First NLC Securitization 8-K Other Events

EXHIBIT 99.1

December 12, 2005

First NLC Trust 2005-4

Mortgage-Backed Certificates, Series 2005-4

$847,880,000

(Approximate, Subject to +/- 5% Variance)

Series Term Sheet

First NLC Financial Services, LLC

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

Originator

First NLC Securitization, Inc.

Depositor

JPMorgan Chase Bank, National Association

Servicer

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 2005-4, Mortgage-Backed Certificates, Series 2005-4. 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. 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.

The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates with a file number of 333-127919. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free (703) 469-1225.

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.

European Economic Area

In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), each Underwriter has represented and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”) it has not made and will not make an offer of securities to the public in that Relevant Member State prior to the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of securities to the public in that Relevant Member State at any time:

(a) to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

(b) to any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than €43,000,000 and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts; or

(c) in any other circumstances which do not require the publication by the Issuer of a prospectus pursuant to Article 3 of the Prospectus Directive.

For the purposes of this provision, the expression an “offer of securities to the public” in relation to any securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe the securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

United Kingdom

Each Underwriter has represented and agreed that:

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act) received by it in connection with the issue or sale of the securities in circumstances in which Section 21(1) of the Financial Services and Markets Act does not apply to the Issuer; and

(b) it has complied and will comply with all applicable provisions of the Financial Services and Markets Act with respect to anything done by it in relation to the securities in, from or otherwise involving the United Kingdom.

Belgium

The information contained in this term sheet may not be disclosed to the public in Belgium. The securities may only be offered, directly or indirectly, in Belgium (a) for a minimum of €50,000 (or its foreign currency) per investor only; or (b) to professional or institutional investors as defined in

Article 2.1(e)(i) to (iii) of Directive 2003/71/EC or as referred to in Article 3, 2° of the Belgian Royal Decree of 7 July 1999 on the public character of financial operations, each acting on their own account.

This preliminary prospectus supplement has not been and will not be submitted to nor approved by the Belgian Banking, Finance and Insurance Commission (Commission bancaire, financière et des assurances/Commissie voor het Bank-, Financie- en Assurantiewezen) and accordingly may not be used in connection with any offering or sale of securities in Belgium except as may otherwise be permitted by law.

Hong Kong

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This term sheet has not been authorized by the Securities and Futures Commission and therefore the securities may not be offered or sold in Hong Kong by means of this preliminary prospectus supplement or any other document other than: (a) to “professional investors” as such term is defined in the Securities and Futures Ordinance, Cap. 571 of the laws of Hong Kong (“SFO”); or (b) in circumstances which do not constitute an offer or an invitation to the public for the purposes of the SFO. Offers of securities will not be and may not be made to any person in Hong Kong other than a person to whom this preliminary prospectus supplement has been issued by or on behalf of the issuer and who meets the criteria described in (a) or (b) above. No person to whom this preliminary prospectus supplement is given may issue, circulate or distribute it in Hong Kong or make or give a copy of this term sheet to any person.

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.

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’ appropriateness 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 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. The pool described in the Computational Materials may not necessarily represent a statistically relevant population, notwithstanding any contrary references herein. 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.

CIRCULAR 230 DISCLOSURE

TO ENSURE COMPLIANCE WITH REQUIREMENTS IMPOSED BY THE INTERNAL REVENUE SERVICE, WE INFORM YOU THAT (A) ANY UNITED STATES FEDERAL TAX ADVICE CONTAINED HEREIN (INCLUDING ANY ATTACHMENTS OR ENCLOSURES) WAS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING UNITED STATES FEDERAL TAX PENALTIES, (B) ANY SUCH ADVICE WAS WRITTEN TO SUPPORT THE PROMOTION OR MARKETING OF THE TRANSACTION OR MATTER ADDRESSED HEREIN AND (C) ANY TAXPAYER TO WHOM THE TRANSACTIONS OR MATTERS ARE BEING PROMOTED, MARKETED OR RECOMMENDED SHOULD SEEK ADVICE BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

Contact Information

FBR ABS Banking		FBR ABS Trading/Syndicate		FBR ABS Structuring
Mike Ciuffo	(703) 312-1889	Salmaan Siddiqui	(703) 469-1225	Tol Ho	(703) 312-1737
Dane Smith	(703) 312-1896			Anna Zuckerman	(703) 469-1283
David Lyle	(703) 312-1885
Chris DeMulder	(703) 312-1754
Juan Gonzalez	(703) 469-1169

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 1	December 12, 2005

First NLC Trust 2005-4

Mortgage-Backed Certificates, Series 2005-4

Class(1)	Principal Balance ($)(2)	WAL Call/Mat(3)	Payment Window (Mths) Call/Mat(3)	Expected Rating (S&P/Moody’s)	Interest Type(4)	Principal Type
Class A-1	284,325,000	0.96 / 0.96	1 - 19 / 1 - 19	AAA/Aaa	Floating	Senior Sequential
Class A-2	196,506,000	2.00 / 2.00	19 - 29 / 19 - 29	AAA/Aaa	Floating	Senior Sequential
Class A-3	103,183,000	3.00 / 3.00	29 - 59 / 29 - 59	AAA/Aaa	Floating	Senior Sequential
Class A-4	75,986,000	6.00 / 7.45	59 - 76 / 59 - 175	AAA/Aaa	Floating	Senior Sequential
Class M-1	33,880,000	4.85 / 5.33	48 - 76 / 48 - 151	AA+/Aa1	Floating	Subordinate
Class M-2	31,680,000	4.67 / 5.13	44 - 76 / 44 - 146	AA+/Aa2	Floating	Subordinate
Class M-3	18,920,000	4.58 / 5.03	43 - 76 / 43 - 139	AA+/Aa3	Floating	Subordinate
Class M-4	16,280,000	4.53 / 4.97	42 - 76 / 42 - 135	AA+/A1	Floating	Subordinate
Class M-5	16,280,000	4.49 / 4.92	41 - 76 / 41 - 131	AA/A2	Floating	Subordinate
Class M-6	14,960,000	4.46 / 4.87	40 - 76 / 40 - 126	AA/A3	Floating	Subordinate
Class M-7	13,640,000	4.44 / 4.83	39 - 76 / 39 - 121	AA-/Baa1	Floating	Subordinate
Class M-8	11,440,000	4.43 / 4.79	39 - 76 / 39 - 115	A+/Baa2	Floating	Subordinate
Class M-9	11,000,000	4.41 / 4.74	38 - 76 / 38 - 110	A/Baa3	Floating	Subordinate
Class M-10	11,000,000	4.40 / 4.68	38 - 76 / 38 - 103	A-/Ba1	Floating	Subordinate
Class M-11	8,800,000	4.40 / 4.61	38 - 76 / 38 - 96	BBB+/Ba2	Floating	Subordinate
Total:	847,880,000

(1) The Offered Certificates are priced to the Optional Termination Date. The margin on the Class A Certificates will be multiplied by 2 and the margin on the Class M Certificates will be multiplied by 1.5 on any Distribution Date after the Optional Termination may be first exercised.

(2) Approximate.

(3) See “Pricing Prepayment Speed” herein.

(4) Each class of Certificates will be subject to the “Net WAC Cap” as described herein.

A. General Terms

Issuer:	First NLC Trust 2005-4.
Depositor:	First NLC Securitization, Inc.
Originator:	First NLC Financial Services, LLC.
Lead Underwriters:	Friedman, Billings, Ramsey & Co., Inc.
Co-Underwriter:	Goldman, Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
Servicer:	JPMorgan Chase Bank, National Association.
Interim Subservicer:	Ocwen Loan Servicing, LLC.
Trustee:	HSBC Bank USA, National Association.
Master Servicer and Securities Administrator:	Wells Fargo Bank, National Association.
Hedge Counterparty:	[TBD].
Class A Certificates:	The Class A-1, Class A-2, Class A-3 and Class A-4 Certificates.

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 2	December 12, 2005

Class M Certificates:	The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates.
Offered Certificates:	The Class A and Class M Certificates.
Distribution Date:	The 25th day of each month (or if not a business day, the next succeeding business day) commencing in January 2006.
Cut-off Date:	With respect to each Mortgage Loan the later of (i) the date of origination of the Mortgage Loan and (ii) December 1, 2005.
Final Maturity Date:	The Distribution Date in February 2036.
Expected Pricing Date:	On or about December [15], 2005.
Expected Closing Date:	On or about December 22, 2005.
Accrued Interest:	The price to be paid by investors for the Offered Certificates will not include accrued interest (settling flat).
Interest Accrual Period:	The interest accrual period for each Distribution Date with respect to the Offered Certificates will be the period beginning with the previous Distribution Date (or, in the case of the first Distribution Date, the Closing Date) and ending on the day prior to such Distribution Date (on an actual/360 basis).
Due Period:	With respect to a Distribution Date, the period commencing on the second day of the calendar month immediately preceding the month in which such Distribution Date occurs (or the date following the Cut-off Date in respect of the first Due Period) and ending on the first day of the calendar month in which such Distribution Date occurs.
Registration:	The Offered Certificates will be available in book-entry form through DTC and only upon request through Clearstream, Luxembourg and the Euroclear System.
Initial and Additional Mortgage Loans:	The Depositor has currently identified mortgage loans with an aggregate scheduled principal balance of approximately $774,278,089.17, consisting of approximately (i) $141,788,156.79 of fixed rate, first and second lien mortgage loans (the “InitialFixed-Rate Mortgage Loans”) and (ii) approximately $632,489,932.38 of adjustable-rate, first lien mortgage loans (the “Initial Adjustable-Rate Mortgage Loans,” and together with the Initial Fixed-Rate Mortgage Loans, the “Initial Mortgage Loans”). See attached descriptions of the Statistical Pool for more information.
	On or prior to the Closing Date, approximately [$105,721,910.83] of additional mortgage loans having similar characteristics to the Initial Mortgage Loans will be added to the mortgage pool, consisting of (i) approximately [$19,360,117.59] of additional fixed-rate, first and second lien mortgage loans (the “Additional Fixed-Rate Mortgage Loans”) and (ii) approximately [$86,361,793.24] of additional adjustable-rate, first lien mortgage loans (the “Additional Adjustable-Rate Mortgage Loans,” and together with the Additional Fixed-Rate Mortgage Loans, the “Additional Mortgage Loans”). On the Closing Date, the Initial Mortgage Loans and the Additional Mortgage Loans will be the “Mortgage Loans.”

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First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 3	December 12, 2005

Cap Agreement:	On the Closing Date, the Issuer will enter into a hedge agreement with the Hedge Counterparty with an initial notional balance of approximately $[837,070,000]. On each such Distribution Date, the Hedge Counterparty will be obligated to make a payment to the Reserve Fund equal to the product of (a) the amount, if any, by which one-month LIBOR exceeds the related strike rate for such Distribution Date, (b) the related notional balance for such Distribution 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 attached 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;
	3.      Cap Agreement and
	4.      Subordination (to the extent applicable for each class of Offered Certificates).

Expected Initial Credit Enhancement Percentage On Closing Date		Expected Credit Enhancement Percentage On or After Stepdown Date
Class	Percent	Class	Percent
A	[25.00]%	A	[50.00]%
M-1	[21.15]%	M-1	[42.30]%
M-2	[17.55]%	M-2	[35.10]%
M-3	[15.40]%	M-3	[30.80]%
M-4	[13.55]%	M-4	[27.10]%
M-5	[11.70]%	M-5	[23.40]%
M-6	[10.00]%	M-6	[20.00]%
M-7	[8.45]%	M-7	[16.90]%
M-8	[7.15]%	M-8	[14.30]%
M-9	[5.90]%	M-9	[11.80]%
M-10	[4.65]%	M-10	[9.30]%
M-11	[3.65]%	M-11	[7.30]%

Optional Termination Date:	Any Distribution Date on which the aggregate principal balance of the Mortgage Loans is 10% or less of the sum of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date.
Pricing Prepayment Speed:	The Offered Certificates will be priced based on the following collateral prepayment assumptions:
	FRM Loans: 23% HEP (2.3% CPR - 23% CPR over 10 months, 23% CPR thereafter)
	ARM Loans: 100% PPC (100% PPC: 2% - 30% CPR over 12 months, constant 30% CPR up to and including the 22nd month, constant 50% CPR up to and including the 27th month and constant 35% CPR thereafter)
Federal Tax Status:	It is anticipated that for federal income tax purposes the Offered Certificates will represent, in part, ownership of REMIC regular interests for tax purposes.
SMMEA Eligibility:	The Offered Certificates arenot expected to constitute “mortgage related securities” for purposes of SMMEA.

