SEC Info - Securitized Asset Backed Receivables LLC Trust 2006-WM4 - ‘FWP’ on 12/20/06 re: Securitized Asset Backed Receivables LLC Trust 2006-WM4

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Securitized Asset Backed Receivables LLC Trust 2006-WM4 – ‘FWP’ on 12/20/06 re: Securitized Asset Backed Receivables LLC Trust 2006-WM4

On: Wednesday, 12/20/06, at 3:55pm ET · Accession #: 914121-6-3811 · File #: 333-138183-03

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

12/20/06  Securitized Asset Backe… 2006-WM4 FWP                    1:82K  Securitized Asset Backe… 2006-WM4 Cadwalader Wickersh… LLP

Free Writing Prospectus — Rule 163/433
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: FWP         Free Writing Prospectus                               31±   179K 

FWP 1st “Page” of 19 TOC ↑Top Previous Next ↓Bottom Just 1st
 
                                                      Filed Pursuant to Rule 433
                                                         File No.: 333-138183-03

--------------------------------------------------------------------------------
Barclays Capital - Asset Securitization Group                  December 18, 2006
Securitized Asset Backed Receivables LLC Trust 2006-WM4                         
--------------------------------------------------------------------------------

SECURITIZED ASSET BACKED RECEIVABLES LLC
NEW ISSUE TERM SHEET
$976,271,000 (approximate)
--------------------------------------------------------------------------------

IMPORTANT NOTICE REGARDING THE CONDITIONS 
FOR THIS OFFERING OF ASSET-BACKED SECURITIES

The asset-backed securities referred to in these materials are being offered    
when, as and if issued. In particular, you are advised that asset-backed        
securities, and the asset pools backing them, are subject to modification or    
revision (including, among other things, the possibility that one or more       
classes of securities may be split, combined or eliminated), at any time prior  
to issuance or availability of a final prospectus. As a result, you may commit  
to purchase securities that have characteristics that may change, and you are   
advised that all or a portion of the securities may not be issued that have the 
characteristics described in these materials. Our obligation to sell securities 
to you is conditioned on the securities and the underlying transaction having   
the characteristics described in these materials. If we determine that condition
is not satisfied in any material respect, we will notify you, and neither the   
issuer nor the underwriter will have any obligation to you to deliver all or any
portion of the securities which you have committed to purchase, and there will  
be no liability between us as a consequence of the non-delivery.                

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with  
the Securities and Exchange Commission for the offering to which this           
communication relates. Before you invest, you should read the prospectus in the 
registration statement and other documents the depositor has filed with the     
Securities and Exchange Commission for more complete information about the      
depositor, the issuing trust and this offering. You may get these documents for 
free by visiting EDGAR on the Securities and Exchange Commission website at     
www.sec.gov. Alternatively, the depositor, any underwriter or any dealer        
participating in the offering will arrange to send you the prospectus if you    
request it by calling toll-free 1-888-227-2275 ext. 2663.                       

This free writing prospectus is not required to contain all information that is 
required to be included in the base prospectus and the prospectus supplement.   

The information in this free writing prospectus, if conveyed prior to the time  
of your commitment to purchase, supersedes information contained in any prior   
similar free writing prospectus relating to these securities.                   

IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of the  
email communication to which this free writing prospectus is attached relating  
to (1) these materials not constituting an offer (or a solicitation of an       
offer), (2) no representation that these materials are accurate or complete and 
may not be updated or (3) these materials possibly being confidential are not   
applicable to these materials and should be disregarded. Such legends,          
disclaimers or other notices have been automatically generated as a result of   
these materials having been sent via Bloomberg or another system.               

--------------------------------------------------------------------------------
The Depositor has filed a registration statement (including a prospectus) with  
the SEC for the offering to which this free writing prospectus relates. Before  
you invest, you should read the prospectus in that registration statement and   
other documents the Depositor has filed with the SEC for more complete          
information about the Depositor and this offering. You may get these documents  
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,   
the Depositor, any underwriter or any dealer participating in the offering will 
arrange to send you the prospectus if you request it by calling toll-free       
1-888-227-2275 ext. 2663.                                                       

This free writing prospectus is not required to contain all information that is 
required to be included in the base prospectus and the prospectus supplement.   

The information in this free writing prospectus, if conveyed prior to the time  
of your commitment to purchase, supersedes information contained in any prior   
similar free writing prospectus relating to these securities.                   

1 

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Barclays Capital - Asset Securitization Group                  December 18, 2006
Securitized Asset Backed Receivables LLC Trust 2006-WM4                         
--------------------------------------------------------------------------------

SECURITIZED ASSET BACKED RECEIVABLES LLC

NEW ISSUE TERM SHEET

$976,271,000 (approximate)

--------------------------------------------------------------------------------

Securitized Asset Backed Receivables LLC Trust 2006-WM4 
Issuer

Securitized Asset Backed Receivables LLC
Depositor 

WMC Mortgage Corp.
Originator

HomEq Servicing 
Servicer

Mortgage Pass-Through Certificates, Series 2006-WM4 

--------------------------------------------------------------------------------
The Depositor has filed a registration statement (including a prospectus) with  
the SEC for the offering to which this free writing prospectus relates. Before  
you invest, you should read the prospectus in that registration statement and   
other documents the Depositor has filed with the SEC for more complete          
information about the Depositor and this offering. You may get these documents  
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,   
the Depositor, any underwriter or any dealer participating in the offering will 
arrange to send you the prospectus if you request it by calling toll-free       
1-888-227-2275 ext. 2663.                                                       

This free writing prospectus is not required to contain all information that is 
required to be included in the base prospectus and the prospectus supplement.   

The information in this free writing prospectus, if conveyed prior to the time  
of your commitment to purchase, supersedes information contained in any prior   
similar free writing prospectus relating to these securities.                   

2 

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Barclays Capital - Asset Securitization Group                  December 18, 2006
Securitized Asset Backed Receivables LLC Trust 2006-WM4                         
--------------------------------------------------------------------------------

-------------------                                                             
Transaction Summary                                                             
-------------------                                                             

                                                        [Enlarge/Download Table]


                                                                             Avg. Life to   Mod. Dur. to   
          Expected        Expected Ratings                   Interest        Call(2)(3)/    Call(2)(3)(4)/ 
Class  Amount ($)(1)   (S&P/Moody's/Fitch/DBRS)   Index       Type           Mty(yrs)(3)    Mty(yrs)(3)(4) 
-----  -------------   ------------------------   -----   ------------        ------------   --------------
                                                                                                           
A-1      328,343,000       AAA/Aaa/AAA/AAA        ***Not Offered - 144A Private Placement***               
A-2A     388,440,000       AAA/Aaa/AAA/AAA        1mL     Floating            1.00 / 1.00      0.96 / 0.96 
A-2B     107,027,000       AAA/Aaa/AAA/AAA        1mL     Floating            2.00 / 2.00      1.88 / 1.88 
A-2C     139,234,000       AAA/Aaa/AAA/AAA        1mL     Floating            3.00 / 3.00      2.72 / 2.72 
A-2D     113,176,000       AAA/Aaa/AAA/AAA        1mL     Floating            6.08 / 7.66      5.08 / 6.03 
M-1       46,081,000     AA+/Aa1/AA+/AA(high)     1mL     Floating            3.65 / 3.65      3.26 / 3.26 
M-2       42,019,000         AA/Aa2/AA/AA         1mL     Floating            4.73 / 4.73      4.09 / 4.09 
M-3       24,402,000      AA/Aa3/AA/AA(low)       1mL     Floating            6.56 / 8.88      5.41 / 6.81 
M-4       44,730,000          A+/A2/A+/A          1mL     Floating            4.55 / 5.00      3.92 / 4.20 
M-5       20,332,000        A+/A3/A/A(low)        1mL     Floating            4.52 / 4.93      3.88 / 4.14 
B-1       20,332,000     A/Baa1/A-/ BBB(high)     1mL     Floating            4.51 / 4.87      3.82 / 4.04 
B-2       17,621,000      BBB+/Baa2/BBB+/BBB      1mL     Floating            4.48 / 4.79      3.72 / 3.90 
B-3       12,877,000    BBB+/Baa3/BBB/BBB(low)    1mL     Floating            4.48 / 4.72      3.67 / 3.80 



                                                Initial                                                    
                                             Subordination                                                 
Class  Payment Window to Call(2)(3)/Mty(3)      Level(5)                                                   
-----  -----------------------------------   -------------                                                 
                                                                                                           
