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Heritage Capital Credit Corporation Schedules First BCLOC Funding

1:35 pm   -   February 12th, 2007

Heritage Capital Credit Corp. announced its subsidiary, Independent Capital Credit Corporation, expects to sell its first commercial contractual obligation for $40 million to the BCLOC Trust which is a Bankruptcy Remote Special Purpose Entity (SPE). The sponsor of the BCLOC Trust, an affiliate of Heritage Capital Credit Corp., expects to secure an institutional investor to purchase the BCLOC Trust Notes.

The closing on this proprietary commercial contractual obligation called the BCLOC is scheduled to occur on or before March 15, 2007.

The BCLOC Trust as a SPE can purchase the commercial contractual obligation as it is converted into a high LTV loan using a direct pay guaranty and a financial guaranty wrap from a Financial Guaranty Company, which is a commonly controlled company. This Direct Pay Guaranty Contract is unconditional and irrevocable and will make direct payments of principal and interest to the Note Holders of BCLOC Trust. It will also act like default insurance to protect the underlying commercial loan from default until maturity.

The BCLOC Trust Notes are expected to receive “CCC” ratings from a national rating agency and have been priced to the institutional investor under a Private Placement with an average coupon of 9% with a 9-month call provision.

The BCLOC Trust Notes when purchased will be restricted securities as provided by Rule 144 under the Securities Act. The notes are also expected to be book entry form through the Depository Trust Company.

The Company has $740 million in contractual obligations to close and funding the first $40 million is expected to produce estimated pre-tax earnings of $0.017 per share in the 2007 first quarter. Some of the current contractual obligations may be replaced with new projects.

The company is accepting loan applications. Visit www.independentcapitalcreditcorp.com.

About Heritage Capital Credit Corporation
Heritage is a holding company, which through its subsidiary, Independent Capital Credit Corporation is engaged in the commercial property lending business as well as in other financial services that are in large part associated with the real estate industry.



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