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First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 4	December 12, 2005

ERISA Eligibility:	The Offered Certificates 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.
Servicing Fee:	On each Distribution Date, the Servicer will be entitled to 1/12 of 0.50% of the aggregate scheduled principal balance of the Mortgage Loans as of the beginning of the related Due Period (“Servicing Fee”), less a portion of such fee that will be paid monthly to the holder of the servicing rights. The holder of the servicing rights may replace the Servicer at any time for any reason, subject to the consent of the Rating Agencies in their absolute and sole discretion. The Servicer may assign its servicing rights and obligations with the consent of the Rating Agencies.
Master Servicing Fee:	On each Distribution Date, the Master Servicer will be entitled to 1/12 of [0.007]% of the aggregate principal balance of the Mortgage Loans as the beginning of the related Due Period. The fees of the Securities Administrator, the Trustee and the Custodian will be paid by the Master Servicer from the Master Servicing Fee.

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First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 5	December 12, 2005

B. Distributions to Securities

Priority of Distributions:	Available Funds from the Mortgage Loans will be distributed on each Distribution Date as follows:
	1)	Available Interest Funds will be distributed in the following order of priority:
		a)	first, to pay the Servicer Fee, the Master Servicer Fee and any indemnities and expenses due and payable to the Servicer, the Master Servicer, the Trustee and the Custodian;
		b)	second, concurrently to each class of Class A Certificates,pro rata based upon the entitlement of each such class, its Interest Distribution Amount; and
		c)	third, sequentially to each class of Class M Certificates in numeric order, its Interest Distribution Amount.
	2)	Available Principal Funds will be distributed as described under “Principal Paydown.”
	3)	Excess Cashflow will be distributed in the following order of priority:
		a)	first, to each Class A Certificate,pro rata any remaining unpaid Interest Distribution Amounts;
		b)	second, to pay the Overcollateralization Deficiency Amount as principal, to be distributed as described under “Principal Paydown;”
		c)	third, sequentially to each class of Class M Certificates in numeric order,first, to pay any remaining unpaid Interest Distribution Amounts and,second, to pay any unpaid Realized Loss amounts with respect to such class;
		d)	fourth, to pay any unpaid Net WAC Cap Carryover Amount payable to each class of Offered Certificates,pro rata based on the entitlement of each such class; and
		e)	fifth, any remaining Excess Cashflow to other non-offered certificates as described in the pooling and servicing agreement.

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First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 6	December 12, 2005

Principal Paydown:	1)	On any Distribution Date prior to the Stepdown Date or if a Trigger Event is in effect, the Principal Distribution Amount will be distributed in the following order of priority:
		a.	first, to the Class A Certificates as described under “ClassA Principal Distribution”; and
		b.	second, sequentially to each class of Class M Certificates in numeric order until the certificate principal balance of each such class has been reduced to zero.
	2)	On any Distribution Date on or after the Stepdown Date and if a Trigger Event is not in effect, Available Principal Funds will be distributed in the following order of priority (subject, in each case, to any overcollateralization floors):
		a.	first, to the Class A Certificates as described under “Class A Principal Distribution, ” such that the Class A Certificates will have a Credit Enhancement Percentage of at least [50.00]%;
		b.	second, to the Class M-1 Certificates such that the Class M-1 Certificates will have a Credit Enhancement Percentage of at least [42.30]%;
		c.	third, to the Class M-2 Certificates such that the Class M-2 Certificates will have a Credit Enhancement Percentage of at least [35.10]%;
		d.	fourth, to the Class M-3 Certificates such that the Class M-3 Certificates will have a Credit Enhancement Percentage of at least [30.80]%;
		e.	fifth,to the Class M-4 Certificates such that the Class M-4 Certificates will have will have a Credit Enhancement Percentage of at least [27.10]%;
		f.	sixth, to the Class M-5 Certificates such that the Class M-5 Certificates will have a Credit Enhancement Percentage of at least [23.40]%;
		g.	seventh,to the Class M-6 Certificates such that the Class M-6 Certificates will have a Credit Enhancement Percentage of at least [20.00]%;
		h.	eighth, to the Class M-7 Certificates such that the Class M-7 Certificates will have a Credit Enhancement Percentage of at least [16.90]%;
		i.	ninth, to the Class M-8 Certificates such that the Class M-8 Certificates will have a Credit Enhancement Percentage of at least [14.30]%;
		j.	tenth, to the Class M-9 Certificates such that the Class M-9 Certificates will have a Credit Enhancement Percentage of at least [11.80]%;
		k.	eleventh,to the Class M-10 Certificates such that the Class M-10 Certificates will have a Credit Enhancement Percentage of at least [9.30]%; and
		l.	twelfth,to the Class M-11 Certificates such that the Class M-11 Certificates will have a Credit Enhancement Percentage of at least [7.30]%.

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First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 7	December 12, 2005

Class A Principal Distribution:	The Available Principal Funds allocated for distribution to the Class A Certificates on a Distribution Date shall be distributed as follows:
	1)	first, to the Class A-1 Certificates until their certificate principal balance has been reduced to zero;
	2)	second, to the Class A-2 Certificates until their certificate principal balance has been reduced to zero;
	3)	third, to the Class A-3 Certificates until their certificate principal balance has been reduced to zero; and
	4)	fourth, to the Class A-4 Certificates until their certificate principal balance has been reduced to zero;
	provided, however, that if the aggregate of the certificate principal balance of the Class M Certificates is zero immediately prior to such Distribution Date, principal payments made to the Class A Certificates will be paidpro rata.
Reserve Fund:	The payments received pursuant to the Cap Agreement shall be deposited into the Reserve Fund. Funds in the Reserve Fund shall be distributed as follows:
	1)	first,to the Class A Certificates,pro rata,any Interest Distribution Amount to the extent remaining unpaid pursuant to clause (1)(b) of the “Priority of Distributions”;
	2)	second, to the Class M Certificates in numeric order, any Interest Distribution Amount to the extent remaining unpaid pursuant to clause (1)(c) of the “Priority of Distributions”;
	3)	third, as principal to the Offered Certificates, any Overcollateralization Deficiency Amount to the extent remaining unpaid pursuant to clause (3)(b) of the“Priority of Distributions” to be distributed as described under“Principal Paydown;”
	4)	fourth, to the Offered Certificates,pro rata, any unpaid Net WAC Cap Carryover Amount to the extent remaining unpaid pursuant to clause (3)(d) of the“Priority of Distributions”;
	5)	fifth, sequentially to each class of Class M Certificates in numeric order, to pay any unpaid Realized Loss amounts to such class to the extent remaining unpaid pursuant to clause (3)(c) of the“Priority of Distributions”; and
	6)	sixth, any remaining Excess Cashflow to the non-offered certificates as described in the pooling and servicing agreement.

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First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 8	December 12, 2005

C. Definitions

Adjusted Net Mortgage Rate:	The “Adjusted Net Mortgage Rate” for each Mortgage Loan is equal to the mortgage rate less the sum of (i) the Servicing Fee rate and (ii) the Master Servicing Fee rate.
Available Funds:	The “Available Funds” for each Distribution Date will be the sum of the Available Interest Funds and the Available Principal Funds for such Distribution Date.
Available Interest Funds:	The“AvailableInterest Funds” for each Distribution Date generally will be amounts collected or advanced in respect of interest on the Mortgage Loans.
Available Principal Funds:	The “Available Principal Funds” for such Distribution Date generally will be amounts collected or advanced in respect of principal on the Mortgage Loans.
Credit Enhancement Percentage:	The “Credit Enhancement Percentage” for each class of Offered Certificates is a percentage determined by dividing (a) the sum of (i) the sum of the certificate principal balances of all certificates subordinate to the subject class of Certificates and, (ii) the Overcollateralization Amount for such Distribution Date in each case before taking into account any principal distributions on that date, by (b) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period.
Cumulative Realized Loss Percentage:	The “Cumulative Realized Loss Percentage” for any Distribution Date means a fraction, expressed as a percentage, obtained by dividing (a) the aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans in the entire mortgage loan pool from the Cut-off Date through the last day of the related Due Period by (b) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.
Delinquency Rate:	The “Delinquency Rate” for any Due Period is the fraction, expressed as a percentage, the numerator of which is the aggregate Scheduled 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 the preceding calendar month, and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans as of the close of business on the last day of such calendar month.
Due Period:	The “Due Period” with respect to a Distribution Date is the period commencing on the second day of the calendar month immediately preceding the month in which such Distribution Date occurs (or the date following the Cut-off Date in respect of the first Due Period) and ending on the first day of the calendar month in which such Distribution Date occurs.
Excess Cashflow:	The “Excess Cashflow” for any Distribution Date will be equal to the Available Funds remaining after priorities 1) and 2) under “Priority of Distributions.”
Formula Rate:	The “Formula Rate” for each class of Offered Certificates will be equal to the lesser of (i) One Month LIBOR plus the applicable margin for such Class and (ii) 14.00%.
Interest Distribution Amount:	The “Interest Distribution Amount” for each class of Offered Certificates on a Distribution Date is an amount equal to the sum of (i) interest accrued during the related Interest Accrual Period at the Pass-Through Rate, and (ii) any interest described in clause (i) above for any prior Distribution Date that remains unpaid (together with any unpaid interest thereon), and (iii) interest accrued during the related Interest Accrual Period on the amount described in clause (ii) above at the Pass-Through Rate applicable to such class of Certificates. The Interest Distribution Amount may be reduced by prepayment interest shortfalls or Servicemembers Civil Relief Act shortfalls as shall described in the prospectus supplement.
Net WAC Cap:	The “Net WAC Cap” with respect to each Distribution Date is a rate equal to the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans as of the first day of the Due Period for such Distribution Date, calculated on an actual/360 basis.

