PHILADELPHIA, PA--(Marketwire - January 6, 2011) - LEAF Financial Corporation ("LEAF"), the commercial finance subsidiary of Resource America, Inc. (
Jonathan Cohen, CEO and President of Resource America, commented, "This joint venture will enable Resource America to fulfill its goals of building a world class leasing company, building its own balance sheet and enhancing the performance of the investment partnerships that it manages through a more robust servicing platform. We are very excited about this opportunity."
Crit DeMent, Chairman and CEO of LEAF, said, "Completing this transaction is an important step toward the accomplishment of our long range business plan. It puts us on a solid footing to grow the portfolio in our strategic markets in 2011 and beyond. This increased capacity combined with LEAF's well established, programmatic access to the Asset Backed Securitization market will allow us to continue to provide outstanding service to our many current equipment vendor partners and also to be able to take advantage of many new opportunities brought about by the recent dislocation in our industry. The increased ability to fund leases will also enhance the base from which LEAF continues to manage its partnership programs."
LEAF is a commercial equipment leasing and finance company headquartered in Philadelphia, PA. LEAF's business model is to originate small to middle ticket equipment leases and loans through strategic relationships with equipment manufacturers, distributors, and dealers. LEAF manages leases and loans for its own account, institutions, and individual investors through investment partnerships and other investment vehicles.
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 pkamdar@resourceamerica.com.
About Resource Capital Corp.
Resource Capital Corp. is a commercial real estate specialty finance company that qualifies as a real estate investment trust, or REIT, for federal income tax purposes. RSO's investment strategy focuses on commercial real estate-related assets and, to a lesser extent, higher-yielding commercial finance assets. RSO invests in the following asset classes: commercial real estate-related assets such as whole loans, A-notes, B-notes, mezzanine loans, mortgage-related securities and real estate joint ventures, and commercial finance assets such as other asset-backed securities, senior secured corporate loans, lease receivables, trust preferred securities, structured notes and debt tranches of collateralized debt obligations.
About Guggenheim Partners
Guggenheim Partners, LLC, the parent of Guggenheim Securities, LLC, is a diversified financial services firm with more than $100 billion in assets under supervision. The firm's businesses include investment management, investment advisory, insurance, investment banking and capital markets services. The firm is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe and Asia. For more information, please visit www.guggenheimpartners.com.
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.
Contact Information:
Contact:
Resource America, Inc.
www.resourceamerica.com
pkamdar@resourceamerica.com