1
[BEAR, STEARNS & CO. INC. LETTERHEAD]
FAX TRANSMITTAL: Computational Materials
[ADVANTA LOGO] Revolving Home Equity Loan Trust 1999-A
FAX TO: DATE: 5/17/99
COMPANY: # PAGES (incl. cover): 24
FAX NO: PHONE NO:
FROM: PHONE NO:
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES,
AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear, Stearns & Co. ("Bear Stearns"), not as
agent for any issuer, and although it may be based on data supplied to it by an
issuer, the issuer has not participated in its preparation and makes no
representations regarding its accuracy or completeness. Should you receive
Information that refers to the "Statement Regarding Assumptions and Other
Information," please refer to this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
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a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
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from Bear Stearns.
2
[ADVANTA LOGO]
$[247,500,000]
(APPROXIMATE)
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
ADVANTA REVOLVING HOME EQUITY LOAN ASSET-BACKED NOTES, SERIES 1999-A
ADVANTA MORTGAGE CONDUIT SERVICES, INC.
SPONSOR
ADVANTA MORTGAGE CORP. USA
MASTER SERVICER
AMBAC ASSURANCE CORPORATION
GUARANTOR
$[247,500,000] CLASS A NOTES, VARIABLE INTEREST RATE
COMPUTATIONAL MATERIALS
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 2
3
[ADVANTA LOGO]
REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
- ----------------------------------------------------------------------------------------------------------------------------------
EXPECTED
APPROXIMATE EXPECTED AVERAGE PRINCIPAL EXPECTED
OFFERED SIZE RATINGS LIFE (1) WINDOW (1) DAY FINAL LEGAL FINAL
SECURITIES ($ MILLIONS) (MOODY'S/S&P) (CALL / MAT) (CALL / MAT) COUNT MATURITY MATURITY
- ----------------------------------------------------------------------------------------------------------------------------------
Class A Notes Notes $[ 247.5 ] Aaa/AAA 2.5 / 2.7 79 / 170 Act/360 12/25/05 2/25/25
- ----------------------------------------------------------------------------------------------------------------------------------
(1) The notes will be priced to the 10% optional redemption date.
SPONSOR: Advanta Mortgage Conduit Services, Inc.
MASTER SERVICER: Advanta Mortgage Corp. USA
ORIGINATORS: Advanta National Bank and Advanta
Finance Corp.
INDENTURE TRUSTEE: Bankers Trust Company of California, N.A.
OWNER TRUSTEE: Wilmington Trust Company
BOND INSURER: Ambac Assurance Corporation
UNDERWRITERS: Bear, Stearns & Co. Inc. and Lehman
Brothers, Inc.
CUT-OFF DATE: Opening of business on May 1, 1999.
EXPECTED PRICING DATE: On or about May [19], 1999.
EXPECTED SETTLEMENT
AND REGISTRATION: On or about May [27], 1999 through DTC,
Cedelbank and Euroclear.
PAYMENT DATES: The 25th of each month, beginning
June 25, 1999.
CLASS A VARIABLE
RATE NOTES: The Trust will issue variable rate notes
("the Class A Notes") in the aggregate
principal balance of $[247,500,000] (the
"Original Class A Principal Balance"),
collateralized by the Loans.
DENOMINATIONS: The Notes will be offered for purchase in
minimum denominations of $1,000 and
multiples of $1 in excess thereof.
LOANS: A pool of adjustable rate home equity
revolving credit line loans secured by first
or junior mortgages or deeds of trust on
residential properties made under certain
home equity revolving credit line loan
agreements (the "Credit Line Agreements").
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 3
4
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
INTEREST ACCRUAL PERIOD: Interest will accrue from the prior Payment
Date (or in the case of the first Payment
Date, from the Closing Date) through the day
preceding the current Payment Date
(Actual/360 basis).
REMITTANCE PERIOD: As to any Payment Date, the calendar month
preceding the month of such Payment Date.
RECORD DATE: With respect to any Payment Date, the
business day immediately preceding such
Payment Date.
OPTIONAL REDEMPTION DATE: On the first Payment Date after the
aggregate Class A Principal Balance has
reduced to an amount less than or equal to
10% of the Original Class A Principal
Balance.
STEP-UP COUPON: For Payment Dates occurring after the
Optional Redemption Date, the spread to
LIBOR on the Class A Notes will double.
PRICING PREPAYMENT SPEED: 30% CPR, 5% Constant Draw Rate.