A-1                                                                                                        
A-2A      01/07 - 10/08 / 01/07 - 10/08          20.60%                                                    
A-2B      10/08 - 03/09 / 10/08 - 03/09          20.60%                                                    
A-2C      03/09 - 08/11 / 03/09 - 08/11          20.60%                                                    
A-2D      08/11 - 07/13 / 08/11 - 03/22          20.60%                                                    
M-1       05/10 - 11/10 / 05/10 - 11/10          17.20%                                                    
M-2       11/10 - 04/13 / 11/10 - 04/13          14.10%                                                    
M-3       04/13 - 07/13 / 04/13 - 12/19          12.30%                                                    
M-4       04/10 - 07/13 / 04/10 - 04/18           9.00%                                                    
M-5       03/10 - 07/13 / 03/10 - 05/17           7.50%                                                    
B-1       02/10 - 07/13 / 02/10 - 10/16           6.00%                                                    
B-2       02/10 - 07/13 / 02/10 - 02/16           4.70%                                                    
B-3       02/10 - 07/13 / 02/10 - 05/15           3.75%                                                    

(1)         Subject to a variance of plus or minus 5%.                  
(2)         Assumes 10% optional clean-up call is exercised.            
(3)         Based on 100% of the applicable prepayment assumption.      
See Summary of Terms.                           
(4)         Assumes pricing at par.                                     
(5)         Includes 3.75% overcollateralization.                       

The Class A-2A, Class A-2B, Class A-2C, Class A-2D, Class M-1, Class M-2, Class 
M-3, Class M-4, Class M-5, Class B-1, Class B-2 and Class B-3 certificates are  
being offered pursuant to a prospectus supplemented by a prospectus supplement  
(together, the "Prospectus"). Complete information with respect to the Offered  
Certificates and the collateral securing them is contained in the Prospectus.   
The information herein is qualified in its entirety by the information appearing
in the Prospectus. To the extent that the information herein is inconsistent    
with the Prospectus, the Prospectus shall govern in all respects. Sales of the  
Offered Certificates may not be consummated unless the purchaser has received   
the Prospectus.                                                                 

PLEASE SEE "RISK FACTORS" IN THE PROSPECTUS FOR A DESCRIPTION OF INFORMATION    
THAT SHOULD BE CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE OFFERED       
CERTIFICATES.                                                                   

                                                        [Enlarge/Download Table]


Summary of Terms                                                                                                                    
----------------                                                                                                                    
                                                                                                                                    
Issuer:                          Securitized Asset Backed Receivables LLC Trust 2006-WM4                                            

Depositor:                       Securitized Asset Backed Receivables LLC                                                           

Originator:                      WMC Mortgage Corp.                                                                                 

Servicer:                        Barclays Capital Real Estate Inc. d/b/a HomEq Servicing                                            

Trustee:                         Deutsche Bank National Trust Company                                                               

Custodian:                       Wells Fargo Bank, National Association                                                             

Sole Manager:                    Barclays Capital Inc.                                                                              

Rating Agencies:                 S&P/Moody's/Fitch/DBRS                                                                             

Offered Certificates:            The Class A-2A, Class A-2B, Class A-2C, Class A-2D, Class M-1, Class                               
                                 M-2, Class M-3, Class M-4, Class M-5, Class B-1, Class B-2 and Class                               
                                 B-3 certificates.                                                                                  

LIBOR Certificates:              The Class A-1 certificates and the Offered Certificates.                                           

Expected Closing Date:           December 28, 2006                                                                                  

Delivery:                        DTC, Euroclear and Clearstream.                                                                    

Distribution Dates:              The 25th of each month, or if such day is not a business day, on the                               
                                 next business day, beginning in January 2007.                                                      

Final Distribution Date:         The Distribution Date occurring in November 2036.                                                  

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       3                                                                                            

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Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
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Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Due Period:                      With respect to any Distribution Date, the period commencing on the                                
                                 second day of the calendar month preceding the month in which the                                  
                                 Distribution Date occurs and ending on the first day of the calendar                               
                                 month in which that Distribution Date occurs.                                                      

Prepayment Period:               With respect to any Distribution Date, either (i) the period                                       
                                 commencing on the 16th day of the month preceding the month in which                               
                                 such Distribution Date occurs (or in the case of the first                                         
                                 Distribution Date, commencing on the Cut-off Date) and ending on the                               
                                 15th day of the month in which that Distribution Date occurs, with                                 
                                 respect to any principal prepayments in full, or (ii) the calendar                                 
                                 month prior to that Distribution Date, with respect to any partial                                 
                                 principal prepayments.                                                                             

Interest Accrual Period:         With respect to any Distribution Date, the period commencing on the                                
                                 immediately preceding Distribution Date (or, for the initial                                       
                                 Distribution Date, the Closing Date) and ending on the day                                         
                                 immediately preceding the current Distribution Date.                                               

Accrued Interest:                The price to be paid by investors for the Offered Certificates will                                
                                 not include accrued interest, and therefore will settle flat.                                      

Interest Day Count:              Actual/360                                                                                         

Interest Payment Delay:          Zero days                                                                                          

Cut-off Date:                    December 1, 2006                                                                                   

Tax Status:                      The Offered Certificates will represent "regular interests" in a                                   
                                 REMIC and, to a limited extent, interests in certain basis risk                                    
                                 interest carryover payments, which will be treated for tax purposes                                
                                 as payments under notional principal contracts. The tax advice                                     
                                 contained in this term sheet is not intended or written to be used,                                
                                 and cannot be used, for the purpose of avoiding U.S. federal, state,                               
                                 or local tax penalties. This advice is written in connection with the                              
                                 promotion or marketing by the Issuer and Depositor of the Offered                                  
                                 Certificates. You should seek advice based on your particular                                      
                                 circumstances from an independent tax advisor.                                                     

ERISA Eligibility:               The Offered Certificates are expected to be ERISA eligible.                                        
                                 Prospective purchasers should consult their own counsel.                                           

SMMEA Eligibility:               The Offered Certificates are not expected to constitute "mortgage                                  
                                 related securities" for purposes of SMMEA.                                                         

Class A Certificates:            Collectively, the Class A-1 certificates and the Class A-2                                         
                                 Certificates.                                                                                      

Class A-2 Certificates:          Collectively, the Class A-2A, Class A-2B, Class A-2C and Class A-2D                                
                                 certificates.                                                                                      

Class M Certificates:            Collectively, the Class M-1, Class M-2, Class M-3, Class M-4 and                                   
                                 Class M-5 certificates.                                                                            

Sequential Class M               Collectively, the Class M-1, Class M-2 and Class M-3 certificates.                                 
Certificates:                                                                                                                       

Class B Certificates:            Collectively, the Class B-1, Class B-2 and Class B-3 certificates.                                 

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       4                                                                                            

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Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
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Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Mortgage Loans:                  The mortgage loans to be included in the trust will be primarily                                   
                                 adjustable- and fixed-rate sub-prime mortgage loans secured by                                     
                                 first-lien and/or second-lien mortgages or deeds of trust on                                       
                                 residential real properties. Substantially all of the mortgage loans                               
                                 were purchased by an affiliate of the depositor from WMC Mortgae                                   
                                 Corp. On the Closing Date, the trust will acquire the mortgage loans.                              
                                 The aggregate scheduled principal balance of the mortgage loans as of                              
                                 the Cut-off Date will be approximately $1,355,443,368. Approximately                               
                                 77.50% of the mortgage loans are adjustable-rate mortgage loans and                                
                                 approximately 22.50% are fixed-rate mortgage loans. The information                                
                                 regarding the mortgage loans set forth below that is based on the                                  
                                 principal balance of the mortgage loans as of the Cut-off Date                                     
                                 assumes the timely receipt of principal scheduled to be paid on the                                
                                 mortgage loans on or prior to the Cut-off Date and no delinquencies,                               
                                 defaults or prepayments, with the exception of 30-59 day                                           
                                 delinquencies comprising approximately 0.02% of the aggregate                                      
                                 scheduled principal balance of the mortgage loans on the Cut-off                                   
                                 Date. See the attached collateral descriptions for additional                                      
                                 information on the initial mortgage loans as of the Cut-off Date.                                  

