LAS VEGAS, June 28, 2005 (PRIMEZONE) -- Consumer Direct Lending (CDL), a wholly owned subsidiary of Consumer Direct of America www.cdofamerica.com (OTCBB:CSUA), announced today that it has been approved by National Cities Corporation for a $5 million warehouse credit facility.
"We are pleased that our mortgage group has been approved by National Cities," states Michael Barron, CEO of Consumer Direct of America, CDL's parent. "The National Cities warehouse line provides us a range of credit so we can bank more of our retail production." Over 50% of CDL's $1.1 billion in closed loan volume for 2004 was based in the Alt A and Sub Prime markets which National Cities specializes in. "This brings our total warehouse capacity to $40 million and since we turn our loans in 5-7 days, effectively gives us in excess of $100 million in useable credit," stated Barron.
About Consumer Direct of America
Consumer Direct of America (OTCBB:CSUA) is a fast-growing provider of residential mortgages. It employs over 300 people, 250 of whom are residential mortgage real estate brokerage professionals who have closed loan volume of over $1 billion for the year ended December 31, 2004. Consumer Direct operates 54,000 sq. ft. of corporate and branch office space. The company operates over 40 branch locations in 34 states. Emerging as a national leader in mortgage banking/brokerage and ancillary services, the company plans to double its retail branch network across the United States to 100 branches by the end of 2005. The company's core competence in direct-to-consumer marketing technologies and methods results in efficiency rates that are up to 150 percent higher than industry averages.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.