FBR Securitization 8-K Other Events

EXHIBIT 99.1

April 19, 2005

First NLC Trust 2005-1
Mortgage-Backed Notes, Series 2005-1

$717,420,000

(Approximate, Subject to +/- 10% Variance)

Series Term Sheet

First NLC Financial Services, LLC

A wholly owned subsidiary of Friedman, Billings, Ramsey Group, Inc.

Originator

FBR Securitization, Inc.

Depositor

FRIEDMAN BILLINGS RAMSEY

Lead Underwriter

DISCLAIMER

Attached is a Series Term Sheet that describes the structure, collateral and certain aspects of the First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1. Friedman, Billings, Ramsey & Co., Inc. (“FBR”) has prepared this Series Term Sheet for distribution to potential investors. Though the Depositor provided FBR with certain information, the Depositor did not participate in the preparation of this Series Term Sheet. The Series Term Sheet is for informational purposes only and is subject to modification or change. The information and assumptions contained in this Series Term Sheet are preliminary and will be superseded by any subsequent series term sheets and by a prospectus, a prospectus supplement and by any other additional information subsequently filed with the Securities and Exchange Commission or incorporated by reference in the Depositor’s registration statement.

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 information 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.

Any investment decision should be based only upon the information in the final prospectus and prospectus supplement as of their publication dates.

Please be advised that the securities 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 must 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.

COMPUTATIONAL MATERIALS

This Series Term Sheet contains tables and other statistical analyses (the “Computational Materials”). These Computational Materials have been prepared by FBR in reliance upon information furnished by the issuer of the securities and its affiliates. These Computational Materials are furnished to you solely by FBR 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 Computational Materials which may or may not be stated therein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. Without limiting the foregoing, the collateral information set forth in these Computational Materials, including without limitation the collateral tables which follow, is based only on a the pool of Mortgage Loans expected to be included in the trust along with other certain Mortgage Loans on the Closing Date. Certain Mortgage Loans contained in this pool may be deleted from the final pool of Mortgage Loans delivered to the trust on the Closing Date and other loans may be substituted therefor. Although FBR believes the information with respect to the pool will be representative of the final pool of Mortgage Loans, the collateral characteristics of the final pool may nonetheless vary from the collateral characteristics of the pool presented in the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither FBR 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 or the payments or yield on the securities.

Contact Information
FBR		FBR		FBR
ABS Banking		ABS Trading/Syndicate		ABS Structuring
Mike Ciuffo	(703) 312-1889	Salmaan Siddiqui	(703) 469-1225	Anna Zuckerman	(703) 469-1283
Dane Smith	(703) 312-1896			Tol Ho	(703) 312-1737
Chris DeMulder	(703) 312-1754

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 1	April 19, 2005

First NLC Trust 2005-1
Mortgage-Backed Notes, Series 2005-1

	Principal		WAL	Payment Window	Expected Rating	Interest	Principal
Class(1,3)	Balance ($)(2)		Call/Mat(4)	(Mths) Call/Mat(4)	(S&P/Moody’s)	Type	Type
A	$	301,380,000	2.13 / 2.98	1 - 45 / 1 – 192	AAA/Aaa	Floating	Pro Rata
M-1		40,680,000	2.13 / 2.98	1 - 45 / 1 – 192	AAA/Aa1	Floating	Pro Rata
M-2		71,000,000	2.13 / 2.98	1 - 45 / 1 – 192	AA+/Aa2	Floating	Pro Rata
M-3		17,750,000	2.13 / 2.98	1 - 45 / 1 – 192	AA+/Aa3	Floating	Pro Rata
M-4		18,120,000	2.13 / 2.98	1 - 45 / 1 – 192	AA/Aa3	Floating	Pro Rata
M-5		38,460,000	2.13 / 2.98	1 - 45 / 1 – 192	AA/A1	Floating	Pro Rata
M-6		34,760,000	2.13 / 2.98	1 - 45 / 1 – 192	AA/A2	Floating	Pro Rata
M-7		18,120,000	2.13 / 2.98	1 - 45 / 1 – 192	AA-/A3	Floating	Pro Rata
M-8		19,600,000	2.13 / 2.98	1 - 45 / 1 – 192	A+/A3	Floating	Pro Rata
M-9		15,530,000	2.13 / 2.98	1 - 45 / 1 – 192	A+/Baa1	Floating	Pro Rata
M-10		21,450,000	2.13 / 2.98	1 - 45 / 1 – 192	A/Baa1	Floating	Pro Rata
M-11		13,680,000	2.13 / 2.98	1 - 45 / 1 – 192	A/Baa2	Floating	Pro Rata
M-12		21,080,000	2.13 / 2.98	1 - 45 / 1 – 192	A-/Baa2	Floating	Pro Rata
M-13		41,790,000	2.13 / 2.98	1 - 45 / 1 – 192	BBB+/Baa3	Floating	Pro Rata
M-14		26,630,000	2.13 / 2.98	1 - 45 / 1 – 192	BBB/NR	Floating	Pro Rata
M-15		17,390,000	2.13 / 2.98	1 - 45 / 1 – 192	BBB-/NR	Floating	Pro Rata
Total:	$	717,420,000

(1)	The Class A Notes and the Class M Notes are priced to the Optional Termination. The margin on the Class A Notes will be multiplied by 2 and the margin on the Class M Notes will be multiplied by 1.5 on or after the Margin Stepup Date as defined herein.
(2)	Approximate.
(3)	See “Available Funds Rate” herein.
(4)	See “Pricing Prepayment Speed” herein.

A. General Terms

Issuer:	First NLC Trust 2005-1.
Depositor:	FBR Securitization, Inc.
Originator:	First NLC Financial Services, LLC.
Lead Underwriter:	Friedman, Billings, Ramsey & Co., Inc.
Co-Underwriters:	J.P. Morgan Securities, Inc. and Goldman Sachs & Co.
Master Servicer,	JPMorgan Chase Bank, National Association.
Securities Administrator and Custodian:
Subservicer:	Ocwen Federal Bank FSB.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN       BILLINGS       RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 2	April 19, 2005

Indenture Trustee:	HSBC Bank USA, National Association.
Owner Trustee:	Wilmington Trust Company.
Hedge Counterparty:	[TBD]
Offered Notes:	The Class A Notes and Class M Notes.
Class M Notes:	The Class M-1 Notes, Class M-2 Notes, Class M-3 Notes, Class M-4 Notes, Class M-5 Notes, Class M-6 Notes, Class M-7 Notes, Class M-8 Notes, Class M-9 Notes, Class M-10 Notes, Class M-11 Notes, Class M-12 Notes, Class M-13 Notes, Class M-14 Notes and the Class M-15 Notes.
Ownership Certificate:	The Issuer will also issue an ownership certificate, which will not be offered and will be initially held by an affiliate of the Originator.
Payment Date:	The 25th day of each month (or if not a business day, the next succeeding business day) commencing in May 2005.
Cut-off Date:	April 1, 2005.
Final Maturity Date:	The Payment Date in May 2035.
Expected Pricing Date:	On or about April [21], 2005.
Expected Settlement Date:	On or about May 11, 2005.
Accrued Interest:	The price to be paid by investors for the Offered Notes will not include accrued interest (settling flat).
Registration:	The Offered Notes will be available in book-entry form through DTC and only upon request through Clearstream, Luxembourg and the Euroclear System.
Mortgage Loans	The trust will include Mortgage Loans having an aggregate principal balance as of the Cut-off Date of approximately $739.6 million, of which approximately $649.8 million, $52.9 million and $36.9 million, are adjustable-rate first lien, fixed-rate first lien, and fixed-rate second lien residential mortgage loans, respectively. The Mortgage Loans have the characteristics as of the Cut-off Date described in the collateral tables included in the attached Computational Materials.
	The collateral tables included in the attached Computational Materials represent a pool of Mortgage Loans having the characteristics described therein as of the Cut-off Date, and do not include additional Mortgage Loans that may be included in the trust on the Closing Date. Certain Mortgage Loans may be deleted from the final pool of Mortgage Loans to be included in the trust on the Closing Date or substituted therefor, although the characteristics of such final pool are not expected to materially differ from the characteristics of the mortgage pool described in the Computational Materials.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 3	April 19, 2005

Cap Agreement:

On the Closing Date, the Issuer will enter into a hedge agreement with the Hedge Counterparty to make payments generally in respect of any Basis Risk Shortfall on the Notes to the extent not paid by Monthly Excess Cashflow on the Payment Dates occurring from June 2005 to August 2008. On each such Payment Date, the Hedge Counterparty will be obligated to make a payment to the Issuer equal to the product of (a) the amount, if any, by which one-month LIBOR (up to a maximum of 10.50%) exceeds the related strike rate for such Payment Date, (b) the related notional balance for such Payment Date and (c) the quotient of (i) the number of days in the related Interest Accrual Period divided by (ii) 360. The expected strike rate and notional balance for each Payment are set forth in the Cap Schedule. The Cap Agreement may have a schedule of strike rates and notional balances that varies from the Cap Schedule in this Series Term Sheet.