SUBSEQUENT DRAWS: Any additional balances arising as a result
of draws under the Credit Line Agreements
("Additional Balance") subsequent to the
Cut-off Date will automatically be assigned
to the Trust, and depending on the timing of
such draws and the amount of principal
collections, may result in a corresponding
increase in the Overcollateralization Amount
(defined as the excess of (i) the aggregate
pool principal balance over (ii) the
outstanding Class A Principal Balance).
CREDIT ENHANCEMENT: Credit enhancement with respect to the Class
A Notes will be provided by (1) Excess
Cashflow (as defined on page 7 herein), (2)
overcollateralization, and (3) the Ambac
Insurance Policy.
OVERCOLLATERALIZATION: The Bond Insurer will require that the
Overcollateralization Amount be maintained
at a certain specified level (the "Specified
Overcollateralization Amount").
The Bond Insurer may permit the Specified
Overcollateralization Amount to decrease or
"step-down" over time, subject to certain
floors and triggers. If certain trigger(s)
are hit, the specified overcollateralization
increases.
The Overcollateralization Amount as of the
Closing Date is expected to be less than the
Specified Overcollateralization Amount, thus
requiring an increase in the
Overcollateralization Amount on future
Payment Dates until it equals the Specified
Overcollateralization Amount.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 4
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ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
CLASS A NOTE RATE: The Class A Note Rate for each Interest
Accrual Period will generally equal the
lesser of:
(i) (x) with respect to any Payment
Date which occurs on or prior to
the Optional Redemption Date, the
per annum rate equal to the sum of
(a) the London interbank offered
rate for one-month Eurodollar
deposits appearing on Telerate
Screen Page 3750 (LIBOR) as of the
second LIBOR Business Day prior to
the first day of such Interest
Accrual Period (or as of two LIBOR
Business Days prior to the Closing
Date, in the case of the first
Interest Accrual Period) and (b)
[__]% and (y) for any Payment Date
thereafter, the per annum rate
equal to the sum of (a) LIBOR and
(b) [2x the pricing spread]% (the
rate described in this clause (i),
the "Class A Formula Rate") and
(ii) (x) the per annum rate equal to (i)
the product of (a) 12, and (b) the
aggregate amount of interest due on
the Loans during the prior
Remittance Period, net of the
amount of Prepayment Interest
Shortfalls, Relief Act Shortfalls,
the fee payable to the Master
Servicer (the "Servicing Fee"), the
fee payable to the Indenture
Trustee (the "Indenture Trustee
Fee"), the fee payable to the Owner
Trustee (the "Owner Trustee Fee")
and the premium payable to the
Insurer (the "Premium Amount") for
the related Remittance Period,
divided by (ii) the aggregate
principal balance of the Loans as
of the beginning of the related
Remittance Period, less (y) 0.50%
(the rate described in this clause
(ii) the "Class A Net Funds Cap
Rate").
NET FUNDS CAP
CARRY FORWARD: For any Payment Date, if the amount of
interest due on the Class A Notes is
calculated at the Class A Net Funds Cap
Rate, then the difference between the amount
of interest due and the amount that would
have been due if interest were calculated at
the Class A Formula Rate (such difference
the "Class A Net Funds Cap Carry Forward
Amount") will be payable (together with
interest thereon at the Class A Formula
Rate) on future Payment Dates to the extent
of the funds available therefor as described
below under the heading "Cash Flow
Waterfall." Payment of such amounts are not
covered by the Ambac Insurance Policy.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 5
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ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
PRINCIPAL PAYMENTS
FOR CLASS A NOTES: The term of the Class A Notes has been
divided into two periods, the Managed
Amortization Period and the Rapid
Amortization Period. The Managed
Amortization Period will commence on June
25, 1999 (the "Initial Payment Date") and
will end on the [36]th Payment Date (or, if
earlier, the Payment Date immediately
following the occurrence of a Rapid
Amortization Event). The Rapid Amortization
Period will commence on the Payment Date
immediately following the end of the Managed
Amortization Period and will end on the
Payment Date on which the Class A Note
Principal Balance has been reduced to zero.
On each Payment Date, the holders of the
Class A Notes will be entitled to receive
the Scheduled Principal Distribution Amount
for such Payment Date. The aggregate
distributions of principal to the Class A
Noteholders will not exceed the Original
Class A Principal Balance.
