SOURCE: Omega Commercial Finance Corporation

Omega Commercial Finance Corporation

June 13, 2013 08:29 ET

Omega Commercial Finance Corporation's Lending Company Begins the Origination of Quality Loans for the Launch of Omega Asset Backed Fund I, LP

MIAMI, FL--(Marketwired - Jun 13, 2013) - Omega Commercial Finance Corporation (OTCQB: OCFN) as previously announced will be launching its first commercial real estate pooled fund Omega Asset Backed Fund, I LP. The estimated launch date is by July of 2013 subsequent to an independent review by a top third-party analyst firm, which is currently preparing a comprehensive independent analysis report of Omega's Fund. The intent is to have the marketing of this Fund led by OCFN's financial arm, VFG Securities. OCFN's lending company Omega Capital Street and Omega CRE Group led by VP of Lending, Holly Leide, is currently originating $12 Million in financing requests for the Fund. The process should time up well with the Fund's July estimated launch date. 

This initial group of $12 Million in loans being originated meet the main two underwriting characteristics of the Fund, which are loans having low leverage with high debt service coverage. Such loans include ATMOS Energy Building that is occupied with a single Credit Tenant tied to a long-term lease and Allen Properties that encompasses four mortgages located throughout Orlando, Florida with low LTVs, an Average Weighted DSCR of 1.80x, and secured by retail properties that are all 100% occupied. The final financing requests within this initial group of loan originations are two prime residential land refinancing loans. These residential master planned communities are located in Franklin, Tennessee a wealthy suburb of Nashville and led by proven developers that are seeing the positive effects of the housing recovery.

The Omega Asset Backed Fund's core investment objective is to achieve advantageous and consistent rates of return by providing short and medium term loans to borrowers mainly consisting of commercial real estate property owners. This niche is created when traditional financing is unavailable for these property owner's acquisitions, refinancing, construction, development, rehabilitation, and master planned subdivisions. Primarily, the Fund will seek to finance core assets, including office buildings, multi-family units, and shopping centers. The loans will consist of senior-debt loans, mezzanine or subordinated loans, preferred equity, and other equity participation financing structures.

About Us:

Omega Commercial Finance Corporation is a publicly traded financial services holding company with up to $180 Million in assets under management through its ownership interest in VFG Securities and VFG Advisors with our 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 these respective business lines.

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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.

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