Omega Commercial Finance Corporation's Subsidiary & Lending Arm CCRE Capital LLC Executes $170-Million Construction Loan Document to Cayjam Development Limited
Released: 08/06/13 08:00 AM EDT

MIAMI, FL -- (Marketwired) -- 08/06/13 -- Omega Commercial Finance Corporation (OTCQB: OCFN) is a financial holding company with its core companies operating in the commercial real estate finance sector. Today they announced CCRE Capital LLC; one of its lending subsidiary's has executed loan documents with Cayjam Development Limited, an international development company, providing them with a five-year $170.5 Million Construction Line of Credit at a competitive Interest Rate of 12.0%. Operationally for OCFN, the loan is projected to generate $57.06-million in Gross Interest Income over the phase of 5-years plus $3.4 million in Origination Fees.

The developer has already started pre-construction with the assistance of developer's equity. Furthermore, with the Omega construction Line of Credit it is anticipated that the project will be completed in 2017. Cayjam Development Limited is developing a first world, smart eco-friendly, private medical and knowledge city in Portmore, St. Catherine, Jamaica. The Portmore International Hospital and Medical City (PIHMC) when completed will be the first of its kind in the Caribbean and will be positioned as a private healthcare organization with secondary and tertiary care, as well as Medical Tourism facilities. The Environmental Impact Assessment (EIA) required by the National Environment and Planning Agency (NEPA) has been completed. The subject property, owned by Cayjam Development, is located on the northern side of Southboro Drive and extends to meet the Naggo Head to Gregory Park main road in the area north of Southboro, Portmore. Currently the complex has a total extent of approximately 104 Acres, 2 Roods, and 38 Perches.

About Us:

Omega Commercial Finance Corporation is a publicly traded financial services holding company with a minority ownership interest in VFG Securities and VFG Advisors with the principal companies operating in the commercial real estate, finance, and capital markets sector. As a holding company, OCFN together along with its subsidiaries' management teams have a combined 50-years of experience and knowledge across these 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 those actual results may differ materially from those projected in the forward-looking statements.

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