Credit Enhancement:

Consists of the following:

1.	Excess Cashflow;
2.	Overcollateralization; and
3.	Subordination (to the extent applicable for each Class of Notes).

Expected Initial Credit Support
On Closing Date
Class	Credit Support
A		59.25	%
M-1		53.75	%
M-2		44.15	%
M-3		41.75	%
M-4		39.30	%
M-5		34.10	%
M-6		29.40	%
M-7		26.95	%
M-8		24.30	%
M-9		22.20	%
M-10		19.30	%
M-11		17.45	%
M-12		14.60	%
M-13		8.95	%
M-14		5.35	%
M-15		3.00	%

Optional Termination:	The transaction will allow for an optional call and the retirement of the Offered Notes, which may be exercised by the holder of the ownership certificate when the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period is less than 30% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date.
clean up Call:	The Subservicer will have a right to call the Mortgage Loans and pay the Offered Notes, which right may be exercised when the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period is less than [5]% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 4	April 19, 2005

Pricing Prepayment Speed:	The Offered Notes will be priced based on the following collateral prepayment assumptions:
	FRM Loans: 100% PPC (100% PPC: 2.30% — 23.00% CPR over 10 months, 23.00% CPR thereafter). ARM Loans: 100% PPC (100% PPC: 28.00% CPR).
Federal Tax Status:	It is anticipated that for federal income tax purposes the Offered Notes will be characterized as debt instruments.
SMMEA Eligibility:	The Offered Notes willnot constitute “mortgage related securities” for purposes of SMMEA.
ERISA Legibility:	The Offered Notes are expected to be eligible for purchase by or on behalf of employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended, subject to certain conditions as further described in the prospectus supplement.
Subservicing Fee:	On each Payment Date, the Subservicer will be entitled to 1/12 of 0.50% of the aggregate principal balance of the Mortgage Loans as of the beginning of the related Due Period;provided that, if a successor subservicer needs to be appointed, a portion of that fee may be paid to the holder of the ownership certificate as owner of the servicing rights.
Master Servicing Fee:	On each Payment Date, the Master Servicer will be entitled to 1/12 of 0.0125% of the aggregate principal balance of the Mortgage Loans as of the beginning of the related Due Period. The fees of the Indenture Trustee, the Owner Trustee, the Securities Administrator and the Custodian will be paid by the Master Servicer from the Master Servicing Fee.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 5	April 19, 2005

B. Payments to Securities

Priority of Payments:	After the payment (or netting) of the Master Servicer Fee, Subservicer Fee and expenses and indemnities due and payable:
	(a) Interest Proceeds shall be applied in the following order of priority:

1.	To pay Current Interest to the holders of the Class A Notespro rata;
2.	To pay Current Interest to the holders of the Class M-1 Notespro rata;
3.	To pay Current Interest to the holders of the Class M-2 Notespro rata;
4.	To pay Current Interest to the holders of the Class M-3 Notespro rata;
5.	To pay Current Interest to the holders of the Class M-4 Notespro rata;
6.	To pay Current Interest to the holders of the Class M-5 Notespro rata;
7.	To pay Current Interest to the holders of the Class M-6 Notespro rata;
8.	To pay Current Interest to the holders of the Class M-7 Notespro rata;
9.	To pay Current Interest to the holders of the Class M-8 Notespro rata;
10.	To pay Current Interest to the holders of the Class M-9 Notespro rata;
11.	To pay Current Interest to the holders of the Class M-10 Notespro rata;
12.	To pay Current Interest to the holders of the Class M-11 Notespro rata;
13.	To pay Current Interest to the holders of the Class M-12 Notespro rata;
14.	To pay Current Interest to the holders of the Class M-13 Notespro rata;
15.	To pay Current Interest to the holders of the Class M-14 Notespro rata;
16.	To pay Current Interest to the holders of the Class M-15 Notespro rata; and
17.	For payment as Monthly Excess Cashflow.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 6	April 19, 2005

Priority of Payments:	(b) Principal Payment Amount shall be applied in the following order of priority:
(continued)

1.	To pay the Class Principal Payment Amount to the holders of the Class A Notespro ratain reduction of its Class Principal Amount until it is reduced to zero;
2.	To pay the Class Principal Payment Amount to the holders of the Class M-1 Notespro ratain reduction of its Class Principal Amount until it is reduced to zero;
3.	To pay the Class Principal Payment Amount to the holders of the Class M-2 Notespro ratain reduction of its Class Principal Amount until it is reduced to zero;
4.	To pay the Class Principal Payment Amount to the holders of the Class M-3 Notespro ratain reduction of its Class Principal Amount until it is reduced to zero;
5.	To pay the Class Principal Payment Amount to the holders of the Class M-4 Notespro ratain reduction of its Class Principal Amount until it is reduced to zero;
6.	To pay the Class Principal Payment Amount to the holders of the Class M-5 Notespro ratain reduction of its Class Principal Amount until it is reduced to zero;
7.	To pay the Class Principal Payment Amount to the holders of the Class M-6 Notespro ratain reduction of its Class Principal Amount until it is reduced to zero;
8.	To pay the Class Principal Payment Amount to the holders of the Class M-7 Notespro ratain reduction of its Class Principal Amount until it is reduced to zero;
9.	To pay the Class Principal Payment Amount to the holders of the Class M-8 Notespro ratain reduction of its Class Principal Amount until it is reduced to zero;
10.	To pay the Class Principal Payment Amount to the holders of the Class M-9 Notespro ratain reduction of its Class Principal Amount until it is reduced to zero;
11.	To pay the Class Principal Payment Amount to the holders of the Class M-10 Notespro rata in reduction of its Class Principal Amount until it is reduced to zero;
12.	To pay the Class Principal Payment Amount to the holders of the Class M-11 Notespro rata in reduction of its Class Principal Amount until it is reduced to zero;
13.	To pay the Class Principal Payment Amount to the holders of the Class M-12 Notespro rata in reduction of its Class Principal Amount until it is reduced to zero;
14.	To pay the Class Principal Payment Amount to the holders of the Class M-13 Notespro rata in reduction of its Class Principal Amount until it is reduced to zero;
15.	To pay the Class Principal Payment Amount to the holders of the Class M-14 Notespro rata in reduction of its Class Principal Amount until it is reduced to zero;
16.	To pay the Class Principal Payment Amount to the holders of the Class M-15 Notespro rata in reduction of its Class Principal Amount until it is reduced to zero; and
17.	For payment as Monthly Excess Cashflow.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 7	April 19, 2005

Priority of Payments:	(c) Monthly Excess Cashflow shall be applied in the following order of priority:
(continued)

1.	If any Class Total Impairment Amount exists with respect to the Class A Notes, to pay principal to the Class A Notes in reduction of their Class Principal Amount until such Class Total Impairment Amount is reduced to zero;
2.	If any Class Total Impairment Amount exists for any Class M Notes, by order of seniority, (A) to pay principal with respect to such Class of Notes in reduction of its Class Principal Amount until its Class Current Ratio equals the Target Ratio, and (B) thereafter, to pay principal with respect to such Class of Notes and all Classes of Notes senior to such Class of Notes in reduction of their Class Principal Amountspro ratain accordance with their Overall Target Ratios, each until such Class Total Impairment Amount is reduced to zero;
3.	To pay principal to each Class of Notespro ratabased upon their respective Target Fractions until the Target Overcollateralization Amount is achieved;
4.	To pay any Basis Risk Shortfall on the Notes sequentially in order of seniority;
5.	To pay any Deferred Interest Amounts sequentially in order of seniority; and
6.	Any remaining Monthly Excess Cashflow to the ownership certificates.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 8	April 19, 2005

