SOURCE: Resource America, Inc.
PHILADELPHIA, PA--(Marketwire - May 3, 2011) - LEAF Commercial Capital, Inc. (the "Company"), the commercial finance subsidiary of Resource America, Inc. (NASDAQ: REXI), announced today that it continues to expand its credit capacity with the addition of the Lender Finance Division of Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC) as a $60 million participant in its revolving senior debt facility that is arranged and managed by Guggenheim Securities, LLC. This additional $60 million commitment from Wells Fargo Capital Finance will be used by the Company to fund its new lease originations.
Miles Herman, the Company's President and COO, stated, "We are very pleased to have Wells Fargo Capital Finance join this facility. Beyond the obvious financial strength that Wells Fargo brings, their rich understanding and strong commitment to our industry is invaluable as we continue to grow and expand. This facility, coupled with LEAF's experience as a regular programmatic issuer of five securitizations in the last nine months, provides us with credit capacity to meet the demands of our growing business."
Crit DeMent, the Company's Chairman and CEO, stated: "With the expansion of our leasing platform announced in January, in conjunction with our capital raise, we have increased our sales force and significantly grown originations since December. This additional commitment from Well Fargo Capital Finance will help us achieve our projected growth targets."
About LEAF Commercial Capital, Inc.
LEAF Commercial Capital, Inc. ("LEAF") is an equipment leasing and finance company headquartered in Philadelphia, PA. LEAF's core competency is the ability to assist vendors and manufacturers in maximizing financing as a revenue generating strategy.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, timeshare development and others. For more information, visit wellsfargocapitalfinance.com
About Resource America, Inc.
Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, commercial finance and financial fund management sectors. For more information please visit our website at www.resourceamerica.com or contact firstname.lastname@example.org.
Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Resource America, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10Q, reports on Form 8-K and annual reports on Form 10-K. Resource America, Inc. undertakes no obligation to update or revise any forward looking statement to reflect new or changing information or events.