Omega Commercial Finance Corp. Subsidiary Enters Into Table Funding Agreement to Originate, Process and Close CMBS-Style Real Estate Loans
(firmenpresse) - MIAMI, FL -- (Marketwired) -- 07/29/15 -- Omega Commercial Finance Corp. (OTC PINK: OCFN) today announced that its wholly-owned subsidiary, Omega Capital Street, LLC recently entered into a table funding agreement with, a well capitalized direct funding source specializing in small balance commercial loans, which will allow Omega to originate, process, underwrite, and close commercial real estate property loans in Omega's name meeting the specified underwriting criteria, effective immediately.
Omega believes that this agreement creates a very competitive platform for loans that do not meet bank underwriting criteria, but still meet CMBS standardized underwriting guidelines. According to industry sources, the CMBS market is anticipated to have up to $210-billion in underlying commercial real estate property mortgages coming due between now and 2017. Omega Capital Street intends to focus its efforts on originating loans in the $3.0 million to $5.0 million range and may originate loans as low as $200,000 in principal amount. In order to meet the loan's underwriting criteria, borrowers are required to have a minimum credit score threshold of 640 and operating statements to substantiate the property's ability to support a minimum DSCR of 1.2x, as well as a loan to value ratio of not more than 75%.
We believe that this program affords Omega another revenue stream for its core lending business and that Omega Capital Street will be in a position to begin originating loans once the marketing platform is fully integrated, which is expected to occur by mid August. The loan production operations will be housed in Omega Capital Street's Miami, Florida office, located on Key Biscayne. Lending operations will be managed by Bob Agostini, a senior former banker who currently serves as Omega Capital Street's Executive Vice President of Lending, supported by Vice Presidents of Capital Markets, Mario Rappaccioli and Pablo Machado, as well as Chief Underwriter and Credit Manager Daniel Greenberg. The lending team will seek to work directly with borrowers seeking to refinance or acquire commercial real estate properties such as office, retail, mix-use, self-storage, multifamily, mobile home parks, and light industrial assets throughout the United States. Mr. Agostini states, "Our lending operating strategy is to generate up to $50-million in loan originations per month and possibly average $1-billion of loan closings over a 12 month trailing period from our proprietary CRE marketing platform." For loan inquiries please call 305.537.9660.
Omega Commercial Finance Corp. (OTC PINK: OCFN) is a publicly traded financial services holding company with its principal companies operating in the commercial real estate, finance, real estate sales and brokerage, and capital markets sectors. As a holding company, OCFN collectively along with its subsidiaries' management teams have a combined 150 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 Branca Ribeiro Representocoes.
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) 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", "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.
Omega Commercial Finance Corp.
Investor Relations
1-877-912-OCFN (6236) Ext. 0
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Datum: 29.07.2015 - 12:00 Uhr
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News-ID 409917
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