C. Definitions

Adjusted Class Principal Amount:	With respect to any Payment Date and a Class of Notes, prior to giving effect to principal payments made with respect to the Notes on that Payment Date, an amount equal to (a) the Class Principal Amount of such Class of Notes minus (b) the Class Impairment Amount of such Class of Notes.
Available Class Principal Payment Amount:	With respect to any Payment Date and each Class of Notes, the excess, if any, of (a) the related Target Class Principal Payment Amount over (b) the related Class Incremental Impairment Amount.
Available Class Principal Payment Fraction:	With respect to any Payment Date and a Class of Notes, a fraction equal to (a) the Available Class Principal Payment Amount for such Class of Notes over (b) the aggregate Available Class Principal Payment Amounts for all Classes of Notes.
Available Funds Rate:	For any Payment Date, the per annum rate equal to the product of (a) the quotient of (i) the excess, if any, of (A) total interest collected or advanced on the Mortgage Loans with respect to the related Due Period over (B) the Subservicing Fee and the Master Servicing Fee, and (ii) the aggregate principal balance of the Notes as of the first day of the related Accrual Period, and (b) 360 divided by the actual number of days in the Interest Accrual Period.
Basis Risk Shortfall:	With respect to a Class of Notes on any Payment Date, the sum of (a) the excess, if any, of (i) the amount that would have been the Current Interest for such Class of Notes at the Formula Rate over (ii) the actual amount of Current Interest paid for such Class of Notes, (b) any excess described in clause (a) above for any prior Payment Date that remains unpaid (together with any unpaid interest thereon), and (c) interest accrued during the Interest Accrual Period related to such Payment Date on the amount described in clause (b) above at the Formula Rate applicable to such Class of Notes.
Class Current Ratio:	With respect to any Payment Date and a Class of Notes, after giving effect to (a) all payments made on such Payment Date under “Priority of Payments—Principal Payment Amount” and (b) those payments made under “—Monthly Excess Cashflow” on such Payment Date to more senior Classes of Notes that are ahead of payments under “—Monthly Excess Cashflow” to the subject Class of Notes, a fraction equal to (x) the Class Principal Amount of such Class of Notes over (y) the sum of (i) the Class Principal Amount of such Class of Notes and (ii) the Class Principal Amount of all Classes of Notes that are senior to such Class of Notes.
Class Impairment Amount:	With respect to any Payment Date and a Class of Notes, prior to giving effect to all principal payments made with respect to the Notes on the current Payment Date, the lesser of (a) the Class Principal Amount of such Class of Notes and (b) the amount, if any, by which the sum of the Class Principal Amount of such Class of Notes and all Classes of Notes that are senior to such Class of Notes exceeds the aggregate principal balance of the Mortgage Loans as of the first day of the related Due Period.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 9	April 19, 2005

Class Incremental Impairment Amount:	With respect to any Payment Date and a Class of Notes, the excess, if any, of (a) the amount, if any, by which (i) the sum of the Class Principal Amounts of such Class of Notes and all Classes of Notes that are senior to such Class of Notes prior to giving effect to all principal payments made with respect to the Notes on such Payment Date, exceeds (ii) the sum of (A) the aggregate principal balance of the Mortgage Loans as of the last day of the Due Period for the current Payment Date (after giving effect to Principal Proceeds received, and Realized Losses incurred, during such Due Period and the related Prepayment Period), and (B) the Principal Proceeds received during the related Due Period and Prepayment Period for the current Payment Date, over (b) the Class Impairment Amount of such Class of Notes, if any, for the current Payment Date.
Class Principal Amount:	With respect to each Class of Notes, the aggregate of the Note Principal Amounts of all Notes of such Class at the date of determination.
Class Principal Payment Amount:	With respect to any Payment Date and each Class of Notes, the product of (a) the Available Class Principal Payment Fraction for such Class of Notes and (b) the Principal Payment Amount received during the related Due Period.
Class Total Impairment Amount:	With respect to any Payment Date and each Class of Notes, the sum of (a) the Class Impairment Amount and (b) the Class Incremental Impairment Amount.
Cumulative Realized Losses:	With respect to any Payment Date, a fraction, expressed as a percentage, obtained by dividing (x) the aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans from the Cut-off Date through the last day of the related Due Period by (y) the aggregate principal balance of the Mortgage Loans as of the Cut-off Date.
Current Fraction:	With respect to any Payment Date and a Class of Notes, prior to giving effect to principal payments made on such Payment Date, a fraction equal to (a) the Adjusted Class Principal Amount of such Class of Notes over (b) the aggregate Adjusted Class Principal Amount of all of the Notes;providedthat for the initial Payment Date, the Current Fraction will equal the Target Fraction.
Current Interest:	With respect to any Payment Date and each Class of Notes, the interest accrued during the related Accrual Period at the applicable Note Interest Rate for such Class of Notes on the Class Principal Amount of such Class immediately prior to such Payment Date;provided, however, that in the case of the Class M Notes and any Payment Date, Current Interest shall be reduced by the amount of Deferred Interest for such Class for such Payment Date.
Deferred Interest:	For any Class M Notes and any Payment Date, the sum of (a) the interest accrued during the related Accrual Period at the applicable Formula Rate on the Class Impairment Amount for that Class, (b) any amount described in clause (a) for a prior Payment Date remaining unpaid (together with any unpaid interest thereon), and (c) interest accrued on the amount described in clause (b) above during the Interest Accrual Period related to such Payment Date at the applicable Formula Rate.
Delinquency Rate:	For any Due Period, the fraction, expressed as a percentage, the numerator of which is the aggregate outstanding principal balance of all Mortgage Loans that are 60 or more days delinquent (including all foreclosures and REO Properties) as of the close of business on the last day of such Due Period, and the denominator of which is the aggregate principal balance of the Mortgage Loans as of the close of business on the last day of such Due Period.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 10	April 19, 2005

Due Period:	For each Payment Date, a period beginning on the second day of the calendar month preceding the month in which the Payment Date occurs (or the day following the Cut-off Date in respect of the initial Due Period) and ending on the first day of the calendar month in which the Payment Date occurs.
Formula Principal Payment Amount:	With respect to any Payment Date, an amount equal to the sum of (a) the Principal Proceeds received during the related Due Period and (b) the aggregate Class Incremental Impairment Amounts.
Formula Rate:	For each Class of Notes, the lesser of (a) One Month LIBOR plus the applicable margin for such Class of Notes and (b) 14.00%.
Interest Accrual Period:	For each Payment Date, the period beginning with the previous Payment Date (or, in the case of the first Payment Date, the Closing Date) and ending on the day prior to such Payment Date.
Interest Proceeds:	With respect to any Payment Date, generally, the sum of all interest collected or interest advanced, all proceeds in respect of interest from the liquidation of a Mortgage Loan, all insurance proceeds in respect of interest, and certain proceeds in respect of interest from the repurchase of a Mortgage Loan upon a breach of representations regarding such Mortgage Loan.
Monthly Excess Cashflow:	For any Payment Date, the sum of (a) any available funds remaining after application of Interest Proceeds pursuant to clauses 1-16 of “Priority of Payments—Interest Proceeds,” (b) any available funds remaining after application of the Principal Payment Amount pursuant to clauses 1-16 of “Priority of Payments—Principal Payment Amount,” and (c) the Overcollateralization Release Amount, if any.
Margin Stepup Date:	The first Payment Date on which the aggregate principal balance of the Mortgage Loans as of the beginning of the related Due Period is less than 20% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date.
Note Interest Rate:	For each Class of Notes, the lesser of (a) the related Formula Rate and (b) the Available Funds Rate.
Note Principal Amount:	With respect to any Note, the initial principal amount thereof on the Closing Date, less the amount of all principal previously paid with respect to such Note.
Overall Target Ratio:	With respect to any Class of Notes, a fraction equal to (a) the Target Fraction for such Class of Notes over (b) the sum of the Target Fractions for such Class of Notes and all other Classes of Notes that will be paid simultaneously with such Class of Notes.
Overcollateralization Amount:	With respect to any Payment Date, the amount by which the aggregate principal balance of the Mortgage Loans exceeds the aggregate outstanding Principal Balance of the Notes.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 11	April 19, 2005