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 9	December 12, 2005

Net WAC Cap Carryover Amount:	The “Net WAC Cap Carryover Amount” for each class of the Offered Certificates on a Distribution Date is equal to the sum of (i) the excess, if any, of (a) the amount that would have been the monthly interest for such class of Certificates at the Formula Rate over (b) the actual amount of monthly interest paid for such class of Certificates, (ii) any excess described in clause (i) above for any prior Distribution Date that remains unpaid (together with any unpaid interest thereon), and (iii) interest accrued during the Interest Accrual Period related to such Distribution Date on the amount described in clause (ii) above at the Formula Rate applicable to such class of Certificates.
Overcollateralization Amount:	The “Overcollateralization Amount” as of any date of determination is equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period for such Distribution Date over (ii) the aggregate certificate principal balance of the Offered Certificates. On the Closing Date, the Overcollateralization Amount will be approximately [3.65]% of the sum of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date. On each Distribution Date, Excess Cashflow, if any, remaining after application for payment of any unpaid interest amount on the Class A Certificates will be used to maintain the Targeted Overcollateralization Amount.
Overcollateralization Deficiency Amount:	The “Overcollateralization Deficiency Amount” for any Distribution Date is the excess, if any, of (a) the Target Overcollateralization Amount for such Distribution Date over (b) the Overcollateralization Amount for such Distribution Date, after giving effect to distribution of the Principal Distribution Amount on such Distribution Date.
Overcollateralization Release Amount:	The “Overcollateralization Release Amount” for each Distribution Date is the lesser of (a) the sum of the Available Principal Funds for such Distribution Date and (b) the excess of (i) the Overcollateralization Amount for such Distribution Date (assuming, for the purposes of this calculation, that 100% of the Available Principal Funds is applied as payment of principal on the Offered Certificates on that Distribution Date) over (ii) the Target Overcollateralization Amount for such Distribution Date.
Pass-Through Rate:	The “Pass-Through Rate” on each class of Offered Certificates will be equal to the lesser of (i) the related Formula Rate and (ii) the Net WAC Cap.
Prepayment Period:	The “Prepayment Period” with respect to any Distribution Date and (i) any Principal Prepayment in full, the period that commences on and includes the [16th] day of the month immediately preceding the month in which such Distribution Date occurs (or from the Closing Date, in the case of the first Prepayment Period) and ends on and includes the [15th] day of the month in which such Distribution Date occurs, and (ii) any partial Principal Prepayment, the calendar month preceding the month in which the Distribution Date occurs.
Principal Distribution Amount:	The “Principal Distribution Amount” with respect to any Distribution Date is an amount equal to the lesser of (a) the certificate principal balance of the Offered Certificates and (b) the excess of (i) the Available Principal Funds over (ii) the Overcollateralization Release Amount for such Distribution Date.
Realized Losses:	If a Mortgage Loan becomes a liquidated loan, the net liquidation proceeds relating thereto may be less than the principal balance of such Mortgage Loan. The amount of such difference is a “Realized Loss.” Realized Losses on the Mortgage Loans will, in effect, be absorbed first by the Excess Cashflow and second by the reduction of the Overcollateralization Amount. Following the reduction of the Overcollateralization Amount to zero, all allocable Realized Losses will be applied to the Class M Certificates sequentially in reverse numeric order in reduction of the certificate principal amount of each such class.
Rolling Three Month Delinquency Rate:	The “Rolling Three Month Delinquency Rate” with respect to any Distribution Date is the average of the Delinquency Rates for each of the three (or a shorter period, in the case of the first and second Distribution Dates) immediately preceding months.

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 10	December 12, 2005

Senior Enhancement Percentage:	The “Senior Enhancement Percentage” for a Distribution Date is equal to (a) the sum of the aggregate certificate principal balance of the Class M Certificates and the Overcollateralization Amount, in each case before taking into account any payments of principal to the Offered Certificates on that Distribution Date divided by (b) the sum of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period.
Stepdown Date:	The “Stepdown Date” is the earlier to occur of (x) the Distribution Date on which the aggregate certificate principal balance of the Class A Certificates is reduced to zero, and (y) the later to occur of (a) the Distribution Date in January 2009 and (b) the first Distribution Date on which the Senior Enhancement Percentage is greater than or equal to [50.00]%.
Targeted Overcollateralization Amount:	The “Target Overcollateralization Amount” for any Distribution Date prior to the Stepdown Date is approximately [3.65]% of the sum of (a) the aggregate principal balance of the Mortgage Loans as of the Cut-off Date.
	For any Distribution Date on or after the Stepdown Date, approximately the lesser of (a) [3.65]% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date, and (b) [7.30]% of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period for such Distribution Date, 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 Distribution Date, the Target Overcollateralization Amount will be the same as the Target Overcollateralization Amount on the preceding Distribution Date.
Trigger Event:	A “Trigger Event” is in effect on any Distribution Date on or after the Stepdown Date if either (a) the Rolling Three Month Delinquency Rate as of the last day of the related Due Period equals or exceeds [32.00]% of the Senior Enhancement Percentage on such Distribution Date or (b) the Cumulative Realized Loss Percentage on such Distribution Date exceeds the percentage specified in the table below for such Distribution Date:

Distribution Date Occurring In	Percentage
January 2008-December 2008	[2.15]% for the first month plus an additional 1/12th of [2.35]% for each month thereafter
January 2009-December 2009	[4.50]% for the first month plus an additional 1/12th of [1.50]% for each month thereafter
January 2010-December 2010	[6.00]% for the first month plus an additional 1/12th of [1.00]% for each month thereafter
January 2011-December 2011	[7.00]% for the first month plus an additional 1/12th of [0.75]% for each month thereafter
January 2012 and thereafter	[7.75]%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 11	December 12, 2005

D. Net WAC Cap

Net WAC Cap

Period	Net WAC Cap(1)(3)(4)		Effective Net WAC Cap(2)(3)(4)
1	NA		NA
2	7.209	%	22.580	%
3	7.983	%	23.363	%
4	7.213	%	22.603	%
5	7.456	%	22.857	%
6	7.219	%	22.631	%
7	7.465	%	22.888	%
8	7.229	%	22.665	%
9	7.235	%	22.684	%
10	7.484	%	22.948	%
11	7.251	%	22.732	%
12	7.503	%	23.003	%
13	7.272	%	22.771	%
14	7.282	%	22.786	%
15	8.075	%	23.583	%
16	7.305	%	22.817	%
17	7.561	%	23.077	%
18	7.329	%	22.850	%
19	7.587	%	23.113	%
20	7.355	%	22.886	%
21	7.368	%	22.904	%
22	7.628	%	23.168	%
23	7.408	%	23.149	%
24	8.880	%	24.585	%
25	8.724	%	23.164	%
26	8.944	%	23.393	%
27	9.592	%	24.055	%
28	8.997	%	23.335	%
29	9.322	%	23.700	%
30	9.441	%	23.982	%
31	9.815	%	24.384	%
32	9.587	%	24.182	%
33	9.614	%	24.218	%
34	9.964	%	24.583	%
35	9.672	%	24.293	%
36	10.819	%	25.992	%
37	10.573	%	25.776	%
38	10.343	%	25.526	%
39	11.438	%	26.703	%
40	10.324	%	25.493	%
41	10.661	%	25.854	%
42	10.597	%	26.199	%
43	10.968	%	26.650	%
44	10.651	%	26.354	%
45	10.642	%	26.340	%
46	10.988	%	26.727	%
47	10.624	%	26.313	%
48	10.969	%	27.011	%
49	10.607	%	26.615	%
50	10.598	%	26.655	%
51	11.723	%	27.965	%
52	10.580	%	26.621	%
53	10.923	%	27.015	%
54	10.561	%	26.819	%
55	10.904	%	27.242	%
56	10.543	%	26.841	%
57	10.534	%	26.823	%
58	10.875	%	27.223	%
59	10.521	%	26.790	%
60	10.873	%	27.171	%
61	10.517	%	12.518	%
62	10.510	%	12.504	%
63	11.626	%	13.823	%
64	10.491	%	12.468	%
65	10.833	%	12.867	%
66	10.478	%	12.439	%
67	10.819	%	12.837	%
68	10.461	%	12.406	%
69	10.451	%	12.387	%
70	10.789	%	12.781	%
71	10.431	%	12.353	%
72	10.769	%	12.751	%
73	10.411	%	12.322	%
74	10.401	%	12.305	%
75	11.107	%	13.133	%
76	10.381	%	12.267	%

(1) Assumes that 1-month LIBOR and 6-month LIBOR are equal to 4.4395% and 4.7429%, respectively.

(2) Assumes that 1-month LIBOR and 6-month LIBOR are both equal to 20.00%.

(3) Assumes payments are received from the Cap Agreement.

(4) Assumes the Pricing Prepayment Speed to the Optional Termination Date.

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 12	December 12, 2005

E. Cap Agreement

Period	Notional Balance ($)	Cap Strike (%)
1	837,070,000.00	4.4405	%
2	834,357,905.10	4.4405	%
3	829,772,584.10	4.4405	%
4	823,305,697.65	4.4405	%
5	814,948,720.12	4.4405	%
6	804,704,058.62	4.4405	%
7	792,586,086.74	4.4405	%
8	778,621,512.89	4.4405	%
9	762,854,045.13	4.4405	%
10	745,427,928.69	4.4405	%
11	726,615,952.61	4.4405	%
12	706,554,239.99	4.4405	%
13	685,803,530.81	4.4405	%
14	665,643,310.84	4.4405	%
15	646,056,669.64	4.4405	%
16	627,027,183.68	4.4405	%
17	608,538,902.20	4.4405	%
18	590,576,333.65	4.4405	%
19	573,124,432.28	4.4405	%
20	556,168,585.40	4.4405	%
21	539,694,600.70	4.4405	%
22	523,609,018.90	4.4405	%
23	504,742,293.39	4.4405	%
24	478,448,607.04	4.4405	%
25	453,560,571.56	5.7053	%
26	430,032,623.74	5.7080	%
27	407,796,971.15	5.7089	%
28	388,616,511.97	5.7113	%
29	375,113,125.28	5.7128	%
30	362,059,780.53	5.7148	%
31	349,442,105.40	5.7161	%
32	337,250,380.56	5.7187	%
33	325,463,890.45	5.7196	%
34	314,068,880.67	5.7205	%
35	303,052,070.48	5.7224	%
36	292,400,672.30	5.7576	%
37	282,119,480.93	5.7605	%
38	280,666,277.96	5.7631	%
39	271,674,555.18	5.7645	%
40	262,979,411.37	5.7678	%
41	254,570,841.24	5.7708	%
42	246,439,191.73	5.7724	%
43	238,578,425.01	5.7739	%
44	230,977,250.99	5.7765	%
45	223,625,654.41	5.7781	%
46	216,515,244.26	5.7795	%
47	209,637,916.38	5.7814	%
48	202,985,843.76	5.8369	%
49	196,551,466.70	5.8412	%
50	190,327,486.70	5.8438	%
51	184,306,848.46	5.8455	%
52	178,482,740.48	5.8492	%
53	172,848,583.59	5.8520	%
54	167,398,022.92	5.8547	%
55	162,124,920.23	5.8568	%
56	157,023,346.31	5.8596	%
57	152,087,573.90	5.8619	%
58	147,312,070.62	5.8645	%
59	142,691,492.30	5.8698	%
60	138,220,342.52	5.9014	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 13	December 12, 2005

F. Excess Spread Schedule

Excess Spread⁽¹⁾⁽²⁾

Period	FWD 1 Month LIBOR %	FWD 6 Month LIBOR %	Excess Spread Static LIBOR (%)	Excess Spread Forward LIBOR (%)
1	4.4395	4.7429	NA	NA
2	4.5257	4.8282	2.334	2.332
3	4.6542	4.9005	2.802	2.798
4	4.7591	4.9427	2.332	2.327
5	4.9281	4.9699	2.487	2.481
6	4.8773	4.9636	2.329	2.324
7	4.9113	4.9514	2.483	2.478
8	4.9634	4.9353	2.325	2.319
9	4.8977	4.9095	2.322	2.318
10	4.9254	4.8934	2.476	2.472
11	4.8879	4.8812	2.316	2.313
12	4.8097	4.8692	2.470	2.468
13	4.8164	4.8756	2.310	2.307
14	4.8226	4.8814	2.306	2.304
15	4.8280	4.8870	2.775	2.773
16	4.8351	4.8942	2.299	2.297
17	4.8410	4.8987	2.453	2.451
18	4.8483	4.9041	2.292	2.290
19	4.8534	4.9077	2.446	2.444
20	4.8591	4.9102	2.285	2.283
21	4.8653	4.9127	2.284	2.282
22	4.8702	4.9144	2.441	2.439
23	4.8756	4.9166	2.283	2.287
24	4.8535	4.9180	3.562	3.564
25	4.8566	4.9220	3.495	3.093
26	4.8602	4.9247	3.670	3.266
27	4.8618	4.9280	3.978	3.600
28	4.8650	4.9319	3.653	3.247
29	4.8672	4.9343	3.806	3.412
30	4.8700	4.9382	4.017	3.680
31	4.8721	4.9424	4.202	3.883
32	4.8754	4.9479	4.096	3.774
33	4.8770	4.9541	4.090	3.768
34	4.8785	4.9579	4.244	3.935
35	4.8812	4.9631	4.079	3.754
36	4.9416	4.9689	4.946	4.593
37	4.9463	4.9714	4.843	4.472
38	4.9506	4.9736	4.784	4.395
39	4.9536	4.9763	5.309	4.964
40	4.9585	4.9795	4.854	4.457
41	4.9632	4.9813	5.032	4.645
42	4.9665	4.9842	5.147	4.798
43	4.9694	5.0012	5.333	5.003
44	4.9736	5.0205	5.213	4.872
45	4.9767	5.0414	5.208	4.864
46	4.9794	5.0583	5.364	5.033
47	4.9829	5.0788	5.198	4.846
48	5.0086	5.1005	5.353	5.065
49	5.0133	5.1047	5.186	4.882
50	5.0162	5.1087	5.180	4.882
51	5.0182	5.1130	5.655	5.407
52	5.0223	5.1178	5.168	4.862
53	5.0254	5.1213	5.322	5.030
54	5.0283	5.1252	5.154	4.854
55	5.0307	5.1220	5.304	5.019
56	5.0337	5.1196	5.133	4.827
57	5.0363	5.1149	5.122	4.813
58	5.0392	5.1100	5.272	4.977
59	5.0419	5.1060	5.106	4.789
60	5.0462	5.1012	5.268	4.952
61	5.0491	5.1030	5.102	4.762
62	5.0508	5.1045	5.096	4.752
63	5.0516	5.1059	5.567	5.279
64	5.0551	5.1084	5.077	4.727
65	5.0558	5.1102	5.230	4.898
66	5.0576	5.1111	5.065	4.717
67	5.0594	5.1138	5.217	4.886
68	5.0605	5.1180	5.049	4.697
69	5.0616	5.1202	5.039	4.686
70	5.0628	5.1223	5.190	4.854
71	5.0645	5.1257	5.020	4.662
72	5.0691	5.1279	5.171	4.836
73	5.0703	5.1290	5.001	4.645
74	5.0711	5.1293	4.991	4.635
75	5.0711	5.1298	5.302	4.984
76	5.0724	5.1316	4.971	4.612

(1) Assumes the Pricing Prepayment Speed to the Optional Termination Date.

