted Average: 633

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their afiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their afiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an ofer to sell, nor a solicitation of an ofer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An ofering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Page 3 of 8

First NLC 2005-1 Preliminary Stratifications	4,380 records
Friedman Billings Ramsey

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Use of Proceeds	Loans		Balance		Balance		Coupon		Score		CLTV
Cashout		2,230		380,077,442.78		51.39		7.296		610		81.34
Purchase		2,068		345,961,960.16		46.78		7.241		660		83.37
Rate/Term Refinance		82		13,552,200.09		1.83		7.455		616		83.53
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Property Type	Loans		Balance		Balance		Coupon		Score		CLTV
Single Family		3,660		619,458,066.91		83.76		7.259		629		82.45
Condo		345		49,873,440.91		6.74		7.307		655		83.04
Townhouse		164		26,565,837.83		3.59		7.167		650		82.89
3-4 Unit		110		24,301,921.79		3.29		7.633		658		80.08
Duplex		101		19,392,335.59		2.62		7.319		653		78.88
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Documentation Type	Loans		Balance		Balance		Coupon		Score		CLTV
NIV		2,059		390,127,073.10		52.75		7.185		656		81.56
Full		2,088		309,595,639.90		41.86		7.373		606		83.70
Stated		165		27,741,194.06		3.75		7.358		620		78.44
12 Month Bank Statements		40		6,025,519.28		0.81		7.840		605		81.97
24 Month Bank Statements		21		4,229,362.47		0.57		6.857		626		81.91
Reduced		5		1,408,193.76		0.19		6.918		600		78.49
NINA		1		267,929.00		0.04		6.375		655		80.00
Alternative		1		196,691.46		0.03		8.125		508		65.00
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Occupancy Type	Loans		Balance		Balance		Coupon		Score		CLTV
Owner Occupied		4,278		724,880,557.34		98.01		7.267		633		82.47
Non-Owner Occupied		102		14,711,045.69		1.99		7.574		647		75.81
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Loan Grade	Loans		Balance		Balance		Coupon		Score		CLTV
A		2,618		467,798,237.99		63.25		7.018		667		83.22
B		1,291		203,876,879.46		27.57		7.582		590		82.25
C		471		67,916,485.58		9.18		8.100		527		76.49
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their afiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their afiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an ofer to sell, nor a solicitation of an ofer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An ofering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Page 4 of 8

First NLC 2005-1 Preliminary Stratifications	4,380 records
Friedman Billings Ramsey

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Geographic Distribution	Loans		Balance		Balance		Coupon		Score		CLTV
California		1,211		290,404,967.81		39.27		6.877		644		80.07
Florida		870		126,488,325.43		17.10		7.506		632		82.57
Illinois		480		78,883,473.46		10.67		7.388		631		83.75
Michigan		211		25,005,028.54		3.38		8.118		599		85.10
Maryland		116		23,697,537.32		3.20		7.340		637		82.95
Nevada		118		20,042,775.42		2.71		6.956		639		81.20
Virginia		108		19,743,316.42		2.67		7.499		641		83.56
Massachusetts		87		17,624,837.70		2.38		7.532		630		81.34
North Carolina		152		14,960,295.72		2.02		7.815		625		87.04
Arizona		112		14,017,472.36		1.90		7.253		623		87.36
Pennsylvania		125		13,080,777.03		1.77		7.747		607		86.80
Colorado		79		11,065,732.91		1.50		7.001		623		85.08
Rhode Island		58		9,449,302.39		1.28		7.723		652		81.95
Washington		56		8,580,308.78		1.16		7.106		620		85.65
Tennessee		86		7,606,624.90		1.03		7.904		620		86.19
Indiana		78		7,452,676.83		1.01		8.046		597		87.16
Ohio		63		6,620,967.17		0.90		7.807		625		86.67
Georgia		47		6,318,444.65		0.85		7.589		629		84.41
Wisconsin		50		6,207,878.92		0.84		7.965		618		83.91
Minnesota		35		5,330,738.65		0.72		7.480		609		83.91
Connecticut		34		4,750,333.24		0.64		7.852		629		82.01
Texas		46		4,207,954.02		0.57		8.023		587		83.21
Louisiana		37		3,393,092.57		0.46		8.446		597		86.15
Oregon		23		3,010,022.34		0.41		6.694		642		79.48
Kentucky		21		2,727,296.42		0.37		7.864		603		87.49
Missouri		19		2,422,603.81		0.33		8.157		590		87.68
Idaho		15		1,725,928.79		0.23		7.175		627		87.97
New Jersey		7		1,384,635.95		0.19		7.819		566		77.82
Nebraska		9		1,041,560.00		0.14		7.244		608		92.26
Oklahoma		8		810,776.71		0.11		8.055		632		93.92
Iowa		10		778,917.91		0.11		9.875		596		88.71
Utah		3		279,387.90		0.04		7.713		565		81.41
Arkansas		4		269,166.02		0.04		8.185		617		91.21
South Carolina		1		128,500.00		0.02		7.990		621		100.00
New Mexico		1		79,944.94		0.01	��	7.875		591		80.00
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Prepayment Penalty Term (Years)	Loans		Balance		Balance		Coupon		Score		CLTV
0		826		112,873,231.10		15.26		7.769		634		84.03
1		184		37,678,412.91		5.09		7.297		647		82.29
2		1,083		221,591,111.70		29.96		6.937		636		82.44
3		2,287		367,448,847.32		49.68		7.321		630		81.75
Total:		4,380		739,591,603.03		100.00		7.273		633		82.33
Loans with Penalty: 84.74%