Overcollateralization Release Amount:	For any Payment Date, an amount equal to the lesser of (a) the scheduled and unscheduled principal received from the Mortgage Loans during the related Due Period and Prepayment Period, respectively and (b) the excess of (i) the Overcollateralization Amount for the related Payment Date (assuming 100% of the scheduled and unscheduled principal is applied as a payment on the Notes) over (ii) the Target Overcollateralization Amount for the related Payment Date.
Prepayment Period:	With respect to any Payment Date, the calendar month preceding the month of such Payment Date.
Principal Payment Amount:	For any Payment Date an amount equal to the excess of (a) the Principal Proceeds, over (b) Overcollateralization Release Amount for such Payment Date.
Principal Proceeds:	For any Payment Date, generally the sum of all scheduled and unscheduled payments of principal on the Mortgage Loans, all proceeds in respect of principal from the liquidation of a Mortgage Loan, all insurance proceeds in respect of principal and all proceeds from the repurchase of a Mortgage Loan upon a breach of representations regarding such Mortgage Loan, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable.
Rolling Three Month Delinquency Rate:	With respect to any Payment Date, the average of the Delinquency Rates for each of the three (or a shorter period, in the case of the first and second Payment Dates) immediately preceding months.
Stepdown Date:	The later to occur of (a) the Payment Date in May 2008 and (b) the first Payment Date on which the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period is less than or equal to 50.00% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date.
Target Class Principal Payment Amount:	With respect to any Payment Date and each Class of Notes, the product of (a) the Current Fraction for such Class of Notes and (b) the Formula Principal Payment Amount.
Target Fraction:	With respect to a Class of Notes, a fraction equal to (a) the Class Principal Amount of such Class of Notes as of the Closing Date over (b) the aggregate Class Principal Amount of all of the Notes as of the Closing Date.
Target Overcollateralization Amount:	For any Payment Date prior to the Stepdown Date, approximately 3.00% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date.
	For any Payment Date on or after the Stepdown Date, the lesser of (a) 3.00% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date, and (b) 6.00% of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period, subject to a floor equal to 0.50% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date;provided, however,if a Trigger Event has occurred and is continuing on the related Payment Date, the Target Overcollateralization Amount will be the same as the Target Overcollateralization Amount on the preceding Payment Date.
Target Ratio:	With respect to any Class of Notes, a fraction equal to (a) the Target Fraction for such Class of Notes over (b) the sum of the Target Fractions for such Class of Notes and all other Classes of Notes senior to such Class of Notes.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 12	April 19, 2005

Trigger Event: With respect to any Payment Date, a Trigger Event has occurred if the Rolling Three Month Delinquency Rate as of the last day of the related Due Period equals or exceeds [16.00%] the aggregate principal balance of the Mortgage Loans as of the last of the related Due Period, or if the Cumulative Realized Losses exceed:

Payment Date Occurring In	Percentage
May 2008-April 2009	[4.00]% with respect to May 2008, plus an additional 1/12th of [1.75]% for each month thereafter
May 2009-April 2010	[5.75]% with respect to May 2009, plus an additional 1/12th of [1.25]% for each month thereafter
May 2010-April 2011	[7.00]% with respect to May 2010, plus an additional 1/12th of [0.75]% for each month thereafter
May 2011 and thereafter	[7.75]%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 13	April 19, 2005

D. Available Funds Rate

Available Funds Rate
		Effective			Effective					Effective
		Available			Available					Available
	Available Funds	Funds		Available	Funds		Available			Funds
Period	Rate(1)(3)	Rate(1)(2)(3)	Period	Funds Rate(1)(3)	Rate(1)(2)(3)	Period	Funds Rate(1)(3)			Rate(1)(2)(3)
1	N/A	N/A	16	6.873%	10.500%	31		8.537	%	10.500%
2	6.753%	10.500%	17	6.882%	10.500%	32		8.839	%	10.500%
3	6.988%	10.500%	18	7.122%	10.500%	33		8.573	%	10.500%
4	6.771%	10.500%	19	6.903%	10.500%	34		8.590	%	10.500%
5	6.779%	10.500%	20	7.144%	10.500%	35		9.879	%	10.500%
6	7.014%	10.500%	21	6.925%	10.500%	36		10.538	%	10.538%
7	6.796%	10.500%	22	6.936%	10.500%	37		10.916	%	10.916%
8	7.031%	10.500%	23	8.180%	10.500%	38		10.351	%	10.500%
9	6.812%	10.500%	24	8.056%	10.500%	39		10.695	%	10.695%
10	6.820%	10.500%	25	8.347%	10.500%	40		10.349	%	10.500%
11	7.560%	10.500%	26	8.091%	10.500%	41		10.652	%	10.652%
12	6.837%	10.500%	27	8.376%	10.500%	42		11.583	%	11.583%
13	7.074%	10.500%	28	8.120%	10.500%	43		11.210	%	11.210%
14	6.854%	10.500%	29	8.283%	10.500%	44		11.582	%	11.582%
15	7.092%	10.500%	30	8.802%	10.500%	45		11.207	%	11.207%

(1)	Assumes that 6-month LIBOR and 1-month LIBOR are both equal to 20.00%.
(2)	Assumes payments are received from the Cap Agreement.
(3)	Assumes the Pricing Prepayment Speed to call.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN       BILLINGS       RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 14	April 19, 2005

E. Cap Schedule

Cap Agreement
	Notional Balance	Cap Strike	Cap Ceiling		Notional Balance	Cap Strike	Cap Ceiling
Period	($)	(%)	(%)	Period	($)	(%)	(%)
1	—	0.000%	10.500%	21	412,123,359.50	6.925%		10.500	%
2	699,149,005.03	6.753%	10.500%	22	400,494,541.10	6.936%		10.500	%
3	681,202,474.97	6.988%	10.500%	23	389,176,883.18	8.180%		10.500	%
4	663,550,111.88	6.771%	10.500%	24	378,162,450.49	8.056%		10.500	%
5	646,179,133.29	6.779%	10.500%	25	367,472,729.68	8.347%		10.500	%
6	629,078,154.98	7.014%	10.500%	26	357,068,582.18	8.091%		10.500	%
7	612,237,211.23	6.796%	10.500%	27	346,942,077.46	8.376%		10.500	%
8	595,647,766.68	7.031%	10.500%	28	337,085,822.45	8.120%		10.500	%
9	579,303,354.34	6.812%	10.500%	29	327,492,579.32	8.283%		10.500	%
10	563,203,478.47	6.820%	10.500%	30	318,155,406.24	8.802%		10.500	%
11	547,531,629.78	7.560%	10.500%	31	309,073,550.68	8.537%		10.500	%
12	532,279,191.21	6.837%	10.500%	32	300,233,948.31	8.839%		10.500	%
13	517,434,932.24	7.074%	10.500%	33	291,630,072.18	8.573%		10.500	%
14	502,987,923.32	6.854%	10.500%	34	283,255,673.96	8.590%		10.500	%
15	488,927,527.86	7.092%	10.500%	35	275,104,587.18	9.879%		10.500	%
16	475,243,394.31	6.873%	10.500%	36	—	0.000%		10.500	%
17	461,925,448.56	6.882%	10.500%	37	—	0.000%		10.500	%
18	448,963,886.46	7.122%	10.500%	38	257,746,070.80	10.351%		10.500	%
19	436,349,166.59	6.903%	10.500%	39	—	0.000%		10.500	%
20	424,072,003.24	7.144%	10.500%	40	244,241,187.66	10.349%		10.500	%
				41 and thereafter	—	0.000%		0.000	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 15	April 19, 2005

F. Excess Spread Schedule

	Excess Spread(1)(2)
		FWD 1	FWD 6				FWD 1	FWD 6
		Month	Month	STATIC	FORWARD		Month	Month	STATIC	FORWARD
Period		LIBOR %	LIBOR %	LIBOR %	LIBOR %	Period	LIBOR %	LIBOR %	LIBOR %	LIBOR %
1		2.9700	3.3900	N/A	N/A	24	4.4827	4.4623	4.028	2.667
2		3.1993	3.5356	2.950	2.728	25	4.3611	4.4683	4.293	3.051
3		3.2731	3.6645	3.175	2.881	26	4.3896	4.4956	4.047	2.779
4		3.3939	3.7808	2.962	2.559	27	4.4198	4.5227	4.305	3.013
5		3.6148	3.8777	2.968	2.364	28	4.4479	4.5512	4.060	2.741
6		3.7751	3.9607	3.192	2.430	29	4.4741	4.5779	4.079	2.861
7		3.8240	4.0260	2.979	2.186	30	4.5026	4.6041	4.350	3.277
8		3.9311	4.0594	3.202	2.299	31	4.5294	4.6310	4.105	3.000
9		3.9892	4.0744	2.988	2.047	32	4.5553	4.6370	4.364	3.250
10		4.0010	4.0912	2.993	2.041	33	4.5819	4.6420	4.120	2.972
11		4.0488	4.1205	3.701	2.664	34	4.6082	4.6463	4.128	2.958
12		4.1778	4.1360	3.002	1.892	35	4.6346	4.6484	5.135	4.016
13		3.9977	4.1455	3.226	2.265	36	4.6548	4.6498	5.510	4.441
14		4.0449	4.1944	3.012	2.023	37	4.5609	4.6511	5.815	4.853
15		4.0900	4.2371	3.236	2.194	38	4.5787	4.6680	5.447	4.421
16		4.1366	4.2819	3.022	1.952	39	4.5975	4.6877	5.744	4.717
17		4.1826	4.3295	3.028	1.917	40	4.6154	4.7047	5.445	4.384
18		4.2286	4.3713	3.252	2.088	41	4.6347	4.7220	5.465	4.524
19		4.2736	4.4125	3.039	1.849	42	4.6526	4.7408	5.786	5.172
20		4.3156	4.4279	3.263	2.024	43	4.6684	4.7558	5.486	4.825
21		4.3609	4.4400	3.052	1.786	44	4.6864	4.7628	5.784	5.137
22		4.4047	4.4501	3.058	1.754	45	4.7028	4.7699	5.484	4.790
23		4.4433	4.4575	4.221	2.835