(2) Calculated as (a) interest collections on the Mortgage Loans (net of the Servicing Fee and Master Servicing Fee) and payments received from the Cap Agreement, less the aggregate amount of interest due on the Offered Certificates divided by (b) the aggregate principal balance of the Mortgage Loans as of the first day of the Due Period, multiplied by 12.

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 14	December 12, 2005

G. Breakeven Losses

			Static LIBOR			Forward LIBOR
Class	Moody’s	S&P	Break CDR(1)	Cumulative Losses(2)		Break CDR(1)	Cumulative Losses(2)
M-1	Aa1	AA+	36.01	24.48	%	35.67	24.35	%
M-2	Aa2	AA+	28.73	21.40	%	28.35	21.23	%
M-3	Aa3	AA+	24.92	19.55	%	24.53	19.35	%
M-4	A1	AA+	21.91	17.94	%	21.51	17.71	%
M-5	A2	AA	19.13	16.32	%	18.72	16.07	%
M-6	A3	AA	16.69	14.78	%	16.27	14.51	%
M-7	Baa1	AA-	14.47	13.28	%	14.04	12.98	%
M-8	Baa2	A+	12.79	12.07	%	12.38	11.77	%
M-9	Baa3	A	11.31	10.95	%	10.89	10.62	%
M-10	Ba1	A-	9.95	9.86	%	9.56	9.54	%
M-11	Ba2	BBB+	9.12	9.17	%	8.76	8.87	%

(1) The “Break CDR” is the percentage of CDR that creates first dollar of principal loss on the related bond.

(2) As a percentage of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

Assumptions:

40% severity

12 Month Lag

Triggers Set to Fail

Run to maturity

Defaults are in addition to prepays

Prepays according to Pricing Speed

Principal and interest advanced on all defaulted loans

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 15	December 12, 2005

H. Computational Items

	Bond Summary - To Call					Bond Summary - To Maturity
% of PPC	50	75	100	125	150	50	75	100	125	150
Class A-1
WAL (yrs)	1.49	1.16	0.96	0.83	0.75	1.49	1.16	0.96	0.83	0.75
Modified Duration (yrs)	1.42	1.12	0.93	0.81	0.73	1.42	1.12	0.93	0.81	0.73
Principal Window (mths)	1 - 31	1 - 23	1 - 19	1 - 16	1 - 14	1 - 31	1 - 23	1 - 19	1 - 16	1 - 14
Class A-2
WAL (yrs)	3.64	2.51	2.00	1.72	1.50	3.64	2.51	2.00	1.72	1.50
Modified Duration (yrs)	3.31	2.35	1.89	1.64	1.44	3.31	2.35	1.89	1.64	1.44
Principal Window (mths)	31 - 64	23 - 43	19 - 29	16 - 24	14 - 22	31 - 64	23 - 43	19 - 29	16 - 24	14 - 22
Class A-3
WAL (yrs)	7.33	4.90	3.00	2.23	1.97	7.33	4.90	3.00	2.23	1.97
Modified Duration (yrs)	6.11	4.32	2.77	2.10	1.87	6.11	4.32	2.77	2.10	1.87
Principal Window (mths)	64 - 120	43 - 80	29 - 59	24 - 30	22 - 25	64 - 120	43 - 80	29 - 59	24 - 30	22 - 25
Class A-4
WAL (yrs)	12.19	8.15	6.00	2.83	2.25	14.70	10.07	7.45	3.01	2.25
Modified Duration (yrs)	9.09	6.66	5.16	2.62	2.12	10.23	7.76	6.11	2.74	2.12
Principal Window (mths)	120 - 154	80 - 103	59 - 76	30 - 59	25 - 29	120 - 309	80 - 228	59 - 175	30 - 137	25 - 29
Class M-1
WAL (yrs)	8.53	5.73	4.85	4.93	3.90	9.37	6.36	5.33	7.25	6.06
Modified Duration (yrs)	6.73	4.86	4.25	4.32	3.51	7.10	5.22	4.56	5.99	5.14
Principal Window (mths)	51 - 154	38 -103	48 - 76	59 - 59	29 - 47	51 - 280	38 - 199	48 - 151	67 - 125	29 - 110
Class M-2
WAL (yrs)	8.53	5.72	4.67	4.85	3.89	9.36	6.34	5.13	5.34	4.34
Modified Duration (yrs)	6.71	4.85	4.10	4.26	3.50	7.08	5.20	4.40	4.62	3.85
Principal Window (mths)	51 - 154	38 - 103	44 - 76	54 - 59	44 - 47	51 - 272	38 - 192	44 - 146	54 - 113	44 - 91
Class M-3
WAL (yrs)	8.53	5.72	4.58	4.48	3.62	9.34	6.33	5.03	4.83	3.90
Modified Duration (yrs)	6.70	4.84	4.02	3.96	3.27	7.06	5.19	4.31	4.21	3.49
Principal Window (mths)	51 - 154	38 - 103	43 - 76	50 - 59	41 - 47	51 - 263	38 - 184	43 - 139	50 - 108	41 - 87
Class M-4
WAL (yrs)	8.53	5.72	4.53	4.27	3.44	9.32	6.32	4.97	4.61	3.71
Modified Duration (yrs)	6.63	4.80	3.96	3.78	3.11	6.98	5.14	4.24	4.02	3.31
Principal Window (mths)	51 - 154	37 - 103	42 - 76	47 - 59	38 - 47	51 - 256	37 - 179	42 - 135	47 - 105	38 - 84
Class M-5
WAL (yrs)	8.53	5.72	4.49	4.12	3.32	9.30	6.30	4.92	4.45	3.58
Modified Duration (yrs)	6.62	4.79	3.92	3.66	3.01	6.95	5.12	4.20	3.89	3.21
Principal Window (mths)	51 - 154	37 - 103	41 - 76	45 - 59	36 - 47	51 - 249	37 - 177	41 - 131	45 - 101	36 - 81
Class M-6
WAL (yrs)	8.53	5.72	4.46	4.01	3.23	9.27	6.28	4.87	4.33	3.48
Modified Duration (yrs)	6.60	4.78	3.89	3.56	2.93	6.92	5.10	4.16	3.79	3.12
Principal Window (mths)	51 - 154	37 - 103	40 - 76	43 - 59	35 - 47	51 - 241	37 - 170	40 - 126	43 - 98	35 - 78

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 16	December 12, 2005

	Bond Summary - To Call					Bond Summary - To Maturity
% of PPC	50	75	100	125	150	50	75	100	125	150
Class M-7
WAL (yrs)	8.53	5.72	4.44	3.93	3.16	9.23	6.25	4.83	4.23	3.40
Modified Duration (yrs)	6.21	4.58	3.74	3.39	2.80	6.47	4.84	3.97	3.59	2.97
Principal Window (mths)	51 - 154	37 - 103	39 - 76	42 - 59	34 - 47	51 - 233	37 - 163	39 - 121	42 - 93	34 - 75
Class M-8
WAL (yrs)	8.53	5.72	4.43	3.87	3.11	9.18	6.21	4.79	4.15	3.33
Modified Duration (yrs)	6.21	4.58	3.73	3.34	2.75	6.46	4.83	3.94	3.53	2.91
Principal Window (mths)	51 - 154	37 - 103	39 - 76	41 - 59	33 - 47	51 - 224	37 - 156	39 - 115	41 - 89	33 - 71
Class M-9
WAL (yrs)	8.53	5.72	4.41	3.83	3.07	9.12	6.16	4.74	4.07	3.27
Modified Duration (yrs)	6.21	4.58	3.72	3.31	2.72	6.44	4.81	3.91	3.47	2.87
Principal Window (mths)	51 - 154	37 - 103	38 - 76	40 - 59	32 - 47	51 - 214	37 - 149	38 - 110	40 - 85	32 - 68
Class M-10
WAL (yrs)	8.53	5.72	4.40	3.79	3.05	9.03	6.10	4.68	3.99	3.22
Modified Duration (yrs)	6.21	4.58	3.71	3.27	2.70	6.41	4.78	3.88	3.42	2.83
Principal Window (mths)	51 - 154	37 - 103	38 - 76	39 - 59	31 - 47	51 - 203	37 - 140	38 - 103	39 - 80	31 - 64
Class M-11
WAL (yrs)	8.53	5.72	4.40	3.76	3.00	8.91	6.00	4.61	3.92	3.13
Modified Duration (yrs)	6.21	4.58	3.71	3.25	2.67	6.36	4.73	3.83	3.36	2.76
Principal Window (mths)	51 - 154	37 - 103	38 - 76	38 - 59	31 - 47	51 - 189	37 - 130	38 - 96	38 - 74	31 - 59

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4 Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 17	December 12, 2005

I. The Initial Mortgage Loans

Information with respect to the Initial Mortgage Loans expected to be included in the mortgage pool is set forth below. Prior to the Closing Date, Initial Mortgage Loans may be removed from the mortgage pool and other loans may be substituted therefore. FBR 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 final mortgage pool may vary.