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their afiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their afiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an ofer to sell, nor a solicitation of an ofer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An ofering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Page 5 of 8

First NLC 2005-1 Preliminary Stratifications	4,380 records
Friedman Billings Ramsey

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Margin (%) - ARM Only	Loans		Balance		Balance		Coupon		Score		CLTV
4.001 - 4.500		109		20,063,685.00		3.09		7.142		635		83.11
4.501 - 5.000		241		43,887,160.64		6.75		7.001		630		81.88
5.001 - 5.500		122		31,679,847.95		4.88		5.891		665		80.97
5.501 - 6.000		350		91,454,621.55		14.08		6.079		663		79.76
6.001 - 6.500		572		137,355,277.82		21.14		6.569		651		80.47
6.501 - 7.000		541		110,981,131.86		17.08		7.012		637		80.94
7.001 - 7.500		472		83,428,075.79		12.84		7.548		620		81.68
7.501 - 8.000		380		62,797,705.16		9.66		8.018		601		82.69
8.001 - 8.500		235		33,451,072.60		5.15		8.542		575		83.23
8.501 - 9.000		167		22,885,364.02		3.52		8.997		570		85.45
9.001 - 9.500		75		7,368,145.29		1.13		9.508		573		87.52
9.501 - 10.000		37		3,863,178.62		0.59		9.955		562		87.74
10.001 - 10.500		5		449,286.34		0.07		10.362		540		83.80
10.501 - 11.000		2		90,048.83		0.01		11.024		560		86.57
Total:		3,308		649,754,601.47		100.00		7.099		632		81.46

Min (>0): 4.500%
Max: 10.900%
Weighted Average (>0): 6.632%

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
Maximum Mortgage Rate (%)	Mortgage		Principal		Principal		Gross		Credit		Orginal
ARM Only	Loans		Balance		Balance		Coupon		Score		CLTV
11.501 - 12.000		3		635,850.00		0.10		4.933		641		76.02
12.001 - 12.500		45		11,359,714.02		1.75		5.349		664		78.23
12.501 - 13.000		274		72,331,682.89		11.13		5.880		664		79.12
13.001 - 13.500		454		112,887,103.01		17.37		6.349		661		80.68
13.501 - 14.000		723		160,986,364.41		24.78		6.809		644		80.81
14.001 - 14.500		522		97,424,096.97		14.99		7.322		628		81.90
14.501 - 15.000		615		101,740,958.52		15.66		7.777		607		82.76
15.001 - 15.500		265		41,626,188.49		6.41		8.284		585		81.71
15.501 - 16.000		218		29,824,254.11		4.59		8.805		574		84.98
16.001 - 16.500		109		13,291,412.80		2.05		9.253		573		86.56
16.501 - 17.000		63		5,980,418.14		0.92		9.795		568		87.50
17.001 - 17.500		15		1,576,509.28		0.24		10.223		553		87.50
17.501 - 18.000		1		41,223.83		0.01		10.875		571		82.50
18.001 - 18.500		1		48,825.00		0.01		11.150		551		90.00
Total:		3,308		649,754,601.47		100.00		7.099		632		81.46

Min: 11.875%
Max: 18.150%
Weighted Average: 14.099%

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their afiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their afiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an ofer to sell, nor a solicitation of an ofer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An ofering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Page 6 of 8