(1)	Assumes the Pricing Prepayment Speed to Optional Termination.
(2)	Calculated as (a) interest collections on the Mortgage Loans (net of the Master Servicer Fees and Subservicer Fees), less the aggregate amount of interest due on the Notes divided by (b) the aggregate principal balance of the Mortgage Loans as of the first day of the Due Period.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 16	April 19, 2005

G. Computational Items

Bond Summary - To Optional Termination
CLASS A
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	4.06	2.76	2.03	1.58	1.27
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-1
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	4.04	2.75	2.03	1.58	1.27
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-2
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	4.03	2.74	2.02	1.58	1.27
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-3
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	4.03	2.74	2.02	1.58	1.27
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-4
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	4.02	2.74	2.02	1.58	1.27
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-5
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	4.01	2.73	2.02	1.57	1.27
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-6
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	4.00	2.73	2.02	1.57	1.27
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 17	April 19, 2005

Bond Summary - To Optional Termination
CLASS M-7
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	3.99	2.72	2.01	1.57	1.27
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-8
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	3.99	2.72	2.01	1.57	1.27
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-9
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	3.93	2.69	2.00	1.56	1.26
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-10
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	3.92	2.69	1.99	1.56	1.26
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-11	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
Prepay Speed	4.48	2.94	2.13	1.64	1.31
WAL (yrs)	3.92	2.68	1.99	1.56	1.26
Modified Duration (yrs)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
Principal Window (mths)
CLASS M-12
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	3.91	2.68	1.99	1.56	1.25
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-13
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	3.86	2.66	1.98	1.55	1.25
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 18	April 19, 2005

Bond Summary - To Optional Termination
CLASS M-14
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	3.64	2.55	1.91	1.50	1.22
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28
CLASS M-15
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	4.48	2.94	2.13	1.64	1.31
Modified Duration (yrs)	3.64	2.55	1.91	1.50	1.22
Principal Window (mths)	1 - 94	1 - 62	1 - 45	1 - 35	1 - 28

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 19	April 19, 2005

Bond Summary - To Maturity
CLASS A
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	5.14	3.62	2.73	2.14	1.72
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-1
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	5.10	3.60	2.72	2.13	1.72
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-2
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	5.08	3.59	2.71	2.13	1.72
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-3
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	5.07	3.59	2.71	2.13	1.72
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-4
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	5.06	3.58	2.71	2.13	1.71
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-5
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	5.03	3.57	2.70	2.12	1.71
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-6
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	5.03	3.57	2.70	2.12	1.71
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 20	April 19, 2005

Bond Summary - To Maturity
CLASS M-7
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	5.01	3.56	2.69	2.12	1.71
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-8
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	5.01	3.56	2.69	2.12	1.71
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-9
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	4.89	3.49	2.65	2.09	1.69
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-10
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	4.88	3.49	2.65	2.09	1.69
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-11
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	4.87	3.48	2.64	2.09	1.69
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-12
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	4.86	3.47	2.64	2.08	1.69
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-13
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	4.76	3.42	2.61	2.06	1.67
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 21	April 19, 2005

Bond Summary - To Maturity
CLASS M-14
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	4.39	3.22	2.48	1.98	1.61
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122
CLASS M-15
Prepay Speed	50%PPC	75%PPC	100%PPC	125%PPC	150%PPC
WAL (yrs)	6.07	4.08	2.98	2.29	1.82
Modified Duration (yrs)	4.39	3.22	2.48	1.98	1.61
Principal Window (mths)	1 - 324	1 - 253	1 - 192	1 - 151	1 - 122

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 22	April 19, 2005

H. The Mortgage Loans

Information with respect to the Mortgage Loans expected to be included in the mortgage pool is set forth below. Prior to the Closing Date Mortgage Loans may be removed from the mortgage pool and other loans may be substituted therefore. The Depositor believes that the information set forth herein with respect to the mortgage pool is representative of the final mortgage pool as of the Cut-off Date, although some characteristics of the Mortgage Loans in the mortgage pool may vary.

Aggregate Mortgage Loan Statistics

As of the Cut-off Date

					Minimum				Maximum
Scheduled Principal Balance	$	739,591,603.03			$	13,750.00			$	750,000.00
Average Scheduled Principal Balance	$	168,856.53
Number of Mortgage Loans		4,380
Weighted Average Gross Coupon		7.273	%			4.875	%			13.050	%
Weighted Average FICO Score		633				500				813
Weighted Average Original LTV		82.33	%			13.59	%			100.00	%
Weighted Average Original Term		357 months				180 months				360 months
Weighted Average Stated Remaining Term		355 months		173 months				360 months
Weighted Average Seasoning		1 month		0 months				9 months
ARM Characteristics
Weighted Average Gross Margin		6.632	%			4.500	%			10.900	%
Weighted Average Minimum Interest Rate		7.099	%			4.875	%			11.150	%
Weighted Average Maximum Interest Rate		14.099	%			11.875	%			18.150	%
Weighted Average Initial Rate Cap		3.000	%			3.000	%			3.000	%
Weighted Average Subsequent Rate Cap		1.000	%			1.000	%			1.000	%
Weighted Average Months to Roll		30 months		15 months				36 months
Maturity Date						September 1, 2019		April 1, 2035
Maximum Zip Code Concentration		0.40%(95823	)

Note: Original LTV is calculated using LTV with respect to first lien mortgages and CLTV with respect to second lien mortgages.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 23	April 19, 2005

Aggregate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Mortgage Rate (%)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Current Balance ($)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 24	April 19, 2005

Aggregate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Type	Loans		Balance		Balance			Coupon			Score		LTV
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		Original
Remaining Term (Months)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Seasoning (Months)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Lien Position	Loans		Balance		Balance			Coupon			Score		LTV
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	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 25	April 19, 2005

Aggregate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Original LTV (%)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
FICO Score	Loans		Balance		Balance			Coupon			Score		LTV
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	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 26	April 19, 2005

Aggregate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Use of Proceeds	Loans		Balance		Balance			Coupon			Score		LTV
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		Original
Property Type	Loans		Balance		Balance			Coupon			Score		LTV
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		Original
Documentation Type	Loans		Balance		Balance			Coupon			Score		LTV
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		Original
Occupancy Type	Loans		Balance		Balance			Coupon			Score		LTV
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	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 27	April 19, 2005

Aggregate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Grade	Loans		Balance		Balance			Coupon			Score		LTV
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	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Geographic Distribution	Loans		Balance		Balance			Coupon			Score		LTV
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	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 28	April 19, 2005

Aggregate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Prepayment Penalty Term (Years)	Loans		Balance		Balance			Coupon			Score		LTV
None		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	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 29 April 19, 2005

