PRRM (BSNS WIRE) Prime Rate Investors Inc -PRRM- Hurricane Disaster Loan Program I itiated; Forward Split - Stock Certificate Mailing Be Prime Rate Investors Inc -PRRM- Hurricane Disaster Loan Program Initiated; Forwa d Split - Stock Certificate Mailing Being Processed
Business Editors
CORAL GABLES, Fla.--(BUSINESS WIRE)--PRRM-- Prime Rate Investors, Inc. (Pink Sheets:PRRM) announces that it has initiated a Hurricane disaster loan-mortgage program for business owners whose businesses will be interrupted by Hurricane Frances. Hurricae Frances is expected to be the largest hurricane to ever hit the State of Florida. Tampa Bay Mortgage Solutions Inc, a wholly owned subsidiary of Prime Rate, is based in Tampa, Florida. After the storm passes the company will look for businesses and companies that need quick, "Hassle free equity loans". Richard Astrom, President of Prime Rate said: "The plan is to give financing to bridge the gap between the disaster and the insurance funding, or to fund the underinsured business." Applications are being processed by fax at 305 666 3994. Recently the company has: funded the Royal Arkansas Hotel and Suites; retained Windsor Capital, located in New York City, to find a merger candidate in the Northeast U.S.; funded a $200,000 Mortgage in Stowe, Vt.; The company is in discussions to acquire a mortgage company in the the Stowe-Burlington, Vt area. A forward stock split (owners of 10 shares get 1 share extra) has been approved by the board of directors and was effective September 1, 2004 and the stock issuances are being processed by the transfer agent. Prime Rate typically lends thru its subsidiary Tampa Bay Mortgage Solutions, Inc. and lends 70 percent of the value of property at rates of 15 percent per year, plus points. Typically term is 1 to 2 years. The company specialty is acquisition financing, construction loans, and lines of credit for builders and investors. The specialty of the company is "hassle free hard equity loans". The mission of the company is to build a diverse portfolio of debt and equity instruments that will provide the shareholders with both current income and capital appreciation The company has a web site http://www.prrm.us This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
KEYWORD: FLORIDA INDUSTRY KEYWORD: BUILDING/CONSTRUCTION REAL ESTATE BANKING BANKING PRODUCT SOURCE: Prime Rate Investors, Inc.
CONTACT INFORMATION: Prime Rate Investors, Inc., Coral Gables Richard Astrom, 786-236-6434 Fax: 305-666-3994 http://www.prrm.us nres74@hotmail.com