CEDARHURST, N.Y., Sept. 19 (PRIMEZONE) -- Consumers Financial Corporation, (OTCBB:CFIN), announced today that it has agreed to terms and conditions, entering into a binding contract with Hudson Valley Global Partners (Hudson), a New York company, to provide financing for its real estate transactions.
Hudson has agreed to provide Consumers Financial Corporation with financing of between $2 million to $4 million per month for the next thirty six (36) months. Consumers Financial Corporation shall use the financing to consummate a maximum of ten (10) real estate transactions annually.
Donald J. Hommel, Consumers Financial Corporation President and Chief Executive Officer stated, "Consumers Financial Corporation now adds an important component to our overall business model by engaging a group dedicated to raising funds for the Company's specific acquisitions."
Hommel added, "We have negotiated an agreement that should create real value for the Company and our shareholders. We have, and we will continue to, take the approach of building strategic partnerships to solidify our business model and keep the Company on the path of success long into the future."
Consumers Financial Corporation, through its subsidiary, Spartan Properties LLC (Spartan), is at present completing its final due diligence check list on the 204 unit complex in Tampa, Florida and the 501 unit complex in Marietta, Georgia, and will schedule to close on both properties within the coming weeks. With these two additional acquisitions, Spartan will have almost one thousand garden apartment units owned and under management.
About Consumers Financial Corporation
Consumers Financial Corporation through its subsidiary is committed to building a Real Estate Portfolio by acquiring, developing and managing existing properties in areas where there is a need for garden apartment housing. The company seeks to create and maintain a portfolio, with a wide value margin.
Consumers Financial Corporation's mission is to generate significant value for its shareholders through internal and external growth while they focus on creating and developing technologies or assets designed to improve the quality of life for those in the markets they affect.
To learn more about Consumers Financial Corporation, visit the website at: www.consumersfc.com
Safe Harbor
Information in this press release contains forward-looking statements that involve risk and uncertainties that might adversely affect the "Companies" operating results in the future to a material degree. Such risks and uncertainties include, without limitation, the ability of the Company to raise capital to finance acquisitions and/or mergers contemplated, and the establishment of an efficient corporate operating structure as the Company grows.