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| OCFN Issues Major Acquisition News |
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 Hot Stock to Watch |
Company: Omega Commercial Finance Corp. (Pink: OCFN)
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Price: 2.00
Change (%): + 1.8999 (1,898.00)
Volume: 250 |
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Omega Commercial Finance Corporation Acquires AmericaVest CRE Mortgage Funding Trust A Coveted REIT to Diversify Its Lending Operations
MIAMI, FL--(Marketwired - Oct 6, 2014) - Omega Commercial Finance Corporation (OTCQB: OCFN), a publicly traded financial holding company recently filed an 8K materially announcing the acquisition of 51% of AmericaVest CRE Mortgage Funding Trust Incorporated, a Maryland corporation, which can qualify as a real estate investment trust (REIT). The purchase price of 2-million dollars was payable with 258,578 restricted OCFN common stock shares with a cost basis of $7.01 per share.
AmericaVest CRE Mortgage Funding Trust is a key acquisition and further broadens OCFN's already effective reach into the commercial real estate capital markets by adding yet another stream of future revenue and lending platform to attract retail investors, institutional investors, and broker dealers. The REIT was formed as a Maryland corporation to qualify as a real estate investment trust for federal income tax purposes. The primary business will be to originate loans through affiliates such as Omega Capital Street and Omega Realty Partners, or outside correspondent mortgage bankers/lenders and then acquire and hold these loans as investment senior whole mortgage loans secured by smaller commercial properties such as office, retail, hospitality, and multifamily real estate properties in the United States.
Nelson Garcia, President of AmericaVest, states, "Since this is one of the most coveted types of institutional mortgage licenses a firm can possess, we believe this is a game changer now that it's rolled under the umbrella of OCFN." Consequently, management forecasts are even more achievable with these key operational synergies added. Hence AmericaVest's management team has executed a terms sheet with a U.S. regional bank for a credit facility of up to 20-million dollars to directly finance cash flowing and stabilized commercial real estate property loans. Omega Capital Street, which is OCFN's non-REIT and non-banking lending subsidiary, has built up a 100-million dollar pipeline of diversified commercial property loans that fit perfectly into the AmericaVest's lending criteria.
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