On any Payment Date during the Managed
Amortization Period, the Scheduled Principal
Distribution Amount will equal the excess
(but in no event less than $0) of (x) the
lesser of (i) the Maximum Principal Payment
and (ii) the Net Principal Collections over
(y) the Overcollateralization Reduction
Amount, if any, with respect to such Payment
Date.
With respect to any Payment Date, the
Maximum Principal Payment will equal
[96.75]% (the Fixed Allocation Percentage)
of the Principal Collections for the related
Remittance Period.
With respect to any Payment Date, Net
Principal Collections are the excess of (x)
Principal Collections for the related
Remittance Period over (y) the aggregate
principal amount of Additional Balances
arising during the related Remittance
Period, provided, that in no event will the
Net Principal Collections be less than $0
with respect to any Payment Date.
On any Payment Date during the Rapid
Amortization Period, the Scheduled Principal
Distribution Amount will equal the excess
(but in no event less than $0) of (x) the
Maximum Principal Payment over (y) the
Overcollateralization Reduction Amount, if
any, with respect to such Payment Date.
With respect to any Payment Date, the
Overcollateralization Reduction Amount will
be the lesser of (i) the excess of (x) the
Overcollateralization Amount for such
Payment Date (assuming that 100% of the
Scheduled Principal Distribution Amount for
such Payment Date will be applied as a
reduction in the Class A Principal Balance
on such Payment Date), over (y) the
Specified Overcollateralization Amount for
such Payment Date, and (ii) the Scheduled
Principal Distribution Amount for such
Payment Date (calculated without taking into
account any Overcollateralization Reduction
Amount for such Payment Date).
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 6
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ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
ACCELERATED PRINCIPAL
PAYMENTS: The holders of the Class A Notes may receive
a payment of Excess Cashflow on any Payment
Date, as a payment of principal (any such
payment, an Accelerated Principal Payment),
for the purpose of increasing the
Overcollateralization Amount applicable to
such Payment Date.
CASH FLOW WATERFALL: On each Payment Date, to the extent of the
available funds, the Indenture Trustee
will make the following allocations,
disbursements and transfers in the following
order of priority:
1) Fees due to the Indenture Trustee
and Owner Trustee;
2) Premium Amount payable to the
Insurer;
3) Interest on the Class A Notes at
the Class A Note Rate, together
with any unpaid interest from prior
Payment Dates;
4) Scheduled Principal Distribution
Amount;
5) as a distribution of principal, the
Overcollateralization Deficit;
6) any Reimbursement Amount to the
Insurer;
7) the Accelerated Principal Payment
in satisfaction of the
overcollateralization requirements,
payable out of Excess Cashflow;
8) any Class A Net Funds Cap
Carry-Forward Amount then due;
9) reimbursement to the Master
Servicer for any Servicer Advances
to the extent not previously
reimbursed; and
10) any amount remaining to the
Certificateholders.
With respect to any Payment Date, the
Overcollateralization Deficit will be the
amount, if any, by which the current Class A
Principal Balance (after taking into account
the payment of all principal from sources
other than the Policy on such Payment Date),
exceeds the aggregate principal balance of
the Loans as of such Payment Date.
With respect to any Payment Date, the
"Excess Cashflow" will be the available
funds with respect to such Payment Date
remaining after the distribution of the
amounts in clauses (1) through (6) above on
such Payment Date.
SERVICING FEE: 0.50% per annum (the Servicing Fee Rate) on
the aggregate principal balances of the
Loans
ADVANCES: Servicing Advances only (not P&I Advances).
TAX STATUS: The Class A Notes will be characterized as
debt.
ERISA ELIGIBILITY: The Class A Notes are expected to be ERISA
eligible.