Adjustable Rate Mortgage Loan Statistics

As of the Cut-off Date

					Minimum				Maximum
Scheduled Principal Balance	$	649,754,601.47			$	38,049.00			$	750,000.00
Average Scheduled Principal Balance	$	196,419.17
Number of Mortgage Loans		3,308
Weighted Average Gross Coupon		7.099	%			4.875	%			11.150	%
Weighted Average FICO Score		632				500				807
Weighted Average Original LTV		81.46	%			13.59	%			100.00	%
Weighted Average Original Term		360 months		360 months				360 months
Weighted Average Stated Remaining Term	359 months				351 months				360 months
Weighted Average Seasoning	1 month				0 months				9 months
ARM Characteristics
Weighted Average Gross Margin		6.632	%			4.500	%			10.900	%
Weighted Average Minimum Interest Rate		7.099	%			4.875	%			11.150	%
Weighted Average Maximum Interest Rate		14.099	%			11.875	%			18.150	%
Weighted Average Initial Rate Cap		3.000	%			3.000	%			3.000	%
Weighted Average Subsequent Rate Cap		1.000	%			1.000	%			1.000	%
Weighted Average Months to Roll	30 months				15 months				36 months
Maturity Date					July 1, 2034				April 1, 2035
Maximum Zip Code Concentration		0.42%(95122	)

Note: Original LTV is calculated using LTV with respect to first lien mortgages and CLTV with respect to second lien mortgages.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 30 April 19, 2005

Adjustable Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Mortgage Rate (%)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Current Balance ($)	Loans		Balance		Balance			Coupon			Score		LTV
0.01 - 50,000.00		19	$	882,876.56		0.14	%		8.774	%		581		63.22	%
50,000.01 - 100,000.00		559		44,853,866.45		6.90			7.947			599		81.07
100,000.01 - 150,000.00		793		98,714,758.02		15.19			7.542			613		81.87
150,000.01 - 200,000.00		646		113,313,610.38		17.44			7.252			623		82.00
200,000.01 - 250,000.00		451		100,752,986.71		15.51			7.051			634		81.93
250,000.01 - 300,000.00		318		87,769,649.66		13.51			6.855			640		81.01
300,000.01 - 350,000.00		194		62,759,123.31		9.66			6.899			645		82.79
350,000.01 - 400,000.00		137		51,442,386.75		7.92			6.786			649		80.90
400,000.01 - 450,000.00		81		34,535,497.15		5.32			6.623			644		81.29
450,000.01 - 500,000.00		90		43,375,715.38		6.68			6.529			661		79.19
500,000.01 - 550,000.00		12		6,289,148.56		0.97			6.932			640		82.96
550,000.01 - 600,000.00		1		551,650.00		0.08			5.875			671		85.00
600,000.01 - 650,000.00		6		3,763,332.54		0.58			6.750			636		72.56
700,000.01 - 750,000.00		1		750,000.00		0.12			5.250			688		79.79
Total		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 31 April 19, 2005

Adjustable Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Type	Loans		Balance		Balance			Coupon			Score		LTV
ARM 3/27		1,535	$	242,826,575.97		37.37	%		7.584	%		605		81.16	%
ARM 2/28		827		151,163,061.20		23.26			7.240			621		83.83
ARM 3/27 60 Month IO		486		133,588,845.95		20.56			6.515			666		80.21
ARM 2/28 60 Month IO		460		122,176,118.35		18.80			6.601			662		80.51
Total		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Remaining Term (Months)	Loans		Balance		Balance			Coupon			Score		LTV
349 - 360		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	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Seasoning (Months)	Loans		Balance		Balance			Coupon			Score		LTV
0		1,184	$	231,011,665.63		35.55	%		7.109	%		629		81.88	%
1		613		108,488,735.64		16.70			7.301			625		81.83
2		1,017		197,323,868.72		30.37			7.195			630		80.79
3		356		79,493,212.34		12.23			6.751			648		81.29
4		100		24,755,786.81		3.81			6.545			654		81.58
5		24		6,085,868.52		0.94			6.642			654		82.96
6		3		624,976.73		0.10			8.303			566		80.66
7		7		1,277,014.13		0.20			7.559			615		81.50
8		3		536,672.95		0.08			7.011			584		84.08
9		1		156,800.00		0.02			6.000			631		80.00
Total		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Lien Position	Loans		Balance		Balance			Coupon			Score		LTV
1		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	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 32 April 19, 2005

Adjustable Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Original LTV (%)	Loans		Balance		Balance			Coupon			Score		LTV
10.01 - 15.00		1	$	50,000.00		0.01	%		7.750	%		577		13.59	%
15.01 - 20.00		1		125,000.00		0.02			5.500			582		17.48
20.01 - 25.00		2		184,900.00		0.03			7.391			548		23.26
25.01 - 30.00		3		177,565.45		0.03			7.576			577		26.95
30.01 - 35.00		2		274,763.79		0.04			6.773			563		31.31
35.01 - 40.00		9		1,058,973.95		0.16			7.082			587		37.35
40.01 - 45.00		13		1,843,972.13		0.28			7.338			605		42.99
45.01 - 50.00		16		2,228,101.81		0.34			7.345			583		47.97
50.01 - 55.00		28		4,183,900.14		0.64			6.875			587		53.19
55.01 - 60.00		38		6,050,752.65		0.93			7.278			577		58.03
60.01 - 65.00		72		12,074,768.15		1.86			7.203			583		63.20
65.01 - 70.00		121		24,070,532.13		3.70			7.123			584		68.48
70.01 - 75.00		200		37,304,540.35		5.74			7.203			603		73.64
75.01 - 80.00		1,647		353,546,195.74		54.41			6.856			648		79.83
80.01 - 85.00		308		54,785,568.36		8.43			7.393			605		84.36
85.01 - 90.00		481		88,051,232.54		13.55			7.486			618		89.62
90.01 - 95.00		146		28,006,991.03		4.31			7.147			642		94.52
95.01 - 100.00		220		35,736,843.25		5.50			7.881			642		99.87
Total		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
FICO Score	Loans		Balance		Balance			Coupon			Score		LTV
500		9	$	1,453,194.07		0.22	%		8.130	%		500		77.38	%
501 - 520		138		20,439,162.05		3.15			8.079			510		75.21
521 - 540		192		27,813,484.66		4.28			8.188			532		76.79
541 - 560		222		33,652,090.35		5.18			7.968			551		79.04
561 - 580		229		37,896,096.31		5.83			7.672			571		79.61
581 - 600		285		50,476,079.21		7.77			7.616			590		83.59
601 - 620		435		78,727,894.17		12.12			7.201			611		82.86
621 - 640		525		106,311,178.23		16.36			6.949			630		81.84
641 - 660		441		102,177,668.23		15.73			6.776			650		81.58
661 - 680		325		75,779,082.02		11.66			6.704			670		82.74
681 - 700		199		43,691,757.56		6.72			6.581			689		81.35
701 - 720		130		29,349,018.56		4.52			6.614			709		81.87
721 - 740		78		18,127,549.58		2.79			6.498			730		82.09
741 - 760		44		11,551,889.32		1.78			6.613			749		82.22
761 - 780		34		7,331,165.19		1.13			6.658			771		83.52
781 - 800		19		4,352,897.81		0.67			6.703			788		81.76
801 - 820		3		624,394.15		0.10			7.874			804		92.47
Total		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 33 April 19, 2005

Adjustable Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Use of Proceeds	Loans		Balance		Balance			Coupon			Score		LTV
Cashout		1,813	$	330,641,316.07		50.89	%		7.248	%		608		81.29	%
Purchase		1,448		309,068,637.05		47.57			6.934			658		81.62
Rate/Term Refinance		47		10,044,648.35		1.55			7.301			618		82.52
Total		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Property Type	Loans		Balance		Balance			Coupon			Score		LTV
Single Family		2,780	$	543,603,552.53		83.66	%		7.097	%		628		81.64	%
Condo		248		43,873,287.30		6.75			7.048			652		81.42
Townhouse		128		24,319,915.27		3.74			6.958			651		81.90
3-4 Unit		76		21,525,399.32		3.31			7.401			656		78.60
Duplex		76		16,432,447.05		2.53			7.112			650		78.79
Total		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Documentation Type	Loans		Balance		Balance			Coupon			Score		LTV
NIV		1,516	$	353,122,920.40		54.35	%		6.938	%		656		80.28	%
Full		1,613		262,875,336.09		40.46			7.298			602		83.35
Stated		125		23,002,749.88		3.54			7.241			619		78.91
12 Month Bank Statements		29		5,197,883.76		0.80			7.667			601		80.55
24 Month Bank Statements		18		3,682,897.12		0.57			6.766			617		80.23
Reduced		5		1,408,193.76		0.22			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		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Occupancy Type	Loans		Balance		Balance			Coupon			Score		LTV
Owner Occupied		3,224	$	637,636,931.40		98.14	%		7.089	%		632		81.55	%
Non-Owner Occupied		84		12,117,670.07		1.86			7.633			645		76.89
Total		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 34 April 19, 2005