Group I Mortgage Loans:          As of the Cut-off Date, approximately $413.5 million of mortgage                                   
                                 loans that have original principal balances that conform to the                                    
                                 original principal balance limits for one- to four- family                                         
                                 residential mortgage loan guidelines for purchase adopted by Freddie                               
                                 Mac and Fannie Mae.                                                                                

Group II Mortgage Loans:         As of the Cut-off Date, approximately $941.9 million of mortgage                                   
                                 loans that may or may not have original principal balances that                                    
                                 conform to the original principal balance limits for one- to four-                                 
                                 family residential mortgage loan guidelines for purchase adopted by                                
                                 Freddie Mac and Fannie Mae.                                                                        

Monthly Servicer Advances:       The Servicer will be obligated to advance its own funds in an amount                               
                                 equal to the aggregate of all payments of principal and interest (net                              
                                 of servicing fees), as applicable, that were due during the related                                
                                 Due Period on the mortgage loans and not received by the related                                   
                                 determination date. Advances are required to be made only to the                                   
                                 extent they are deemed by the Servicer to be recoverable from related                              
                                 late collections, insurance proceeds, condemnation proceeds,                                       
                                 liquidation proceeds or subsequent recoveries.                                                     

Expense Fee Rate:                The Expense Fee Rate with respect to each mortgage loan will be a per                              
                                 annum rate equal to the sum of the Servicing Fee Rate and the trustee                              
                                 fee rate.                                                                                          

Servicing Fee Rate:              The Servicing Fee Rate with respect to each mortgage loan will be                                  
                                 0.50% per annum.                                                                                   

Pricing Prepayment Speed:        Fixed Rate Mortgage Loans and 10/20 Adjustable Rate Mortgage Loans:                                
                                 CPR starting at 4.6% CPR in month 1 and increasing to 23% CPR in                                   
                                 month 12 (18.4%/11 increase for each month), and remaining at 23% CPR                              
                                 thereafter.                                                                                        

                                 Adjustable Rate Mortgage Loans: CPR starting at approximately 2% CPR                               
                                 in month 1 and increasing to 30% CPR in month 12 (28%/11 increase,                                 
                                 rounded to the nearest hundredth of a percentage, for each month),                                 
                                 remaining at 30% CPR in months 13 through month 22, 50% CPR in month                               
                                 23 and remaining at 50% CPR through month 27, 35% CPR in month 28 and                              
                                 remaining at 35% CPR thereafter.                                                                   

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       5                                                                                            

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Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
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Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Credit Enhancement:              The credit enhancement provided for the benefit of the holders of the                              
                                 certificates consists solely of: (a) the use of excess interest to                                 
                                 cover losses on the mortgage loans and as a distribution of principal                              
                                 to maintain overcollateralization; (b) the subordination of                                        
                                 distributions on the more subordinate classes of certificates to the                               
                                 required distributions on the more senior classes of certificates;                                 
                                 and (c) the allocation of losses to the most subordinate classes of                                
                                 certificates.                                                                                      

Senior Enhancement               For any Distribution Date, the percentage obtained by dividing (x)                                 
Percentage:                      the sum of (i) the aggregate Class Certificate Balances of the Class                               
                                 M and Class B Certificates and (ii) the Subordinated Amount (in each                               
                                 case after taking into account the distributions of the related                                    
                                 Principal Distribution Amount for that Distribution Date) by (y) the                               
                                 aggregate Stated Principal Balance of the mortgage loans for that                                  
                                 Distribution Date.                                                                                 

Stepdown Date:                   The later to occur of:                                                                             

                                    (i)     the earlier to occur of:                                                                
                                               (a) the Distribution Date in January 2010 and                                        
                                               (b) the Distribution Date immediately following the                                  
                                                 Distribution Date on which the aggregate Class                                     
                                                 Certificate Balances of the Class A Certificates have                              
                                                 been reduced to zero; and                                                          

                                    (ii)    the first Distribution Date on which the Senior Enhancement                             
                                              Percentage (calculated for this purpose only after taking                             
                                              into account payments of principal applied to reduce the                              
                                              Stated Principal Balance of the mortgage loans for that                               
                                              Distribution Date but prior to any applications of                                    
                                              Principal Distribution Amount to the certificates) is                                 
                                              greater than or equal to the Specified Senior Enhancement                             
                                              Percentage (approximately 41.20%).                                                    

Trigger Event:                   Either a Cumulative Loss Trigger Event or a Delinquency Trigger Event.                             

Delinquency Trigger Event:       With respect to any Distribution Date, the circumstances in which the                              
                                 quotient (expressed as a percentage) of (x) the rolling three-month                                
                                 average of the aggregate unpaid principal balance of mortgage loans                                
                                 that are 60 days or more delinquent (including mortgage loans in                                   
                                 foreclosure, mortgage loans related to REO property and mortgage                                   
                                 loans where the mortgagor has filed for bankruptcy) and (y) the                                    
                                 aggregate unpaid principal balance of the mortgage loans as of the                                 
                                 last day of the related Due Period, equals or exceeds 38.75% of the                                
                                 prior period's Senior Enhancement Percentage.                                                      

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

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Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
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Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Cumulative Loss Trigger          With respect to any Distribution Date beginning with January 2009, the                             
Event:                           circumstances in which the aggregate amount of realized losses                                     
                                 incurred since the Cut-off Date through the last day of the related                                
                                 Due Period divided by the aggregate Stated Principal Balance of the                                
                                 mortgage loans as of the Cut-off Date exceeds the applicable                                       
                                 percentages (described below) with respect to such Distribution Date.                              

                                 Distributin Date Occurring in           Loss Percentage                                            
                                 -----------------------------           ---------------                                            

                                 January 2009 through December 2009     1.550% for the first month, plus an additional 1/12th of    
                                                                        1.850% for each month thereafter (e.g., 2475% in July 2009) 

                                 January 2010 through December 2010     3.400% for the first month, plus an additional 1/12th of    
                                                                        1.850% for each month thereafter (e.g., 4.325% in July 2010)

                                 January 2011 through December 2011     5.250% for the first month, plus an additional 1/12th of    
                                                                        1.550% for each month thereafter (e.g., 6.025% in July 2011)

                                 January 2012 through December 2012     6.800% for the first month, plus an additional 1/12th of    
                                                                        0.800% for each month thereafter (e.g., 7.200% in July 2012)

                                 January 2013 and thereafter            7.600%                                                      

Optional Clean-up Call:          The Servicer may, at its option, purchase the mortgage loans and REO                               
                                 properties and terminate the trust on any Distribution Date when the                               
                                 aggregate Stated Principal Balance of the mortgage loans, as of the                                
                                 last day of the related due period, is equal to or less than 10% of                                
                                 the aggregate Stated Principal Balance of the mortgage loans as of the                             
                                 Cut-off Date.                                                                                      

Swap Provider:                   Barclays Bank PLC, as Swap Provider, is a public limited company                                   
                                 registered in England and Wales. Barclays Bank PLC engages in a                                    
                                 diverse banking and investment banking business and regularly engages                              
                                 in derivatives transactions in a variety of markets. As of the date                                
                                 hereof, Barclays Bank PLC is rated AA+ by Fitch, AA by S&P and Aa1 by                              
                                 Moody's.                                                                                           

Interest Rate Swap Agreement:    On the Closing Date, the Trust will enter into a Swap Agreement with                               
                                 an initial notional amount of approximately $1,304,616,000. Under the                              
                                 Swap Agreement, the Trust will be obligated to pay on each                                         
                                 Distribution Date an amount equal to [5.200]% per annum on the                                     
                                 notional amount set forth on the attached Swap Agreement schedule on a                             
                                 30/360 basis (for the first period, 27 days) and the Trust will be                                 
                                 entitled to receive an amount equal to one-month LIBOR on the notional                             
                                 amount as set forth in the Swap Agreement based on an actual/360 basis                             
                                 from the Swap Provider, until the Swap Agreement is terminated. Only                               
                                 the net amount of the two obligations will be paid by the appropriate                              
                                 party ("Net Swap Payment").                                                                        

                                 Generally, the Net Swap Payment will be deposited into a supplemental                              
                                 interest account (the "Supplemental Interest Account") by the Trustee                              
                                 pursuant to the Pooling and Servicing Agreement and amounts on deposit                             
                                 in the Supplemental Interest Account will be distributed in accordance                             
                                 with the terms set forth in the Pooling and Servicing Agreement.                                   
                                 Upon early termination of the Swap Agreement, the Trust or the Swap                                
                                 Provider may be liable to make a termination payment (the "Swap                                    
                                 Termination Payment") to the other party (regardless of which party                                
                                 caused the termination). The Swap Termination Payment will be computed                             
                                 in accordance with the procedures set forth in the Swap Agreement. In                              
                                 the event that the Trust is required to make a Swap Termination                                    
                                 Payment, in certain instances, that payment will be paid on the                                    
                                 related Distribution Date, and on any subsequent Distribution Dates                                
                                 until paid in full, prior to distributions to Certificateholders.                                  