SMMEA ELIGIBILITY: The offered securities will NOT be SMMEA
eligible.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 7
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ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
AVERAGE LIFE SENSITIVITY TABLES
TO 10% CALL
% PREPAYMENT IN CPR
------------------------------------------------------
CONSTANT DRAW RATE 10% 20% 25% 30% 35% 40%
- -------------------------------------------------------------------------------------------------------------
0% WAL in years 7.4 3.5 2.7 2.2 1.8 1.5
Expected Final in months 245 116 91 73 61 52
- -------------------------------------------------------------------------------------------------------------
10% WAL in years 10.0 4.6 3.5 2.8 2.3 1.9
Expected Final in months 269 134 104 84 70 59
- -------------------------------------------------------------------------------------------------------------
20% WAL in years 10.0 6.3 4.7 3.6 2.9 2.4
Expected Final in months 269 152 119 96 80 68
TO MATURITY
% PREPAYMENT IN CPR
------------------------------------------------------
CONSTANT DRAW RATE 10% 20% 25% 30% 35% 40%
- -------------------------------------------------------------------------------------------------------------
0% WAL in years 7.5 3.9 3.0 2.4 2.0 1.7
Expected Final in months 269 264 205 165 137 115
- -------------------------------------------------------------------------------------------------------------
10% WAL in years 10.0 5.0 3.8 3.0 2.5 2.0
Expected Final in months 269 269 218 176 146 123
- -------------------------------------------------------------------------------------------------------------
20% WAL in years 10.0 6.7 5.0 3.9 3.1 2.5
Expected Final in months 269 269 233 188 156 132
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospects and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 8
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ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
DECREMENT TABLE
CLASS A-1 TO 10% CALL
-----------------------------------------------------
CPR % 10% 20% 25% 30% 35% 40% 45%
DRAW % 5% 5% 5% 5% 5% 5% 5%
---- ---- ---- ---- ---- ---- ----
PAYMENT DATE
- ------------
Initial %(5/25/99) 100% 100% 100% 100% 100% 100% 100%
5/25/00 88% 77% 72% 67% 62% 56% 51%
5/25/01 82% 63% 54% 45% 38% 31% 24%
5/25/02 77% 51% 40% 31% 22% 15% 9%
5/25/03 68% 41% 31% 24% 18% 13% 0%
5/25/04 60% 32% 24% 17% 12% 0% 0%
5/25/05 53% 26% 18% 12% 0% 0% 0%
5/25/06 47% 21% 13% 0% 0% 0% 0%
5/25/07 41% 17% 10% 0% 0% 0% 0%
5/25/08 38% 13% 0% 0% 0% 0% 0%
5/25/09 35% 11% 0% 0% 0% 0% 0%
5/25/10 31% 0% 0% 0% 0% 0% 0%
5/25/11 28% 0% 0% 0% 0% 0% 0%
5/25/12 25% 0% 0% 0% 0% 0% 0%
5/25/13 23% 0% 0% 0% 0% 0% 0%
5/25/14 20% 0% 0% 0% 0% 0% 0%
5/25/15 18% 0% 0% 0% 0% 0% 0%
5/25/16 17% 0% 0% 0% 0% 0% 0%
5/25/17 15% 0% 0% 0% 0% 0% 0%
5/25/18 13% 0% 0% 0% 0% 0% 0%
5/25/19 12% 0% 0% 0% 0% 0% 0%
5/25/20 11% 0% 0% 0% 0% 0% 0%
5/25/21 0% 0% 0% 0% 0% 0% 0%
5/25/22 0% 0% 0% 0% 0% 0% 0%
Weighted Average Life (in years)(1) 8.6 4.0 3.1 2.5 2.0 1.7 1.3
Weighted Average Life (in years)(2) 8.6 4.4 3.4 2.7 2.2 1.8 1.5
(1) Assumes that optional termination (10% of Notes) is exercised on the first
possible Payment Date.
(2) Assumes that bonds pay to maturity.
