Contact Information: For more information: Website at www.resourceamerica.com pkamdar@resourceamerica.com
LEAF Financial Corporation Announces the Extension of a $205 Million Credit Facility
| Source: Resource America, Inc.
PHILADELPHIA, PA--(Marketwire - November 14, 2008) - LEAF Financial Corporation, the commercial
finance subsidiary of Resource America, Inc. (NASDAQ : REXI ), announced
today that it has entered into an extension of one of its credit facilities
led by Morgan Stanley Bank through November 2009. This facility was used
to acquire the assets of NetBank Business Finance for its public limited
partnership, LEAF Equipment Leasing Income Fund III, L.P., in November
2007. The facility had an original balance of $386 million and has a
current balance of $205 million.
Crit DeMent, Chairman and Chief Executive Officer of LEAF, stated, "We are
encouraged by and appreciate the confidence our lenders continue to show in
our business as we work together to navigate this difficult credit
environment."
LEAF is a commercial finance and equipment leasing company with
approximately $1.6 billion in assets under management as of June 30, 2008.
Resource America, Inc. is a specialized asset management company that uses
industry specific expertise to generate and administer investment
opportunities for its own account and for outside investors in the
commercial finance, real estate and financial fund management sectors. For
more information please visit our website at www.resourceamerica.com or
contact pkamdar@resourceamerica.com.
Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Although Resource America, Inc. believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ materially
from expectations include financial performance, regulatory changes,
changes in local or national economic conditions and other risks detailed
from time to time in the Company's reports filed with the SEC, including
quarterly reports on Form 10Q, reports on Form 8-K and annual reports on
Form 10-K.