WILMINGTON, Del., Feb. 26 /PRNewswire-FirstCall/ -- Heritage Capital Credit Corporation (Pink Sheets:
HCPC -
News ) today announced the closing of two financings totaling $11.1 million for its BCLOC Program.
The first transaction was for $808,000.00, which closed on February 22, 2008. This included a separate $234,000 renovation loan for a small hotel. The funding for this hotel will commence upon the first construction draw for renovation.
The second transaction for the commercial office building closes in two phases. The first phase closed today for $10,307,000. The second phase is for $5,500,000, which was arranged by the Company through an independent third party lender. The funding is scheduled to commence on March 7, 2008.
Both loans were closed as part of the BCLOC Program.
Weekly updates on the status of the BCLOC Program are provided on the website: http://www.independentcapitalcreditcorp.com . The information will include new financings that enter the pipeline and progress reports.
About Heritage Capital Credit Corporation
The Heritage business model, which is implemented through its subsidiary, Independent Capital Credit Corporation, is to arrange financing for real property and commercial revenue producing assets.
Safe Harbor
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond the control of the company, which include the ability of the company to implement its business plans, actual results may differ materially from the expectations expressed in the forward-looking statements.
Contact: Heritage Capital Credit Corporation Richard Razzeca, VP Tel: 302-778-4222 Email: info@heritagecapitalcreditcorp.com
$0.0001 (02/26/08)
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