Omega Commercial Finance Corp (OCFN) Launches Loan Origination Programs

Nov. 23, 2010 - PRLog -- Miami, Florida -  Omega Commercial Finance Corporation (OCFN) a publicly traded real estate finance company has launched its proprietary CRE Balance Sheet Lending Program, which focuses on originating commercial mortgage loans and other commercial real estate-related debt. OCFN is in the process of originating a combination of core and non-core commercial real estate mortgages for its balance sheet. Since late 2008 Omega has been on the sidelines after a downturn in the CRE markets made it almost impossible to capitalize its lending balance sheet. This time was utilized to streamline OCFN’s underwriting model by aligning itself with proven 3rd party CRE back office operations.  These organizations provide loan servicing, collateral evaluations for each loan, and determine delinquency/default rates. Additionally, they also specify loan-level loss estimates which are based on diverse economic scenarios, as well as time horizons. OCFN, through seasoned finance brokers, has amassed just under $500 million dollars of diversified CRE loans in its origination pipeline. OCFN is also actively in the process of reviewing additional loan inquires for commercial real estate property types such as office, retail, industrial, hotel, land, and selected construction projects in Centralized Business Districts that are insulated from current economic conditions.



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 those 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.

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Omega Commercial Finance Corporation (OCFN.PK) is a publicly traded diversified commercial real estate finance holding company. The primary focus of the company is the underwriting and originating of whole loans.