BETWEEN

                               WANAMAKER, L.L.C.,

                                    LANDLORD

                                       AND

                   American BUSINESS FINANCIAL SERVICES, INC.,

                                     TENANT





                                TABLE OF CONTENTS





                                  OFFICE LEASE



                             THE WANAMAKER BUILDING

                              100 PENN SQUARE EAST

                                PHILADELPHIA, PA



         THIS AGREEMENT OF OFFICE LEASE (hereinafter referred to as the "Lease")

is made as of the ______ day of November, 2002 (hereinafter referred to as the

"Effective Date") between WANAMAKER, L.L.C., a Delaware limited liability

company (hereinafter referred to as "Landlord"), and American BUSINESS FINANCIAL

SERVICES, INC., a Delaware corporation whose present address is 111 Presidential

Boulevard, Suite 127, Bala Cynwyd, Pennsylvania 19004 (hereinafter referred to

as "Tenant").



                                   WITNESSETH:



         Landlord hereby leases to Tenant, and Tenant hereby accepts from

Landlord, the premises (hereinafter referred to as the "Premises") containing

approximately two hundred twenty-one thousand seven hundred (221,700) square

feet of rentable area on the 6th, 7th, 8th and 12th floors depicted on the plan

attached hereto as Exhibit "A-1", in the building known as The Wanamaker

Building, 100 Penn Square East, Philadelphia, Pennsylvania (hereinafter referred

to as the "Building") located on land described with the Building on Exhibit

"A-2" hereto (the Building and said land are sometimes hereinafter together

called the "Property"), subject to the covenants, terms, provisions and

conditions of this Lease. The term "Office Portion" shall mean the entire

Building other than the portion thereof located on the first three (3) floors of

the Building and leased or available for lease from time to time as a retail

department store or for any other retail purposes (collectively, the "Department

Store," and presently comprising approximately 435,000 rentable square feet of

space in the Building). The term "Pocket Space" shall refer to the portion or

portions of space located within and comprising a part of the Premises, the

total area of which equals approximately ten thousand (10,000) rentable square

feet. The term "Health Club Space" shall refer to the portion of space located

within and comprising a part of the Premises and depicted on Exhibit "A-6"

attached hereto, the total area of which equals approximately three thousand

eight hundred ninety-two (3,892) rentable square feet. The ten thousand (10,000)

rentable square feet of Pocket Space and the three thousand eight hundred

ninety-two (3,892) rentable square feet of the Health Club Space are included

within the two hundred twenty-one thousand seven hundred (221,700) square feet

of the Premises.



         In consideration thereof, Landlord and Tenant covenant and agree as

follows:



                                       1

{PAGE}



         1. Term.



         (a) Initial Term. The term of this Lease (the "Term") shall commence on

the Commencement Date (as hereinafter defined) and, unless sooner terminated or

extended as provided herein, the Term shall end, absolutely and without the need

for notice from either party to the other, on the date (the "Termination Date")

that is one (1) day prior to the eleventh (11th) anniversary of (i) the

Commencement Date or (ii) if the 12th Floor Extension Option is exercised, the

12th Floor Commencement Date. Notwithstanding the foregoing, if the Termination

Date, as so determined, is not the last day of a calendar month, then the

Termination Date shall be extended until the last day of said month. The term

"Commencement Date" shall mean the following:



                  (i) if the Delivery Date (defined in Paragraph 1(b)(i) below)

occurs on or before January 1, 2003, then the Commencement Date shall be the

date that is the earlier to occur of:



                           (A) the date upon which Tenant first commences actual

business use and occupancy of any portion of the Premises for its general office

purposes, except for an early partial occupancy as provided in Paragraph

1(a)(vi), or



                           (B) July 1, 2003, subject to extension for Force

Majeure Delay occurring after the Delivery Date pursuant to Paragraph

1(c)(iv)(A) of this Lease.