(3) All percentages are rounded to the nearest 1%.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospects and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 9
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ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
COLLATERAL SUMMARY
TOTAL MINIMUM MAXIMUM
--------------- ----------- -----------
Total Number of Loans: 8,658
Total Outstanding Loan Balance: $255,902,013.94 $423.45 $417,000.00
Average Loan Principal Balance: $29,556.71
WA Current Coupon: 12.289% 7.750% 16.500%
WA Gross Margin: 4.541% 0.000% 8.750%
WA Gross Life Cap: 20.448% 15.750% 24.500%
WA Remaining Term to Maturity (months): 269 68 276
WA Seasoning (months) 4 0 20
WA Original Term (months): 272 86 276
Lien Position:
First Lien 9.52%
Junior Lien 90.48%
WA CLTV: 95.64%
WA Credit Utilization: 98.21%
Product Type:
36 month draw/240 month repayment 90.21%
60 month draw/180 month repayment 9.77%*
Documentation:
Lite 2.41%
Full 97.59%
Property Type:
Single Family/PUD 94.07%
Rowhouse/Townhouse/Condo 3.46%
2 to 4 Units 1.91%
Manufactured 0.56%
Geographic Distribution:
CA: 10.90%
PA: 8.54%
NY: 8.22%
MI: 7.56%
NJ: 6.18%
WA FICO Score:
For loans with WA CLTV <= 100% 630
For loans with WA CLTV > 100% 673
*Numbers may not add to 100% due to rounding
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospects and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 10
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ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
Collateral Tables
GEOGRAPHIC DISTRIBUTION
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of the Outstanding as of the
Location of Loans Cut-off Date Cut-off Date
- -------- -------- --------------------- ---------------------
California ........ 839 $ 27,902,543.60 10.90%
Pennsylvania ...... 774 21,853,531.29 8.54%
New York .......... 616 21,035,175.96 8.22%
Michigan .......... 689 19,350,899.47 7.56%
New Jersey ........ 458 15,812,127.56 6.18%
Florida ........... 402 11,012,940.44 4.30%
Virginia .......... 397 10,934,749.56 4.27%
Massachusetts ..... 326 10,316,367.85 4.03%
Washington ........ 314 9,707,106.07 3.79%
Georgia ........... 330 9,696,055.67 3.79%
Other* ............ 3,511 98,260,516.47 38.42%
----- --------------- ------
Total ........... 8,658 $255,902,013.94 100.00%
===== =============== ======
* Other includes any State that did not make the top ten distribution on a
percentage basis.
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 11
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ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
Collateral Tables
PRINCIPAL BALANCES
% of Aggregate
Principal Balance Principal Balance
Range of Number Outstanding as of the Outstanding as of the
Principal Balances of Loans Cut-off Date Cut-off Date
- ------------------ -------- --------------------- ---------------------
$0.00 - $25,000.00 ... 4,030 $ 71,329,422.47 27.87%
$25,000.01 - $50,000.00 ... 4,109 147,158,264.74 57.50%
$50,000.01 - $75,000.00 ... 401 24,276,465.33 9.49%
$75,000.01 - $100,000.00 ... 70 6,086,799.54 2.38%
$100,000.01 - $125,000.00 ... 20 2,220,179.38 0.87%
$125,000.01 - $150,000.00 ... 16 2,181,441.55 0.85%
$150,000.0 >= ... 12 2,649,440.93 1.04%
----- --------------- ------
Total ........... 8,658 $255,902,013.94 100.00%
===== =============== ======
Min: $423.45
Max: $417,000.00
Average Principal Balance: $29,556.71
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 12
13
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
Collateral Tables
REMAINING TERMS TO MATURITY
% of Aggregate
Range of Remaining Principal Balance Principal Balance
Terms to Maturity Number Outstanding as of the Outstanding as of the
(months) of Loans Cut-off Date Cut-off Date
- ------------------ -------- --------------------- ---------------------
less than 229 ..... 1 $ 35,709.68 0.01%
229 - 234 ..... 93 2,162,491.00 0.85%
235 - 240 ..... 891 22,843,595.71 8.93%
253 - 258 ..... 3 65,662.91 0.03%
259 - 264 ..... 20 402,913.36 0.16%
265 - 270 ..... 2,134 63,179,464.03 24.69%
271 - 276 ..... 5,516 167,212,177.25 65.33%
----- --------------- ------
Total ........... 8,658 $255,902,013.94 100.00%
===== =============== ======
Min: 68 months
Max: 276 months
WA by Current Balance: 269 months
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 13
14
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
Collateral Tables
LOAN RATES
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of the Outstanding as of the
Range of Loan Rates (%) of Loans Cut-off Date Cut-off Date
- ----------------------- ----------- ---------------------- ------------------------
7.750 - 8.000 ................. 25 $ 2,380,827.95 0.93%
8.001 - 9.000 ................. 167 8,687,538.38 3.39%
9.001 - 10.000 ................. 538 21,010,948.03 8.21%
