UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): ~~September~~December 27, 2004 (Date of earliest event reported) Securitized Asset Backed Receivables LLC (as Depositor under the Pooling and Servicing Agreement, dated as April 1, 2004, providing for the issuance of SABR Trust 2004-NC1 Mortgage Pass- through Certificates, Series 2004-NC1) (Exact name of registrant as specified in charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-108395-02 37-1472598 (Commission File Number) (I.R.S. Employer Identification No.) 200Park Avenue NEW YORK, NEW YORK 10166 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (212) 412-4000 (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 9.01 Financial Statements and Exhibits (c) Exhibits: Exhibit No. Description 99.1 Monthly Remittance Statement to the Certificateholders dated as of ~~September~~December 27, 2004. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Deutsche Bank National Trust Company, in its capacity as Trustee under the Pooling and Servicing Agreement on behalf of Securitized Asset Backed Receivables LLC,Registrant Date: ~~Sep~~Dec 27, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT 99.1 Monthly Remittance Statement to the Certificateholders dated as of ~~September~~December 27, 2004.

	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	September 27, 2004 Distribution
	December 27, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				23
			12.	Realized Loss Detail Report				26
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				27
				Total Number of Pages				27
			CONTACTS
				Administrator: Brent Hoyler
				Direct Phone Number: (714)247-6322
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Web Site: https://www.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Barclays Capital					Cut-Off Date: April 1, 2004
	Certificate Insurer(s):							Closing Date: April 26, 2004
								First Payment Date: May 25, 2004
	Servicer(s):		Provident Bank Master Servicer
								Distribution Date: September 27, 2004
								Distribution Date: December 27, 2004
	Underwriter(s):		Barclays Capital					Record Date: ~~September~~December 24, 2004
								August 31, 2004
								November 30, 2004
						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-NC1
	Certificate Payment Report for September 27, 2004 Distribution
	Certificate Payment Report for December 27, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A1	FLT, STEP	594,097,000.00			~~527~~455,~~416~~717,~~905~~516.6960	~~994~~1,~~730~~029,377.2664	2523,~~393~~961,~~442~~028.1668	2624,~~388~~990,~~172~~406.4232	-	-	~~502~~431,~~023~~756,~~463~~487.5391
A2	FLT, STEP	275,903,000.00			~~247~~215,~~609~~542,~~446~~995.4430	~~423~~451,~~308~~140.9865	910,~~838~~031,~~826~~450.9175	10,~~262~~482,~~135~~591.8940	-	-	~~237~~205,~~770~~511,~~619~~544.5356
M1	MEZ, FLT,ST	68,203,000.00			68,203,000.00	~~133~~158,~~478~~608.9598	-	~~133~~158,~~478~~608.9598	-	-	68,203,000.00
M2	MEZ, FLT,ST	56,389,000.00			56,389,000.00	~~142~~161,~~922~~726.6205	-	~~142~~161,~~922~~726.6205	-	-	56,389,000.00
M3	MEZ, FLT,ST	18,796,000.00			18,796,000.00	5258,~~808~~763.9336	-	5258,~~808~~763.9336	-	-	18,796,000.00
B1	SUB, FLT,ST	11,815,000.00			11,815,000.00	3741,~~527~~007.3974	-	3741,~~527~~007.3974	-	-	11,815,000.00
B2	SUB, FLT,ST	10,741,000.00			10,741,000.00	3538,~~592~~667.9946	-	3538,~~592~~667.9946	-	-	10,741,000.00
B3	SUB, FLT,ST	11,815,000.00			11,815,000.00	5153,~~065~~725.4128	-	5153,~~065~~725.4128	-	-	11,815,000.00
X	SUB	26,315,290.00			26,314,819.96	32,~~633~~897,~~489~~609.3141	-	32,~~633~~897,~~489~~609.3141	-	-	26,314,819.96
P	SUB,EXE	-			-	~~728~~655,~~157~~010.6444	-	~~728~~655,~~157~~010.6444	-	-	-
R	R	-			-	-	-	-	-	-	-
Total		1,074,074,290.00			~~979~~875,~~100~~334,~~172~~331.0986	65,~~233~~545,~~082~~637.4801	3533,~~232~~992,~~269~~479.0743	4139,~~465~~538,~~351~~116.5544	-	-	~~943~~841,~~867~~341,~~903~~852.0243
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A1	0811/2526/04	0912/26/04		A-Act/360	81375WAR7	594,097,000.00	~~887~~767.~~762277~~075943	1.~~674357~~732676	4240.~~742923~~331846	4442.~~417279~~064522	~~845~~726.~~019355~~744097
A2	0811/2526/04	0912/26/04		A-Act/360	81375WAJ5	275,903,000.00	~~897~~781.~~451084~~227443	1.~~534267~~635142	3536.~~660456~~358614	37.~~194724~~993756	~~861~~744.~~790628~~868829
M1	0811/2526/04	0912/26/04		A-Act/360	81375WAK2	68,203,000.00	1,000.000000	12.~~957083~~325543	-	12.~~957083~~325543	1,000.000000
M2	0811/2526/04	0912/26/04		A-Act/360	81375WAL0	56,389,000.00	1,000.000000	2.~~534583~~868043	-	2.~~534583~~868043	1,000.000000
M3	0811/2526/04	0912/26/04		A-Act/360	81375WAM8	18,796,000.00	1,000.000000	23.~~809583~~126376	-	23.~~809583~~126376	1,000.000000
B1	0811/2526/04	0912/26/04		A-Act/360	81375WAN6	11,815,000.00	1,000.000000	3.~~176250~~470820	-	3.~~176250~~470820	1,000.000000
B2	0811/2526/04	0912/26/04		A-Act/360	81375WAP1	10,741,000.00	1,000.000000	3.~~313750~~599987	-	3.~~313750~~599987	1,000.000000
B3	0811/2526/04	0912/26/04		A-Act/360	81375WAQ9	11,815,000.00	1,000.000000	4.~~322083~~547209	-	4.~~322083~~547209	1,000.000000
X				A-Act/360		26,315,290.00	999.982138	~~138~~110.~~075214~~111247	-	~~138~~110.~~075214~~111247	999.982138
P				A-Act/360		-	-	-	-	-	-
R				A-Act/360		-	-	-	-	-	-
							Page 2 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	REMIC II Series 2004-NC1
	Certificate Payment Report for September 27, 2004 Distribution
	Certificate Payment Report for December 27, 2004 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A1	594,097,000.00		47,~~229~~161,~~244~~844.5614		88157,~~811~~351,~~292~~983.0282	34,~~262~~988,~~244~~528.4526	92162,~~073~~340,~~536~~512.4709	96169,~~302~~502,~~781~~356.0323	-	-	~~502~~431,~~023~~756,~~463~~487.5391
A2	275,903,000.00		13,~~758~~038,~~198~~938.9519		3668,~~782~~254,~~822~~451.9918	12,~~349~~137,~~557~~004.4827	3870,~~132~~391,~~380~~455.4744	3973,~~890~~430,~~579~~393.4263	-	-	~~237~~205,~~770~~511,~~619~~544.5356
M1	68,203,000.00		~~536~~968,~~482~~964.9183		-	-	-	~~536~~968,~~482~~964.9183	-	-	68,203,000.00
M2	56,389,000.00		~~595~~1,~~522~~042,890.6733		-	-	-	~~595~~1,~~522~~042,890.6733	-	-	56,389,000.00
M3	18,796,000.00		~~222~~385,~~625~~999.5712		-	-	-	~~222~~385,~~625~~999.5712	-	-	18,796,000.00
B1	11,815,000.00		~~160~~274,~~157~~798.2469		-	-	-	~~160~~274,~~157~~798.2469	-	-	11,815,000.00
B2	10,741,000.00		~~152~~260,~~490~~783.8788		-	-	-	~~152~~260,~~490~~783.8788	-	-	10,741,000.00
B3	11,815,000.00		~~223~~375,~~334~~308.6724		-	-	-	~~223~~375,~~334~~308.6724	-	-	11,815,000.00
X	26,315,290.00		2130,~~122~~807,~~198~~489.6006		442.48	27.56	470.04	2130,~~122~~807,~~668~~959.6410	-	-	26,314,819.96
P	-		24,~~308~~299,~~849~~914.7443		-	-	-	24,~~308~~299,~~849~~914.7443	-	-	-
R	-		-		-	-	-	-	-	-	-
Total	1,074,074,290.00		3148,~~309~~616,~~105~~930.7891		~~125~~225,~~594~~606,~~557~~877.4948	47,~~611~~125,~~829~~560.4909	~~130~~232,~~206~~732,~~386~~437.9857	~~161~~281,~~515~~349,~~492~~368.7648	-	-	~~943~~841,~~867~~341,~~903~~852.0243
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A1	2.~~05750~~62313%	~~527~~455,~~416~~717,~~905~~516.6960			~~994~~1,~~730~~029,377.2664	-	-	-	~~994~~1,~~730~~029,377.2664	~~994~~1,~~730~~029,377.2664	-
A2	12.~~86500~~43063%	~~247~~215,~~609~~542,~~446~~995.4430			~~423~~451,~~308~~140.9865	-	-	-	~~423~~451,~~308~~140.9865	~~423~~451,~~308~~140.9865	-
M1	2.~~13500~~70063%	68,203,000.00			~~133~~158,~~478~~608.9598	-	-	-	~~133~~158,~~478~~608.9598	~~133~~158,~~478~~608.9598	-
M2	23.~~76500~~33063%	56,389,000.00			~~142~~161,~~922~~726.6205	-	-	-	~~142~~161,~~922~~726.6205	~~142~~161,~~922~~726.6205	-
M3	3.~~06500~~63063%	18,796,000.00			5258,~~808~~763.9336	-	-	-	5258,~~808~~763.9336	5258,~~808~~763.9336	-
B1	34.~~46500~~03063%	11,815,000.00			3741,~~527~~007.3974	-	-	-	3741,~~527~~007.3974	3741,~~527~~007.3974	-
B2	34.~~61500~~18063%	10,741,000.00			3538,~~592~~667.9946	-	-	-	3538,~~592~~667.9946	3538,~~592~~667.9946	-
B3	45.~~71500~~28063%	11,815,000.00			5153,~~065~~725.4128	-	-	-	5153,~~065~~725.4128	5153,~~065~~725.4128	-
X	4.~~45326~~00895%	26,314,819.96			32,~~633~~897,~~489~~609.3141	-	-	-	32,~~633~~897,~~489~~609.3141	32,~~633~~897,~~489~~609.3141	-
