SOURCE: Resource America, Inc.

January 23, 2007 16:44 ET

LEAF Financial Corporation Announces That It Has Secured a $250 Million Loan Facility

PHILADELPHIA, PA -- (MARKET WIRE) -- January 23, 2007 -- Resource America, Inc. (NASDAQ: REXI) announces today that LEAF Financial Corporation ("LEAF"), its commercial finance subsidiary, has entered into a loan facility for up to $250 million with Morgan Stanley Bank. LEAF will use the facility to support its efforts to expand and diversify its commercial finance business. The facility will allow LEAF to continue to offer a full array of commercial financing options including asset-based loans, business acquisition loans, and project finance products.

Miles Herman, President and COO of LEAF Financial Corporation, stated, "We are very excited about this new relationship. The strength of Morgan Stanley Bank and the flexibility of the facility will further support LEAF's growing commercial finance business. As a full service commercial leasing and finance company, LEAF strives to provide creative solutions for our customers. This line gives us tremendous additional capabilities to help achieve this objective."

LEAF Financial Corporation is headquartered in Philadelphia, PA. LEAF's business model is to originate small to middle-ticket equipment leases and commercial transactions by forming strategic marketing alliances and other program relationships with equipment vendors, commercial banks and other financial institutions. After origination, LEAF manages the assets for its own account, institutions, and individual investors through investment partnerships and other investment vehicles. For more information please visit our website at www.LEAF-Financial.com.

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 financial fund management, real estate and commercial finance industries. For more information please visit our website at www.resourceamerica.com or contact Investor Relations at pschreiber@resourceamerica.com.

Morgan Stanley Bank (the "Bank") is a Utah industrial bank with its principal offices in West Valley City, Utah, and an indirect, wholly owned subsidiary of Morgan Stanley, a Delaware corporation ("Morgan Stanley"). The Bank's obligations are not guaranteed by Morgan Stanley. As a state chartered nonmember of the Federal Reserve System, the Bank is subject to regulation and supervision by the Federal Deposit Insurance Corporation (the "FDIC") and the Utah Department of Financial Institutions.

The Bank files call reports each quarter with the FDIC, which include income statement and balance sheet information. The call reports are publicly available on the FDIC's website at http://www2.fdic.gov/Call_TFR_Rpts/search.asp. The availability of the Bank's past financial information at this website shall not create any implication that the information contained or referred to herein or therein is correct as of any time subsequent to its date.

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.

Contact Information

  • Contact:

    Pamela Schreiber
    Investor Relations
    Resource America, Inc.
    1845 Walnut Street, 10th Floor
    Philadelphia, PA 19103
    (215) 546-5005