Aggregate Initial Mortgage Loan Statistics

As of December 1, 2005

				Minimum			Maximum
Scheduled Principal Balance	$	774,278,089.17		$	13,000.00		$	720,000.00
Average Scheduled Principal Balance	$	181,457.25
Number of Mortgage Loans		4,267
Weighted Average Gross Coupon		7.684	%		5.500	%		13.690	%
Weighted Average FICO Score		629			500			813
Weighted Average Original LTV		81.03	%		15.80	%		100.00	%
Weighted Average Original Term		353 months			120 months			360 months
Weighted Average Stated Remaining Term		352 months			119 months			360 months
Weighted Average Seasoning		1 months			0 months			13 months
ARM Characteristics
Weighted Average Gross Margin		6.863	%		3.300	%		10.390	%
Weighted Average Minimum Interest Rate		7.520	%		5.500	%		10.840	%
Weighted Average Maximum Interest Rate		14.437	%		8.850	%		17.840	%
Weighted Average Initial Rate Cap		2.999	%		1.000	%		5.000	%
Weighted Average Subsequent Rate Cap		1.460	%		1.000	%		6.000	%
Weighted Average Months to Roll		28 months			17 months			60 months
Maturity Date					November 1, 2015			January 1, 2036
Maximum Zip Code Concentration		0.45	%		02909

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

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 18	December 12, 2005

Aggregate Initial Mortgage Loans

Range of Mortgage Rates (%)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
5.001 - 5.500	3	$	1,273,494.35	0.16	%	5.500	%	666	80.00	%
5.501 - 6.000	44		11,425,447.76	1.48		5.903		673	79.40
6.001 - 6.500	293		71,792,689.68	9.27		6.360		661	77.37
6.501 - 7.000	689		158,244,074.42	20.44		6.839		652	78.98
7.001 - 7.500	727		164,051,190.96	21.19		7.302		640	79.46
7.501 - 8.000	752		152,886,638.27	19.75		7.792		615	80.79
8.001 - 8.500	455		79,982,870.03	10.33		8.296		597	81.54
8.501 - 9.000	379		60,147,138.43	7.77		8.782		579	81.85
9.001 - 9.500	201		25,189,891.03	3.25		9.296		582	85.06
9.501 - 10.000	201		19,487,289.16	2.52		9.796		613	90.76
10.001 - 10.500	151		10,270,251.17	1.33		10.264		656	97.50
10.501 - 11.000	127		7,535,179.10	0.97		10.798		643	97.76
11.001 - 11.500	63		3,309,652.18	0.43		11.304		644	99.30
11.501 - 12.000	56		2,963,152.13	0.38		11.798		636	99.37
12.001 - 12.500	93		4,123,239.53	0.53		12.241		625	99.95
12.501 - 13.000	28		1,400,466.54	0.18		12.768		636	99.75
13.001 - 13.500	2		57,794.43	0.01		13.152		622	99.60
13.501 - 14.000	3		137,630.00	0.02		13.671		641	100.00
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
Range of Outstanding Principal Balances ($)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
0.01 - 50,000.00	342	$	11,631,952.85	1.50	%	10.717	%	645	95.85	%
50,000.01 - 100,000.00	888		68,154,735.10	8.80		8.901		616	84.60
100,000.01 - 150,000.00	844		105,642,908.94	13.64		7.920		612	80.38
150,000.01 - 200,000.00	666		116,532,553.28	15.05		7.740		622	80.37
200,000.01 - 250,000.00	514		115,127,389.52	14.87		7.447		632	80.35
250,000.01 - 300,000.00	377		103,457,119.17	13.36		7.414		635	80.45
300,000.01 - 350,000.00	213		68,969,760.90	8.91		7.316		633	80.01
350,000.01 - 400,000.00	167		62,417,002.51	8.06		7.400		635	80.54
400,000.01 - 450,000.00	108		46,211,938.63	5.97		7.359		639	80.25
450,000.01 - 500,000.00	87		41,714,449.08	5.39		7.223		644	80.63
500,000.01 - 550,000.00	28		14,642,106.88	1.89		7.338		629	83.05
550,000.01 - 600,000.00	22		12,628,718.33	1.63		7.058		653	82.62
600,000.01 - 650,000.00	8		5,028,453.98	0.65		7.169		653	76.56
650,000.01 - 700,000.00	1		679,000.00	0.09		6.750		657	84.98
700,000.01 - 750,000.00	2		1,440,000.00	0.19		6.873		635	72.73
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 19	December 12, 2005

Aggregate Initial Mortgage Loans

Loan Types	Number��of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
ARM 2/28	883	$	181,678,905.62	23.46	%	7.683	%	613	80.25	%
ARM 3/27	1,033		172,477,467.70	22.28		7.874		604	80.09
ARM 2/28 60 Month IO	590		166,081,047.08	21.45		7.131		658	80.47
30 Year Fixed	769		94,651,028.17	12.22		8.091		628	81.53
ARM 3/27 60 Month IO	234		58,875,885.84	7.60		7.150		652	81.80
ARM 2/28 Balloon 40/30	105		26,165,349.09	3.38		7.520		619	79.90
30 Year Fixed Balloon 30/15	371		21,525,928.52	2.78		10.768		664	99.56
ARM 3/27 Balloon 40/30	86		20,328,693.14	2.63		7.511		629	81.32
30 Year Fixed Balloon 40/30	39		8,451,869.15	1.09		7.713		619	78.31
30 Year Fixed 60 Month IO	35		8,189,843.64	1.06		7.000		666	77.98
ARM 5/25 60 Month IO	19		5,140,493.34	0.66		6.807		664	83.09
15 Year Fixed	44		4,616,000.87	0.60		7.650		617	74.31
20 Year Fixed	47		4,022,486.44	0.52		8.719		633	81.36
ARM 5/25	8		1,742,090.57	0.22		7.253		661	77.93
10 Year Fixed	3		190,000.00	0.02		8.018		632	58.27
25 Year Fixed	1		141,000.00	0.02		7.990		607	100.00
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
Rate Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Adjustable Fully Amortizing	2,767	$	585,995,890.15	75.68	%	7.520	%	628	80.44	%
Fixed Fully Amortizing	899		111,810,359.12	14.44		8.015		630	80.95
Adjustable Balloon	191		46,494,042.23	6.00		7.516		623	80.52
Fixed Balloon	410		29,977,797.67	3.87		9.907		651	93.57
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
Interest Only Terms (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
None	3,389	$	535,990,819.27	69.22	%	7.933	%	616	81.14	%
60	878		238,287,269.90	30.78		7.124		657	80.77
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
Range of Remaining Terms To Maturity (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
109 - 120	3	$	190,000.00	0.02	%	8.018	%	632	58.27	%
157 - 168	1		46,029.81	0.01		9.500		673	99.99
169 - 180	414		26,095,899.58	3.37		10.219		656	95.09
229 - 240	47		4,022,486.44	0.52		8.719		633	81.36
289 - 300	1		141,000.00	0.02		7.990		607	100.00
337 - 348	2		162,237.58	0.02		9.293		686	99.99
349 - 360	3,799		743,620,435.76	96.04		7.589		628	80.53
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 20	December 12, 2005

Aggregate Initial Mortgage Loans

Mortgage Loan Age (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
0	2,137	$	375,842,844.00	48.54	%	7.847	%	629	81.35	%
1	1,126		221,895,104.72	28.66		7.480		628	79.51
2	545		107,819,366.33	13.93		7.466		630	81.36
3	201		31,748,675.67	4.10		7.645		629	82.50
4	150		21,245,242.25	2.74		7.905		620	83.61
5	61		10,193,425.41	1.32		7.565		620	83.47
6	9		1,180,319.08	0.15		8.568		594	82.94
7	13		2,191,833.82	0.28		7.757		637	87.89
8	4		323,062.93	0.04		8.720		620	86.59
9	3		236,009.18	0.03		9.891		622	99.74
10	12		1,056,900.78	0.14		9.692		672	97.29
11	3		337,037.61	0.04		9.755		685	99.71
12	2		122,010.68	0.02		9.578		667	100.00
13	1		86,256.71	0.01		9.000		706	99.99
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
Lien Position	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
1	3,620	$	736,331,431.41	95.10	%	7.529	%	627	80.07	%
2	647		37,946,657.76	4.90		10.696		661	99.60
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
Range of Original Loan-to-Value Ratios (%)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
15.01 - 20.00	2	$	172,437.00	0.02	%	7.332	%	601	17.20	%
20.01 - 25.00	5		479,773.27	0.06		8.503		548	22.81
25.01 - 30.00	4		564,000.00	0.07		7.971		583	28.56
30.01 - 35.00	13		1,381,205.07	0.18		7.460		597	32.72
35.01 - 40.00	11		1,204,935.43	0.16		7.835		580	37.72
40.01 - 45.00	18		2,793,078.92	0.36		7.562		612	42.92
45.01 - 50.00	33		5,250,007.03	0.68		7.313		584	47.96
50.01 - 55.00	33		5,806,171.37	0.75		7.406		596	52.18
55.01 - 60.00	68		11,988,141.82	1.55		7.350		600	58.23
60.01 - 65.00	91		16,778,934.85	2.17		7.509		587	63.50
65.01 - 70.00	171		33,536,337.52	4.33		7.425		586	68.55
70.01 - 75.00	307		60,712,237.05	7.84		7.534		597	73.87
75.01 - 80.00	1,802		384,629,053.85	49.68		7.365		640	79.75
80.01 - 85.00	311		61,862,054.15	7.99		7.762		616	84.40
85.01 - 90.00	488		97,769,862.18	12.63		7.819		625	89.59
90.01 - 95.00	181		33,891,183.67	4.38		7.924		647	94.34
95.01 - 100.00	729		55,458,675.99	7.16		9.934		654	99.89
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 21	December 12, 2005

Aggregate Initial Mortgage Loans

Range of Credit Scores	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
500 - 519	181	$	27,181,648.46	3.51	%	8.525	%	509	72.49	%
520 - 539	213		34,723,241.24	4.48		8.433		530	74.79
540 - 559	274		47,821,259.39	6.18		8.224		549	76.76
560 - 579	265		44,906,877.09	5.80		7.993		570	78.57
580 - 599	342		65,213,554.10	8.42		7.800		590	83.02
600 - 619	514		91,600,117.24	11.83		7.696		609	81.39
620 - 639	754		128,687,625.88	16.62		7.785		630	81.69
640 - 659	590		114,205,473.95	14.75		7.457		649	81.84
660 - 679	456		85,397,307.56	11.03		7.359		669	82.46
680 - 699	273		53,953,188.78	6.97		7.224		689	83.13
700 - 719	167		34,006,367.01	4.39		7.306		709	83.62
720 - 739	121		23,360,027.72	3.02		7.210		729	83.36
740 - 759	61		11,264,506.45	1.45		7.374		750	83.11
760 - 779	34		6,990,814.60	0.90		7.309		769	82.45
780 - 799	16		3,436,650.00	0.44		7.350		787	81.58
800 - 819	6		1,529,429.70	0.20		7.259		805	85.44
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
Loan Purpose	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Cashout	2,396	$	449,676,691.45	58.08	%	7.647	%	611	79.39	%
Purchase	1,771		309,085,302.42	39.92		7.728		655	83.31
Rate/Term Refinance	100		15,516,095.30	2.00		7.884		616	82.99
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
Property Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Single Family	3,602	$	649,594,637.02	83.90	%	7.657	%	625	80.97	%
Condo	242		38,460,774.42	4.97		7.833		643	80.67
Duplex	136		28,905,277.12	3.73		7.752		646	81.04
Townhouse	156		28,422,982.59	3.67		7.629		642	82.06
3-4 Unit	123		27,844,270.03	3.60		8.083		669	81.88
Row Home	4		473,710.23	0.06		7.255		616	81.53
Manufactured	3		470,096.42	0.06		7.540		563	67.54
PUD	1		106,341.34	0.01		12.190		659	100.00
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
Documentation Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Stated	2,251	$	440,987,385.51	56.95	%	7.755	%	642	81.07	%
Full	1,996		331,582,082.32	42.82		7.577		611	80.88
NIV	20		1,708,621.34	0.22		9.850		663	98.33
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 22	December 12, 2005