P		-			~~728~~655,~~157~~010.6444	-	-	-	~~728~~655,~~157~~010.6444	~~728~~655,~~157~~010.6444	-
R		-			-	-	-	-	-	-	-
Total		~~979~~875,~~100~~334,~~172~~331.0986			65,~~233~~545,~~082~~637.4801	-	-	-	65,~~233~~545,~~082~~637.4801	65,~~233~~545,~~082~~637.4801	-
							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					910,~~838~~023,~~826~~571.9186	2523,~~393~~942,~~442~~209.1624	3533,~~232~~965,~~269~~781.0710
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					910,~~838~~023,~~826~~571.9186	2523,~~393~~942,~~442~~209.1624	3533,~~232~~965,~~269~~781.0710
	Interest Collections					1,~~787~~597,~~591~~473.9634	3,~~785~~358,~~143~~915.7033	54,~~572~~956,~~735~~388.6667
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(2112,~~650~~271.3181)	(4626,~~160~~791.5196)	(6739,~~810~~063.8277)
	TOTAL NET INTEREST					1,~~765~~585,~~941~~201.6553	3,~~738~~332,~~983~~123.1937	54,~~504~~917,~~924~~324.8490
	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					11,~~604~~608,~~768~~773.5639	2927,~~132~~274,~~425~~332.3561	4038,~~737~~883,~~193~~106.9100
	Prepayment Penalties Collected							~~728~~655,~~157~~010.6444
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							4139,~~465~~538,~~351~~116.5544
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal Received					~~303~~274,~~796~~996.9760	~~583~~536,~~642~~485.4143	~~887~~811,~~439~~482.3803
	Prepayments In Full					9,~~539~~744,~~600~~011.7196	2423,~~777~~298,~~444~~153.3159	3433,~~317~~042,~~045~~165.0255
	Curtailments					(412,~~570~~412.~~77)~~59	3228,~~355~~967.4425	2741,~~784~~379.6784
	Liquidations					02,135.0099	095,316.0002	097,452.0001
	Insurance Principal					0.00	0.00	0.00
	Repurchased Principal Amounts					0.00	0.00	0.00
	Other Principal					0.00	0.00	0.00
	Total Realized Loss Of Principal					0(9,985.0028)	0(16,713.0005)	0(26,698.0033)
	Delinquent Principal					(~~262~~254,~~178~~289.2717)	(~~506~~499,~~969~~961.4960)	(~~769~~754,~~147~~250.7677)
	Advanced Principal					~~262~~254,~~178~~289.2717	~~506~~499,~~969~~961.4960	~~769~~754,~~147~~250.7677
	TOTAL PRINCIPAL COLLECTED					910,~~838~~023,~~826~~571.9186	2523,~~393~~942,~~442~~209.1624	3533,~~232~~965,~~269~~781.0710
				Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Interest					1,~~897~~703,~~249~~013.1194	43,~~019~~581,~~305~~678.7635	5,~~916~~284,~~554~~692.8729
	Liquidation Interest					014.0022	0623.0053	0637.0075
	Repurchased Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Interest					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Net Prepayment Interest Shortfalls					0.00	0.00	0.00
	Delinquent Interest					(1,~~605~~542,~~280~~052.6174)	(3,~~392~~233,~~373~~532.2167)	(4,~~997~~775,~~653~~585.8241)
	Interest Advanced					1,~~495~~436,~~623~~497.4692	3,~~158~~010,~~211~~146.1512	4,~~653~~446,~~834~~644.6104
	TOTAL INTEREST COLLECTED					1,~~787~~597,~~591~~473.9634	3,~~785~~358,~~143~~915.7033	54,~~572~~956,~~735~~388.6667
				Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00
	TOTAL INTEREST WITHDRAWALS							0.00
INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00
INTEREST - FEES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					2011,~~479~~220.0883	4324,~~660~~560.1144	6435,~~139~~781.1927
	Trustee Fees					1,~~171~~050.2398	2,~~500~~231.4052	3,~~671~~282.6350
	TOTAL INTEREST OTHER FEES					2112,~~650~~271.3181	4626,~~160~~791.5196	6739,~~810~~063.8277
				Page 6 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for September 27, 2004 Distribution
	Credit Enhancement Report for December 27, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Excess Reserve Fund Balance (Ending)							0.00
INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL
	Beginning Subordinated Amount							26,~~314~~288,~~820~~121.1178
	Ending Subordinated Amount							26,314,820.11
	Specified Subordinated Amount							26,314,820.11
	Senior Enhancement Percentage							2124.6226%
				Page 7 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					2027	4685	6712
	Prior					1,~~920~~754	43,~~352~~960	65,~~272~~714
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(5451)	(~~142~~136)	(~~196~~187)
	Repurchases					-	-	-
	Liquidations					-(1)	-(1)	-(2)
	Current					1,~~866~~702	43,~~210~~823	65,~~076~~525
	Principal Balance:
	Original					338,762,260.07	730,963,361.17	1,069,725,621.24
	Prior					~~312~~280,~~326~~261,~~953~~540.8133	~~666~~595,~~773~~072,~~218~~791.4368	~~979~~875,~~100~~334,~~172~~332.2401
	Prefunding					-	-	-
	Scheduled Principal					(~~303~~274,~~796~~996.9760)	(~~583~~536,~~642~~485.4143)	(~~887~~811,~~439~~482.3803)
	Partial and Full Voluntary Prepayments					(9,~~535~~756,~~029~~424.9455)	(2423,~~809~~327,~~799~~120.7584)	(3433,~~344~~083,~~829~~545.6939)
	Repurchases					-	-	-
	Liquidations					-(2,135.99)	-(95,316.02)	-(97,452.01)
	Current					~~302~~270,~~488~~227,~~126~~983.9019	~~641~~571,~~379~~113,~~776~~869.2739	~~943~~841,~~867~~341,~~903~~852.1758
PREFUNDING						GROUP 2	GROUP 1	TOTAL
	Closing Date Deposit Amount					0.00	0.00	0.00
	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original					7.304134%	7.232215%	7.254990%
	Weighted Average Coupon Prior					7.~~290498~~293471%	7.~~231459~~226709%	7.~~250227~~248170%
	Weighted Average Coupon Current					7.~~289473~~291881%	7.~~233594~~223927%	7.~~251419~~245684%
	Weighted Average Months to Maturity Original					340	350	347
	Weighted Average Months to Maturity Prior					~~337~~333	~~346~~343	~~343~~340
	Weighted Average Months to Maturity Current					~~336~~332	~~345~~342	~~342~~339
	Weighted Avg Remaining Amortization Term Original					339	349	346
	Weighted Avg Remaining Amortization Term Prior					~~336~~332	~~346~~343	~~343~~339
	Weighted Avg Remaining Amortization Term Current					~~335~~331	~~345~~342	~~342~~338
	Weighted Average Seasoning Original					4.26	4.29	4.28
	Weighted Average Seasoning Prior					710.26	710.28	710.2827
	Weighted Average Seasoning Current					811.2625	811.28	811.2827
Note: Original information refers to deal issue.
	Group 1
	Group 2
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					3.218%	4.326%
	Weighted Average Margin Prior					3.~~188~~083%	4.~~287~~194%
	Weighted Average Margin Current					3.~~157~~046%	4.~~258~~165%
	Weighted Average Max Rate Original					7.979%	10.637%
	Weighted Average Max Rate Prior					7.~~894~~641%	10.~~541~~319%
	Weighted Average Max Rate Current					7.~~817~~542%	10.~~477~~251%
	Weighted Average Min Rate Original					4.040%	5.388%
	Weighted Average Min Rate Prior					3.~~990~~859%	5.~~340~~224%
	Weighted Average Min Rate Current					3.~~950~~807%	5.~~309~~187%
	Weighted Average Cap Up Original					0.879%	1.136%
	Weighted Average Cap Up Prior					0.~~872~~844%	1.~~125~~102%
	Weighted Average Cap Up Current					0.~~863~~832%	1.~~117~~095%
	Weighted Average Cap Down Original					0.879%	1.136%
	Weighted Average Cap Down Prior					0.~~872~~844%	1.~~125~~102%
	Weighted Average Cap Down Current					0.~~863~~832%	1.~~117~~095%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					2011,~~479~~220.0883	4324,~~660~~560.1144	6435,~~139~~781.1927
	Delinquent Servicing Fees					~~109~~105,~~657~~554.1581	~~234~~223,~~162~~386.0655	~~343~~328,~~819~~941.2136
	TOTAL SERVICING FEES					~~130~~116,~~136~~775.2364	~~277~~247,~~822~~946.1799	~~407~~364,~~958~~722.4063
	Prepayment Interest Shortfall					2834,~~053~~678.7470	66,~~278~~448.4459	94101,~~332~~127.1829
	Compensating Interest					(2834,~~053~~678.7470)	(66,~~278~~448.4459)	(94101,~~332~~127.1829)
	Delinquent Servicing Fees					(~~109~~105,~~657~~554.1581)	(~~234~~223,~~162~~386.0655)	(~~343~~328,~~819~~941.2136)
	COLLECTED SERVICING FEES					2011,~~479~~220.0883	4324,~~660~~560.1144	6435,~~139~~781.1927
	Aggregate Advances with respect to this Distribution					1,~~757~~690,~~801~~787.7309	3,~~665~~510,~~180~~107.6472	5,~~422~~200,~~982~~894.3781
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00
ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Net Prepayment Interest Shortfall					0.00	0.00	0.00
	Net Monthly Excess Cash Flow							32,~~633~~924,~~489~~307.3174