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       7                                                                                            

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Credit Enhancement                                                                                                                  
Percentage:                      Initial Subordination Level              After Stepdown                                            
                                 ---------------------------              --------------                                            
                                                                         Subordination Level                                        
                                                                         -------------------                                        

                                  Class A:           20.60%          Class A:          41.20%                                       
                                  Class M1-1:        17.20%          Class M1-1:       34.40%                                       
                                  Class M1-2:        14.10%          Class M1-2:       28.20%                                       
                                  Class M1-3:        12.30%          Class M1-3:       24.60%                                       
                                  Class M1-4:         9.00%          Class M1-4:       18.00%                                       
                                  Class M1-5:         7.50%          Class M1-5:       15.00%                                       
                                  Class B-1:          6.00%          Class B-1:        12.00%                                       
                                  Class B-2:          4.70%          Class B-2:         9.40%                                       
                                  Class B-3:          3.57%          Class B-3:         7.50%                                       

Step-up Coupons:                 For all LIBOR Certificates the interest rate will increase on the                                  
                                 Distribution Date following the first possible Optional Clean-up Call                              
                                 date, should the call not be exercised. At that time, the Class A                                  
                                 fixed margins will be 2x their respective initial fixed margins and                                
                                 the Class M and Class B fixed margins will be 1.5x their respective                                
                                 initial fixed margins.                                                                             

Class A-1 Pass-Through Rate:     The Class A-1 certificates will accrue interest at a per annum rate                                
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Group I Loan Cap.                                                                 

Class A-2A Pass-Through Rate:    The Class A-2A certificates will accrue interest at a per annum rate                               
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Group II Loan Cap.                                                                

Class A-2B Pass-Through Rate:    The Class A-2B certificates will accrue interest at a per annum rate                               
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Group II Loan Cap.                                                                

Class A-2C Pass-Through Rate:    The Class A-2C certificates will accrue interest at a per annum rate                               
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Group II Loan Cap.                                                                

Class A-2D Pass-Through Rate:    The Class A-2D certificates will accrue interest at a per annum rate                               
                                 equal to the lesser of:                                                                            

                                      (iii)   one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (iv)    the Group II Loan Cap.                                                                

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       8                                                                                            

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Class M-1 Pass-Through Rate:     The Class M-1 certificates will accrue interest at a per annum rate                                
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Pool Cap.                                                                         

Class M-2 Pass-Through Rate:     The Class M-2 certificates will accrue interest at a per annum rate                                
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable and                                                                       
                                      (ii)    the Pool Cap.                                                                         

Class M-3 Pass-Through Rate:     The Class M-3 certificates will accrue interest at a per annum rate                                
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Pool Cap.                                                                         

Class M-4 Pass-Through Rate:     The Class M-4 certificates will accrue interest at a per annum rate                                
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Pool Cap.                                                                         

Class M-5 Pass-Through Rate:     The Class M-5 certificates will accrue interest at a per annum rate                                
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Pool Cap.                                                                         

Class B-1 Pass-Through Rate:     The Class B-1 certificates will accrue interest at a per annum rate                                
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Pool Cap.                                                                         

Class B-2 Pass-Through Rate:     The Class B-2 certificates will accrue interest at a per annum rate                                
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Pool Cap.                                                                         

Class B-3 Pass-Through Rate:     The Class B-3 certificates will accrue interest at a per annum rate                                
                                 equal to the lesser of:                                                                            

                                      (i)     one-month LIBOR plus [___] bps ([___] bps after the first                             
                                              Distribution Date on which the Optional Clean-up Call is                              
                                              exercisable) and                                                                      
                                      (ii)    the Pool Cap.                                                                         

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       9                                                                                            

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Group I Loan Cap:                Product of:                                                                                        
                                      (i)     (a) the weighted average of the mortgage rates for the Group I                        
                                              Mortgage Loans (in each case, less the applicable Expense                             
                                              Fee Rate) then in effect on the beginning of the related                              
                                              Due Period, minus (b) the product of (x) the Net Swap                                 
                                              Payment plus any Swap Termination Payment (other than a                               
                                              Defaulted Swap Termination Payment) made to the Swap                                  
                                              Provider, if any, expressed as a percentage, equal to a                               
                                              fraction, the numerator of which is equal to the Net Swap                             
                                              Payment made to the Swap Provider and the denominator of                              
                                              which is equal to the aggregate principal balance of the                              
                                              Mortgage Loans (the "Net Swap Payment Rate") and (y) 12.                              
                                      (ii)    a fraction, the numerator of which is 30 and the denominator                          
                                              of which is the actual number of days in the related                                  
                                              Interest Accrual Period.                                                              

Group II Loan Cap:               Product of:                                                                                        
                                      (i)     (a) the weighted average of the mortgage rates for the Group                          
                                              II Mortgage Loans (in each case, less the applicable                                  
                                              Expense Fee Rate) then in effect on the beginning of the                              
                                              related Due Period, minus (b) the product of (x) the Net                              
                                              Swap Payment plus any Swap Termination Payment (other than                            
                                              a Defaulted Swap Termination Payment) made to the Swap                                
                                              Provider, if any, expressed as a percentage, equal to a                               
                                              fraction, the numerator of which is equal to the Net Swap                             
                                              Payment made to the Swap Provider and the denominator of                              
                                              which is equal to the aggregate principal balance of the                              
                                              Mortgage Loans (the "Net Swap Payment Rate") and (y) 12.                              
                                      (ii)    a fraction, the numerator of which is 30 and the denominator                          
                                              of which is the actual number of days in the related                                  
                                              Interest Accrual Period.                                                              

Pool Cap:                        The weighted average of (a) Group I Loan Cap and (b) Group II Loan                                 
                                 Cap weighted on the basis of the related Group Subordinate Amount.                                 

Group Subordinate Amount:        For any Distribution Date,                                                                         

                                     (i)      for the Group I Mortgage Loans, will be equal to the excess of                        
                                              the aggregate principal balance of the Group I Mortgage                               
                                              Loans as of the beginning of the related Due Period over                              
                                              the Class Certificate Balance of the Class A-1 certificates                           
                                              immediately prior to such Distribution Date and                                       
                                     (ii)     for the Group II Mortgage Loans, will be equal to the excess                          
                                              of the aggregate principal balance of the Group II Mortgage                           
                                              Loans as of the beginning of the related Due Period over                              
                                              the Class Certificate Balance of the Class A-2 Certificates                           
                                              immediately prior to such Distribution Date.                                          

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       10                                                                                           

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Basis Risk Carry Forward         On any Distribution Date and for any class of LIBOR Certificates is                                
Amount:                          the sum of:                                                                                        

                                 (x) the excess of:                                                                                 
                                      (i)     the amount of interest that class of certificates would have                          
                                              been entitled to receive on that Distribution Date had the                            
                                              Pass-Through Rate not been subject to the Group I Loan Cap, the                       
                                              Group II Loan Cap or the Pool Cap, as applicable, over                                
                                      (ii)    the amount of interest that class of certificates are                                 
                                              entitled to receive on that Distribution Date based on the Group                      
                                              I Loan Cap, the Group II Loan Cap or the Pool Cap, as                                 
                                              applicable, and                                                                       
                                 (y) the unpaid portion of any such excess described in clause (x) from                             
                                     prior Distribution Dates (and related accrued interest at the then                             
                                     applicable Pass-Through Rate on that class of certificates,                                    
                                     without giving effect to the Group I Loan Cap, the Group II Loan                               
                                     Cap or the Pool Cap, as applicable).                                                           

Interest Distributions on        On each Distribution Date, distributions from available funds will be                              
the LIBOR Certificates:          allocated as follows:                                                                              

                                      (i)     to the Supplemental Interest Account, net swap payments                               
                                              and certain swap termination payments owed to the Swap                                
                                              Provider, if any;                                                                     

                                      (ii)    from the Interest Remittance Amount attributable to the                               
                                              Group I Mortgage Loans according to the related Accrued                               
                                              Certificate Interest and any unpaid interest shortfall                                
                                              amounts for such class, as applicable, first, to the                                  
                                              Class A-1 certificates and second, pro rata to the Class                              
                                              A-2 Certificates to the extent unpaid in (iii) below;                                 

                                      (iii)   from the Interest Remittance Amount attributable to the                               
                                              Group II Mortgage Loans according to the related Accrued                              
                                              Certificate Interest and any unpaid interest shortfall                                
                                              amounts for such class, as applicable, first, pro rata                                
                                              to the Class A-2 Certificates and second, to the Class                                
                                              A-1 certificates to the extent unpaid in (ii) above;                                  

                                      (iv)    from any remaining Interest Remittance Amounts to the                                 
                                              Class M-1 certificates, their Accrued Certificate                                     
                                              Interest;                                                                             

                                      (v)     from any remaining Interest Remittance Amounts to the                                 
                                              Class M-2 certificates, their Accrued Certificate                                     
                                              Interest;                                                                             

                                      (vi)    from any remaining Interest Remittance Amounts to the                                 
                                              Class M-3 certificates, their Accrued Certificate                                     
                                              Interest;                                                                             

                                      (vii)   from any remaining Interest Remittance Amounts to the                                 
                                              Class M-4 certificates, their Accrued Certificate                                     
                                              Interest;                                                                             

                                      (viii)  from any remaining Interest Remittance Amounts to the                                 
                                              Class M-5 certificates, their Accrued Certificate                                     
                                              Interest;                                                                             

                                      (ix)    from any remaining Interest Remittance Amounts to the                                 
                                              Class B-1 certificates, their Accrued Certificate                                     
                                              Interest;                                                                             

                                      (x)     from any remaining Interest Remittance Amounts to the                                 
                                              Class B-2 certificates, their Accrued Certificate                                     
                                              Interest; and                                                                         

                                      (xi)    from any remaining Interest Remittance Amounts to the                                 
                                              Class B-3 certificates, their Accrued Certificate                                     
                                              Interest.                                                                             

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       11                                                                                           

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Principal Distribution on        On each Distribution Date (a) prior to the Stepdown Date or (b) on                                 
the LIBOR Certificates:          which a Trigger Event is in effect, principal distributions from the                               
                                 Principal Distribution Amount will be allocated as follows:                                        

                                      (i)     to the Class A Certificates, allocated between the Class                              
                                              A Certificates as described below, until their Class                                  
                                              Certificate Balances have been reduced to zero;                                       
                                      (ii)    to the Class M-1 certificates, until their Class                                      
                                              Certificate Balance has been reduced to zero;                                         
                                      (iii)   to the Class M-2 certificates, until their Class                                      
                                              Certificate Balance has been reduced to zero;                                         
                                      (iv)    to the Class M-3 certificates, until their Class                                      
                                              Certificate Balance has been reduced to zero;                                         
                                      (v)     to the Class M-4 certificates, until their Class                                      
                                              Certificate Balance has been reduced to zero;                                         
                                      (vi)    to the Class M-5 certificates, until their Class                                      
                                              Certificate Balance has been reduced to zero;                                         
                                      (vii)   to the Class B-1 certificates, until their Class                                      
                                              Certificate Balance has been reduced to zero;                                         
                                      (viii)  to the Class B-2 certificates, until their Class                                      
                                              Certificate Balance has been reduced to zero; and                                     
                                      (ix)    to the Class B-3 certificates, until their Class                                      
                                              Certificate Balance has been reduced to zero.                                         

                                  On each Distribution Date (a) on or after the Stepdown Date and (b)                               
                                  on which a Trigger Event is not in effect, the principal                                          
                                  distributions from the Principal Distribution Amount will be                                      
                                  allocated as follows:                                                                             

                                      (i)   to the Class A Certificates, the lesser of the Principal                                
                                            Distribution Amount and the Class A Principal Distribution                              
                                            Amount, allocated between the Class A Certificates as                                   
                                            described below, until their Class Certificate Balances                                 
                                            have been reduced to zero;                                                              
                                      (ii)  to the Class M-1, Class M-2 and Class M-3 certificates, in                              
                                            that order, the lesser of the remaining Principal                                       
                                            Distribution Amount and the Sequential Class M Principal                                
                                            Distribution Amount, until their respective Class                                       
                                            Certificate Balances have been reduced to zero;                                         
                                      (iii) to the Class M-4 certificates, the lesser of the remaining                              
                                            Principal Distribution Amount and the Class M-4 Principal                               
                                            Distribution Amount, until their Class Certificate Balance                              
                                            has been reduced to zero;                                                               
                                      (iv)  to the Class M-5 certificates, the lesser of the remaining                              
                                            Principal Distribution Amount and the Class M-5 Principal                               
                                            Distribution Amount, until their Class Certificate Balance                              
                                            has been reduced to zero;                                                               
                                      (v)   to the Class B-1 certificates, the lesser of the remaining                              
                                            Principal Distribution Amount and the Class B-1 Principal                               
                                            Distribution Amount, until their Class Certificate Balance                              
                                            has been reduced to zero;                                                               
                                      (vi)  to the Class B-2 certificates, the lesser of the remaining                              
                                            Principal Distribution Amount and the Class B-2 Principal                               
                                            Distribution Amount, until their Class Certificate Balance                              
                                            has been reduced to zero; and                                                           
                                      (vii) to the Class B-3 certificates, the lesser of the remaining                              
                                            Principal Distribution Amount and the Class B-3 Principal                               
                                            Distribution Amount, until their Class Certificate Balance                              
                                            has been reduced to zero.                                                               

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       12                                                                                           

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Allocation of Principal          All principal distributions to the holders of the Class A Certificates                             
Payments to Class A              on any Distribution Date will be allocated concurrently between the                                
Certificates:                    Class A-1 certificates and the Class A-2 Certificates, based on the                                
                                 Class A Principal Allocation Percentage for the Class A-1 certificates                             
                                 and the Class A-2 Certificates, as applicable. However, if the Class                               
                                 Certificate Balances of the Class A Certificates in any Class A                                    
                                 Certificate Group are reduced to zero, then the remaining amount of                                
                                 principal distributions distributable to the Class A Certificates on                               
                                 that Distribution Date, and the amount of those principal                                          
                                 distributions distributable on all subsequent Distribution Dates, will                             
                                 be distributed to the holders of the Class A Certificates in the other                             
                                 Class A Certificate Group pro rata on the remaining outstanding                                    
                                 balances, in accordance with the principal distribution allocations                                
                                 described herein, until their Class Certificate Balances have been                                 
                                 reduced to zero. Any payments of principal to the Class A-1                                        
                                 certificates will be made first from payments relating to the Group I                              
                                 Mortgage Loans, and any payments of principal to the Class A-2                                     
                                 Certificates will be made first from payments relating to the Group II                             
                                 Mortgage Loans.                                                                                    

                                 Except as described below, any principal distributions allocated to                                
                                 the Class A-2 Certificates are required to be distributed sequentially                             
                                 first, to the Class A-2A certificates, second, to the Class A-2B                                   
                                 certificates, third, to the Class A-2C certificates and fourth, to the                             
                                 Class A-2D certificates, in each case, until their Class Certificate                               
                                 Balance has been reduced to zero.                                                                  

                                 Notwithstanding the above, in the event that all subordinate classes,                              
                                 including the Class X certificates, have been reduced to zero,                                     
                                 principal distributions to the Class A-2 Certificates will be                                      
                                 distributed pro rata among the Class A-2A, Class A-2B, Class A-2C and                              
                                 Class A-2D certificates in proportion to their respective Class                                    
                                 Certificate Balances until their Class Certificate Balance has been                                
                                 reduced to zero.                                                                                   

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       13                                                                                           

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Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Allocation of Net Monthly        For any Distribution Date, any Net Monthly Excess Cash Flow shall be                               
Excess Cash Flow:                paid as follows:                                                                                   

                                 (a)   to the holders of the Class M-1 certificates, any Unpaid                                     
                                       Interest Amount;                                                                             
                                 (b)   to the holders of the Class M-1 certificates, any Unpaid                                     
                                       Realized Loss Amount;                                                                        
                                 (c)   to the holders of the Class M-2 certificates, any Unpaid                                     
                                       Interest Amount;                                                                             
                                 (d)   to the holders of the Class M-2 certificates, any Unpaid                                     
                                       Realized Loss Amount;                                                                        
                                 (e)   to the holders of the Class M-3 certificates, any Unpaid                                     
                                       Interest Amount;                                                                             
                                 (f)   to the holders of the Class M-3 certificates, any Unpaid                                     
                                       Realized Loss Amount;                                                                        
                                 (g)   to the holders of the Class M-4 certificates, any Unpaid                                     
                                       Interest Amount;                                                                             
                                 (h)   to the holders of the Class M-4 certificates, any Unpaid                                     
                                       Realized Loss Amount;                                                                        
                                 (i)   to the holders of the Class M-5 certificates, any Unpaid                                     
                                       Interest Amount;                                                                             
                                 (j)   to the holders of the Class M-5 certificates, any Unpaid                                     
                                       Realized Loss Amount;                                                                        
                                 (k)   to the holders of the Class B-1 certificates, any Unpaid                                     
                                       Interest Amount;                                                                             
                                 (l)   to the holders of the Class B-1 certificates, any Unpaid                                     
                                       Realized Loss Amount;                                                                        
                                 (m)   to the holders of the Class B-2 certificates, any Unpaid                                     
                                       Interest Amount;                                                                             
                                 (n)   to the holders of the Class B-2 certificates, any Unpaid                                     
                                       Realized Loss Amount;                                                                        
                                 (o)   to the holders of the Class B-3 certificates, any Unpaid                                     
                                       Interest Amount;                                                                             
                                 (p)   to the holders of the Class B-3 certificates, any Unpaid                                     
                                       Realized Loss Amount;                                                                        
                                 (q)   to the Excess Reserve Fund Account, the amount of any Basis                                  
                                       Risk Payment for that Distribution Date;                                                     
                                 (r)   from funds on deposit in the Excess Reserve Fund Account with                                
                                       respect to that Distribution Date, an amount equal to any                                    
                                       unpaid Basis Risk Carry Forward Amount with respect to the                                   
                                       LIBOR Certificates for that Distribution Date to the LIBOR                                   
                                       Certificates in the same order and priority in which Accrued                                 
                                       Certificate Interest is allocated among those classes of                                     
                                       certificates except that the Class A Certificates will be paid                               
                                       (a) first, pro rata, based upon their respective Class                                       
                                       Certificate Balances only with respect to those Class A                                      
                                       Certificates with an outstanding Basis Risk Carry Forward                                    
                                       Amount and (b) second, pro rata based on any outstanding Basis                               
                                       Risk Carry Forward Amount remaining unpaid;                                                  
                                 (s)   to the Class X certificates, those amounts as described in the                               
                                       pooling and servicing agreement;                                                             
                                 (t)   to the holders of the Class R certificates, any remaining                                    
                                       amount;                                                                                      
                                 (u)   to the extent not paid from available funds, from the                                        
                                       Supplemental Interest Account, to pay any unpaid interest on                                 
                                       the Class A Certificates, pro rata, including any accrued and                                
                                       unpaid interest from prior Distribution Dates, then to pay any                               
                                       unpaid interest including any accrued and unpaid interest from                               
                                       prior Distribution Dates to the Class M Certificates                                         
                                       sequentially, and then to pay any unpaid interest including                                  
                                       any accrued and unpaid interest from prior Distribution Dates                                
                                       to the Class B Certificates sequentially;                                                    
                                 (v)   to the extent not paid from available funds, from the                                        
                                       Supplemental Interest Account, to pay Basis Risk Carry Forward                               
                                       Amounts on the Class A, Class M and Class B Certificates                                     
                                       remaining unpaid in the same order of priority as described in                               
                                       (r) above;                                                                                   

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       14                                                                                           

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Allocation of Net Monthly        (w)   to the extent not paid from available funds, from the                                        
Excess Cash Flow:                      Supplemental Interest Account, to pay any principal on the                                   
                                       Class A Certificates, on the Class M Certificates and on the                                 
                                       Class B Certificates, in accordance with the principal payment                               
                                       provisions described above (under "Principal Distributions on                                
                                       the LIBOR Certificates") in an amount necessary to restore the                               
                                       applicable Specified Subordinated Amount as a result of                                      
                                       current or prior realized losses not previously reimbursed;                                  
                                 (x)   to the extent not paid from available funds, from the                                        
                                       Supplemental Interest Account, to pay any Unpaid Realized Loss                               
                                       Amounts remaining on the Class M Certificates and Class B                                    
                                       Certificates, sequentially; and                                                              
                                 (y)   from the Supplemental Interest Account, any remaining amounts                                
                                       to be distributed to the Class X certificates in accordance                                  
                                       with the pooling and servicing agreement.                                                    

Interest Remittance Amount:      With respect to any Distribution Date and the mortgage loans in a loan                             
                                 group, that portion of available funds attributable to interest                                    
                                 relating to the mortgage loans in that mortgage loan group after                                   
                                 taking into account any payments made to the Swap Provider.                                        

Accrued Certificate Interest:    For each class of LIBOR Certificates on any Distribution Date, the                                 
                                 amount of interest accrued during the related Interest Accrual Period                              
                                 on the related Class Certificate Balance immediately prior to such                                 
                                 Distribution Date at the related Pass-Through Rate, as reduced by that                             
                                 class's share of net prepayment interest shortfalls and any shortfalls                             
                                 resulting from the application of the Servicemembers Civil Relief Act                              
                                 or any similar state statute.                                                                      

Principal Distribution           For each Distribution Date will equal the sum of (i) the Basic                                     
Amount:                          Principal Distribution Amount for that Distribution Date and (ii) the                              
                                 Extra Principal Distribution Amount for that Distribution Date.                                    

Basic Principal Distribution     With respect to any Distribution Date, the excess of (i) the aggregate                             
Amount:                          Principal Remittance Amount for that Distribution Date over (ii) the                               
                                 Excess Subordinated Amount, if any, for that Distribution Date.                                    

Net Monthly Excess Cash Flow:    Available Funds remaining after the amount necessary to make all                                   
                                 payments of interest and principal to the LIBOR certificates and after                             
                                 taking into account any payments made to the Swap Provider, as                                     
                                 described under "Interest Distributions on the LIBOR Certificates" and                             
                                 "Principal Distributions on the LIBOR Certificates" above.                                         

Extra Principal Distribution     As of any Distribution Date, the lesser of (x) the Total Monthly                                   
Amount:                          Excess Spread for that Distribution Date and (y) the Subordination                                 
                                 Deficiency, if any, for that Distribution Date.                                                    

Total Monthly Excess Spread:     As to any Distribution Date equals the excess, if any, of (x) the                                  
                                 interest on the mortgage loans received by the Servicer on or prior to                             
                                 the related Determination Date or advanced by the Servicer for the                                 
                                 related Servicer Remittance Date, net of the servicing fee and the                                 
                                 trustee fee, over (y) the sum of the amount paid as interest to the                                
                                 Certificates at their respective Pass-Through Rates and any Net Swap                               
                                 Payment and Swap Termination Payment (other than a Defaulted Swap                                  
                                 Termination Payment) payable to the Swap Provider.                                                 

Subordinated Amount:             With respect to any Distribution Date, the excess, if any, of (a) the                              
                                 aggregate Stated Principal Balance of the mortgage loans for that                                  
                                 Distribution Date (after taking into account principal received on the                             
                                 mortgage loans that is distributed on that Distribution Date) over (b)                             
                                 the aggregate Class Certificate Balance of the LIBOR Certificates as                               
                                 of that date (after taking into account principal received on the                                  
                                 mortgage loans that is distributed on that Distribution Date).                                     

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       15                                                                                           

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Specified Subordinated           Prior to the Stepdown Date, an amount equal to 3.75% of the aggregate                              
Amount:                          Stated Principal Balance of the mortgage loans as of the Cut-off Date.                             
                                 On and after the Stepdown Date, an amount equal to 7.50% of the                                    
                                 aggregate Stated Principal Balance of the mortgage loans for that                                  
                                 Distribution Date (after taking into account principal received on the                             
                                 mortgage loans that is distributed on that Distribution Date), subject                             
                                 to a minimum amount equal to 0.50% of the aggregate Stated Principal                               
                                 Balance of the mortgage loans as of the Cut-off Date; provided,                                    
                                 however, that if, on any Distribution Date, a Trigger Event exists,                                
                                 the Specified Subordinated Amount will not be reduced to the                                       
                                 applicable percentage of the then Stated Principal Balance of the                                  
                                 mortgage loans but instead remain the same as the prior period's                                   
                                 Specified Subordinated Amount until the Distribution Date on which a                               
                                 Trigger Event no longer exists. When the Class Certificate Balance of                              
                                 each class of LIBOR Certificates has been reduced to zero, the                                     
                                 Specified Subordinated Amount will thereafter equal zero.                                          

Excess Subordinated Amount:      With respect to any Distribution Date, the excess, if any, of (a) the                              
                                 Subordinated Amount on that Distribution Date over (b) the Specified                               
                                 Subordinated Amount.                                                                               

Subordination Deficiency:        With respect to any Distribution Date, the excess, if any, of (a) the                              
                                 Specified Subordinated Amount for that Distribution Date over (b) the                              
                                 Subordinated Amount for that Distribution Date.                                                    

Principal Remittance Amount:     With respect to any Distribution Date, to the extent of funds                                      
                                 available as described in the prospectus supplement, the amount equal                              
                                 to the sum of the following amounts (without duplication) with respect                             
                                 to the related Due Period: (i) each scheduled payment of principal on                              
                                 a mortgage loan due during the related Due Period and received by the                              
                                 Servicer on or prior to the related determination date or advanced by                              
                                 the Servicer for the related Servicer remittance date; (ii) all full                               
                                 and partial principal prepayments on mortgage loans received during                                
                                 the related Prepayment Period; (iii) all net liquidation proceeds,                                 
                                 condemnation proceeds, insurance proceeds and subsequent recoveries                                
                                 received on the mortgage loans and allocable to principal; (iv) the                                
                                 portion of the purchase price allocable to principal with respect to                               
                                 each deleted mortgage loan that was repurchased during the period from                             
                                 the prior Distribution Date through the business day prior to the                                  
                                 current Distribution Date; (v) the Substitution Adjustment Amounts                                 
                                 received in connection with the substitution of any mortgage loan as                               
                                 of that Distribution Date; and (vi) the allocable portion of the                                   
                                 proceeds received with respect to the Optional Clean-up Call (to the                               
                                 extent they relate to principal).                                                                  

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       16                                                                                           

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Class A Principal Allocation     For any Distribution Date is the percentage equivalent of a fraction,                              
Percentage:                      determined as follows:                                                                             

                                 (1)   with respect to the Class A-1 certificates, a fraction, the                                  
                                       numerator of which is the portion of the Principal Remittance                                
                                       Amount for that Distribution Date that is attributable to the                                
                                       principal received or advanced on the Group I Mortgage Loans and                             
                                       the denominator of which is the Principal Remittance Amount for                              
                                       that Distribution Date; and                                                                  

                                 (2)   with respect to the Class A-2 Certificates, a fraction, the                                  
                                       numerator of which is the portion of the Principal Remittance                                
                                       Amount for that Distribution Date that is attributable to the                                
                                       principal received or advanced on the Group II Mortgage Loans and                            
                                       the denominator of which is the Principal Remittance Amount for                              
                                       that Distribution Date.                                                                      

Class A Principal                For any Distribution Date is the excess of (a) the aggregate Class                                 
Distribution Amount:             Certificate Balance of the Class A Certificates immediately prior to                               
                                 that Distribution Date over (b) the lesser of (x) approximately 58.80%                             
                                 of the aggregate Stated Principal Balance of the mortgage loans for                                
                                 that Distribution Date and (y) the excess, if any, of the aggregate                                
                                 Stated Principal Balance of the mortgage loans for that Distribution                               
                                 Date over $6,777,217.                                                                              

Sequential Class M Principal     With respect to any Distribution Date is the excess of (i) the sum of                              
Distribution Amount:             (a) the aggregate Class Certificate Balances of the Class A                                        
                                 Certificates (after taking into account distribution of the Class A                                
                                 Principal Distribution Amount on that Distribution Date) and (b) the                               
                                 Class Certificate Balance of the Sequential Class M Certificates                                   
                                 immediately prior to that Distribution Date over (ii) the lesser of                                
                                 (a) approximately 75.40% of the aggregate Stated Principal Balance of                              
                                 the mortgage loans for that Distribution Date and (b) the excess, if                               
                                 any, of the aggregate Stated Principal Balance of the mortgage loans                               
                                 for that Distribution Date over $6,777,217.                                                        

Class M-4 Principal              With respect to any Distribution Date is the excess of (i) the sum of                              
Distribution Amount:             (a) the aggregate Class Certificate Balances of the Class A                                        
                                 Certificates (after taking into account distribution of the Class A                                
                                 Principal Distribution Amount on that Distribution Date), (b) the                                  
                                 Class Certificate Balance of the Sequential Class M Certificates                                   
                                 (after taking into account distribution of the Sequential Class M                                  
                                 Principal Distribution Amount on that Distribution Date), and (c) the                              
                                 Class Certificate Balance of the Class M-4 certificates immediately                                
                                 prior to that Distribution Date over (ii) the lesser of (a)                                        
                                 approximately 82.00% of the aggregate Stated Principal Balance of the                              
                                 mortgage loans for that Distribution Date and (b) the excess, if any,                              
                                 of the aggregate Stated Principal Balance of the mortgage loans for                                
                                 that Distribution Date over $6,777,217.                                                            

Class M-5 Principal              With respect to any Distribution Date is the excess of (i) the sum of                              
Distribution Amount:             (a) the aggregate Class Certificate Balances of the Class A                                        
                                 Certificates (after taking into account distribution of the Class A                                
                                 Principal Distribution Amount on that Distribution Date), (b) the                                  
                                 Class Certificate Balance of the Sequential Class M Certificates                                   
                                 (after taking into account distribution of the Sequential Class M                                  
                                 Principal Distribution Amount on that Distribution Date), (c) the                                  
                                 Class Certificate Balance of the Class M-4 certificates (after taking                              
                                 into account distribution of the Class M-4 Principal Distribution                                  
                                 Amount on that Distribution Date), and (d) the Class Certificate                                   
                                 Balance of the Class M-5 certificates immediately prior to that                                    
                                 Distribution Date over (ii) the lesser of (a) approximately 85.00 % of                             
                                 the aggregate Stated Principal Balance of the mortgage loans for that                              
                                 Distribution Date and (b) the excess, if any, of the aggregate Stated                              
                                 Principal Balance of the mortgage loans for that Distribution Date                                 
                                 over $6,777,217.                                                                                   

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       17                                                                                           

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

Summary of Terms (cont'd)                                                                                                           
-------------------------                                                                                                           

Class B-1 Principal              With respect to any Distribution Date is the excess of (i) the sum of                              
Distribution Amount:             (a) the aggregate Class Certificate Balances of the Class A                                        
                                 Certificates (after taking into account distribution of the Class A                                
                                 Principal Distribution Amount on that Distribution Date), (b) the                                  
                                 Class Certificate Balance of the Sequential Class M Certificates                                   
                                 (after taking into account distribution of the Sequential Class M                                  
                                 Principal Distribution Amount on that Distribution Date), (c) the                                  
                                 Class Certificate Balance of the Class M-4 certificates (after taking                              
                                 into account distribution of the Class M-4 Principal Distribution                                  
                                 Amount on that Distribution Date), (d) the Class Certificate Balance                               
                                 of the Class M-5 certificates (after taking into account distribution                              
                                 of the Class M-5 Principal Distribution Amount on that Distribution                                
                                 Date) and (e) the Class Certificate Balance of the Class B-1                                       
                                 certificates immediately prior to that Distribution Date over (ii) the                             
                                 lesser of (a) approximately 88.00% of the aggregate Stated Principal                               
                                 Balance of the mortgage loans for that Distribution Date and (b) the                               
                                 excess, if any, of the aggregate Stated Principal Balance of the                                   
                                 mortgage loans for that Distribution Date over $6,777,217.                                         

Class B-2 Principal              With respect to any Distribution Date is the excess of (i) the sum of                              
Distribution Amount:             (a) the aggregate Class Certificate Balances of the Class A                                        
                                 Certificates (after taking into account distribution of the Class A                                
                                 Principal Distribution Amount on that Distribution Date), (b) the                                  
                                 Class Certificate Balance of the Sequential Class M Certificates                                   
                                 (after taking into account distribution of the Sequential Class M                                  
                                 Principal Distribution Amount on that Distribution Date), (c) the                                  
                                 Class Certificate Balance of the Class M-4 certificates (after taking                              
                                 into account distribution of the Class M-4 Principal Distribution                                  
                                 Amount on that Distribution Date), (d) the Class Certificate Balance                               
                                 of the Class M-5 certificates (after taking into account distribution                              
                                 of the Class M-5 Principal Distribution Amount on that Distribution                                
                                 Date), (e) the Class Certificate Balance of the Class B-1 certificates                             
                                 (after taking into account distribution of the Class B-1 Principal                                 
                                 Distribution Amount on that Distribution Date) and (f) the                                         
                                 Class Certificate Balance of the Class B-2 certificates immediately                                
                                 prior to that Distribution Date over (ii) the lesser of                                            
                                 (a) approximately 90.60% of the aggregate Stated Principal Balance of                              
                                 the mortgage loans for that Distribution Date and (b) the excess, if                               
                                 any, of the aggregate Stated Principal Balance of the mortgage loans                               
                                 for that Distribution Date over $6,777,217.                                                        

Class B-3 Principal              With respect to any Distribution Date is the excess of (i) the sum of                              
Distribution Amount:             (a) the aggregate Class Certificate Balances of the Class A                                        
                                 Certificates (after taking into account distribution of the Class A                                
                                 Principal Distribution Amount on that Distribution Date), (b) the                                  
                                 Class Certificate Balance of the Sequential Class M Certificates                                   
                                 (after taking into account distribution of the Sequential Class M                                  
                                 Principal Distribution Amount on that Distribution Date), (c) the                                  
                                 Class Certificate Balance of the Class M-4 certificates (after taking                              
                                 into account distribution of the Class M-4 Principal Distribution                                  
                                 Amount on that Distribution Date), (d) the Class Certificate Balance                               
                                 of the Class M-5 certificates (after taking into account distribution                              
                                 of the Class M-5 Principal Distribution Amount on that Distribution                                
                                 Date), (e) the Class Certificate Balance of the Class B-1 certificates                             
                                 (after taking into account distribution of the Class B-1 Principal                                 
                                 Distribution Amount on that Distribution Date), (f) the                                            
                                 Class Certificate Balance of the Class B-2 certificates (after taking                              
                                 into account distribution of the Class B-2 Principal Distribution                                  
                                 Amount on that Distribution Date) and (g) the Class Certificate                                    
                                 Balance of the Class B-3 certificates immediately prior to that                                    
                                 Distribution Date over (ii) the lesser of (a) approximately 92.50% of                              
                                 the aggregate Stated Principal Balance of the mortgage loans for that                              
                                 Distribution Date and (b) the excess, if any, of the aggregate Stated                              
                                 Principal Balance of the mortgage loans for that Distribution Date                                 
                                 over $6,777,217.                                                                                   

--------------------------------------------------------------------------------                                                    
The Depositor has filed a registration statement (including a prospectus) with                                                      
the SEC for the offering to which this free writing prospectus relates. Before                                                      
you invest, you should read the prospectus in that registration statement and                                                       
other documents the Depositor has filed with the SEC for more complete                                                              
information about the Depositor and this offering. You may get these documents                                                      
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,                                                       
the Depositor, any underwriter or any dealer participating in the offering will                                                     
arrange to send you the prospectus if you request it by calling toll-free                                                           
1-888-227-2275 ext. 2663.                                                                                                           

This free writing prospectus is not required to contain all information that is                                                     
required to be included in the base prospectus and the prospectus supplement.                                                       

The information in this free writing prospectus, if conveyed prior to the time                                                      
of your commitment to purchase, supersedes information contained in any prior                                                       
similar free writing prospectus relating to these securities.                                                                       

                                       18                                                                                           

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--------------------------------------------------------------------------------                                                    
Barclays Capital - Asset Securitization Group                  December 18, 2006                                                    
Securitized Asset Backed Receivables LLC Trust 2006-WM4                                                                             
--------------------------------------------------------------------------------                                                    

                                                       Swap Notional Schedule                                                       
                                                       ----------------------                                                       

                                 Distribution                                                                                       
                                   Period         Distribution Date        Swap Notional Schedule ($)                               
                                 ------------     -----------------        --------------------------                               
                                     1              January 2007                1,304,616,000.00                                    
                                     2              February 2007               1,277,556,845.10                                    
                                     3              March 2007                  1,239,182,027.64                                    
                                     4              April 2007                  1,199,778,041.86                                    
                                     5              May 2007                    1,159,471,569.40                                    
                                     6              June 2007                   1,118,392,741.28                                    
                                     7              July 2007                   1,076,674,476.82                                    
                                     8              August 2007                 1,034,013,602.83                                    
                                     9              September 2007                991,002,472.80                                    
                                    10              October 2007                  947,778,723.89                                    
                                    11              November 2007                 904,479,640.94                                    
                                    12              December 2007                 861,242,464.60                                    
                                    13              January 2008                  818,680,388.86                                    
                                    14              February 2008                 778,247,291.22                                    
                                    15              March 2008                    739,834,284.78                                    
                                    16              April 2008                    703,338,138.14                                    
                                    17              May 2008                      668,661,083.95                                    
                                    18              June 2008                     635,710,403.08                                    
                                    19              July 2008                     604,398,262.98                                    
                                    20              August 2008                   574,000,281.00                                    
                                    21              September 2008                535,863,040.41                                    
                                    22              October 2008                  476,389,949.62                                    
                                    23              November 2008                 424,335,752.39                                    
                                    24              December 2008                 378,694,837.84                                    
                                    25              January 2009                  338,631,494.95                                    
                                    26              February 2009                 303,911,484.27                                    
                                    27              March 2009                    274,968,735.17                                    
                                    28              April 2009                    250,742,125.04                                    
                                    29              May 2009                      229,467,982.31                                    
                                    30              June 2009                     211,254,253.32                                    
                                    31              July 2009                     195,304,623.46                                    
                                    32              August 2009                   181,216,881.05                                    
                                    33              September 2009                168,678,686.71                                    
                                    34              October 2009                  157,440,647.38                                    
                                    35              November 2009                 147,294,264.30                                    
                                    36              December 2009                 138,083,114.17                                    
                                    37              January 2010                  129,680,037.84                                    
                                    38              February 2010                 121,920,725.16                                    
                                    39              March 2010                    114,574,329.96                                    
                                    40              April 2010                    107,618,424.70                                    
                                    41              May 2010                      101,032,002.26                                    
                                    42              June 2010                      94,794,878.14                                    
                                    43              July 2010                      88,888,152.06                                    
                                    44              August 2010                    83,644,470.02                                    
                                    45              September 2010                 78,676,887.31                                    
                                    46              October 2010                   73,970,629.75                                    
                                    47              November 2010                  69,511,584.47                                    
                                    48              December 2010                  65,286,514.18                                    
                                    49              January 2011                   61,282,887.71                                    
                                    50              February 2011                  57,488,858.47                                    
                                    51              March 2011                     53,893,226.40                                    
                                    52              April 2011                     50,485,392.62                                    
                                    53              May 2011                       47,255,405.66                                    
                                    54              June 2011                      44,193,739.24                                    
                                    55              July 2011                      41,291,440.26                                    
                                    56              August 2011                    38,802,911.45                                    
                                    57              September 2011                 36,442,588.92                                    
                                    58              October 2011                   34,203,666.14                                    
                                    59              November 2011                         --                                        
                                                    and thereafter                                                                  

                                                                            

--------------------------------------------------------------------------------
The Depositor has filed a registration statement (including a prospectus) with  
the SEC for the offering to which this free writing prospectus relates. Before  
you invest, you should read the prospectus in that registration statement and   
other documents the Depositor has filed with the SEC for more complete          
information about the Depositor and this offering. You may get these documents  
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,   
the Depositor, any underwriter or any dealer participating in the offering will 
arrange to send you the prospectus if you request it by calling toll-free       
1-888-227-2275 ext. 2663.                                                       

This free writing prospectus is not required to contain all information that is 
required to be included in the base prospectus and the prospectus supplement.   

The information in this free writing prospectus, if conveyed prior to the time  
of your commitment to purchase, supersedes information contained in any prior   
similar free writing prospectus relating to these securities.                   

19

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘FWP’ Filing	Date	First	Last	Other Filings

	12/28/06	3		424B5, 8-K
Filed on:	12/20/06			FWP
	12/18/06	1	19
	12/1/06	4
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Filing Submission 0000914121-06-003811 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Securitized Asset Backed Receivables LLC Trust 2006-WM4 – ‘FWP’ on 12/20/06 re: Securitized Asset Backed Receivables LLC Trust 2006-WM4

On: Wednesday, 12/20/06, at 3:55pm ET · Accession #: 914121-6-3811 · File #: 333-138183-03

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