Aggregate Initial Mortgage Loans

Occupancy Status	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Owner Occupied	4,118	$	750,172,387.79	96.89	%	7.681	%	628	81.09	%
Non-Owner Occupied	149		24,105,701.38	3.11		7.780		654	79.02
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
Credit Grade	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
A	2,479	$	463,043,067.66	59.80	%	7.473	%	666	82.33	%
B	1,250		224,874,045.76	29.04		7.839		590	80.91
C	538		86,360,975.75	11.15		8.409		528	74.36
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%
State	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
California	830	$	224,086,776.85	28.94	%	7.411	%	639	79.55	%
Florida	791		132,408,430.25	17.10		7.749		630	80.63
Illinois	531		96,714,882.06	12.49		7.663		633	82.12
Maryland	190		40,314,614.10	5.21		7.509		622	79.97
Massachusetts	104		23,436,202.09	3.03		7.705		642	82.16
Texas	225		22,798,668.12	2.94		7.913		607	81.24
Arizona	132		21,850,550.45	2.82		7.662		624	81.42
Virginia	96		20,620,051.71	2.66		7.788		620	80.91
Michigan	176		20,300,571.94	2.62		8.388		611	84.62
New Jersey	76		16,503,014.09	2.13		7.803		619	80.31
Pennsylvania	133		16,147,720.02	2.09		8.044		599	82.08
Nevada	73		13,362,483.27	1.73		7.481		633	81.22
Washington	74		13,324,469.21	1.72		7.657		607	81.99
New York	44		12,388,200.33	1.60		7.518		620	79.55
North Carolina	105		11,749,394.70	1.52		8.095		612	84.88
Wisconsin	100		11,562,326.19	1.49		8.415		615	83.49
Georgia	89		10,564,521.66	1.36		8.131		603	82.91
Rhode Island	54		9,736,007.61	1.26		8.017		648	81.70
Oregon	45		7,848,142.43	1.01		7.306		631	81.41
Tennessee	70		7,625,805.01	0.98		8.320		612	85.14
Indiana	73		6,548,593.39	0.85		8.464		608	86.79
Minnesota	36		5,880,865.92	0.76		7.957		616	84.55
Connecticut	31		5,596,753.80	0.72		8.008		630	80.85
Ohio	41		4,162,922.38	0.54		8.121		612	85.49
Colorado	34		3,947,969.94	0.51		7.767		625	83.80
Hawaii	12		3,761,443.00	0.49		6.717		670	70.36
Missouri	20		1,917,281.40	0.25		8.461		589	82.95
Kentucky	13		1,464,690.76	0.19		8.410		592	85.31
Idaho	12		1,405,883.21	0.18		8.175		592	83.70
Utah	9		1,080,700.74	0.14		7.781		636	82.94
Nebraska	13		1,067,809.50	0.14		8.728		615	85.70
Kansas	5		752,500.00	0.10		8.765		628	87.51
Iowa	6		684,474.15	0.09		8.940		596	87.01
Delaware	4		631,400.00	0.08		7.953		645	82.24
New Hampshire	3		493,477.55	0.06		7.547		621	73.06
Louisiana	4		452,600.00	0.06		8.548		591	84.62
New Mexico	4		435,192.86	0.06		7.056		599	75.50
Oklahoma	2		177,344.40	0.02		7.509		596	84.47
South Carolina	3		164,454.08	0.02		10.863		612	90.42
Arkansas	1		134,300.00	0.02		7.990		560	67.15
South Dakota	2		110,000.00	0.01		7.502		709	84.00
Wyoming	1		64,600.00	0.01		9.500		571	95.00
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 23	December 12, 2005

Aggregate Initial Mortgage Loans

Prepayment Penalty Term (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
None	1,398	$	221,250,244.03	28.58	%	7.899	%	626	82.06	%
12	235		55,933,948.81	7.22		7.643		638	80.84
24	1,247		277,213,260.24	35.80		7.436		633	80.39
36	1,387		219,880,636.09	28.40		7.790		623	80.83
Total	4,267	$	774,278,089.17	100.00	%	7.684	%	629	81.03	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 24	December 12, 2005

Fixed Rate Initial Mortgage Loan Statistics

As of December 1, 2005

				Minimum			Maximum
Scheduled Principal Balance	$	141,788,156.79		$	13,000.00		$	636,000.00
Average Scheduled Principal Balance	$	108,317.92
Number of Mortgage Loans		1,309
Weighted Average Gross Coupon		8.415	%		5.875	%		13.690	%
Weighted Average FICO Score		635			501			813
Weighted Average Original LTV		83.62	%		15.80	%		100.00	%
Weighted Average Original Term		323 months			120 months			360 months
Weighted Average Stated Remaining Term		322 months			119 months			360 months
Weighted Average Seasoning		1 months			0 months			13 months
Maturity Date					November 1, 2015			December 1, 2035
Maximum Zip Code Concentration		0.59	%		33147

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

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 25	December 12, 2005

Fixed Rate Initial Mortgage Loans

Range of Mortgage Rates (%)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
5.501 - 6.000	3	$	682,137.23	0.48	%	5.966	%	672	78.92	%
6.001 - 6.500	54		11,670,129.40	8.23		6.411		663	74.12
6.501 - 7.000	143		25,504,694.75	17.99		6.830		654	75.25
7.001 - 7.500	123		20,112,658.74	14.19		7.320		633	76.18
7.501 - 8.000	121		18,625,900.12	13.14		7.781		609	79.98
8.001 - 8.500	86		11,375,004.80	8.02		8.314		604	81.61
8.501 - 9.000	69		8,508,519.28	6.00		8.786		592	81.24
9.001 - 9.500	67		6,188,302.65	4.36		9.324		607	86.52
9.501 - 10.000	140		11,089,521.12	7.82		9.822		653	95.91
10.001 - 10.500	137		8,841,813.52	6.24		10.273		667	98.92
10.501 - 11.000	121		7,197,540.37	5.08		10.804		647	98.40
11.001 - 11.500	63		3,309,652.18	2.33		11.304		644	99.30
11.501 - 12.000	56		2,963,152.13	2.09		11.798		636	99.37
12.001 - 12.500	93		4,123,239.53	2.91		12.241		625	99.95
12.501 - 13.000	28		1,400,466.54	0.99		12.768		636	99.75
13.001 - 13.500	2		57,794.43	0.04		13.152		622	99.60
13.501 - 14.000	3		137,630.00	0.10		13.671		641	100.00
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Range of Outstanding Principal Balances ($)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
0.01 - 50,000.00	322	$	10,705,705.69	7.55	%	10.874	%	649	97.68	%
50,000.01 - 100,000.00	470		34,487,060.64	24.32		9.591		638	88.96
100,000.01 - 150,000.00	220		27,245,529.19	19.22		8.187		629	82.56
150,000.01 - 200,000.00	137		24,075,135.80	16.98		8.065		630	81.81
200,000.01 - 250,000.00	78		17,129,664.49	12.08		7.317		634	79.28
250,000.01 - 300,000.00	35		9,793,550.15	6.91		7.357		623	75.98
300,000.01 - 350,000.00	20		6,543,347.85	4.61		7.140		630	77.47
350,000.01 - 400,000.00	9		3,368,413.65	2.38		7.069		667	73.85
400,000.01 - 450,000.00	10		4,286,174.11	3.02		7.353		641	78.37
450,000.01 - 500,000.00	5		2,432,020.50	1.72		6.967		664	83.42
500,000.01 - 550,000.00	2		1,085,554.72	0.77		7.373		596	72.44
600,000.01 - 650,000.00	1		636,000.00	0.45		6.900		669	74.91
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Loan Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
30 Year Fixed	769	$	94,651,028.17	66.76	%	8.091	%	628	81.53	%
30 Year Fixed Balloon 30/15	371		21,525,928.52	15.18		10.768		664	99.56
30 Year Fixed Balloon 40/30	39		8,451,869.15	5.96		7.713		619	78.31
30 Year Fixed 60 Month IO	35		8,189,843.64	5.78		7.000		666	77.98
15 Year Fixed	44		4,616,000.87	3.26		7.650		617	74.31
20 Year Fixed	47		4,022,486.44	2.84		8.719		633	81.36
10 Year Fixed	3		190,000.00	0.13		8.018		632	58.27
25 Year Fixed	1		141,000.00	0.10		7.990		607	100.00
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 26	December 12, 2005

Fixed Rate Initial Mortgage Loans

Rate Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Fixed Fully Amortizing	899	$	111,810,359.12	78.86	%	8.015	%	630	80.95	%
Fixed Balloon	410		29,977,797.67	21.14		9.907		651	93.57
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Interest Only (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
None	1,274	$	133,598,313.15	94.22	%	8.502	%	633	83.96	%
60	35		8,189,843.64	5.78		7.000		666	77.98
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Range of Remaining Terms to Maturity (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
109 - 120	3	$	190,000.00	0.13	%	8.018	%	632	58.27	%
157 - 168	1		46,029.81	0.03		9.500		673	99.99
169 - 180	414		26,095,899.58	18.40		10.219		656	95.09
229 - 240	47		4,022,486.44	2.84		8.719		633	81.36
289 - 300	1		141,000.00	0.10		7.990		607	100.00
337 - 348	2		162,237.58	0.11		9.293		686	99.99
349 - 360	841		111,130,503.38	78.38		7.980		630	80.99
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Mortgage Loan Age (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
0	640	$	65,852,560.00	46.44	%	8.640	%	633	83.40	%
1	290		33,960,124.85	23.95		8.031		637	80.97
2	196		25,708,212.46	18.13		7.909		630	83.17
3	69		6,095,784.10	4.30		8.794		648	90.14
4	61		5,994,636.58	4.23		9.116		645	89.64
5	22		1,723,516.84	1.22		9.054		613	85.58
6	5		204,020.13	0.14		10.554		649	100.00
7	3		304,454.56	0.21		10.589		608	96.12
8	2		106,632.31	0.08		10.439		651	99.99
9	3		236,009.18	0.17		9.891		622	99.74
10	12		1,056,900.78	0.75		9.692		672	97.29
11	3		337,037.61	0.24		9.755		685	99.71
12	2		122,010.68	0.09		9.578		667	100.00
13	1		86,256.71	0.06		9.000		706	99.99
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Lien Position	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
1	662	$	103,841,499.03	73.24	%	7.582	%	625	77.77	%
2	647		37,946,657.76	26.76		10.696		661	99.60
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 27	December 12, 2005

Fixed Rate Initial Mortgage Loans

Range of Original Loan-to-Value Ratios (%)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
15.01 - 20.00	1	$	92,438.00	0.07	%	7.750	%	581	15.80	%
20.01 - 25.00	2		205,000.00	0.14		8.010		589	22.53
25.01 - 30.00	2		141,000.00	0.10		7.734		645	29.87
30.01 - 35.00	6		750,385.07	0.53		6.923		601	32.48
35.01 - 40.00	3		257,000.00	0.18		7.614		596	38.70
40.01 - 45.00	6		728,425.00	0.51		7.155		659	41.81
45.01 - 50.00	12		1,784,129.65	1.26		6.956		614	48.18
50.01 - 55.00	14		1,899,188.77	1.34		7.405		645	52.23
55.01 - 60.00	18		2,879,292.47	2.03		7.410		639	58.06
60.01 - 65.00	30		5,878,977.96	4.15		7.336		612	63.59
65.01 - 70.00	44		7,477,053.49	5.27		7.273		617	68.35
70.01 - 75.00	82		12,762,303.49	9.00		7.454		610	73.85
75.01 - 80.00	228		34,478,602.65	24.32		7.591		618	79.44
80.01 - 85.00	86		13,376,276.40	9.43		7.636		627	84.10
85.01 - 90.00	82		12,822,942.41	9.04		7.709		647	89.40
90.01 - 95.00	53		5,565,441.40	3.93		8.527		660	94.29
95.01 - 100.00	640		40,689,700.03	28.70		10.488		660	99.92
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Range of Credit Scores	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
500 - 519	29	$	3,414,539.01	2.41	%	8.792	%	511	73.31	%
520 - 539	30		4,236,363.69	2.99		8.852		530	74.56
540 - 559	49		7,147,945.48	5.04		8.228		550	73.37
560 - 579	58		8,178,024.00	5.77		8.072		571	76.95
580 - 599	79		11,396,510.50	8.04		8.021		590	80.85
600 - 619	161		17,963,994.26	12.67		8.215		610	80.69
620 - 639	298		23,597,719.28	16.64		9.287		630	87.77
640 - 659	187		18,929,885.78	13.35		8.476		649	85.11
660 - 679	176		19,502,826.04	13.75		8.063		669	86.08
680 - 699	97		11,564,380.33	8.16		8.020		689	87.59
700 - 719	54		6,361,307.07	4.49		8.437		708	88.17
720 - 739	43		4,409,990.70	3.11		8.281		729	86.78
740 - 759	25		2,311,537.58	1.63		8.433		749	88.66
760 - 779	17		2,325,048.07	1.64		7.812		767	86.35
780 - 799	4		301,000.00	0.21		10.167		788	100.00
800 - 819	2		147,085.00	0.10		9.087		811	76.09
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Loan Purpose	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Cashout	692	$	95,044,872.46	67.03	%	7.797	%	624	78.41	%
Purchase	576		42,306,519.72	29.84		9.824		659	94.92
Rate/Term Refinance	41		4,436,764.61	3.13		8.217		639	87.37
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 28	December 12, 2005