10.001 - 11.000 ................. 771 24,516,397.68 9.58%
11.001 - 12.000 ................. 1,348 43,374,059.51 16.95%
12.001 - 13.000 ................. 2,115 61,393,915.25 23.99%
13.001 - 14.000 ................. 3,298 85,317,903.32 33.35%
14.001 - 15.000 ................. 377 8,782,301.69 3.43%
15.001 >= ................. 19 438,122.13 0.17%
---------- ---------------------- --------------------------
Total 8,658 $255,902,013.94 100.00%
========== ====================== ==========================
Min: 7.750%
Max: 16.500%
WA by Current Balance: 12.289%
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 14
15
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
Collateral Tables
GROSS MARGIN
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of the Outstanding as of the
Range of Margins (%) of Loans Cut-off Date Cut-off Date
- ----------------------- ----------- ---------------------- ------------------------
0.000 - 1.000 ................. 135 $ 7,887,937.73 3.08%
1.001 - 1.500 ................. 210 8,265,850.25 3.23%
1.501 - 2.000 ................. 271 11,370,051.62 4.44%
2.001 - 2.500 ................. 287 10,849,850.51 4.24%
2.501 - 3.000 ................. 418 12,275,489.55 4.80%
3.001 - 3.500 ................. 354 11,749,475.77 4.59%
3.501 - 4.000 ................. 918 29,035,718.19 11.35%
4.001 - 4.500 ................. 566 16,524,945.57 6.46%
4.501 - 5.000 ................. 1,358 42,700,568.32 16.69%
5.001 - 5.500 ................. 1,073 26,069,451.69 10.19%
5.501 - 6.000 ................. 1,875 53,290,490.97 20.81%
6.001 - 6.500 ................. 903 19,317,926.52 7.55%
6.501 - 7.000 ................. 259 5,883,141.50 2.30%
7.001 >= ................. 31 681,115.75 0.27%
---------- ---------------------- --------------------------
Total 8,658 $255,902,013.94 100.00%
========== ====================== ==========================
Min: 0.000%
Max: 8.750%
WA by Current Balance: 4.541%
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 15
16
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
Collateral Tables
LOAN RATES
% of Aggregate
Principal Balance Principal Balance
Range of Combined Number Outstanding as of the Outstanding as of the
Loan-to-Value Ratios(%) of Loans Cut-off Date Cut-off Date
- ----------------------- ----------- ---------------------- ------------------------
0.00 - 50.00 ................. 238 $ 7,785,012.19 3.04%
50.01 - 80.00 ................. 1,060 38,032,681.13 14.86%
80.01 - 90.00 ................. 1,354 41,955,457.02 16.40%
90.01 - 100.00 ................. 3,767 93,417,997.99 36.50%
100.01 - 125.00 ................. 2,239 74,710,865.61 29.20%
---------- ---------------------- --------------------------
Total 8,658 $255,902,013.94 100.00%
========== ====================== ==========================
Min: 7.66%
Max: 125.00%
WA by Current Balance: 95.64%
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 16
17
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
-----------------------------------------------
Computational Materials
Collateral Tables
Maximum Loan Rates
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of the Outstanding as of the
Range of Maximum Loan Rates(%) of Loans Cut-off Date Cut-off Date
- ------------------------------ -------- --------------------- ---------------------
15.001 - 16.000 .......................... 41 $ 1,726,008.20 0.67%
16.001 - 17.000 .......................... 133 7,346,049.21 2.87%
17.001 - 18.000 .......................... 528 20,860,730.88 8.15%
18.001 - 19.000 .......................... 710 23,161,645.43 9.05%
19.001 - 20.000 .......................... 1,058 35,568,743.00 13.90%
20.001 - 21.000 .......................... 2,023 58,575,439.18 22.89%
21.001 - 22.000 .......................... 3,527 94,336,380.62 36.87%
22.001 - 23.000 .......................... 615 13,899,171.82 5.43%
23.001 >= .......................... 23 427,845.60 0.17%
-------- --------------------- ---------------------
Total 8,658 $ 255,902,013.94 100.00%
======== ===================== =====================
Min: 15.750%
Max: 24.500%
WA by Current Balance 20.448%
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 17
18
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
-----------------------------------------------
Computational Materials
Collateral Tables
Credit Limits
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of the Outstanding as of the
Range of Credit Limits of Loans Cut-off Date Cut-off Date
- ------------------------------ -------- --------------------- ---------------------
$ 0.01 - 25,000.00 ................... 3,837 $ 67,708,646.64 26.46%
25,000.01 - 50,000.00 ................... 4,269 149,667,278.95 58.47%
50,000.01 - 75,000.00 ................... 430 25,249,599.92 9.87%
75,000.01 - 100,000.00 ................... 67 5,726,376.49 2.24%
