2008-08-12 23:52:04 -
www.omegacommercialfinancecorp.com - Omega Commercial Finance Corporation, Miami Investment Relations Dept. Joe Vasquez, 305-677-0306 jvasquez@ocfncorp.com info@ocfncorp.com www.omegacommercialfinancecorp.com or Jon S. Cummings IV, CEO/President jcummings@ocfncorp.com Omega Commercial Finance Corporation (OTCBB:OCFN) is pleased to announce that it has strategically positioned itself to take advantage of the increasing demand for commercial real estate
financing in the United States and Canada due to the current real estate credit crunch. Omega has been working diligently over the course of the year in creating a diversified commercial real estate portfolio with an anticipated value up to One Billion Dollars. The portfolio encompasses office, hotel, industrial, retail, and multifamily dwellings throughout the U.S. and Canada. Omega, through the use of its creative capital market strategies and commercial real estate investment bankers, anticipates financing the portfolio.
The company has been able to identify the lack of capital in the overall lending market and how banks and financial institutions have tightened up their lending requirements and guidelines. This has rolled over into a variety of sectors in the commercial real estate market; specifically, the mid level financing market for proven and quality commercial real estate borrowers. Traditionally, commercial real estate mortgages have been a safe investment and have generated average yields of 2% to 3% above the inflation rate. For this reason, Omega has directly focused on the middle market borrowers in anticipation of yields that will meet and exceed this threshold.
Jon S. Cummings IV, President, stated, "As a result of the influence from traditional bank financing rejections, the mid level market for commercial real estate financing will be strong for the foreseeable future. Additionally, Omega believes there will be a strong and consistent demand for the need of financing capital in the commercial real estate sector." He also stated, "As conventional banks stop the bleeding from sub-prime loan losses they will continue their survival mode strategy with increasingly stringent lending requirements. Because of this, we have positioned ourselves to take advantage of this sector market opportunity and look forward to our ability to capitalize on this lucrative market."
About Omega Commercial Finance Corp.
Omega Commercial Finance Corporation, through its subsidiary, Omega Commercial Finance LLC offers structured financing programs for the commercial real estate markets in the United States and abroad. The company provides short and medium term loans to mid level borrowers primarily consisting of commercial real estate developers and speculators, business owners, landlords, and owners. It focuses on various alternative commercial real estate financing with an emphasis on loans secured by core assets such as office buildings, multi-family residences, retail shopping centers, and industrial properties; and non-core assets, inclusive of ground up developments that have stabilized assets upon completion, and land developments that are in insulated areas of the market. Most recently, Omega announced the acquisition of its ship the Omega Royale, the largest resort style luxury casino in the world.
Safe Harbor
This release contains statements that constitute 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 appear in a number of places in this release and 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) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof 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, many of which are beyond Omega Commercial Finance Corp.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Omega Commercial Finance Corp. filings with the Securities and Exchange Commission.
¶ Current Credit Crunch Creates Opportunity in the Market for Omega