Fixed Rate Initial Mortgage Loans

Property Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Single Family	1,117	$	124,103,493.62	87.53	%	8.285	%	632	82.89	%
Condo	66		4,845,962.08	3.42		9.336		643	87.51
3-4 Unit	46		4,516,862.71	3.19		10.000		674	93.13
Duplex	39		4,399,678.84	3.10		9.004		665	87.04
Townhouse	37		3,461,943.88	2.44		8.921		635	86.89
Row Home	2		236,210.23	0.17		7.021		622	83.08
Manufactured	1		117,664.09	0.08		8.950		597	80.00
PUD	1		106,341.34	0.08		12.190		659	100.00
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Documentation Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Full	598	$	74,997,499.42	52.89	%	7.855	%	624	80.19	%
Stated	692		65,190,035.59	45.98		9.020		647	87.16
NIV	19		1,600,621.78	1.13		10.043		664	99.94
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Occupancy Status	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Owner Occupied	1,270	$	136,997,409.53	96.62	%	8.431	%	635	83.88	%
Non-Owner Occupied	39		4,790,747.26	3.38		7.951		638	75.92
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Credit Grade	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
A	903	$	89,450,779.85	63.09	%	8.517	%	668	86.80	%
B	320		41,165,954.49	29.03		8.130		592	79.47
C	86		11,171,422.45	7.88		8.652		529	73.35
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 29	December 12, 2005

Fixed Rate Initial Mortgage Loans

State	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
California	230	$	33,673,477.99	23.75	%	8.418	%	653	84.42	%
Florida	267		28,413,850.78	20.04		8.500		629	83.16
Texas	132		12,196,199.33	8.60		7.967		624	81.73
Illinois	124		10,994,521.33	7.75		8.771		637	85.95
Maryland	38		6,325,791.21	4.46		7.971		619	81.36
Pennsylvania	55		6,039,026.38	4.26		7.875		628	82.30
New Jersey	29		4,528,429.57	3.19		8.057		639	83.11
Washington	25		3,188,453.08	2.25		8.034		626	83.50
Michigan	51		3,154,349.59	2.22		9.358		615	88.43
Arizona	31		3,042,054.10	2.15		8.564		625	85.66
Virginia	24		2,707,057.54	1.91		8.391		607	80.73
Massachusetts	22		2,468,201.98	1.74		8.866		638	83.88
New York	12		2,422,122.88	1.71		8.021		640	75.61
Hawaii	9		2,367,243.00	1.67		6.890		656	59.74
Nevada	22		2,342,010.10	1.65		8.207		630	84.04
Georgia	27		2,127,642.05	1.50		8.807		616	85.78
Minnesota	16		2,002,930.17	1.41		8.121		633	84.98
North Carolina	29		1,915,007.41	1.35		9.003		625	87.00
Indiana	25		1,741,355.48	1.23		8.877		621	87.09
Wisconsin	30		1,706,710.02	1.20		9.863		635	91.15
Oregon	14		1,660,365.97	1.17		7.530		650	84.83
Tennessee	19		1,570,480.86	1.11		8.645		616	87.43
Connecticut	10		1,162,012.82	0.82		8.804		597	81.51
Colorado	15		911,743.03	0.64		8.821		644	88.99
Rhode Island	15		868,384.02	0.61		11.856		661	100.00
Ohio	10		497,415.05	0.35		9.348		668	93.69
Nebraska	6		413,409.50	0.29		8.490		640	85.44
Utah	3		362,900.74	0.26		7.910		665	90.96
Kentucky	4		243,893.79	0.17		8.199		629	82.48
Missouri	5		241,780.00	0.17		9.043		632	89.74
Louisiana	2		153,200.00	0.11		9.323		601	88.35
South Carolina	2		85,694.16	0.06		12.264		597	100.00
Idaho	1		81,920.00	0.06		7.625		586	64.00
Delaware	1		70,780.00	0.05		11.700		626	100.00
Iowa	1		41,250.00	0.03		9.625		684	63.46
Kansas	1		30,000.00	0.02		9.590		673	100.00
South Dakota	1		22,000.00	0.02		9.990		709	100.00
New Mexico	1		14,492.86	0.01		9.500		648	89.67
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%
Prepayment Penalty Term (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
None	499	$	42,240,900.81	29.79	%	8.809	%	628	85.65	%
12	38		4,287,668.34	3.02		9.152		644	85.40
24	126		13,171,927.68	9.29		9.057		644	88.08
36	646		82,087,659.96	57.89		8.071		636	81.76
Total	1,309	$	141,788,156.79	100.00	%	8.415	%	635	83.62	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 30	December 12, 2005

Adjustable Rate Initial Mortgage Loan Statistics

As of December 1, 2005

					Minimum			Maximum
Scheduled Principal Balance	$	632,489,932.38			$	38,431.50		$	720,000.00
Average Scheduled Principal Balance	$	213,823.51
Number of Mortgage Loans		2,958
Weighted Average Gross Coupon		7.520	%			5.500	%		10.840	%
Weighted Average FICO Score		627				500			810
Weighted Average Original LTV		80.45	%			18.82	%		100.00	%
Weighted Average Original Term		360 months				360 months			360 months
Weighted Average Stated Remaining Term		359 months				352 months			360 months
Weighted Average Seasoning		1 months				0 months			8 months
ARM Characteristics
Weighted Average Gross Margin		6.863	%			3.300	%		10.390	%
Weighted Average Minimum Interest Rate		7.520	%			5.500	%		10.840	%
Weighted Average Maximum Interest Rate		14.437	%			8.850	%		17.840	%
Weighted Average Initial Rate Cap		2.999	%			1.000	%		5.000	%
Weighted Average Subsequent Rate Cap		1.460	%			1.000	%		6.000	%
Weighted Average Months to Roll		28 months				17 months			60 months
Maturity Date						April 1, 2035			January 1, 2036
Maximum Zip Code Concentration		0.50	%	02909

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

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 31	December 12, 2005

Adjustable Rate Initial Mortgage Loans

Range of Mortgage Rates (%)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
5.001 - 5.500	3	$	1,273,494.35	0.20	%	5.500	%	666	80.00	%
5.501 - 6.000	41		10,743,310.53	1.70		5.899		673	79.43
6.001 - 6.500	239		60,122,560.28	9.51		6.350		661	78.00
6.501 - 7.000	546		132,739,379.67	20.99		6.840		652	79.70
7.001 - 7.500	604		143,938,532.22	22.76		7.300		641	79.92
7.501 - 8.000	631		134,260,738.15	21.23		7.793		616	80.90
8.001 - 8.500	369		68,607,865.23	10.85		8.293		596	81.52
8.501 - 9.000	310		51,638,619.15	8.16		8.781		577	81.95
9.001 - 9.500	134		19,001,588.38	3.00		9.287		574	84.58
9.501 - 10.000	61		8,397,768.04	1.33		9.762		560	83.95
10.001 - 10.500	14		1,428,437.65	0.23		10.209		586	88.73
10.501 - 11.000	6		337,638.73	0.05		10.668		551	84.24
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Range of Outstanding Principal Balances ($)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
0.01 - 50,000.00	20	$	926,247.16	0.15	%	8.907	%	605	74.74	%
50,000.01 - 100,000.00	418		33,667,674.46	5.32		8.195		594	80.13
100,000.01 - 150,000.00	624		78,397,379.75	12.40		7.827		606	79.62
150,000.01 - 200,000.00	529		92,457,417.48	14.62		7.656		620	80.00
200,000.01 - 250,000.00	436		97,997,725.03	15.49		7.470		632	80.54
250,000.01 - 300,000.00	342		93,663,569.02	14.81		7.420		636	80.92
300,000.01 - 350,000.00	193		62,426,413.05	9.87		7.335		633	80.28
350,000.01 - 400,000.00	158		59,048,588.86	9.34		7.419		633	80.92
400,000.01 - 450,000.00	98		41,925,764.52	6.63		7.359		638	80.44
450,000.01 - 500,000.00	82		39,282,428.58	6.21		7.239		643	80.46
500,000.01 - 550,000.00	26		13,556,552.16	2.14		7.335		631	83.90
550,000.01 - 600,000.00	22		12,628,718.33	2.00		7.058		653	82.62
600,000.01 - 650,000.00	7		4,392,453.98	0.69		7.207		651	76.80
650,000.01 - 700,000.00	1		679,000.00	0.11		6.750		657	84.98
700,000.01 - 750,000.00	2		1,440,000.00	0.23		6.873		635	72.73
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Loan Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
ARM 2/28	883	$	181,678,905.62	28.72	%	7.683	%	613	80.25	%
ARM 3/27	1,033		172,477,467.70	27.27		7.874		604	80.09
ARM 2/28 60 Month IO	590		166,081,047.08	26.26		7.131		658	80.47
ARM 3/27 60 Month IO	234		58,875,885.84	9.31		7.150		652	81.80
ARM 2/28 Balloon 40/30	105		26,165,349.09	4.14		7.520		619	79.90
ARM 3/27 Balloon 40/30	86		20,328,693.14	3.21		7.511		629	81.32
ARM 5/25 60 Month IO	19		5,140,493.34	0.81		6.807		664	83.09
ARM 5/25	8		1,742,090.57	0.28		7.253		661	77.93
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 32	December 12, 2005

Adjustable Rate Initial Mortgage Loans

Rate Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Adjustable Fully Amortizing	2,767	$	585,995,890.15	92.65	%	7.520	%	628	80.44	%
Adjustable Balloon	191		46,494,042.23	7.35		7.516		623	80.52
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Interest Only Terms (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
None	2,115	$	402,392,506.12	63.62	%	7.744	%	611	80.20	%
60	843		230,097,426.26	36.38		7.128		657	80.87
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Range of Remaining Terms to Maturity (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
349 - 360	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Mortgage Loan Age (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
0	1,497	$	309,990,284.00	49.01	%	7.678	%	628	80.92	%
1	836		187,934,979.87	29.71		7.380		626	79.25
2	349		82,111,153.87	12.98		7.328		630	80.80
3	132		25,652,891.57	4.06		7.372		624	80.68
4	89		15,250,605.67	2.41		7.429		610	81.24
5	39		8,469,908.57	1.34		7.263		621	83.05
6	4		976,298.95	0.15		8.153		583	79.38
7	10		1,887,379.26	0.30		7.300		642	86.57
8	2		216,430.62	0.03		7.873		605	79.99
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Lien Position	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
1	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 33	December 12, 2005

