
		Wachovia SBA Lending, Inc. Series 1998-1 Servicer’s Certificate		Record Date: Determination Date: Distribution Date:		11/30/2004 12/10/2004 12/15/2004


				Original		Beginning								Total Class				Ending
	Certificate			Certificate		Certificate						Liquidated		Principal		Total		Certificate
Class	Rate			Balance		Balance		Interest		Principal		Losses		Distribution		Distribution		Balance
A		2.4300	%		83,700,000.00		21,187,733.35		43,297.65		219,023.50		0.00		219,023.50		262,321.15		20,968,709.85
Factors per Thousand									0.51729570		2.61676822				2.61676822		3.13406392		250.52222043
B		2.8500	%		6,300,000.00		1,594,775.57		3,822.24		16,485.64		0.00		16,485.64		20,307.88		1,578,289.93
Factors per Thousand									0.60670476		2.61676825				2.61676825		3.22347302		250.52221111
*Pool*					90,000,000.00		22,782,508.92		47,119.89		235,509.14		0.00		235,509.14		282,629.03		22,546,999.78
*Totals*									0.52355433		2.61676822				2.61676822		3.14032256		250.52221978

Certificate Information


			Interest		Adjusted
			Distribution		Interest
	Accrued		Amount		Distribution		Remittance			Shortfall
Class	Interest		Adjustment		Amount		Rate			Amounts
A		42,905.10		392.55		43,297.65		2.4300	%		0.00
B		3,787.50		34.74		3,822.24		2.8500	%		0.00


HSBC Bank USA Issuer Services 10 East 40th Street, 14th Floor New York, NY 10016-0200		Susie Moy Phone: 212-525-1362 Fax: 212-525-1300


		Wachovia SBA Lending, Inc. Series 1998-1 Servicer’s Certificate		Record Date: Determination Date: Distribution Date:		11/30/2004 12/10/2004 12/15/2004

Schedule of Remittance


Aggregate Amount Received		459,224.74
Amount Available in the Spread Account		1,706,106.81
Interest Earnings on Spread Account		1,798.12
Monthly Advances		0.00
(Servicing Fee) *		(26,012.21	)
(Premium Protection Fee)		(28,790.05	)
(Unreimbursed Monthly Advances)		0.00

	*Available Funds*	2,112,327.41

Bond Interest Distributed		47,119.89
Bond Principal Distributed		235,509.14
Escrow Fee		1,139.13
Specified Spread Account Requirement		1,766,216.68
(Required for Spread Account)		0.00
Spread Excess Distributed to Spread Acct Depositor		62,342.57

		2,112,327.41

* In the calculation of Servicing Fee, the Company computes the amount based upon the product of the total interest collected and the ratio of the Servicing Fee rate as specified in the Agreement over the prior month weighted average customer rate.

Collateral Information


Aggregate Beginning Principal Balance of Loans			22,782,508.92
Aggregate Ending Principal Balance of Loans			22,546,999.78
Principal Prepayments (Number / Amount)	0		0.00
Curtailments			62,085.75
Excess and Monthly Payments			173,423.39
Recoveries on Previous Realized Losses			17,780.32
Interest Received			205,935.28
Amount of Monthly Advance			0.00
Compensating Interest			187.14
Liquidated Losses (Current / Cumulative)	0.00		2,007,917.62
Delinquent 24 mos or Uncollectible (Current / Cumulative)	0.00		5,896,874.72
Specified Spread Account Requirement			1,766,216.68
Transfer from Spread Account to Certificate Account			0.00
Amount on Deposit in Spread Account after all required transfers			1,828,559.25
Excess Spread / Extra Interest	64,743.24		73,498.20
Weighted Average SBA Loan Interest Rate			6.8089	%
Weighted Average Maturity			151.840
Servicer Withdrawals from Principal and Interest Account
Accrued Unpaid Servicing Fees		$	0.00
Unreimbursed Monthly / Servicing Advances		$	0.00
Investment Earnings on Permitted Instruments		$	0.00
Funds deposted in the account in error		$	0.00
Servicing Compensation (paid prior month)		$	26,628.50


