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[Pastor Phil]

OCFN Omega Commercial Finance Corporation & Strategic Property Associates Design Underwriting Model
“Omega to Implement This Model for Pipeline of CRE Loan Origination”
FOR IMMEDIATE RELEASE
PRLog (Press Release) - Jan. 10, 2011 - (Miami Beach, Florida) Omega Commercial Finance Corp (OCFN) and Strategic Property Associates have agreed on terms of an underwriting and due diligence model that will be implemented for the pipeline of OCFN’s commercial real estate portfolio. Strategic Property Associates is a proven commercial real estate property underwriting and due diligence organization with an established track record within the industry. A proprietary underwriting model has been designed specifically for Omega’s current pipeline of loans. The estimated fair market value of OCFN’s current commercial real estate pipeline approximates nearly $1.1billion dollars. The back office underwriting and due diligence operations provided by Strategic Property Associates, will encompass: (I.) generation of customized due diligence review for each loan predicated upon information derived from discussion of any relevant issues, inconsistencies, or risks, (II.) determining if appraisal, engineering and environmental report findings are accurately incorporated into the loan underwriting, (III.) conducting site inspection and site due diligence to verify condition of the proposed collateral property and to conduct research to determine market condition and trends that may affect the proposed collateral property, (IV) analyzing the financial presentation to determine if underwritten cash flows are supported by the source documents, and analyze historical revenue and expense trends for unexplained variances, (V.) the desk review of underwriting documentation for reasonableness and comfort against file documents (VI) and analysis of the rent roll and other file documents to identify timing and scope of any potential significant interruptions in property level cash flow. Strategic Property Associates has serviced many well-known lending companies through underwriting and due diligence functions. According to information available on their website, commercial clientele has included, but is not limited to, JP Morgan, Berkadia Commercial Mortgage, GE Capital, and Blackrock. Strategic Property Associates has successfully facilitated underwriting and due diligence in loans totaling $130 billion dollars over the past decade. Jon S. Cummings IV Co Chairman/Founder states, “I am pleased to let our shareholders know that this function of our back office operations is in capable hands with an established organization.” Omega is currently pursuing lending strategies with significant low loan-to-value ratios to create shareholder value and in conjunction with contingency income potential through their equity waterfall component. This provision allows for unconditional corporate participation in the net profits from lending projects. When coupled with the implementation of a strong due diligence model, this will further serve to fortify Omega’s lending position in varied economic cycles.
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.
Omega Commercial Finance Corp.
Kismet Davis, Investment Relations Department
[e-mail]
www.ocfncorp.com
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.