Adjustable Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Grade	Loans		Balance		Balance			Coupon			Score		LTV
A		1,833	$	407,300,026.58		62.69	%		6.763	%		667		81.95	%
B		1,043		178,708,350.87		27.50			7.515			590		82.06
C		432		63,746,224.02		9.81			8.082			527		76.67
Total		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Geographic Distribution	Loans		Balance		Balance			Coupon			Score		LTV
California		914	$	263,179,312.11		40.50	%		6.662	%		642		78.85	%
Florida		651		107,159,854.72		16.49			7.378			631		82.38
Illinois		391		70,989,204.32		10.93			7.297			629		83.23
Michigan		181		23,363,632.88		3.60			8.056			597		84.56
Maryland		94		21,816,094.58		3.36			7.223			635		82.22
Virginia		84		18,167,261.09		2.80			7.312			639		82.81
Nevada		87		17,060,464.70		2.63			6.751			638		80.24
Massachusetts		69		15,873,177.36		2.44			7.352			630		80.55
North Carolina		104		12,911,485.06		1.99			7.548			622		85.75
Arizona		82		11,990,403.18		1.85			7.100			621		86.32
Colorado		61		9,988,556.04		1.54			6.882			624		85.68
Pennsylvania		79		8,853,498.03		1.36			7.636			590		85.48
Rhode Island		40		8,121,474.11		1.25			7.458			650		81.57
Tennessee		59		6,234,718.69		0.96			7.685			618		84.95
Ohio		52		6,026,945.10		0.93			7.701			621		85.65
Indiana		61		5,984,584.47		0.92			8.004			592		86.32
Washington		35		5,957,771.34		0.92			6.867			614		82.62
Georgia		40		5,872,650.93		0.90			7.481			631		84.32
Wisconsin		41		5,841,812.66		0.90			7.776			615		82.90
Minnesota		26		4,318,538.65		0.66			7.527			608		85.60
Connecticut		24		4,101,105.53		0.63			7.532			626		81.16
Louisiana		29		2,849,647.05		0.44			8.378			603		87.01
Kentucky		19		2,608,896.42		0.40			7.806			604		88.01
Oregon		18		2,478,353.92		0.38			6.560			641		79.20
Missouri		17		2,387,208.73		0.37			8.095			590		87.53
New Jersey		5		1,071,898.42		0.16			8.164			557		77.40
Idaho		7		983,800.63		0.15			7.252			639		89.41
Texas		10		945,001.10		0.15			7.911			568		79.98
Iowa		9		708,717.91		0.11			9.826			592		89.85
Nebraska		7		694,560.00		0.11			7.419			597		92.17
Oklahoma		5		564,057.64		0.09			8.081			643		95.33
Utah		2		250,603.14		0.04			7.177			560		79.27
Arkansas		3		190,866.02		0.03			8.363			606		91.71
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		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 35 April 19, 2005

Adjustable Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Prepayment Penalty Term	Mortgage		Principal		Principal			Gross			Credit		Original
(Years)	Loans		Balance		Balance			Coupon			Score		LTV
None		516	$	94,632,468.31		14.56	%		7.448	%		634		82.33	%
1		162		35,743,768.85		5.50			7.215			646		82.35
2		1,030		216,683,074.70		33.35			6.903			636		82.17
3		1,600		302,695,289.61		46.59			7.117			627		80.58
Total		3,308	$	649,754,601.47		100.00	%		7.099	%		632		81.46	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Margin (%)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Maximum Mortgage Rate (%)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 36 April 19, 2005

Adjustable Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Minimum Mortgage Rate (%)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Initial Rate Cap (%)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Subsequent Rate Cap (%)	Loans		Balance		Balance			Coupon			Score		LTV
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	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 37 April 19, 2005

Adjustable Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Months to Next Adjustment	Mortgage		Principal		Principal			Gross			Credit		Original
Date	Loans		Balance		Balance			Coupon			Score		LTV
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	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 38 April 19, 2005

Fixed Rate Mortgage Loan Statistics

As of the Cut-off Date

				Minimum			Maximum
Scheduled Principal Balance	$	89,837,001.56		$	13,750.00		$	552,000.00
Average Scheduled Principal Balance	$	83,803.17
Number of Mortgage Loans		1,072
Weighted Average Gross Coupon		8.530	%		5.500	%		13.050	%
Weighted Average FICO Score		643			504			813
Weighted Average Original LTV		88.61	%		16.42	%		100.00	%
Weighted Average Original Term	333 months			180 months			360 months
Weighted Average Stated Remaining Term	332 months			173 months			360 months
Weighted Average Seasoning	1 month			0 months			9 months
Maturity Date				September 1, 2019			April 1, 2035
Maximum Zip Code Concentration		0.88%(90037	)

Note: Original LTV is calculated using LTV with respect to first lien mortgages and CLTV with respect to second lien mortgages.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 39 April 19, 2005

Fixed Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Mortgage Rate (%)	Loans		Balance		Balance			Coupon			Score		LTV
5.001 -   5.500		1	$	206,000.00		0.23	%		5.500	%		689		49.05	%
5.501 -   6.000		6		1,285,329.82		1.43			5.893			677		67.81
6.001 -   6.500		61		11,414,992.98		12.71			6.357			662		80.43
6.501 -   7.000		84		12,406,310.65		13.81			6.825			634		80.19
7.001 -   7.500		63		9,110,427.85		10.14			7.323			629		82.17
7.501 -   8.000		76		9,930,842.68		11.05			7.817			607		84.02
8.001 -   8.500		47		4,626,123.24		5.15			8.331			611		83.88
8.501 -   9.000		57		4,391,003.37		4.89			8.778			627		87.92
9.001 -   9.500		76		4,959,916.88		5.52			9.260			686		97.73
9.501 - 10.000		214		14,087,144.56		15.68			9.787			664		98.55
10.001 - 10.500		58		2,885,538.20		3.21			10.252			661		95.99
10.501 - 11.000		93		5,124,450.73		5.70			10.733			639		99.54
11.001 - 11.500		89		3,546,751.72		3.95			11.285			662		99.25
11.501 - 12.000		95		3,663,564.45		4.08			11.872			630		99.01
12.001 - 12.500		48		2,064,638.24		2.30			12.278			630		99.50
12.501 - 13.000		3		98,332.39		0.11			12.717			632		100.00
13.001 - 13.500		1		35,633.80		0.04			13.050			636		99.97
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Current Balance ($)	Loans		Balance		Balance			Coupon			Score		LTV
0.01 -   50,000.00		387	$	12,715,631.06		14.15	%		10.635	%		655		98.25	%
50,000.01 - 100,000.00		397		28,837,820.46		32.10			9.447			647		93.60
100,000.01 - 150,000.00		152		18,235,631.38		20.30			7.914			633		83.74
150,000.01 - 200,000.00		72		12,692,898.86		14.13			7.404			639		82.34
200,000.01 - 250,000.00		32		7,170,258.23		7.98			7.199			631		81.95
250,000.01 - 300,000.00		18		4,897,667.77		5.45			6.829			647		85.08
300,000.01 - 350,000.00		5		1,601,250.00		1.78			6.815			648		81.10
350,000.01 - 400,000.00		6		2,222,714.01		2.47			6.890			628		85.34
400,000.01 - 450,000.00		1		432,000.00		0.48			5.850			680		63.53
450,000.01 - 500,000.00		1		479,129.79		0.53			6.500			592		87.27
550,000.01 - 600,000.00		1		552,000.00		0.61			6.250			720		84.99
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 40 April 19, 2005

Fixed Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Remaining Term (Months)	Loans		Balance		Balance			Coupon			Score		LTV
169 - 180		257	$	12,179,211.09		13.56	%		9.981	%		655		94.83	%
229 - 240		26		1,815,939.06		2.02			8.199			641		83.88
349 - 360		789		75,841,851.41		84.42			8.305			641		87.73
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Seasoning (Months)	Loans		Balance		Balance			Coupon			Score		LTV
0		411	$	37,306,332.00		41.53	%		8.195	%		641		86.34	%
1		228		18,210,713.61		20.27			8.911			639		89.12
2		266		20,339,221.97		22.64			8.890			642		90.82
3		115		9,630,148.35		10.72			8.353			651		88.74
4		41		3,462,215.24		3.85			8.336			674		95.88
5		3		446,050.30		0.50			7.002			607		88.04
6		1		50,353.02		0.06			9.875			698		100.00
7		6		377,145.87		0.42			11.849			629		99.77
9		1		14,821.20		0.02			9.250			668		100.00
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Type	Loans		Balance		Balance			Coupon			Score		LTV
30 Year Fixed		789	$	75,841,851.41		84.42	%		8.305	%		641		87.73	%
15 Year Balloon		222		9,237,564.68		10.28			10.630			657		99.20
15 Year Fixed		35		2,941,646.41		3.27			7.944			650		81.09
20 Year Fixed		26		1,815,939.06		2.02			8.199			641		83.88
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Lien Position	Loans		Balance		Balance			Coupon			Score		LTV
1		375	$	52,908,559.34		58.89	%		7.292	%		628		81.07	%
2		697		36,928,442.22		41.11			10.305			664		99.42
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 41 April 19, 2005