HSBC Bank USA Issuer Services 10 East 40th Street, 14th Floor New York, NY 10016-0200		Susie Moy Phone: 212-525-1362 Fax: 212-525-1300


		Wachovia SBA Lending, Inc. Series 1998-1 Servicer’s Certificate		Record Date: Determination Date: Distribution Date:		11/30/2004 12/10/2004 12/15/2004

Exhibit K


Outstanding Balance — Pool			22,546,999.78
# Accounts			319


Outstanding Balance — Gross			79,463,157.39
# Accounts			319


Delinquent Information	# Loans		Pool Amount		Pool %
Delinquent 1-29 Days		176		12,912,703.36		57.270	%
Delinquent 30-59 Days		2		59,342.96		0.263	%
Delinquent 60-89 Days		2		135,097.89		0.599	%
Delinquent 90-179		1		43,565.62		0.193	%
Delinquent 180-719		2		338,900.15		1.503	%
Delinquent 720 and Over		0		0.00		0.000	%
Loans in Foreclosure		0		0.00		0.000	%
REO Property		0		0.00		0.000	%

Totals		183		13,489,609.98		59.828	%


Delinquent Information	# Loans		Gross Amount		Gross %
Delinquent 1-29 Days		176		43,824,739.46		55.151	%
Delinquent 30-59 Days		2		237,370.89		0.299	%
Delinquent 60-89 Days		2		540,390.94		0.680	%
Delinquent 90-179		1		174,262.15		0.219	%
Delinquent 180-719		2		1,072,375.89		1.350	%
Delinquent 720 and Over		0		0.00		0.000	%
Loans in Foreclosure		0		0.00		0.000	%
REO Property		0		0.00		0.000	%

Totals		183		45,849,139.33		57.699	%


HSBC Bank USA Issuer Services 10 East 40th Street, 14th Floor New York, NY 10016-0200		Susie Moy Phone: 212-525-1362 Fax: 212-525-1300


		Wachovia SBA Lending, Inc. Series 1998-1 Servicer’s Certificate		Record Date: Determination Date: Distribution Date:		11/30/2004 12/10/2004 12/15/2004

Series 1998-1

The following additional information, presented in dollars, pursuant to Section 6.09 subclauses (ii), (iii), (iv), (v), (x) and (xii), is provided for each Class per $1,000 original dollar amount as of the Cut-off date.


Sub-Clause		Class A		Class B		Pool
(ii)			253		253		253
(iii)			0		0		0
(iv)			0		0		1
(v)			0		0		2
(x) (a&b)	(i)		1		1		1
	(ii)		0		0		0
	(iii)		0		0		0
	total		1		1		1
(x) (c&d)	(i)		3		3		3
	(ii)		0		0		0
	(iii)		0		0		0
	(iv)		0		0		0
	(v)		0		0		0
	(vi)		0		0		0
	(vii)		0		0		0
	total		3		3		3
(xii)			251		251		251


HSBC Bank USA Issuer Services 10 East 40th Street, 14th Floor New York, NY 10016-0200		Susie Moy Phone: 212-525-1362 Fax: 212-525-1300


		Wachovia SBA Lending, Inc. Series 1998-1 Servicer’s Certificate		Record Date: Determination Date: Distribution Date:		11/30/2004 12/10/2004 12/15/2004

I, Stephanie Hartson, Assistant Vice President, represent that Wachovia SBA Lending, Inc., complied with section 6.09 of the Pooling and Servicing Agreement dated February 28, 1998 pertaining to Series 1998-1 in preparing the accompanying Servicer’s Certificate.

Wachovia SBA Lending, Inc.

By: /s/ Stephanie Hartson

Name: Stephanie Hartson

Title: Assistant Vice President


HSBC Bank USA Issuer Services 10 East 40th Street, 14th Floor New York, NY 10016-0200		Susie Moy Phone: 212-525-1362 Fax: 212-525-1300

WACHOVIA SBA LENDING INC SERIES 1998-1 8-K