First NLC 2005-1 Preliminary Stratifications	4,380 records
Friedman Billings Ramsey

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
Minimum Mortgage Rate (%)	Mortgage		Principal		Principal		Gross		Credit		Orginal
ARM Only	Loans		Balance		Balance		Coupon		Score		CLTV
4.501 - 5.000		3		635,850.00		0.10		4.933		641		76.02
5.001 - 5.500		45		11,359,714.02		1.75		5.349		664		78.23
5.501 - 6.000		274		72,331,682.89		11.13		5.880		664		79.12
6.001 - 6.500		454		112,887,103.01		17.37		6.349		661		80.68
6.501 - 7.000		723		160,986,364.41		24.78		6.809		644		80.81
7.001 - 7.500		522		97,424,096.97		14.99		7.322		628	��	81.90
7.501 - 8.000		615		101,740,958.52		15.66		7.777		607		82.76
8.001 - 8.500		265		41,626,188.49		6.41		8.284		585		81.71
8.501 - 9.000		218		29,824,254.11		4.59		8.805		574		84.98
9.001 - 9.500		109		13,291,412.80		2.05		9.253		573		86.56
9.501 - 10.000		63		5,980,418.14		0.92		9.795		568		87.50
10.001 - 10.500		15		1,576,509.28		0.24		10.223		553		87.50
10.501 - 11.000		1		41,223.83		0.01		10.875		571		82.50
11.001 - 11.500		1		48,825.00		0.01		11.150		551		90.00
Total:		3,308		649,754,601.47		100.00		7.099		632		81.46

Min: 4.875%
Max: 11.150%
Weighted Average (>0): 7.099%

Percent of

Weighted

Weighted

Weighted

Number of

Outstanding

Outstanding

Average

Average

Average

Initial Rate Cap (%)

Mortgage

Principal

Principal

Gross

Credit

Orginal

ARM Only

Loans

Balance

Balance

Coupon

Score

CLTV

3.000

3,308

649,754,601.47

100.00

7.099

632

81.46

Total:

3,308

649,754,601.47

100.00

7.099

632

81.46

Min: 3.000%
Max: 3.000%
Weighted Average: 3.000%

Percent of

Weighted

Weighted

Weighted

Number of

Outstanding

Outstanding

Average

Average

Average

Subsequent Rate Cap (%)

Mortgage

Principal

Principal

Gross

Credit

Orginal

ARM Only

Loans

Balance

Balance

Coupon

Score

CLTV

1.000

3,308

649,754,601.47

100.00

7.099

632

81.46

Total:

3,308

649,754,601.47

100.00

7.099

632

81.46

Min: 1.000%
Max: 1.000%
Weighted Average: 1.000%

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their afiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their afiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an ofer to sell, nor a solicitation of an ofer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An ofering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Page 7 of 8

First NLC 2005-1 Preliminary Stratifications	4,380 records
Friedman Billings Ramsey

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Orginal
Months to Next Adjustment Date	Loans		Balance		Balance		Coupon		Score		CLTV
15		1		156,800.00		0.02		6.000		631		80.00
16		2		373,420.28		0.06		6.470		617		85.87
17		1		360,000.00		0.06		7.625		646		80.00
19		10		2,730,997.23		0.42		6.551		669		85.02
20		52		13,906,060.81		2.14		6.664		653		83.09
21		169		38,685,639.39		5.95		6.686		652		82.27
22		365		77,294,441.08		11.90		7.022		638		81.46
23		222		42,655,896.76		6.56		7.157		634		83.04
24		465		97,175,924.00		14.96		6.972		635		82.60
28		1		163,252.67		0.03		8.250		509		80.00
29		6		917,014.13		0.14		7.532		602		82.10
30		3		624,976.73		0.10		8.303		566		80.66
31		14		3,354,871.29		0.52		6.715		643		81.28
32		48		10,849,726.00		1.67		6.393		655		79.65
33		187		40,807,572.95		6.28		6.812		644		80.36
34		652		120,029,427.64		18.47		7.307		625		80.36
35		391		65,832,838.88		10.13		7.395		618		81.04
36		719		133,835,741.63		20.60		7.207		625		81.36
Total:		3,308		649,754,601.47		100.00		7.099		632		81.46

Weighted Average: 30

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their afiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their afiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an ofer to sell, nor a solicitation of an ofer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An ofering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Page 8 of 8