Fixed Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Original LTV (%)	Loans		Balance		Balance			Coupon			Score		LTV
15.01 -   20.00		1	$	124,000.00		0.14	%		6.125	%		636		16.42	%
20.01 -   25.00		1		109,000.00		0.12			6.250			651		23.96
30.01 -   35.00		2		100,000.00		0.11			9.336			522		33.14
35.01 -   40.00		4		346,328.14		0.39			7.502			581		37.67
40.01 -   45.00		3		435,371.72		0.48			6.655			645		43.34
45.01 -   50.00		5		720,020.56		0.80			6.097			661		48.56
50.01 -   55.00		6		578,362.33		0.64			7.385			563		52.59
55.01 -   60.00		8		1,052,859.55		1.17			7.476			596		57.75
60.01 -   65.00		20		3,149,545.89		3.51			7.361			621		63.37
65.01 -   70.00		23		3,628,370.08		4.04			6.970			630		67.78
70.01 -   75.00		39		5,097,899.19		5.67			7.224			618		73.16
75.01 -   80.00		80		10,281,989.89		11.45			7.492			619		79.49
80.01 -   85.00		49		7,600,280.30		8.46			7.267			628		84.55
85.01 -   90.00		77		10,478,545.73		11.66			7.381			620		89.27
90.01 -   95.00		75		5,636,771.58		6.27			8.348			647		94.61
95.01 - 100.00		679		40,497,656.60		45.08			9.877			666		99.95
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
FICO Score	Loans		Balance		Balance			Coupon			Score		LTV
501 - 520		7	$	766,056.80		0.85	%		9.133	%		512		73.84	%
521 - 540		19		1,941,669.01		2.16			8.448			533		72.31
541 - 560		28		3,493,476.94		3.89			7.870			551		74.72
561 - 580		38		4,152,087.66		4.62			7.631			570		79.48
581 - 600		51		6,574,499.07		7.32			7.579			590		82.23
601 - 620		157		13,437,638.22		14.96			8.508			611		87.75
621 - 640		219		15,677,031.05		17.45			9.020			630		89.67
641 - 660		161		13,199,908.24		14.69			8.836			650		91.58
661 - 680		142		10,643,265.04		11.85			8.811			670		92.40
681 - 700		102		7,239,882.52		8.06			8.743			688		92.23
701 - 720		56		4,619,063.26		5.14			8.472			711		94.07
721 - 740		37		2,747,171.91		3.06			8.320			728		96.98
741 - 760		27		2,375,818.41		2.64			8.023			747		90.32
761 - 780		15		1,498,906.81		1.67			7.898			767		93.50
781 - 800		12		1,359,738.42		1.51			7.944			789		91.53
801 - 820		1		110,788.20		0.12			7.250			813		65.29
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 42 April 19, 2005

Fixed Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Use of Proceeds	Loans		Balance		Balance			Coupon			Score		LTV
Cashout		417	$	49,436,126.71		55.03	%		7.620	%		625		81.74	%
Purchase		620		36,893,323.11		41.07			9.811			669		98.04
Rate/Term Refinance		35		3,507,551.74		3.90			7.896			610		86.40
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Property Type	Loans		Balance		Balance			Coupon			Score		LTV
Single Family		880	$	75,854,514.38		84.44	%		8.420	%		638		88.23	%
Condo		97		6,000,153.61		6.68			9.203			673		94.83
Duplex		25		2,959,888.54		3.29			8.466			669		79.39
3-4 Unit		34		2,776,522.47		3.09			9.438			671		91.54
Townhouse		36		2,245,922.56		2.50			9.433			645		93.54
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Documentation Type	Loans		Balance		Balance			Coupon			Score		LTV
Full		475	$	46,720,303.81		52.01	%		7.795	%		627		85.71	%
NIV		543		37,004,152.70		41.19	��		9.543			664		93.76
Stated		40		4,738,444.18		5.27			7.925			627		76.13
12 Month Bank Statements		11		827,635.52		0.92			8.930			633		90.90
24 Month Bank Statements		3		546,465.35		0.61			7.471			683		93.23
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Occupancy Type	Loans		Balance		Balance			Coupon			Score		LTV
Owner Occupied		1,054	$	87,243,625.94		97.11	%		8.567	%		642		89.14	%
Non-Owner Occupied		18		2,593,375.62		2.89			7.298			658		70.80
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 43 April 19, 2005

Fixed Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Grade	Loans		Balance		Balance			Coupon			Score		LTV
A		785	$	60,498,211.41		67.34	%		8.737	%		671		91.74	%
B		248		25,168,528.59		28.02			8.061			594		83.55
C		39		4,170,261.56		4.64			8.363			534		73.76
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Geographic Distribution	Loans		Balance		Balance			Coupon			Score		LTV
California		297	$	27,225,655.70		30.31	%		8.956	%		658		91.85	%
Florida		219		19,328,470.71		21.52			8.220			637		83.65
Illinois		89		7,894,269.14		8.79			8.211			654		88.44
Pennsylvania		46		4,227,279.00		4.71			7.981			645		89.57
Texas		36		3,262,952.92		3.63			8.056			592		84.14
Nevada		31		2,982,310.72		3.32			8.128			641		86.74
Washington		21		2,622,537.44		2.92			7.648			633		92.54
North Carolina		48		2,048,810.66		2.28			9.498			646		95.16
Arizona		30		2,027,069.18		2.26			8.158			637		93.49
Maryland		22		1,881,442.74		2.09			8.708			654		91.34
Massachusetts		18		1,751,660.34		1.95			9.169			630		88.56
Michigan		30		1,641,395.66		1.83			9.000			618		92.81
Virginia		24		1,576,055.33		1.75			9.654			654		92.20
Indiana		17		1,468,092.36		1.63			8.219			619		90.60
Tennessee		27		1,371,906.21		1.53			8.901			632		91.82
Rhode Island		18		1,327,828.28		1.48			9.342			665		84.32
Colorado		18		1,077,176.87		1.20			8.104			612		79.58
Minnesota		9		1,012,200.00		1.13			7.277			609		76.72
Idaho		8		742,128.16		0.83			7.073			610		86.06
Connecticut		10		649,227.71		0.72			9.872			650		87.36
Ohio		11		594,022.07		0.66			8.885			665		96.95
Louisiana		8		543,445.52		0.60			8.807			568		81.61
Oregon		5		531,668.42		0.59			7.321			643		80.75
Georgia		7		445,793.72		0.50			9.010			613		85.70
Wisconsin		9		366,066.26		0.41			10.980			657		100.00
Nebraska		2		347,000.00		0.39			6.895			630		92.44
New Jersey		2		312,737.53		0.35			6.636			600		79.25
Oklahoma		3		246,719.07		0.27			7.997			607		90.71
Kentucky		2		118,400.00		0.13			9.129			578		75.96
Arkansas		1		78,300.00		0.09			7.750			645		90.00
Iowa		1		70,200.00		0.08			10.375			634		77.14
Missouri		2		35,395.08		0.04			12.319			613		97.46
Utah		1		28,784.76		0.03			12.375			614		100.00
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-1, Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 44 April 19, 2005

Fixed Rate Mortgage Loans

					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Prepayment Penalty Term	Mortgage		Principal		Principal			Gross			Credit		Original
(Years)	Loans		Balance		Balance			Coupon			Score		LTV
None		310	$	18,240,762.79		20.30	%		9.435	%		636		92.86	%
1		22		1,934,644.06		2.15			8.801			664		81.09
2		53		4,908,037.00		5.46			8.455			651		94.21
3		687		64,753,557.71		72.08			8.273			644		87.22
Total		1,072	$	89,837,001.56		100.00	%		8.530	%		643		88.61	%

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and 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 affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer 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 term sheet 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 offering 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 final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY