Omega Commercial Finance Corporation Acquires AmericaVest CRE Mortgage Funding Trust A Coveted REIT to Diversify Its Lending Operations

MIAMI, FL--(Marketwired - Oct 6, 2014) - Omega Commercial Finance Corporation (OTCQB: OCFN), a publicly traded financial holding company recently filed an 8K materially announcing the acquisition of 51% of AmericaVest CRE Mortgage Funding Trust Incorporated, a Maryland corporation, which can qualify as a real estate investment trust (REIT). The purchase price of $2-million was payable with 258,578 restricted OCFN common stock shares with a cost basis of $7.01 per share.

AmericaVest CRE Mortgage Funding Trust is a key acquisition and further broadens OCFN's already effective reach into the commercial real estate capital markets by adding yet another stream of future revenue and lending platform to attract retail investors, institutional investors, and broker dealers. The REIT was formed as a Maryland corporation to qualify as a real estate investment trust for federal income tax purposes. The primary business will be to originate loans through affiliates such as Omega Capital Street and Omega Realty Partners, or outside correspondent mortgage bankers/lenders and then acquire and hold these loans as investment senior whole mortgage loans secured by smaller commercial properties such as office, retail, hospitality, and multifamily real estate properties in the United States. 

Nelson Garcia, President of AmericaVest, states, "Since this is one of the most coveted types of institutional mortgage licenses a firm can possess, we believe this is a game changer now that it's rolled under the umbrella of OCFN." Consequently, management forecasts are even more achievable with these key operational synergies added. Hence AmericaVest's management team has executed a terms sheet with a U.S. regional bank for a credit facility of up to $20-million to directly finance cash flowing and stabilized commercial real estate property loans. Omega Capital Street, which is OCFN's non-REIT and non-banking lending subsidiary, has built up a $100-million pipeline of diversified commercial property loans that fit perfectly into the AmericaVest's lending criteria. 

Recent Events

OCFN as of July 3, 2014 completed a 20,000-to-1 reverse split as a result of management's decision based on feeling it was prudent to finally dilute or remove any adversely related organizational overhang in order for the company to successfully capitalize its balance sheet moving forward. This in turn will garner more support for OCFN's capital markets strategies to attract a broader range of institutional investors, which has ultimately created a thinly traded and tightly held capital stock structure for OCFN. 

About Us:

Omega Commercial Finance Corporation is a publicly traded financial services holding company with its principal companies operating in the commercial real estate, finance, and capital markets sector. As a holding company, OCFN collectively along with its subsidiaries' management teams have a combined 50 years of experience and knowledge across their respective business lines. Key subsidiaries are Omega Capital Street, Omega Asset Backed Fund, Omega Factoring, Omega Venture Capital, and AmericaVest CRE Mortgage Funding Trust.

Safe Harbor

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Omega Commercial Finance Corp., its directors or its officers with respect to, among other things: (i) our expectations regarding revenues and earnings; (ii) our growth strategy and operating strategy; and (iii) our ability to attract new registered representatives. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential," "project," and similar expressions are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those projected in the forward-looking statements.