	Ending Pool Stated Principal Balance					~~302~~270,~~488~~227,~~126~~983.9019	~~641~~571,~~379~~113,~~776~~869.2739	~~943~~841,~~867~~341,~~903~~852.1758
				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			2026,~~569~~848,~~239~~442.2132	37,~~457~~132,~~142~~972.0015	~~354,031.63~~-	2433,~~380~~981,~~412~~414.8447
		% Balance			23.1819%	0.3785%	0.0400%	24.5804%
		# Loans			~~147~~205	2755	1-	~~175~~260
		% # Loans			23.4271%	01.4400%	0.0200%	24.8871%
FORECLOSURE		Balance		~~420~~272,~~594~~591.0986	~~264,685.40~~-	-	813,~~307~~905,~~852~~624.6628	814,~~993~~178,~~132~~216.1514
		% Balance		0.0403%	0.0300%	0.00%	01.8865%	01.9569%
		# Loans		31	2-	-	64108	69109
		% # Loans		0.0502%	0.0300%	0.00%	1.0595%	1.1497%
BANKRUPTCY		Balance		4,~~107~~154,~~073~~030.1588	~~182~~1,~~417~~008,579.0170	~~493~~242,~~314~~966.6182	~~978~~4,~~345~~196,041.1367	59,~~761~~601,~~149~~619.9007
		% Balance		0.4449%	0.0212%	0.0503%	0.1050%	01.6114%
		# Loans		3136	28	3	625	4272
		% # Loans		0.5165%	0.0314%	0.05%	0.1045%	01.6930%
REO		Balance		-	-	-	-1,084,227.80	-1,084,227.80
		% Balance		0.00%	0.00%	0.00%	0.0013%	0.0013%
		# Loans		-	-	-	-9	-9
		% # Loans		0.00%	0.00%	0.00%	0.0016%	0.0016%
TOTAL		Balance		4,~~527~~426,~~667~~622.2474	2127,~~016~~857,~~341~~022.6202	37,~~950~~375,~~456~~938.6197	919,~~640~~185,~~229~~893.4275	3958,~~134~~845,~~694~~477.8948
		% Balance		0.4853%	23.2331%	0.4288%	12.0228%	46.1599%
		# Loans		3437	~~151~~213	3058	71142	~~286~~450
		% # Loans		0.5667%	23.4986%	01.4905%	12.1757%	48.7114%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1318,~~079~~421,~~284~~434.2676	25,~~323~~338,~~447~~620.4209	-	1523,~~402~~760,~~731~~054.6885
		% Balance			23.0423%	0.3693%	0.00%	24.4016%
		# Loans			88136	1739	-	~~105~~175
		% # Loans			23.0956%	01.4002%	0.00%	24.4958%
FORECLOSURE		Balance		~~385~~272,~~782~~591.6786	~~208,674.44~~-	-	58,~~480~~320,~~579~~097.1632	68,~~075~~592,~~036~~689.2718
		% Balance		0.0605%	0.0300%	0.00%	01.8546%	01.9550%
		# Loans		21	1-	-	4265	4566
		% # Loans		0.0503%	0.0200%	0.00%	1.0070%	1.0773%
BANKRUPTCY		Balance		2,~~342~~408,~~201~~127.8379	~~182~~856,~~417~~806.0103	~~210~~242,~~756~~966.3982	~~260~~1,~~829~~576,351.5089	25,~~996~~084,~~204~~252.7353
		% Balance		0.3742%	0.0315%	0.0304%	0.0428%	0.4789%
		# Loans		2224	26	23	312	2945
		% # Loans		0.5263%	0.0516%	0.0508%	0.0731%	01.6918%
REO		Balance		-	-	-	-578,990.07	-578,990.07
		% Balance		0.00%	0.00%	0.00%	0.0010%	0.0010%
		# Loans		-	-	-	-6	-6
		% # Loans		0.00%	0.00%	0.00%	0.0016%	0.0016%
TOTAL		Balance		2,~~727~~680,~~984~~719.5065	1319,~~470~~278,~~375~~240.7179	25,~~534~~581,~~203~~586.8191	510,~~741~~475,~~408~~439.6628	2438,~~473~~015,~~972~~986.6863
		% Balance		0.4347%	23.1038%	0.4098%	01.9083%	36.8266%
		# Loans		2425	91142	1942	4583	~~179~~292
		% # Loans		0.5765%	23.1671%	01.4510%	12.0717%	47.2564%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			78,~~489~~427,~~954~~007.9556	1,~~133~~794,~~694~~352.5806	~~354,031.63~~-	810,~~977~~221,~~681~~359.1662
		% Balance			23.4812%	0.3766%	0.1200%	23.9778%
		# Loans			5969	1016	1-	7085
		% # Loans			34.1605%	0.5494%	0.0500%	34.7599%
FORECLOSURE		Balance		~~34,811.42~~-	~~56,010.96~~-	-	25,~~827~~585,~~273~~526.5096	25,~~918~~585,~~095~~526.8896
		% Balance		0.0100%	0.0200%	0.00%	02.9307%	02.9607%
		# Loans		1-	1-	-	2243	2443
		% # Loans		0.0500%	0.0500%	0.00%	12.1853%	12.2953%
BANKRUPTCY		Balance		1,~~764~~745,~~871~~903.3209	-151,773.67	~~282,558.22~~-	~~717~~2,~~515~~619,689.6378	24,~~764~~517,~~945~~366.1754
		% Balance		0.5865%	0.0006%	0.0900%	0.2497%	01.9167%
		# Loans		912	-2	1-	313	1327
		% # Loans		0.4871%	0.0012%	0.0500%	0.1676%	01.7059%
REO		Balance		-	-	-	-505,237.73	-505,237.73
		% Balance		0.00%	0.00%	0.00%	0.0019%	0.0019%
		# Loans		-	-	-	-3	-3
		% # Loans		0.00%	0.00%	0.00%	0.0018%	0.0018%
TOTAL		Balance		1,~~799~~745,~~682~~903.7409	78,~~545~~578,~~965~~781.9123	1,~~416~~794,~~252~~352.8006	38,~~898~~710,~~820~~454.7647	1420,~~660~~829,~~722~~490.2185
		% Balance		0.5965%	23.4917%	0.4766%	13.2922%	47.8571%
		# Loans		1012	6071	1116	2659	~~107~~158
		% # Loans		0.5471%	34.2217%	0.5994%	13.3947%	59.7328%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	REO Report for September 27, 2004 Distribution
	REO Report for December 27, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = 000.00
Total Loan Count = 2				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2; REO Book Value = 000.00
Total Original Principal Balance = 119,425.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 000.00
Total Current Balance = 118,571.73
REO Book Value = 000.00
REO Book Value = Not Available
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
1187539 1		69,275.00	68,771.93	Feb-01-04	8.700%	IN - 85.00%	360	Nov-25-03
1239385 1		50,150.00	49,799.80	Mar-01-04	8.450%	MI - 85.00%	360	Dec-17-03
				Page 14 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Foreclosure Report for September 27, 2004 Distribution
	Foreclosure Report for December 27, 2004 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 28				Loan Group 1 = Group 1
Total Original Principal Balance = 3,265,677.00				Loan Group 2 = Group 2
Total Original Principal Balance = 4,501,050.00				Loan Group 2 = Group 2
Total Current Balance = 3,244,551.70
Total Current Balance = 4,285,020.44
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
1184452 1		37,700.00	36,909.84	Apr-01-04	9.400%	IN - 63.90%	180	Dec-15-03
1103463 1		200,000.00	197,337.03	Jul-01-04	6.990%	CA - 80.00%	360	Sep-17-03
1191202 1		180,000.00	178,671.99	Apr-01-04	7.120%	CA - 80.00%	360	Nov-28-03
1128992 1		80,750.00	80,203.56	Jul-01-04	8.600%	MI - 85.00%	360	Dec-09-03
1199153 1		97,500.00	96,974.88	Apr-01-04	8.100%	MI - 75.00%	360	Dec-19-03
1170106 1		83,300.00	82,780.96	Jul-01-04	9.450%	FL - 85.00%	360	Nov-10-03
1204200 1		40,000.00	39,755.38	Apr-01-04	10.250%	VA - 72.73%	360	Dec-22-03
1182046 1		44,000.00	43,681.10	Jul-01-04	8.250%	MO - 80.00%	360	Dec-16-03
1209315 1		49,400.00	48,280.11	Apr-01-04	8.500%	AL - 76.00%	180	Dec-23-03
1193866 1		275,000.00	272,591.86	Oct-01-04	7.990%	CA - 100.00%	360	Nov-21-03
1214088 1		71,250.00	70,958.64	Apr-01-04	9.450%	WV - 95.00%	360	Dec-16-03
1195542 1		149,600.00	147,990.08	Jul-01-04	6.700%	WA - 80.00%	360	Dec-03-03
1218508 1		52,250.00	51,945.14	Mar-01-04	7.700%	IN - 92.48%	360	Dec-17-03
1198860 1		272,000.00	269,416.14	Jul-01-04	7.350%	NY - 80.00%	360	Nov-24-03
1235580 1		294,500.00	292,603.00	Apr-01-04	7.200%	PA - 95.00%	360	Dec-29-03
1207929 1		180,000.00	-	Dec-01-04	8.500%	CT - 75.00%	360	Dec-02-03
1243443 1		119,892.00	119,273.41	Apr-01-04	8.250%	TX - 80.00%	360	Dec-19-03
1208601 1		247,000.00	244,605.09	Jul-01-04	7.350%	CA - 72.86%	360	Dec-02-03
1249551 1		64,000.00	63,718.63	Apr-01-04	9.100%	TX - 80.00%	360	Dec-29-03
1215856 1		108,000.00	107,231.33	Jul-01-04	8.350%	OH - 90.00%	360	Dec-15-03
1249890 1		110,500.00	109,956.53	Apr-01-04	8.550%	GA - 85.00%	360	Dec-19-03
1240791 1		225,000.00	223,551.33	Jul-01-04	8.850%	NY - 60.81%	360	Dec-24-03
1252777 1		189,000.00	187,734.96	Apr-01-04	7.000%	NY - 78.75%	360	Dec-15-03
1246063 1		46,800.00	46,394.04	Jul-01-04	7.350%	MO - 90.00%	360	Dec-15-03
1253432 1		132,210.00	131,367.22	Jul-01-04	7.250%	FL - 90.00%	360	Dec-12-03
1247896 1		146,700.00	145,736.98	Jul-01-04	8.750%	WA - 90.00%	360	Dec-15-03
1255308 1		207,000.00	205,918.20	Apr-01-04	8.250%	FL - 90.00%	360	Dec-24-03
1250835 1		285,000.00	282,599.19	Jul-01-04	7.500%	CA - 72.15%	360	Dec-18-03
1256027 1		320,000.00	317,152.53	Apr-01-04	5.500%	NY - 80.00%	360	Dec-26-03
1252989 1		285,600.00	283,587.84	Jul-01-04	8.400%	CA - 80.00%	360	Dec-15-03
1270450 1		81,000.00	80,554.92	Apr-01-04	8.000%	PA - 90.00%	360	Dec-22-03
1259406 1		102,000.00	101,088.91	Jul-01-04	7.200%	IA - 80.00%	360	Dec-24-03
1277746 1		110,500.00	109,822.00	Apr-01-04	7.500%	OH - 85.00%	360	Dec-29-03
1268425 1		71,400.00	70,916.75	Jul-01-04	8.600%	MI - 60.00%	360	Dec-24-03
1285163 1		210,000.00	208,674.44	Jun-01-04	7.300%	CA - 77.78%	360	Dec-29-03
1273075 1		120,000.00	119,128.72	Jul-01-04	8.250%	SC - 80.00%	360	Dec-23-03
1156005 2		111,350.00	110,870.59	Apr-01-04	9.200%	FL - 85.00%	360	Dec-03-03
1289276 1		88,000.00	87,428.06	Jul-01-04	8.800%	CA - 51.76%	360	Dec-26-03
1156662 2		55,200.00	54,914.37	Apr-01-04	8.300%	NC - 78.86%	360	Dec-10-03
1146965 2		245,250.00	243,374.08	Jul-01-04	8.450%	CT - 75.00%	360	Dec-09-03
1179093 2		147,000.00	146,269.60	Apr-01-04	8.500%	CA - 70.00%	360	Dec-11-03
1189984 2		63,750.00	63,327.51	Jul-01-04	9.150%	IN - 85.00%	360	Nov-03-03
1209630 2		152,000.00	151,227.48	Apr-01-04	8.750%	MO - 80.00%	360	Dec-09-03
1204511 2		71,250.00	70,884.66	Jul-01-04	9.950%	TX - 75.00%	360	Dec-08-03
1226164 2		56,250.00	56,010.96	Jun-01-04	9.850%	AL - 75.00%	360	Dec-03-03
1205945 2		45,000.00	44,727.69	Jul-01-04	9.150%	IL - 75.00%	360	Dec-08-03
1228043 2		79,800.00	79,567.36	Apr-01-04	11.050%	MO - 70.00%	360	Dec-23-03
1214572 2		47,250.00	47,032.19	Jul-01-04	10.450%	TX - 75.00%	360	Dec-15-03
1241902 2		35,000.00	34,811.42	Jul-01-04	8.100%	TX - 61.95%	360	Dec-29-03
1223974 2		284,000.00	282,055.70	May-01-04	8.990%	FL - 80.00%	360	Dec-02-03
1254257 2		35,000.00	34,610.55	Apr-01-04	9.800%	CA - 100.00%	240	Dec-15-03
1246396 2		170,400.00	168,675.33	Jul-01-04	6.450%	IL - 80.00%	360	Dec-26-03
1256132 2		80,000.00	79,153.95	Apr-01-04	10.200%	NY - 100.00%	240	Dec-26-03
1247741 2		72,000.00	71,559.85	Jul-01-04	9.100%	TX - 80.00%	360	Dec-23-03
1278659 2		147,375.00	146,843.60	Apr-01-04	10.050%	VA - 75.00%	360	Dec-24-03
1283721 2		492,000.00	487,114.46	Jul-01-04	6.650%	CA - 80.00%	360	Dec-23-03
				Page 15 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans					5451	~~142~~136	~~196~~187
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					5451	~~142~~136	~~196~~187
	Paid in Full Balance					9,~~539~~744,~~600~~011.7196	2423,~~777~~298,~~444~~153.3159	3433,~~317~~042,~~045~~165.0255
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					(412,~~570~~412.~~77)~~59	3228,~~355~~967.4425	2741,~~784~~379.6784
	Total Prepayment Amount					9,~~535~~756,~~029~~424.9455	2423,~~809~~327,~~799~~120.7584	3433,~~344~~083,~~829~~545.6939
	Cumulative
	Number of Paid in Full Loans					~~161~~324	~~475~~860	~~636~~1,184
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					~~161~~324	~~475~~860	~~636~~1,184
	Paid in Full Balance					3364,~~077~~419,~~535~~919.9224	86154,~~360~~369,~~675~~991.8538	~~119~~218,~~438~~789,~~211~~910.7762
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					1,~~642~~702,~~054~~877.6300	~~165~~463,~~622~~376.1894	12,~~807~~166,~~676~~253.8194
	Total Prepayment Amount					3466,~~719~~122,~~590~~796.5524	86154,~~526~~833,~~298~~368.0332	~~121~~220,~~245~~956,~~888~~164.5856
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					3.0648%	3.7292%	3.5178%
	3 Months Avg SMM					23.9160%	3.1169%	3.0566%
	12 Months Avg SMM
	Avg SMM Since Cut-off					2.1569%	2.5095%	2.3987%
	CPR					3134.0966%	3638.5814%	3437.8805%
	3 Months Avg CPR					2935.8055%	3136.5832%	3136.0208%
	12 Months Avg CPR
	Avg CPR Since Cut-off					2227.93%	2630.1715%	2529.1545%
	PSA					~~1882~~1540.4707%	~~2207~~1691.8933%	~~2107~~1643.0581%
	3 Months Avg PSA Approximation					~~2051~~1733.6214%	~~2167~~1766.4185%	~~2130~~1756.8109%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					~~1830~~1799.5343%	~~2080~~1936.4254%	~~2002~~1893.2440%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
	Group 1
	Group 2
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 18 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 196						Loan Group 1 = Group 1
Total Loan Count = 187						Loan Group 1 = Group 1
Total Original Principal Balance = 35,060,629.00						Loan Group 2 = Group 2
Total Original Principal Balance = 33,346,715.00						Loan Group 2 = Group 2
Total Prepayment Amount = 34,317,045.02
Total Prepayment Amount = 33,042,165.55
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
1016230 1			186,500.00	185,437.27	Aug-20-04	7.200%	MA - 31.72%	Paid Off - 360	Dec-23-03
1038129 1			228,000.00	225,806.06	Nov-26-04	6.300%	NY - 80.00%	Paid Off - 360	Dec-08-03
1067198 1			220,500.00	219,474.74	Aug-18-04	8.150%	MA - 90.00%	Paid Off - 360	Dec-08-03
1079829 1			117,000.00	116,088.10	Nov-09-04	7.500%	CA - 65.00%	Paid Off - 360	Dec-09-03
1068374 1			105,000.00	104,416.10	Aug-30-04	7.250%	FL - 75.00%	Paid Off - 360	Dec-09-03
1093503 1			81,000.00	80,148.38	Nov-02-04	6.350%	CA - 55.48%	Paid Off - 360	Dec-03-03
1081121 1			103,200.00	102,715.25	Aug-19-04	8.100%	IL - 80.00%	Paid Off - 360	Dec-16-03
1101720 1			150,400.00	148,773.39	Nov-02-04	6.200%	CA - 80.00%	Paid Off - 360	Dec-04-03
1108561 1			150,000.00	149,388.74	Aug-31-04	8.800%	FL - 75.00%	Paid Off - 360	Dec-10-03
1105035 1			178,500.00	177,096.69	Nov-10-04	7.350%	CA - 85.00%	Paid Off - 360	Dec-16-03
1113204 1			144,000.00	143,320.05	Aug-06-04	8.750%	FL - 90.00%	Paid Off - 360	Nov-07-03
1125170 1			242,000.00	236,913.62	Nov-09-04	6.990%	CA - 62.05%	Paid Off - 240	Dec-11-03
1119874 1			165,000.00	164,082.44	Aug-31-04	7.250%	CA - 79.71%	Paid Off - 360	Dec-09-03
1126326 1			228,000.00	225,967.04	Nov-23-04	6.700%	CA - 95.00%	Paid Off - 360	Dec-15-03
1121091 1			59,706.00	59,294.57	Aug-03-04	6.850%	TX - 80.47%	Paid Off - 360	Nov-26-03
1133278 1			78,000.00	77,254.50	Nov-09-04	6.850%	IN - 78.00%	Paid Off - 360	Dec-05-03
1122292 1			151,300.00	150,267.88	Aug-30-04	8.100%	NV - 85.00%	Paid Off - 360	Sep-18-03
1139253 1			221,000.00	219,603.62	Nov-18-04	8.450%	OK - 85.00%	Paid Off - 360	Dec-08-03
1152435 1			158,400.00	157,613.02	Aug-26-04	8.500%	FL - 80.00%	Paid Off - 360	Dec-02-03
1150880 1			137,700.00	136,679.35	Nov-30-04	7.650%	FL - 90.00%	Paid Off - 360	Dec-12-03
1153479 1			200,000.00	198,833.20	Aug-23-04	7.700%	CA - 80.00%	Paid Off - 360	Dec-08-03
1152612 1			122,200.00	118,236.63	Nov-22-04	7.000%	FL - 79.87%	Paid Off - 180	Dec-05-03
1155604 1			48,000.00	47,770.26	Sep-01-04	7.990%	OR - 80.00%	Paid Off - 360	Dec-26-03
1164000 1			138,400.00	137,444.31	Nov-26-04	8.500%	MI - 80.00%	Paid Off - 360	Dec-03-03
1156528 1			184,000.00	182,677.61	Aug-19-04	6.150%	NH - 80.00%	Paid Off - 360	Dec-16-03
1167746 1			115,200.00	114,168.82	Nov-18-04	7.650%	NJ - 80.00%	Paid Off - 360	Nov-05-03
1156924 1			117,000.00	116,386.70	Aug-30-04	7.550%	CA - 88.97%	Paid Off - 360	Dec-04-03
1168948 1			121,400.00	120,619.05	Nov-23-04	8.850%	CA - 89.26%	Paid Off - 360	Dec-05-03
1159725 1			87,562.00	87,049.42	Sep-01-04	7.400%	IL - 79.60%	Paid Off - 360	Dec-08-03
1170383 1			283,500.00	283,500.00	Nov-03-04	4.625%	CA - 90.00%	Paid Off - 300	Nov-25-03
1162314 1			221,350.00	219,814.21	Aug-31-04	7.350%	CA - 95.00%	Paid Off - 360	Dec-05-03
1172536 1			240,000.00	238,471.81	Nov-16-04	8.900%	IL - 82.19%	Paid Off - 360	Dec-10-03
1164200 1			181,800.00	180,865.82	Aug-31-04	7.650%	RI - 90.00%	Paid Off - 360	Dec-01-03
1174460 1			335,750.00	332,602.58	Nov-16-04	6.950%	CA - 86.09%	Paid Off - 360	Nov-21-03
1165598 1			162,500.00	161,401.73	Aug-11-04	6.950%	NH - 66.87%	Paid Off - 360	Dec-02-03
1175015 1			133,000.00	131,912.76	Nov-29-04	7.150%	VA - 76.88%	Paid Off - 360	Dec-15-03
1169610 1			280,000.00	278,122.28	Aug-16-04	6.990%	CA - 80.00%	Paid Off - 360	Dec-02-03
1176467 1			220,000.00	218,069.05	Nov-12-04	7.750%	CA - 100.00%	Paid Off - 360	Nov-05-03
1170654 1			204,000.00	202,876.81	Aug-30-04	7.990%	NY - 85.00%	Paid Off - 360	Nov-24-03
1176831 1			40,000.00	39,305.99	Nov-23-04	9.250%	OH - 47.06%	Paid Off - 240	Dec-02-03
1171567 1			218,000.00	216,362.12	Sep-01-04	6.400%	MA - 72.67%	Paid Off - 360	Nov-13-03
1178992 1			184,800.00	183,522.13	Nov-04-04	8.000%	IL - 80.00%	Paid Off - 360	Dec-08-03
1174208 1			95,000.00	94,533.21	Aug-05-04	7.875%	CA - 100.00%	Paid Off - 360	Dec-12-03
1181514 1			260,619.00	258,199.29	Nov-30-04	7.000%	FL - 95.00%	Paid Off - 360	Nov-24-03
1178135 1			106,250.00	105,648.34	Aug-03-04	7.850%	CT - 85.00%	Paid Off - 360	Nov-26-03
1181770 1			331,500.00	329,410.54	Nov-02-04	8.950%	MI - 85.00%	Paid Off - 360	Nov-04-03
1182280 1			147,900.00	146,887.99	Sep-01-04	8.600%	FL - 85.00%	Paid Off - 360	Dec-03-03
1183043 1			90,000.00	89,230.75	Nov-05-04	6.950%	FL - 78.26%	Paid Off - 360	Dec-19-03
1182589 1			245,600.00	244,151.81	Aug-19-04	6.950%	MA - 80.00%	Paid Off - 360	Dec-12-03
1185131 1			128,700.00	127,505.05	Nov-22-04	7.000%	CA - 90.00%	Paid Off - 360	Dec-04-03
1182598 1			247,500.00	246,140.03	Aug-02-04	8.000%	MD - 90.00%	Paid Off - 360	Nov-17-03
1185723 1			166,500.00	164,893.43	Nov-24-04	6.800%	CA - 90.00%	Paid Off - 360	Nov-13-03
1182730 1			112,000.00	111,441.38	Aug-02-04	7.800%	IL - 80.00%	Paid Off - 360	Dec-17-03
1186161 1			256,500.00	254,483.25	Nov-03-04	7.850%	CA - 95.00%	Paid Off - 360	Dec-05-03
1185981 1			183,750.00	182,748.08	Aug-04-04	7.350%	CA - 75.00%	Paid Off - 360	Dec-23-03
1187443 1			135,000.00	133,684.85	Nov-24-04	6.750%	CA - 90.00%	Paid Off - 360	Dec-03-03
1186667 1			247,269.00	245,089.64	Aug-03-04	5.450%	CA - 77.27%	Paid Off - 360	Dec-15-03
1187557 1			112,500.00	111,722.06	Nov-02-04	8.000%	CT - 90.00%	Paid Off - 360	Dec-04-03
1187325 1			123,750.00	123,025.92	Aug-24-04	6.990%	FL - 75.00%	Paid Off - 360	Dec-08-03
1190597 1			75,000.00	74,262.33	Nov-24-04	6.700%	MD - 62.50%	Paid Off - 360	Dec-03-03
1187963 1			214,000.00	213,070.70	Aug-11-04	8.490%	CA - 66.25%	Paid Off - 360	Dec-17-03
1191202 1		FCL	180,000.00	178,367.15	Nov-30-04	7.120%	CA - 80.00%	Paid Off - 360	Nov-28-03
1189712 1			106,400.00	102,503.50	Aug-09-04	8.200%	NJ - 70.00%	Paid Off - 360	Nov-14-03
1192985 1			265,000.00	262,977.06	Nov-08-04	7.500%	CA - 100.00%	Paid Off - 360	Dec-09-03
1189790 1			160,000.00	158,990.45	Aug-31-04	6.600%	MN - 82.05%	Paid Off - 360	Dec-15-03
1193621 1			265,500.00	262,838.32	Nov-03-04	6.600%	PA - 90.00%	Paid Off - 360	Dec-05-03
1190261 1			255,000.00	253,607.12	Aug-24-04	8.250%	MA - 85.00%	Paid Off - 360	Nov-18-03
1194165 1			146,000.00	144,677.06	Nov-24-04	7.200%	CA - 89.57%	Paid Off - 360	Dec-02-03
1190450 1			127,000.00	126,432.82	Aug-26-04	8.350%	IL - 69.40%	Paid Off - 360	Dec-08-03
1195012 1			202,500.00	200,743.41	Nov-30-04	7.350%	CO - 90.00%	Paid Off - 360	Dec-05-03
1190742 1			104,250.00	103,814.59	Aug-26-04	8.700%	FL - 75.00%	Paid Off - 360	Dec-18-03
1198344 1			313,500.00	310,836.07	Nov-16-04	6.950%	CA - 95.00%	Paid Off - 360	Dec-16-03
1196924 1			156,000.00	155,364.34	Aug-02-04	8.800%	IL - 61.18%	Paid Off - 360	Dec-18-03
1198465 1			190,000.00	188,834.76	Nov-26-04	8.600%	CT - 95.00%	Paid Off - 360	Dec-01-03
1197665 1			140,200.00	139,634.51	Aug-25-04	8.850%	IL - 84.97%	Paid Off - 360	Dec-15-03
1199366 1			215,000.00	212,925.51	Nov-30-04	6.800%	CA - 76.79%	Paid Off - 360	Dec-11-03
1198210 1			321,955.00	320,058.23	Aug-18-04	7.650%	CA - 95.00%	Paid Off - 360	Dec-03-03
1199805 1			134,300.00	132,719.56	Nov-15-04	6.000%	NY - 85.00%	Paid Off - 360	Dec-03-03
1198515 1			168,750.00	167,981.00	Aug-13-04	8.250%	IL - 90.00%	Paid Off - 360	Dec-02-03
1200143 1			75,000.00	74,479.17	Nov-30-04	8.000%	FL - 68.18%	Paid Off - 360	Dec-22-03
1198877 1			147,200.00	146,115.52	Aug-02-04	6.500%	CA - 80.00%	Paid Off - 360	Dec-05-03
1200575 1			157,250.00	155,926.64	Nov-05-04	7.000%	RI - 85.00%	Paid Off - 360	Dec-08-03
1200937 1			212,500.00	210,903.69	Aug-10-04	6.750%	CA - 85.00%	Paid Off - 360	Dec-04-03
1200767 1			181,000.00	179,370.59	Nov-04-04	6.650%	CA - 76.37%	Paid Off - 360	Dec-11-03
1203623 1			225,000.00	223,686.10	Sep-01-04	7.000%	MA - 90.00%	Paid Off - 360	Dec-18-03
1203160 1			197,600.00	196,149.85	Nov-24-04	7.700%	MI - 95.00%	Paid Off - 360	Dec-17-03
1204057 1			170,000.00	169,073.04	Aug-13-04	7.350%	MI - 85.00%	Paid Off - 360	Dec-18-03
1203176 1			297,500.00	295,491.16	Nov-26-04	8.650%	MI - 85.00%	Paid Off - 360	Nov-25-03
					Page 19 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
1204219 1			141,300.00	140,649.48	Aug-12-04	8.200%	FL - 90.00%	Paid Off - 360	Dec-02-03
1203269 1			172,500.00	171,410.08	Nov-15-04	8.450%	CA - 75.00%	Paid Off - 360	Dec-16-03
1205031 1			153,000.00	151,994.89	Aug-06-04	7.100%	CA - 85.00%	Paid Off - 360	Dec-02-03
1204211 1			67,200.00	66,687.15	Nov-09-04	8.000%	GA - 80.00%	Paid Off - 360	Dec-10-03
1206703 1			213,300.00	212,005.05	Sep-01-04	7.500%	CA - 90.00%	Paid Off - 360	Dec-10-03
1204354 1			261,000.00	259,055.94	Nov-30-04	7.625%	MA - 75.00%	Paid Off - 360	Dec-04-03
1207466 1			158,000.00	157,063.45	Aug-02-04	7.950%	OH - 81.03%	Paid Off - 360	Dec-01-03
1205122 1			112,000.00	111,223.96	Nov-10-04	7.990%	RI - 66.27%	Paid Off - 360	Dec-04-03
1207503 1			307,000.00	305,342.48	Aug-20-04	7.400%	CA - 87.71%	Paid Off - 360	Dec-23-03
1205199 1			173,160.00	171,701.39	Nov-17-04	7.500%	IL - 90.00%	Paid Off - 360	Dec-02-03
1207548 1			270,000.00	267,807.50	Aug-30-04	5.990%	CA - 90.00%	Paid Off - 360	Dec-04-03
1205465 1			121,550.00	120,565.63	Nov-18-04	7.700%	MO - 85.00%	Paid Off - 360	Dec-09-03
1208230 1			264,000.00	262,732.41	Aug-19-04	7.990%	NY - 71.35%	Paid Off - 360	Dec-22-03
1205745 1			336,000.00	333,534.14	Nov-22-04	7.700%	CA - 80.00%	Paid Off - 360	Dec-16-03
1208650 1			184,000.00	182,640.97	Aug-20-04	7.100%	CA - 80.00%	Paid Off - 360	Dec-03-03
1206088 1			172,500.00	171,494.98	Nov-08-04	8.850%	IL - 75.00%	Paid Off - 360	Dec-09-03
1208851 1			189,000.00	188,155.95	Aug-12-04	8.350%	RI - 85.91%	Paid Off - 360	Dec-22-03
1206127 1			89,500.00	88,684.97	Nov-24-04	7.100%	CA - 64.86%	Paid Off - 360	Dec-10-03
1208862 1			245,000.00	243,454.14	Sep-01-04	6.600%	CA - 89.09%	Paid Off - 360	Dec-12-03
1206401 1			85,850.00	85,062.08	Nov-10-04	6.550%	AZ - 85.00%	Paid Off - 360	Dec-10-03
1210533 1			238,500.00	237,093.69	Aug-31-04	6.950%	CA - 90.00%	Paid Off - 360	Dec-12-03
1207376 1			116,000.00	115,113.54	Nov-26-04	7.500%	MI - 72.50%	Paid Off - 360	Dec-15-03
1210802 1			103,200.00	102,573.51	Aug-31-04	6.800%	MA - 80.00%	Paid Off - 360	Dec-04-03
1207447 1			127,200.00	125,948.97	Nov-22-04	6.700%	FL - 80.00%	Paid Off - 360	Dec-05-03
1211082 1			210,000.00	208,509.02	Aug-30-04	8.700%	CA - 75.00%	Paid Off - 360	Dec-10-03
1207929 1		FCL	180,000.00	178,874.09	Nov-30-04	8.500%	CT - 75.00%	Paid Off - 360	Dec-02-03
1211272 1			308,000.00	306,112.05	Aug-09-04	6.750%	FL - 80.00%	Paid Off - 360	Dec-16-03
1209072 1			112,000.00	111,242.13	Nov-30-04	8.600%	NY - 70.00%	Paid Off - 360	Dec-09-03
1211283 1			355,500.00	353,362.71	Aug-30-04	6.850%	NY - 90.00%	Paid Off - 360	Dec-09-03
1209120 1			250,600.00	247,990.24	Nov-18-04	6.400%	WA - 70.00%	Paid Off - 360	Dec-05-03
1211581 1			140,000.00	139,264.10	Aug-12-04	7.500%	IL - 100.00%	Paid Off - 360	Dec-02-03
1210282 1			266,800.00	263,558.51	Nov-15-04	6.000%	CA - 80.00%	Paid Off - 360	Dec-02-03
1212189 1			276,000.00	274,308.19	Aug-02-04	6.750%	IL - 71.69%	Paid Off - 360	Dec-11-03
1211325 1			185,000.00	184,938.97	Nov-16-04	5.125%	FL - 80.00%	Paid Off - 300	Dec-08-03
1212644 1			225,000.00	223,510.63	Aug-19-04	6.350%	CA - 90.00%	Paid Off - 360	Dec-15-03
1211879 1			265,000.00	263,053.28	Nov-30-04	7.700%	CA - 66.25%	Paid Off - 360	Dec-26-03
1212866 1			217,000.00	215,753.51	Aug-31-04	7.100%	RI - 68.45%	Paid Off - 360	Dec-08-03
1212487 1			314,000.00	311,168.14	Nov-12-04	7.150%	MN - 71.36%	Paid Off - 360	Dec-03-03
1212940 1			179,250.00	177,987.59	Aug-02-04	6.100%	MA - 75.00%	Paid Off - 360	Dec-17-03
1212494 1			237,500.00	235,576.42	Nov-26-04	7.700%	CA - 78.90%	Paid Off - 360	Dec-02-03
1213346 1			236,000.00	234,357.96	Aug-04-04	6.800%	CA - 80.00%	Paid Off - 360	Dec-03-03
1213061 1			116,600.00	116,600.00	Nov-15-04	5.125%	AZ - 82.11%	Paid Off - 300	Dec-01-03
1214052 1			188,000.00	186,519.79	Aug-03-04	6.875%	CA - 74.31%	Paid Off - 360	Dec-05-03
1213676 1			146,300.00	145,159.73	Nov-26-04	7.450%	OH - 95.00%	Paid Off - 360	Dec-17-03
1215132 1			144,800.00	143,988.52	Aug-04-04	7.550%	WA - 80.00%	Paid Off - 360	Dec-22-03
1214425 1			324,000.00	320,662.39	Nov-05-04	6.990%	CA - 80.00%	Paid Off - 360	Dec-02-03
1217515 1			131,750.00	131,031.66	Aug-03-04	7.350%	CA - 87.83%	Paid Off - 360	Dec-16-03
1214541 1			170,000.00	168,637.20	Nov-26-04	7.250%	MI - 72.03%	Paid Off - 360	Dec-08-03
1217797 1			180,000.00	178,990.98	Aug-05-04	7.900%	CA - 80.00%	Paid Off - 360	Dec-17-03
1216664 1			195,000.00	193,610.74	Nov-02-04	7.850%	IL - 31.45%	Paid Off - 360	Dec-03-03
1218104 1			76,500.00	76,078.79	Aug-30-04	7.990%	CA - 85.00%	Paid Off - 360	Dec-08-03
1217750 1			81,000.00	80,456.35	Nov-24-04	8.150%	TX - 64.29%	Paid Off - 360	Dec-17-03
1218563 1			93,500.00	92,819.43	Sep-01-04	6.750%	FL - 85.00%	Paid Off - 360	Dec-05-03
1217848 1			107,100.00	106,196.97	Nov-18-04	6.990%	CA - 85.00%	Paid Off - 360	Dec-19-03
1219748 1			105,000.00	104,526.31	Aug-19-04	8.300%	FL - 70.00%	Paid Off - 360	Dec-15-03
1218855 1			196,000.00	193,940.20	Nov-23-04	6.400%	FL - 52.97%	Paid Off - 360	Dec-18-03
1220068 1			165,600.00	164,595.02	Aug-19-04	7.500%	CA - 90.00%	Paid Off - 360	Dec-10-03
1219429 1			115,000.00	113,982.79	Nov-30-04	6.750%	OR - 62.84%	Paid Off - 360	Dec-17-03
1220555 1			143,000.00	141,618.74	Aug-24-04	8.300%	CA - 77.30%	Paid Off - 360	Dec-05-03
1220418 1			102,000.00	100,281.58	Nov-03-04	5.990%	CA - 56.98%	Paid Off - 360	Dec-17-03
1221432 1			157,500.00	131,765.64	Aug-16-04	7.300%	IL - 70.00%	Paid Off - 360	Dec-03-03
1220444 1			175,000.00	173,528.22	Nov-26-04	7.050%	RI - 68.63%	Paid Off - 360	Dec-29-03
1221869 1			100,750.00	100,014.43	Aug-20-04	6.550%	CA - 65.00%	Paid Off - 360	Dec-04-03
1220795 1			248,000.00	245,809.83	Nov-18-04	6.750%	GA - 80.00%	Paid Off - 360	Dec-05-03
1222978 1			108,400.00	107,837.40	Aug-17-04	7.600%	MN - 80.00%	Paid Off - 360	Dec-03-03
1220890 1			165,000.00	163,528.82	Nov-12-04	6.700%	CA - 67.35%	Paid Off - 360	Dec-29-03
1223070 1			144,500.00	143,647.87	Aug-23-04	7.600%	WA - 85.00%	Paid Off - 360	Dec-26-03
1221162 1			144,000.00	142,115.51	Nov-19-04	7.100%	CA - 80.00%	Paid Off - 360	Dec-04-03
1224522 1			145,000.00	144,230.85	Aug-02-04	7.500%	FL - 100.00%	Paid Off - 360	Dec-18-03
1221823 1			265,000.00	262,418.40	Nov-30-04	6.750%	NY - 89.83%	Paid Off - 360	Nov-24-03
1225386 1			115,000.00	114,550.24	Aug-06-04	9.000%	RI - 78.77%	Paid Off - 360	Dec-22-03
1222929 1			155,000.00	153,617.90	Nov-24-04	6.700%	CA - 77.50%	Paid Off - 360	Dec-05-03
1225421 1			180,000.00	178,989.21	Aug-03-04	7.200%	CA - 80.00%	Paid Off - 360	Dec-23-03
1223969 1			90,100.00	89,493.67	Nov-30-04	8.200%	NH - 85.00%	Paid Off - 360	Dec-05-03
1225738 1			233,750.00	232,080.76	Aug-12-04	5.950%	NY - 89.90%	Paid Off - 360	Dec-12-03
1224178 1			123,000.00	121,913.87	Nov-02-04	6.950%	CA - 66.49%	Paid Off - 360	Dec-16-03
1226552 1			223,000.00	221,722.96	Aug-30-04	7.100%	IL - 94.89%	Paid Off - 360	Dec-09-03
1225581 1			161,500.00	159,911.51	Nov-12-04	6.700%	CA - 95.00%	Paid Off - 360	Dec-08-03
1227153 1			289,750.00	288,031.83	Aug-12-04	6.950%	CA - 95.00%	Paid Off - 360	Dec-15-03
1225611 1			86,000.00	85,208.74	Nov-26-04	7.250%	MN - 67.19%	Paid Off - 360	Dec-09-03
1228466 1			177,750.00	176,713.11	Aug-19-04	7.700%	CA - 79.00%	Paid Off - 360	Dec-02-03
1226553 1			185,250.00	183,566.30	Nov-15-04	6.600%	VA - 65.00%	Paid Off - 360	Dec-08-03
1229739 1			318,750.00	316,355.23	Aug-19-04	6.400%	CA - 85.00%	Paid Off - 360	Dec-08-03
1226810 1			141,085.00	139,760.31	Nov-24-04	7.350%	IL - 87.09%	Paid Off - 360	Dec-02-03
1229865 1			330,000.00	327,646.62	Sep-01-04	6.650%	CA - 73.33%	Paid Off - 360	Dec-04-03
1227735 1			190,800.00	189,062.47	Nov-08-04	7.100%	NY - 90.00%	Paid Off - 360	Dec-01-03
1231776 1			371,250.00	369,523.79	Aug-30-04	8.150%	MA - 75.00%	Paid Off - 360	Dec-05-03
1228347 1			200,000.00	198,473.24	Nov-24-04	7.500%	NH - 80.00%	Paid Off - 360	Dec-15-03
1232031 1			161,500.00	160,763.33	Aug-24-04	8.250%	IL - 85.00%	Paid Off - 360	Dec-05-03
1228465 1			167,400.00	165,875.58	Nov-23-04	7.100%	FL - 89.04%	Paid Off - 360	Dec-09-03
1232406 1			250,000.00	248,525.91	Aug-12-04	6.950%	CA - 83.89%	Paid Off - 360	Dec-24-03
1228838 1			212,000.00	209,954.47	Nov-24-04	6.800%	CA - 80.00%	Paid Off - 360	Dec-04-03
1232488 1			120,000.00	119,134.94	Aug-05-04	5.900%	CA - 77.42%	Paid Off - 360	Dec-17-03
1230689 1			180,500.00	178,978.06	Nov-24-04	6.990%	FL - 77.47%	Paid Off - 360	Dec-09-03
1234075 1			215,000.00	213,876.41	Aug-31-04	8.250%	MA - 69.35%	Paid Off - 360	Dec-09-03
1231257 1			205,000.00	200,878.81	Nov-09-04	5.700%	CA - 83.67%	Paid Off - 360	Dec-04-03
1234349 1			36,000.00	35,807.30	Aug-11-04	7.450%	FL - 54.55%	Paid Off - 360	Dec-10-03
1231657 1			152,950.00	151,723.59	Nov-15-04	7.250%	NV - 95.00%	Paid Off - 360	Dec-29-03
1234555 1			80,000.00	79,518.45	Aug-09-04	8.125%	CO - 59.26%	Paid Off - 360	Dec-10-03
1232714 1			270,750.00	268,162.51	Nov-22-04	6.850%	CA - 95.00%	Paid Off - 360	Dec-02-03
1234811 1			320,000.00	317,916.28	Sep-01-04	6.450%	CA - 65.98%	Paid Off - 360	Dec-26-03
1233115 1			130,000.00	128,772.56	Nov-17-04	6.400%	RI - 67.36%	Paid Off - 360	Dec-24-03
1234856 1			186,400.00	185,311.52	Aug-17-04	7.000%	CA - 80.00%	Paid Off - 360	Dec-11-03
1235957 1			149,000.00	147,746.00	Nov-02-04	7.000%	NJ - 66.22%	Paid Off - 360	Dec-10-03
					Page 20 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
1234881 1			135,000.00	134,287.37	Aug-03-04	8.200%	CA - 100.00%	Paid Off - 360	Dec-16-03
1237183 1			109,600.00	108,795.62	Nov-09-04	7.700%	FL - 80.00%	Paid Off - 360	Dec-10-03
1235084 1			183,750.00	182,718.11	Aug-31-04	7.200%	CA - 75.00%	Paid Off - 360	Dec-29-03
1237441 1			72,000.00	71,471.52	Nov-08-04	7.700%	FL - 90.00%	Paid Off - 360	Dec-02-03
1235134 1			162,000.00	161,116.68	Aug-03-04	7.350%	IL - 90.00%	Paid Off - 360	Dec-12-03
1237735 1			120,000.00	119,136.55	Nov-30-04	7.800%	VA - 80.00%	Paid Off - 360	Dec-29-03
1235517 1			84,000.00	82,221.16	Aug-26-04	7.700%	IL - 71.19%	Paid Off - 180	Dec-24-03
1238009 1			134,000.00	132,977.05	Nov-24-04	7.500%	IL - 100.00%	Paid Off - 360	Dec-23-03
1236001 1			306,000.00	304,149.84	Aug-23-04	7.700%	CA - 90.00%	Paid Off - 360	Nov-26-03
1238039 1			123,200.00	122,036.72	Nov-22-04	6.400%	CA - 80.00%	Paid Off - 360	Dec-24-03
1236239 1			253,200.00	251,761.01	Aug-17-04	9.200%	IL - 97.38%	Paid Off - 360	Dec-23-03
1239186 1			210,000.00	207,780.25	Nov-24-04	5.800%	MA - 57.53%	Paid Off - 360	Dec-10-03
1237239 1			130,500.00	129,842.63	Aug-09-04	7.750%	IL - 90.00%	Paid Off - 360	Dec-24-03
1241951 1			35,000.00	34,428.41	Nov-10-04	6.000%	IN - 70.00%	Paid Off - 360	Dec-10-03
1238353 1			177,000.00	175,947.48	Aug-26-04	7.500%	IL - 100.00%	Paid Off - 360	Dec-09-03
1241953 1			190,000.00	188,180.89	Nov-03-04	6.450%	CA - 67.86%	Paid Off - 360	Dec-05-03
1238534 1			270,750.00	269,199.55	Aug-10-04	7.100%	CA - 95.00%	Paid Off - 360	Dec-17-03
1243858 1			121,600.00	120,536.33	Nov-08-04	6.800%	NV - 80.00%	Paid Off - 360	Dec-26-03
1240153 1			280,900.00	280,898.81	Aug-20-04	4.750%	CA - 70.00%	Paid Off - 300	Dec-17-03
1244051 1			184,400.00	182,992.27	Nov-08-04	7.500%	NV - 84.98%	Paid Off - 360	Dec-16-03
1240158 1			116,450.00	115,986.10	Aug-09-04	8.950%	FL - 80.87%	Paid Off - 360	Dec-22-03
1245052 1			172,500.00	170,961.37	Nov-30-04	6.700%	CA - 88.46%	Paid Off - 360	Dec-15-03
1240173 1			96,000.00	95,301.40	Aug-04-04	5.850%	FL - 78.05%	Paid Off - 360	Dec-23-03
1245250 1			232,800.00	230,821.79	Nov-15-04	6.950%	CA - 80.00%	Paid Off - 360	Dec-10-03
1240245 1			139,200.00	138,304.66	Aug-05-04	6.500%	CA - 80.00%	Paid Off - 360	Dec-29-03
1246858 1			75,000.00	74,229.11	Nov-24-04	5.950%	WA - 51.37%	Paid Off - 360	Dec-03-03
1241932 1			189,000.00	188,244.62	Aug-25-04	8.900%	NY - 70.00%	Paid Off - 360	Dec-22-03
1247733 1			240,000.00	238,356.90	Nov-15-04	8.050%	RI - 80.00%	Paid Off - 360	Dec-29-03
1242663 1			162,500.00	161,473.61	Aug-03-04	6.900%	MD - 65.00%	Paid Off - 360	Dec-18-03
1248878 1			80,750.00	80,115.13	Nov-12-04	7.350%	FL - 95.00%	Paid Off - 360	Dec-26-03
1242972 1			86,000.00	85,282.70	Aug-02-04	6.900%	FL - 78.18%	Paid Off - 360	Dec-08-03
1250486 1			162,400.00	160,965.76	Nov-10-04	6.750%	CA - 80.00%	Paid Off - 360	Dec-09-03
1243678 1			204,000.00	202,473.24	Sep-01-04	5.700%	CA - 80.00%	Paid Off - 360	Dec-10-03
1252061 1			124,950.00	123,724.74	Nov-02-04	6.200%	OH - 85.00%	Paid Off - 360	Dec-15-03
1243766 1			245,000.00	243,610.65	Aug-17-04	7.150%	IL - 74.24%	Paid Off - 360	Dec-22-03
1252135 1		FCL	325,000.00	321,735.82	Nov-22-04	6.500%	CA - 100.00%	Paid Off - 360	Dec-12-03
1244192 1			116,000.00	115,433.66	Aug-31-04	8.050%	AZ - 80.00%	Paid Off - 360	Dec-23-03
1254851 1			130,000.00	129,136.18	Nov-24-04	8.200%	FL - 100.00%	Paid Off - 360	Dec-24-03
1244323 1			203,000.00	202,330.69	Aug-02-04	9.850%	CA - 70.00%	Paid Off - 360	Dec-23-03
1255309 1			219,600.00	217,359.59	Nov-23-04	6.150%	RI - 90.00%	Paid Off - 360	Dec-23-03
1244569 1			192,500.00	191,353.83	Aug-31-04	6.900%	KY - 72.64%	Paid Off - 360	Dec-23-03
1256368 1			193,500.00	191,758.00	Nov-17-04	6.650%	CA - 90.00%	Paid Off - 360	Dec-16-03
1244678 1			36,125.00	35,944.78	Sep-01-04	7.800%	AR - 85.00%	Paid Off - 360	Dec-09-03
1256836 1			192,000.00	189,951.62	Nov-02-04	5.750%	CA - 80.00%	Paid Off - 360	Dec-16-03
1246185 1			149,600.00	147,543.96	Aug-02-04	6.700%	NV - 80.00%	Paid Off - 360	Dec-05-03
1256875 1			275,500.00	269,880.60	Nov-10-04	6.950%	IL - 82.24%	Paid Off - 240	Dec-22-03
1246379 1			210,000.00	209,161.69	Aug-19-04	8.900%	IL - 75.00%	Paid Off - 360	Dec-15-03
1256918 1		FCL	165,000.00	160,023.20	Nov-30-04	7.850%	NY - 75.00%	Paid Off - 180	Dec-22-03
1247559 1			124,000.00	123,330.48	Aug-19-04	7.400%	FL - 62.00%	Paid Off - 360	Dec-29-03
1256973 1			210,900.00	209,620.21	Nov-03-04	8.650%	MA - 71.98%	Paid Off - 360	Dec-24-03
1248697 1			70,000.00	69,657.12	Aug-06-04	8.750%	FL - 70.00%	Paid Off - 360	Dec-15-03
1257270 1			155,000.00	153,591.28	Nov-16-04	6.600%	CA - 59.62%	Paid Off - 360	Dec-24-03
1249153 1			157,500.00	155,435.95	Aug-26-04	6.400%	CA - 90.00%	Paid Off - 360	Dec-24-03
1257826 1			120,000.00	118,596.03	Nov-03-04	5.250%	CA - 80.00%	Paid Off - 360	Dec-18-03
1250834 1			311,200.00	308,859.67	Aug-19-04	6.475%	CA - 80.00%	Paid Off - 360	Dec-19-03
1258973 1			121,600.00	120,407.51	Nov-03-04	6.200%	NV - 80.00%	Paid Off - 360	Dec-26-03
1251914 1			160,000.00	159,101.46	Aug-03-04	7.200%	NY - 72.73%	Paid Off - 360	Dec-29-03
1261270 1			136,000.00	134,787.38	Nov-26-04	6.700%	OH - 87.74%	Paid Off - 360	Dec-24-03
1252869 1			56,100.00	55,800.39	Sep-01-04	7.450%	IN - 85.00%	Paid Off - 360	Dec-11-03
1261592 1			166,500.00	164,851.77	Nov-10-04	6.150%	CA - 75.00%	Paid Off - 360	Dec-23-03
1253441 1			235,500.00	234,177.55	Aug-05-04	7.200%	MD - 59.47%	Paid Off - 360	Dec-17-03
1262271 1			188,000.00	186,478.02	Nov-22-04	7.200%	CA - 94.00%	Paid Off - 360	Dec-26-03
1253559 1			109,000.00	108,409.17	Aug-31-04	7.380%	FL - 43.60%	Paid Off - 360	Dec-22-03
1262897 1			113,750.00	112,575.92	Nov-02-04	5.999%	ID - 65.75%	Paid Off - 360	Dec-26-03
1254287 1			89,000.00	86,740.03	Aug-04-04	5.650%	CA - 26.57%	Paid Off - 180	Dec-24-03
1263772 1			154,700.00	153,835.07	Nov-10-04	9.075%	NV - 85.00%	Paid Off - 360	Dec-23-03
1256298 1			60,000.00	58,559.00	Aug-02-04	7.100%	MI - 70.59%	Paid Off - 180	Dec-15-03
1268326 1			205,000.00	202,804.55	Nov-08-04	5.750%	CA - 74.55%	Paid Off - 360	Dec-19-03
1257156 1			266,000.00	264,660.06	Aug-24-04	7.750%	CA - 95.00%	Paid Off - 360	Dec-17-03
1268336 1			185,000.00	183,366.22	Nov-18-04	6.750%	NV - 100.00%	Paid Off - 360	Dec-23-03
1259776 1			247,500.00	246,337.54	Aug-05-04	8.100%	CA - 90.00%	Paid Off - 360	Dec-16-03
1272418 1			87,500.00	87,089.55	Nov-04-04	9.900%	CA - 70.00%	Paid Off - 360	Dec-22-03
1259917 1			170,000.00	169,143.60	Aug-11-04	7.750%	NV - 77.98%	Paid Off - 360	Dec-19-03
1273082 1			382,500.00	379,122.10	Nov-03-04	6.750%	NY - 85.00%	Paid Off - 360	Dec-29-03
1263360 1			204,000.00	202,583.95	Aug-02-04	6.100%	NV - 80.00%	Paid Off - 360	Dec-23-03
1273381 1			78,000.00	77,402.74	Nov-08-04	7.450%	CA - 50.00%	Paid Off - 360	Dec-29-03
1263643 1			170,000.00	169,100.72	Aug-27-04	7.450%	CA - 85.00%	Paid Off - 360	Dec-24-03
1280083 1			183,750.00	181,682.32	Nov-19-04	5.600%	CA - 75.00%	Paid Off - 360	Dec-24-03
1264369 1			99,000.00	98,401.46	Aug-04-04	7.000%	IN - 88.39%	Paid Off - 360	Dec-22-03
1284482 1			167,200.00	165,762.83	Nov-02-04	7.250%	IL - 79.62%	Paid Off - 360	Dec-23-03
1265574 1			183,000.00	182,207.22	Aug-19-04	8.500%	MA - 75.00%	Paid Off - 360	Dec-23-03
1103315 2			37,600.00	37,028.43	Nov-02-04	9.950%	CA - 100.00%	Paid Off - 240	Dec-04-03
1268046 1			69,000.00	68,648.21	Aug-09-04	7.700%	AZ - 79.77%	Paid Off - 360	Dec-16-03
1114904 2			352,800.00	349,652.54	Nov-05-04	6.990%	CA - 80.00%	Paid Off - 360	Dec-09-03
1268926 1			260,800.00	259,040.21	Sep-01-04	6.250%	CO - 80.00%	Paid Off - 360	Dec-16-03
1118850 2			88,000.00	87,292.69	Nov-04-04	7.750%	CA - 80.00%	Paid Off - 360	Dec-05-03
1270429 1			95,000.00	94,487.02	Sep-01-04	7.400%	MO - 77.87%	Paid Off - 360	Dec-24-03
1130207 2			257,600.00	256,279.10	Nov-08-04	9.950%	CA - 70.00%	Paid Off - 360	Dec-03-03
1271210 1			134,300.00	133,655.17	Aug-20-04	7.990%	VA - 85.00%	Paid Off - 360	Dec-26-03
1135181 2			190,000.00	188,021.30	Nov-19-04	6.400%	CA - 70.37%	Paid Off - 360	Dec-10-03
1272314 1			87,200.00	86,635.27	Aug-09-04	6.800%	IL - 80.00%	Paid Off - 360	Dec-29-03
1137241 2			112,000.00	110,830.39	Nov-24-04	8.800%	IL - 80.00%	Paid Off - 360	Dec-15-03
1108976 2			65,000.00	63,518.85	Aug-09-04	7.250%	CA - 65.00%	Paid Off - 240	Dec-08-03
1156672 2			84,500.00	84,055.60	Nov-16-04	9.350%	NM - 65.00%	Paid Off - 360	Dec-08-03
1145374 2			262,483.00	260,789.97	Aug-26-04	7.650%	VA - 68.18%	Paid Off - 360	Dec-03-03
1168202 2			87,600.00	86,818.87	Oct-13-04	6.700%	FL - 80.00%	Paid Off - 360	Dec-05-03
1150701 2			500,000.00	496,781.49	Aug-06-04	7.200%	CA - 81.30%	Paid Off - 360	Dec-05-03
1170274 2			43,500.00	42,846.96	Nov-17-04	10.050%	CA - 100.00%	Paid Off - 240	Dec-04-03
1157956 2			75,000.00	74,761.74	Aug-17-04	10.000%	NY - 62.50%	Paid Off - 360	Dec-19-03
1178878 2			81,000.00	80,467.17	Nov-08-04	8.250%	NY - 90.00%	Paid Off - 360	Dec-12-03
1158636 2			332,000.00	330,486.29	Aug-27-04	8.250%	CA - 100.00%	Paid Off - 360	Dec-10-03
1184866 2			388,550.00	385,231.44	Nov-10-04	7.650%	CA - 95.00%	Paid Off - 360	Nov-06-03
1165642 2			175,500.00	174,206.44	Aug-10-04	6.500%	CA - 90.00%	Paid Off - 360	Dec-04-03
1186437 2			157,500.00	156,034.84	Nov-22-04	6.990%	CA - 65.63%	Paid Off - 360	Dec-04-03
					Page 21 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
1170105 2			55,000.00	54,642.82	Aug-16-04	6.950%	FL - 32.93%	Paid Off - 360	Nov-12-03
1191177 2			130,000.00	127,419.16	Nov-02-04	6.990%	NY - 53.06%	Paid Off - 240	Dec-02-03
1172679 2			479,000.00	475,946.65	Aug-27-04	7.250%	CA - 100.00%	Paid Off - 360	Nov-07-03
1191630 2			184,000.00	181,364.62	Nov-19-04	7.200%	FL - 70.77%	Paid Off - 360	Dec-03-03
1174100 2			70,000.00	69,292.07	Aug-16-04	10.550%	CA - 100.00%	Paid Off - 240	Dec-02-03
1198187 2			107,350.00	106,715.44	Nov-30-04	8.800%	GA - 95.00%	Paid Off - 360	Dec-02-03
1187799 2			200,000.00	198,992.51	Aug-04-04	7.750%	CA - 63.49%	Paid Off - 360	Dec-15-03
1198917 2			450,000.00	450,000.00	Nov-03-04	6.125%	CA - 84.91%	Paid Off - 300	Nov-26-03
1196979 2			361,000.00	358,852.07	Sep-01-04	7.600%	CA - 95.00%	Paid Off - 360	Dec-08-03
1200805 2			96,000.00	95,177.30	Nov-17-04	7.250%	IL - 84.96%	Paid Off - 360	Dec-12-03
1198972 2			36,800.00	36,460.91	Aug-02-04	10.200%	CA - 100.00%	Paid Off - 240	Dec-05-03
1201667 2			126,400.00	125,721.63	Nov-10-04	9.250%	OH - 80.00%	Paid Off - 360	Dec-08-03
1201000 2			435,000.00	431,944.08	Aug-17-04	6.750%	MA - 67.44%	Paid Off - 360	Dec-03-03
1201794 2			116,800.00	116,137.44	Nov-17-04	9.100%	GA - 80.00%	Paid Off - 360	Dec-22-03
1201571 2			50,250.00	50,074.62	Aug-11-04	9.550%	FL - 75.00%	Paid Off - 360	Dec-10-03
1202908 2			388,201.00	384,002.69	Nov-12-04	6.200%	CA - 71.76%	Paid Off - 360	Dec-04-03
1205439 2			441,000.00	438,024.72	Aug-20-04	6.250%	MA - 90.00%	Paid Off - 360	Dec-05-03
1203273 2			585,000.00	579,683.12	Nov-08-04	6.600%	CA - 79.59%	Paid Off - 360	Dec-19-03
1205759 2			112,120.00	111,398.83	Sep-01-04	6.500%	FL - 80.00%	Paid Off - 360	Dec-05-03
1203988 2			338,200.00	334,717.04	Nov-23-04	6.350%	MN - 95.00%	Paid Off - 360	Dec-17-03
1206325 2			115,500.00	112,586.57	Aug-03-04	7.250%	CA - 70.00%	Paid Off - 180	Nov-18-03
1205899 2			108,000.00	107,553.50	Nov-26-04	10.500%	MO - 80.00%	Paid Off - 360	Dec-11-03
1206555 2			108,000.00	107,148.99	Aug-04-04	6.150%	CA - 80.00%	Paid Off - 360	Dec-03-03
1209509 2			196,000.00	193,947.04	Nov-19-04	5.850%	CA - 80.00%	Paid Off - 360	Dec-03-03
1206598 2			187,500.00	186,438.35	Aug-04-04	7.850%	CA - 75.00%	Paid Off - 360	Dec-03-03
1210447 2			66,700.00	65,692.50	Nov-15-04	10.000%	CA - 100.00%	Paid Off - 240	Dec-02-03
1208585 2			243,000.00	241,904.45	Aug-25-04	8.350%	MA - 90.00%	Paid Off - 360	Dec-08-03
1210858 2			67,500.00	66,428.33	Nov-08-04	8.700%	AL - 90.00%	Paid Off - 360	Dec-15-03
1208615 2			102,000.00	100,879.39	Aug-18-04	9.900%	CA - 100.00%	Paid Off - 240	Nov-17-03
1211593 2			40,000.00	39,723.74	Nov-22-04	8.500%	FL - 23.81%	Paid Off - 360	Dec-05-03
1208641 2			61,400.00	60,834.20	Aug-19-04	10.200%	MA - 100.00%	Paid Off - 240	Dec-12-03
1213846 2			43,500.00	43,326.36	Nov-03-04	10.700%	PA - 75.00%	Paid Off - 360	Dec-04-03
1208670 2			128,000.00	127,380.79	Aug-04-04	8.500%	OK - 80.00%	Paid Off - 360	Dec-18-03
1214226 2			360,000.00	356,572.76	Nov-22-04	6.870%	CA - 100.00%	Paid Off - 360	Dec-03-03
1209928 2			52,600.00	52,021.97	Aug-09-04	10.000%	CA - 100.00%	Paid Off - 240	Nov-24-03
1214663 2			81,000.00	78,287.58	Nov-05-04	9.990%	CA - 100.00%	Paid Off - 240	Dec-02-03
1211681 2			382,500.00	380,262.09	Aug-02-04	6.990%	CA - 85.00%	Paid Off - 360	Dec-15-03
1221989 2			340,000.00	336,525.81	Nov-10-04	6.500%	CA - 100.00%	Paid Off - 360	Dec-09-03
1211985 2			133,450.00	132,938.42	Aug-02-04	9.100%	FL - 85.00%	Paid Off - 360	Dec-03-03
1223092 2			307,000.00	304,149.73	Nov-03-04	7.000%	CA - 71.40%	Paid Off - 360	Dec-04-03
1215137 2			36,200.00	35,862.08	Aug-04-04	10.550%	WA - 100.00%	Paid Off - 240	Dec-22-03
1226642 2		FCL	63,000.00	62,116.61	Nov-30-04	9.800%	CA - 100.00%	Paid Off - 240	Dec-10-03
1215466 2			65,000.00	64,675.79	Aug-24-04	7.800%	MI - 49.24%	Paid Off - 360	Dec-12-03
1231556 2			74,600.00	72,317.08	Nov-30-04	9.800%	CA - 100.00%	Paid Off - 240	Dec-04-03
1222103 2			148,750.00	147,800.79	Aug-31-04	6.650%	NY - 85.00%	Paid Off - 360	Dec-02-03
1241708 2			350,000.00	346,818.96	Nov-24-04	6.600%	CA - 60.34%	Paid Off - 360	Dec-23-03
1224494 2			38,160.00	37,981.64	Aug-05-04	8.800%	KY - 80.00%	Paid Off - 360	Dec-04-03
1242619 2			199,200.00	197,354.67	Nov-02-04	6.500%	CA - 80.00%	Paid Off - 360	Dec-16-03
1230050 2			488,000.00	485,566.15	Aug-18-04	7.800%	MA - 80.00%	Paid Off - 360	Dec-03-03
1242671 2			49,800.00	49,160.72	Nov-03-04	10.500%	CA - 100.00%	Paid Off - 240	Dec-16-03
1231700 2			180,000.00	179,114.39	Aug-16-04	7.750%	CA - 69.23%	Paid Off - 360	Dec-08-03
1244599 2			49,000.00	48,293.92	Nov-19-04	9.850%	CA - 100.00%	Paid Off - 240	Dec-03-03
1232687 2			497,250.00	835.06	Sep-01-04	7.500%	CA - 85.00%	Paid Off - 360	Dec-09-03
1245284 2			58,200.00	57,423.99	Nov-15-04	10.200%	CA - 100.00%	Paid Off - 240	Dec-10-03
1234781 2			112,500.00	111,910.28	Aug-05-04	7.550%	IL - 75.00%	Paid Off - 360	Dec-08-03
1245361 2			405,000.00	402,440.36	Nov-16-04	8.450%	CA - 90.00%	Paid Off - 360	Dec-17-03
1234909 2			60,400.00	59,843.47	Aug-16-04	10.200%	CA - 100.00%	Paid Off - 240	Dec-09-03
1247137 2			57,000.00	56,639.78	Nov-10-04	8.450%	NC - 95.00%	Paid Off - 360	Dec-29-03
1235588 2			370,000.00	366,895.33	Aug-04-04	6.500%	CA - 94.87%	Paid Off - 360	Dec-10-03
1249006 2			85,000.00	84,562.16	Nov-08-04	9.450%	GA - 85.00%	Paid Off - 360	Dec-16-03
1235742 2			188,000.00	186,614.28	Aug-19-04	6.500%	CA - 58.75%	Paid Off - 360	Dec-24-03
1251714 2			240,000.00	237,776.73	Nov-24-04	6.500%	CA - 75.00%	Paid Off - 360	Dec-29-03
1236628 2			180,000.00	179,288.02	Aug-16-04	8.950%	FL - 80.00%	Paid Off - 360	Dec-19-03
1255254 2			325,000.00	322,028.61	Nov-05-04	7.750%	VA - 100.00%	Paid Off - 360	Dec-23-03
1237739 2			258,750.00	257,296.97	Aug-27-04	7.200%	CA - 75.00%	Paid Off - 360	Dec-29-03
1257272 2			78,400.00	78,075.20	Nov-08-04	10.650%	IL - 70.00%	Paid Off - 360	Dec-19-03
1239929 2			332,000.00	329,073.02	Aug-18-04	5.550%	CA - 80.00%	Paid Off - 360	Dec-05-03
1259721 2			342,000.00	339,150.28	Nov-04-04	7.050%	CA - 90.00%	Paid Off - 360	Dec-24-03
1240682 2			72,649.00	71,914.25	Aug-31-04	10.550%	CA - 100.00%	Paid Off - 240	Dec-05-03
1262238 2			225,000.00	222,911.62	Nov-18-04	6.490%	NY - 51.72%	Paid Off - 360	Dec-29-03
1243979 2			169,000.00	165,201.73	Aug-23-04	7.000%	CA - 78.60%	Paid Off - 180	Dec-29-03
1268930 2			364,000.00	360,906.91	Nov-24-04	6.950%	IL - 89.88%	Paid Off - 360	Dec-29-03
1246209 2			37,400.00	37,055.39	Aug-02-04	10.200%	NV - 100.00%	Paid Off - 240	Dec-05-03
1273525 2			310,000.00	307,747.35	Nov-05-04	7.750%	CA - 100.00%	Paid Off - 360	Dec-19-03
1246547 2			365,500.00	363,995.39	Sep-01-04	8.750%	CA - 85.00%	Paid Off - 360	Dec-15-03
1284910 2			114,000.00	112,288.05	Nov-24-04	9.250%	IL - 100.00%	Paid Off - 240	Dec-24-03
1247129 2			25,800.00	25,549.86	Aug-31-04	9.800%	MA - 100.00%	Paid Off - 240	Dec-04-03
1287881 2			433,000.00	428,293.84	Nov-24-04	5.650%	WA - 78.73%	Paid Off - 360	Dec-24-03
1252675 2			188,800.00	187,346.92	Sep-01-04	5.550%	CA - 80.00%	Paid Off - 360	Dec-15-03
1252687 2			47,200.00	46,742.37	Sep-01-04	9.800%	CA - 100.00%	Paid Off - 240	Dec-15-03
1253333 2			175,000.00	173,894.72	Aug-05-04	6.500%	CA - 88.83%	Paid Off - 360	Dec-15-03
1256687 2			348,500.00	345,964.07	Aug-19-04	5.850%	CA - 79.93%	Paid Off - 360	Dec-17-03
1257894 2			158,000.00	157,210.57	Aug-13-04	7.800%	CA - 77.07%	Paid Off - 360	Dec-29-03
1264277 2			51,000.00	50,486.45	Aug-02-04	9.500%	NV - 100.00%	Paid Off - 240	Dec-23-03
1264497 2			144,000.00	142,795.78	Aug-06-04	5.100%	CA - 80.00%	Paid Off - 360	Dec-10-03
1264503 2			36,000.00	35,650.92	Aug-06-04	9.800%	CA - 100.00%	Paid Off - 240	Dec-10-03
1267209 2			165,500.00	164,465.74	Aug-02-04	6.650%	CA - 70.43%	Paid Off - 360	Dec-24-03
					Page 22 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated					-1	-1	-2
	Collateral Realized Loss/(Gain) Amount					-9,985.28	-16,713.05	-26,698.33
	Net Liquidation Proceeds					-(7,849.29)	-78,602.97	-70,753.68
	Cumulative
	Number of Loans Liquidated					-1	-2	-3
	Collateral Realized Loss/(Gain) Amount					-9,985.28	-19,659.67	-29,644.95
	Net Liquidation Proceeds					-(7,849.29)	-280,248.35	-272,399.06
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Cumulative Loss Percentage							0.00%
	Group 1						3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 23 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL
	MDR					0.00%	0.0002%	0.0001%
	3 Months Avg MDR					0.00%	0.0002%	0.0001%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.0001%	0.00%
	CDR					0.0001%	0.0019%	0.0013%
	3 Months Avg CDR					0.00%	0.0020%	0.0013%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.0007%	0.0005%
	SDA					0.0004%	0.0085%	0.0059%
	3 Months Avg SDA Approximation					0.0001%	0.0095%	0.0065%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.0001%	0.0047%	0.0032%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
	Group 1
	Group 2
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 24 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
	Group 1
	Group 2
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
				Page 25 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for September 27, 2004 Distribution
	Realized Loss Detail Report for December 27, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Current Losses = 2
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2
Total Prior Principal Balance = 97,452.01						Loan Group 2 = Group 2
Total Current Realized Loss Amount = 0.00
Total Current Realized Loss Amount = 26,698.33
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Realized Loss Amount = 26,698.33
Total Net Liquidation Proceeds = 0.00
Total Net Liquidation Proceeds = 70,753.68
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK
					Page 26 of 27				© COPYRIGHT 2004 Deutsche Bank
	Securitized Asset Backed Receivables LLC 2004-NC1
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 27, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL
	Has a Stepdown Date occurred?							No
	Does Trigger Event exist?							No
	1. Does (A) equal or exceed (B)?							No
	(A) 60+ Day Delinq % (quotient of (x) over (y))							13.6537%
	(x) Rolling 3-month avg. of 60+ Day Delinq. Loans							1528,~~575~~354,~~738~~507.4479
	(y) Stated Principal Balance							~~943~~841,~~867~~341,~~903~~852.1758
	(B) 40% of Sr. Enhancement Percentage							89.3433%
	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.00%
	(x) Agg. Realized Losses to date							029,644.0095
	(y) Cut-off Date Pool Principal Balance							1,074,074,290.15
	(B) Applicable Percentage							100.00%
	Senior Enhancement Percentage (Prior)							2023.8431%
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Basis Risk Carry Forward Amount							0.00
				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank

Filing Compare · SECURITIZED ASSET BACKED REC LLC TRUST 2004 NC1