                  (ii) if the Delivery Date occurs after January 1, 2003

(including where the Delivery Date is delayed as a result of a prior Force

Majeure Delay), then the Commencement Date shall be the date that is the earlier

to occur of:



                           (A) the date upon which Tenant first commences actual

business use and occupancy of any portion of the Premises for its general office

purposes, except for an early partial occupancy as provided in Paragraph

1(a)(vi), or



                           (B) the date that is two hundred ten (210) days after

said Delivery Date, subject to extension for a Force Majeure Delay occurring

after the Delivery Date pursuant to Paragraph 1(c)(iv)(A) of this Lease; except

that, if the two hundred tenth (210th) day after said Delivery Date is not the

first day of a calendar quarter (i.e. July, October, January or April), then the

Commencement Date shall be the first day of the next succeeding calendar

quarter, provided however that in such event the Commencement Date shall be

subject to Landlord's acceleration rights to the extent permitted by Paragraph

1(a)(iv) of this Lease. For purposes of illustration only, if the Delivery Date

is January 15, 2003, the Commencement Date will be October 1, 2003 unless

Landlord elects to accelerate the Commencement Date to July 1, 2003 to the

extent permitted by Paragraph 1(a)(iv) of this Lease.



                                       2

{PAGE}



                  (iii) Tenant Delay Right: Notwithstanding any provision of

this Lease to the contrary, Tenant shall have the right (the "Commencement Date

Extension Option") to irrevocably elect that the earliest date on which the

Commencement Date may occur shall be October 1, 2003, except that said election

shall be effective only if Tenant delivers to Landlord written notice of said

election before December 30, 2002, time being of the essence, except further

that the Commencement Date Extension Option automatically shall be null and void

if the Delivery Date occurs prior to the exercise by Tenant of the Commencement

Date Extension Option. Tenant also shall deliver to Landlord a copy of each and

every written agreement (a "Tenant 111 Extension Agreement") extending the term

of Tenant's existing lease (the "111 Lease") for space at 111 Presidential

Boulevard (the "111 Space") beyond July 31, 2003 promptly after the same is

executed by Tenant and the landlord under the 111 Lease (the "111 Landlord"). If

Tenant fails to elect or timely elect to exercise the Commencement Date

Extension Option, then Tenant automatically will be deemed to have irrevocably

waived and released all of its rights to make such election under this subclause

(iii). If Tenant exercises the Commencement Date Extension Option, then Tenant

shall be liable for (and Landlord shall have no liability for) all of the rent,

additional rent, costs and expenses (including without limitation any Excess

Rent Liability and Damages, as said terms are defined in Paragraphs 1(b)(ii)(A)

and 1(c)(iv)(C)), respectively, paid or payable in connection with or resulting

from Tenant's occupancy of the 111 Space during the months of August, September

and October of 2003, and for all months beyond October, 2003 included within an

extension of the 111 Lease term pursuant to the Tenant 111 Extension Agreement,

regardless of the date on which the Delivery Date occurs. For purposes hereof, a

Tenant 111 Extension Agreement does not include a Landlord 111 Extension

Agreement (as hereinafter defined) or any other agreement extending the term of

the 111 Lease which is entered into for the purpose of mitigating liability

resulting from an actual delay in the Delivery Date beyond January 1, 2003 (if

the Commencement Date Extension Option has not been exercised) or March 1, 2003

(if the Commencement Date Extension Option has been exercised).



         Notwithstanding any provision of this Lease to the contrary, Tenant

shall have the right (the "12th Floor Extension Option") to irrevocably elect

that the Commencement Date for the portion of the Premises located on the

twelfth (12th) floor of the Building (the "12th Floor Space"), which consists of

52,521 rentable square feet of space, shall be the date (the "12th Floor

Commencement Date") that is the earlier of (i) the date upon which Tenant first

commences actual business use and occupancy of the 12th Floor Space for its

general office purposes and (ii) October 1, 2003 (or, if later, the Commencement

Date for the balance of the Premises), except that said election shall be

effective only if Tenant delivers to Landlord written notice of said election

not later than three (3) business days after the Delivery Date, time being of

the essence. If Tenant fails to elect or timely elect to exercise the 12th Floor

Extension Option, then Tenant automatically will be deemed to have irrevocably

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