100,000.01 - 125,000.00 ................... 25 2,602,642.52 1.02%
125,000.01 - 150,000.00 ................... 17 2,272,928.49 0.89%
150,000.01 <= ................... 13 2,674,540.93 1.05%
-------- --------------------- ---------------------
Total 8,658 $ 255,902,013.94 100.00%
======== ===================== =====================
Min: $8,000.00
Max: $420,000.00
Average Credit Limit: $39,917.77
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 18
19
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
-----------------------------------------------
Computational Materials
Collateral Tables
Credit Limit Utilization Rates
% of Aggregate
Principal Balance Principal Balance
Number Outstanding as of the Outstanding as of the
Range of Credit Limit Utilization Rates(%) of Loans Cut-off Date Cut-off Date
- ------------------------------------------ -------- --------------------- ---------------------
0.000 - 50.000 ........................ 140 $ 1,338,002.68 0.52%
50.001 - 80.000......................... 290 6,262,780.58 2.45%
80.001 - 90.000......................... 201 5,377,270.13 2.10%
90.001 - 100.000......................... 7,897 293,312,497.46 93.52%
100.001 - 103.000 .......................... 130 3,611,463.09 1.41%
-------- --------------------- ---------------------
Total 8,658 $ 255,902,013.94 100.00%
======== ===================== =====================
Min: 3.000%
Max: 103.000%
WA by Current Balance 98.210%
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
Page 19
20
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
COLLATERAL TABLES
DISTRIBUTION OF SEASONING
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
SEASONING IN MONTHS OF LOANS CUT-OFF DATE CUT-OFF DATE
- ------------------- -------- --------------------- ---------------------
0 - 6 ............... 7,439 $ 220,625,339.48 86.22%
7 - 12 ............... 1,200 34,839,816.29 13.61%
13 - 18 ............... 17 386,167.28 0.15%
19 + ............... 2 50,690.89 0.02%
-------- --------------------- ---------------------
Total 8,658 $ 255,902,013.94 100.00%
======== ===================== =====================
Min: 0 months
Max: 20 months
WA by Current Balance: 4 months
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 20
21
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
COLLATERAL TABLES
DELINQUENCY STATUS
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
NUMBER OF DAYS DELINQUENT OF LOANS CUT-OFF DATE CUT-OFF DATE
- ------------------------- -------- --------------------- ---------------------
Current ............... 8,322 $ 246,014,181.76 96.14%
1 - 29 days ............... 289 8,557,905.47 3.34%
30 - 59 days ............... 47 1,329,926.71 0.52%
-------- --------------------- ---------------------
Total 8,658 $ 255,902,013.94 100.00%
======== ===================== =====================
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 21
22
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
COLLATERAL TABLES
LIEN PRIORITY
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
LIEN PRIORITY OF LOANS CUT-OFF DATE CUT-OFF DATE
- ------------- -------- --------------------- ----------------------
First Lien .......... 483 $ 24,360,273.69 9.52%
Junior Lien.......... 8,175 231,541,740.25 90.48%
------ --------------- ---------
Total 8,658 $255,902,013.94 100.00%
====== =============== =========
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 22
23
ADVANTA REVOLVING HOME EQUITY LOAN TRUST 1999-A
Computational Materials
COLLATERAL TABLES
PROPERTY TYPES
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
PROPERTY TYPES OF LOANS CUT-OFF DATE CUT-OFF DATE
- -------------- -------- --------------------- ----------------------
Single Family/PUD............. 8,148 $240,717,744.09 94.07%
Rowhouse/Townhouse/Condo...... 299 8,863,977.71 3.46%
2 to 4 Units.................. 147 4,883,041.09 1.91%
Manufactured.................. 64 1,437,251.05 0.56%
------ --------------- ---------
Total 8,658 $255,902,013.94 100.00%
------ --------------- ---------
OCCUPANCY STATUS
% OF AGGREGATE
PRINCIPAL BALANCE PRINCIPAL BALANCE
NUMBER OUTSTANDING AS OF THE OUTSTANDING AS OF THE
OCCUPANCY STATUS OF LOANS CUT-OFF DATE CUT-OFF DATE
- ---------------- -------- --------------------- ----------------------
Owner Occupied................ 8,829 $254,781,650.45 99.56%
Non-Owner Occupied............ 29 1,120,363.49 0.44%
------ --------------- ---------
Total 8,658 $255,902,013.94 100.00%
------ --------------- ---------
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction
with the related Prospectus and Prospectus Supplement. If you have not received
the statement described above or the related Prospectus and Prospectus
Supplement, please contact your account executive at Bear, Stearns & Co. Inc.
Page 23