SECURITIES AND EXCHANGE COMMISSION


                             Washington, D.C. 20549


                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the  Securities
         Exchange   Act  of  1934   for   the   period   from    June  18,  1997
         (Commencement of Operations) to December 31, 1997.

[ ]      Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


Commission File Number - 333-27355

PRUDENTIAL  SECURITIES  SECURED  FINANCING  CORPORATION,(as  depositor under the
Pooling and Servicing  Agreement,  dated as of June 18, 1997,  which forms Irwin
Home Equity  Corporation  Trust  1997-1,  which will issue the Irwin Home Equity
Corporation Trust 1997-1, Mortgage Pass-Through Certificates, Series 1997-1).


              PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
             (Exact name of registrant as specified in its charter)

           Delaware                                     13-3526694
(State or other jurisdiction of                        (I.R.S.  Employer
incorporation or organization)                       Identification No.)

  One New York Plaza
  New York, New York                                         10292
  (Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code : (212) 778-1000

Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if  disclosure  of delinquent  filers  pursuant to Item
405 of Regulation  S-K is not contained herein,  and  will not be  contained,
to the best of  registrant's  knowledge,  in  definitive  proxy or  information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.  [X]

                                   Page 1 of 6
            This report consists of 6 consecutively numbered pages.

Documents incorporated by reference:  none

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PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
Irwin Home Equity Corporation Trust 1997-1
---------------------------------------------------

TABLE OF CONTENTS
                                                                         Page
PART I
    Item  1. Business....................................................3

    Item  2. Properties..................................................3

    Item  3. Legal Proceedings...........................................3

    Item  4. Submission of Matters to a Vote of Security Holders.........3

PART II
    Item  5. Market for Registrant's Common Equity and Related
             Stockholder Matters.........................................3

    Item  6. Selected Financial Data.....................................3

    Item  7. Management's Discussion and Analysis of Financial
             Condition and Results of Operations.........................3

    Item  8. Financial Statements and Supplementary Data.................3

    Item  9. Changes in and Disagreements with Accountants on
             Accounting and Financial Disclosure.........................3

PART III
    Item 10. Directors and Executive Officers of the Registrant..........3

    Item 11. Executive Compensation......................................3

    Item 12. Security Ownership of Certain Beneficial
                  Owners and Management..................................3

    Item 13. Certain Relationships and Related Transactions..............3

PART IV
    Item 14. Exhibits, Financial Statement Schedules and
             Reports on Form 8-K.........................................4

SIGNATURE................................................................5

Supplemental Information to be Furnished with Reports Filed
Pursuant to Section 15(d) of the Act by Registrants Which
Have Not Registered Securities Pursuant to Section 12 of the Act.........6



<PAGE>



PART I


Item 1.  Business

Omitted.

Item 2.  Properties

Omitted.

Item 3.  Legal Proceedings

The Registrant is not aware of any material legal  proceeding  with respect to a
Pool,  the Trustee,  the Servicer or  Prudential  Securities  Secured  Financing
Corporation,  with respect to a Pool,  other than  ordinary  routine  litigation
incidental  to the duties of the Trustee or Servicer  under the related  Pooling
and Servicing Agreement.

Item 4.  Submission of Matters to a Vote of Security Holders

No matter was  submitted to a vote or consent of  Certificateholders  during the
fiscal year covered by this report.


PART II


Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

The Trust does not issue  stock.  There is currently  no  established  secondary
market for the  Certificates.  As of January  30,  1998,  there were eleven (11)
Certificateholders.


Item 6.  Selected Financial Data

Omitted.


Item 7.  Management's Discussion and Analysis of Financial condition and Results
         of Operations

Omitted.

Item 8.  Financial Statements and Supplementary Data

Omitted.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure

There was no change of  accountants  or  disagreement  with  accountants  on any
matter of accounting principles or practices or financial disclosure.


PART III

Item 10. Directors and Executive Officers of the Registrant

Omitted.

Item 11. Executive Compensation

Omitted.

Item 12. Security Ownership of Certain Beneficial Owners and Management

Omitted.

Item 13. Certain Relationships and Related Transactions

Omitted.

<PAGE>

PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a)      The following documents are filed as part of this report:

         (1)  Financial Statements:

              Omitted.


         (2)  Financial Statement Schedules:

              Omitted.


         (3)  Exhibits:

              Omitted.

(b)      Reports on Form 8-K:  The following Current Reports on Form 8-K were
         filed by the Registrant.

A Current  Report on Form 8-K, dated January 30, 1998, was filed for the purpose
of filing the Monthly Certificateholder Statements for payments made on July 15,
1997 and August 15,  1997,  respectively.  A Current  Report on Form 8-K,  dated
January   30,   1998,   was  filed  for  the   purpose  of  filing  the  Monthly
Certificateholder Statements for payments made on September 15, 1997 and October
15, 1997,  respectively.  A Current  Report on Form 8-K, dated January 30, 1998,
was filed for the purpose of filing the Monthly Certificateholder Statements for
payments made  on   November 15, 1997, December 15, 1997,  and January 15, 1998,
respectively.  The items  reported  in such  Current  Report  were Item 5 (Other
Events).


(c)      Exhibits to this report are listed in Item (14)(a)(3) above.



<PAGE>



SIGNATURE


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.

                                   CHASE MANHATTAN BANK
                                   not in its individual capacity but solely
                                   as Trustee for Irwin Home Equity
                                   Corporation Trust 1997-1

Date: March 31, 1998             By:    /s/ Regina Bergeland
                                        ----------------
                                        Regina Bergeland
                                        Chase Manhattan Bank
                                        Vice President




<PAGE>


SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.