Adjustable Rate Initial Mortgage Loans

Range of Original Loan-to-Value Ratios (%)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
15.01 - 20.00	1	$	79,999.00	0.01	%	6.850	%	625	18.82	%
20.01 - 25.00	3		274,773.27	0.04		8.871		518	23.02
25.01 - 30.00	2		423,000.00	0.07		8.050		563	28.13
30.01 - 35.00	7		630,820.00	0.10		8.098		592	33.00
35.01 - 40.00	8		947,935.43	0.15		7.895		575	37.45
40.01 - 45.00	12		2,064,653.92	0.33		7.706		596	43.30
45.01 - 50.00	21		3,465,877.38	0.55		7.498		569	47.84
50.01 - 55.00	19		3,906,982.60	0.62		7.407		572	52.16
55.01 - 60.00	50		9,108,849.35	1.44		7.331		588	58.28
60.01 - 65.00	61		10,899,956.89	1.72		7.602		574	63.45
65.01 - 70.00	127		26,059,284.03	4.12		7.468		577	68.61
70.01 - 75.00	225		47,949,933.56	7.58		7.555		593	73.88
75.01 - 80.00	1,574		350,150,451.20	55.36		7.342		642	79.79
80.01 - 85.00	225		48,485,777.75	7.67		7.797		613	84.49
85.01 - 90.00	406		84,946,919.77	13.43		7.835		622	89.62
90.01 - 95.00	128		28,325,742.27	4.48		7.806		645	94.35
95.01 - 100.00	89		14,768,975.96	2.34		8.407		638	99.83
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Range of Credit Scores	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
500 - 519	152	$	23,767,109.45	3.76	%	8.487	%	509	72.37	%
520 - 539	183		30,486,877.55	4.82		8.375		530	74.82
540 - 559	225		40,673,313.91	6.43		8.223		549	77.36
560 - 579	207		36,728,853.09	5.81		7.975		570	78.93
580 - 599	263		53,817,043.60	8.51		7.753		590	83.48
600 - 619	353		73,636,122.98	11.64		7.569		609	81.56
620 - 639	456		105,089,906.60	16.62		7.447		630	80.32
640 - 659	403		95,275,588.17	15.06		7.255		649	81.19
660 - 679	280		65,894,481.52	10.42		7.150		669	81.39
680 - 699	176		42,388,808.45	6.70		7.007		689	81.91
700 - 719	113		27,645,059.94	4.37		7.046		709	82.57
720 - 739	78		18,950,037.02	3.00		6.961		730	82.57
740 - 759	36		8,952,968.87	1.42		7.100		750	81.68
760 - 779	17		4,665,766.53	0.74		7.059		770	80.51
780 - 799	12		3,135,650.00	0.50		7.080		787	79.81
800 - 819	4		1,382,344.70	0.22		7.065		805	86.44
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Loan Purpose	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Cashout	1,704	$	354,631,818.99	56.07	%	7.606	%	608	79.65	%
Purchase	1,195		266,778,782.70	42.18		7.395		655	81.47
Rate/Term Refinance	59		11,079,330.69	1.75		7.750		606	81.23
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 34	December 12, 2005

Adjustable Rate Initial Mortgage Loans

Property Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Single Family	2,485	$	525,491,143.40	83.08	%	7.508	%	623	80.52	%
Condo	176		33,614,812.34	5.31		7.617		643	79.69
Townhouse	119		24,961,038.71	3.95		7.450		643	81.39
Duplex	97		24,505,598.28	3.87		7.528		642	79.96
3-4 Unit	77		23,327,407.32	3.69		7.711		668	79.70
Manufactured	2		352,432.33	0.06		7.070		551	63.38
Row Home	2		237,500.00	0.04		7.489		611	79.99
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Documentation Type	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Stated	1,559	$	375,797,349.92	59.42	%	7.536	%	641	80.01	%
Full	1,398		256,584,582.90	40.57		7.496		607	81.09
NIV	1		107,999.56	0.02		6.990		644	74.48
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Occupancy Status	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
Owner Occupied	2,848	$	613,174,978.26	96.95	%	7.513	%	626	80.47	%
Non-Owner Occupied	110		19,314,954.12	3.05		7.737		658	79.79
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Credit Grade	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
A	1,576	$	373,592,287.81	59.07	%	7.224	%	666	81.25	%
B	930		183,708,091.27	29.05		7.773		590	81.23
C	452		75,189,553.30	11.89		8.373		527	74.51
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 35	December 12, 2005

Adjustable Rate Initial Mortgage Loans

State	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
California	600	$	190,413,298.86	30.11	%	7.233	%	637	78.68	%
Florida	524		103,994,579.47	16.44		7.544		631	79.93
Illinois	407		85,720,360.73	13.55		7.521		633	81.63
Maryland	152		33,988,822.89	5.37		7.423		623	79.71
Massachusetts	82		20,968,000.11	3.32		7.569		643	81.96
Arizona	101		18,808,496.35	2.97		7.516		624	80.73
Virginia	72		17,912,994.17	2.83		7.697		622	80.93
Michigan	125		17,146,222.35	2.71		8.210		610	83.92
New Jersey	47		11,974,584.52	1.89		7.706		611	79.25
Nevada	51		11,020,473.17	1.74		7.327		634	80.62
Texas	93		10,602,468.79	1.68		7.851		589	80.67
Washington	49		10,136,016.13	1.60		7.538		602	81.51
Pennsylvania	78		10,108,693.64	1.60		8.145		582	81.95
New York	32		9,966,077.45	1.58		7.395		615	80.50
Wisconsin	70		9,855,616.17	1.56		8.164		612	82.17
North Carolina	76		9,834,387.29	1.55		7.919		610	84.47
Rhode Island	39		8,867,623.59	1.40		7.641		646	79.90
Georgia	62		8,436,879.61	1.33		7.960		600	82.19
Oregon	31		6,187,776.46	0.98		7.246		627	80.49
Tennessee	51		6,055,324.15	0.96		8.236		611	84.55
Indiana	48		4,807,237.91	0.76		8.314		604	86.68
Connecticut	21		4,434,740.98	0.70		7.800		639	80.67
Minnesota	20		3,877,935.75	0.61		7.873		608	84.32
Ohio	31		3,665,507.33	0.58		7.955		604	84.37
Colorado	19		3,036,226.91	0.48		7.450		619	82.25
Missouri	15		1,675,501.40	0.26		8.378		583	81.97
Hawaii	3		1,394,200.00	0.22		6.424		694	88.38
Idaho	11		1,323,963.21	0.21		8.209		592	84.92
Kentucky	9		1,220,796.97	0.19		8.453		584	85.88
Kansas	4		722,500.00	0.11		8.731		626	87.00
Utah	6		717,800.00	0.11		7.716		621	78.88
Nebraska	7		654,400.00	0.10		8.879		599	85.86
Iowa	5		643,224.15	0.10		8.896		590	88.52
Delaware	3		560,620.00	0.09		7.480		647	80.00
New Hampshire	3		493,477.55	0.08		7.547		621	73.06
New Mexico	3		420,700.00	0.07		6.972		598	75.01
Louisiana	2		299,400.00	0.05		8.152		586	82.72
Oklahoma	2		177,344.40	0.03		7.509		596	84.47
Arkansas	1		134,300.00	0.02		7.990		560	67.15
South Dakota	1		88,000.00	0.01		6.880		709	80.00
South Carolina	1		78,759.92	0.01		9.340		628	80.00
Wyoming	1		64,600.00	0.01		9.500		571	95.00
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Prepayment Penalty Term (Months)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
None	899	$	179,009,343.22	28.30	%	7.684	%	625	81.22	%
12	197		51,646,280.47	8.17		7.518		638	80.46
24	1,121		264,041,332.56	41.75		7.355		633	80.01
36	741		137,792,976.13	21.79		7.622		616	80.28
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 36	December 12, 2005

Adjustable Rate Initial Mortgage Loans

Range of Gross Margins (%)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
3.001 - 3.500	11	$	1,969,581.39	0.31	%	8.012	%	581	79.29	%
3.501 - 4.000	60		10,978,074.50	1.74		7.151		621	80.11
4.001 - 4.500	12		2,717,959.25	0.43		6.417		646	82.79
4.501 - 5.000	21		6,593,445.16	1.04		6.360		651	77.76
5.001 - 5.500	69		20,428,392.32	3.23		6.445		661	78.77
5.501 - 6.000	237		58,374,033.49	9.23		6.836		650	79.33
6.001 - 6.500	521		131,053,941.13	20.72		7.004		646	79.81
6.501 - 7.000	640		149,405,782.82	23.62		7.319		641	80.21
7.001 - 7.500	497		105,621,128.87	16.70		7.734		619	80.22
7.501 - 8.000	409		70,803,300.84	11.19		8.213		599	81.01
8.001 - 8.500	284		45,717,527.95	7.23		8.687		587	83.67
8.501 - 9.000	160		23,783,443.43	3.76		9.111		566	82.65
9.001 - 9.500	30		4,506,818.89	0.71		9.493		564	84.69
9.501 - 10.000	5		435,172.08	0.07		10.027		573	82.62
10.001 - 10.500	2		101,330.26	0.02		10.516		554	82.47
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Range of Maximum Mortgage Rates (%)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
8.501 - 9.000	1	$	177,650.00	0.03	%	8.850	%	542	85.00	%
11.001 - 11.500	2		531,477.84	0.08		5.737		667	80.00
11.501 - 12.000	8		2,511,919.10	0.40		5.864		659	81.96
12.001 - 12.500	20		6,323,498.05	1.00		6.276		664	78.97
12.501 - 13.000	84		22,543,647.93	3.56		6.507		664	79.45
13.001 - 13.500	258		66,176,203.86	10.46		6.528		656	78.40
13.501 - 14.000	535		128,696,375.14	20.35		6.911		649	79.84
14.001 - 14.500	580		135,531,226.06	21.43		7.327		640	79.95
14.501 - 15.000	604		126,362,345.11	19.98		7.804		616	80.80
15.001 - 15.500	357		65,319,721.90	10.33		8.297		598	81.41
15.501 - 16.000	302		50,063,774.11	7.92		8.789		578	82.07
16.001 - 16.500	130		18,592,619.97	2.94		9.284		572	84.55
16.501 - 17.000	57		7,893,396.93	1.25		9.762		561	84.17
17.001 - 17.500	14		1,428,437.65	0.23		10.209		586	88.73
17.501 - 18.000	6		337,638.73	0.05		10.668		551	84.24
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Range of Minimum Mortgage Rates (%)	Number of Mortgage Loans	Outstanding Principal Balance		Outstanding Principal Balance		Average Gross Coupon		Average Credit Score	Average Original LTV
5.001 - 5.500	3	$	1,273,494.35	0.20	%	5.500	%	666	80.00	%
5.501 - 6.000	41		10,743,310.53	1.70		5.899		673	79.43
6.001 - 6.500	239		60,122,560.28	9.51		6.350		661	78.00
6.501 - 7.000	546		132,739,379.67	20.99		6.840		652	79.70
7.001 - 7.500	604		143,938,532.22	22.76		7.300		641	79.92
7.501 - 8.000	631		134,260,738.15	21.23		7.793		616	80.90
8.001 - 8.500	369		68,607,865.23	10.85		8.293		596	81.52
8.501 - 9.000	310		51,638,619.15	8.16		8.781		577	81.95
9.001 - 9.500	134		19,001,588.38	3.00		9.287		574	84.58
9.501 - 10.000	61		8,397,768.04	1.33		9.762		560	83.95
10.001 - 10.500	14		1,428,437.65	0.23		10.209		586	88.73
10.501 - 11.000	6		337,638.73	0.05		10.668		551	84.24
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%

F R I E D M A N    B I L L I N G S    R A M S E Y

First NLC Trust 2005-4, Mortgage-Backed Certificates, Series 2005-4
Series Term Sheet
Page 37	December 12, 2005

Adjustable Rate Initial Mortgage Loans

Initial Rate Cap (%)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
1.000	1	$	94,879.22	0.02	%	8.590	%	537	84.12	%
1.500	4		596,776.88	0.09		9.002		605	87.99
2.000	2		265,449.26	0.04		9.543		576	86.44
3.000	2,950		631,101,893.89	99.78		7.517		627	80.44
5.000	1		430,933.13	0.07		7.550		649	75.00
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Periodic Rate Cap (%)	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
1.000	199	$	53,485,794.34	8.46	%	7.293	%	631	80.58	%
1.500	2,758		578,698,333.17	91.50		7.540		627	80.43
6.000	1		305,804.87	0.05		8.250		544	90.00
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%
Months to Next Adjustment Date	Number of Mortgage Loans	Outstanding Principal Balance		Percent of Outstanding Principal Balance		Weighted Average Gross Coupon		Weighted Average Credit Score	Weighted Average Original LTV
17 - 21	130	$	28,991,228.42	4.58	%	7.153	%	634	81.28	%
22 - 26	1,448		344,934,073.37	54.54		7.449		633	80.25
27 - 31	30		5,985,138.43	0.95		7.490		626	81.97
32 - 36	1,323		245,696,908.25	38.85		7.680		617	80.55
52 - 56	1		188,000.00	0.03		6.250		582	70.94
57 - 61	26		6,694,583.91	1.06		6.938		666	82.09
Total	2,958	$	632,489,932.38	100.00	%	7.520	%	627	80.45	%

F R I E D M A N    B I L L I N G S    R A M S E Y