BANKER J. RICHARD BUDD JOINS CITYSCAPE TO HEAD NEW INSTITUTIONAL LOAN SUPPORT GROUP.

ELMSFORD, N.Y.--(BUSINESS WIRE)--Nov. 30, 1994--J. Richard Budd has joined Cityscape Corp., a mortgage banker specializing in non-conforming loans, as vice president and director of the company's new Institutional Loan Support Group. Mr. Budd, who comes to Cityscape with a 20-year career in banking, will spearhead the firm's marketing program to commercial banks and thrift institutions.

Cityscape writes mortgage and home equity loans across the country for borrowers who do not fit the traditional criteria of conventional lenders. The goal of the Institutional Loan Support Group is to team up with lenders, offering the company's loan products as an option for borrowers who do not qualify for a conventional mortgage, Mr. Budd said.

He said Cityscape will underwrite and service loans, providing the conventional lender with the opportunity to boost fee income with no credit risk to the financial institution. Cityscape also will offer training and other support for the lender's sales and underwriting staff.

"The Institutional Loan Support Group will expand Cityscape's marketing strategy and offer synergies to benefit the conventional lender in reaching out to different types of customers," he said. "Each program will be custom-tailored, based on the individual lender's needs."

Mr. Budd, who joined Cityscape from the consulting firm Zolfo, Cooper & Co., is a former long-time executive of Euram Management, Inc., formerly European American Bancorp, and European American Bank, New York.

As president, chief executive officer and director of Euram Management, a subsidiary of ABN AMRO Bank, N.V. formed to oversee workouts, he led efforts to recover successfully $1.5 billion in problem assets. Mr. Budd spent six years at European American Bank, where he was executive vice president, project finance department, responsible for a commercial loan portfolio of more than $2 billion. He also served as senior vice president in charge of EAB's asset recovery division.

He also held executive positions in the asset recovery departments of Bank of Boston and Fidelity Bank, now First Fidelity, Philadelphia. Mr. Budd is a graduate of Rider College, Lawrenceville, New Jersey.

Cityscape originations are expected to total more than $150 million in fiscal 1994. The firm is based in Elmsford, New York, and has offices in New Jersey, Pennsylvania and Virginia. Cityscape Corp. is a subsidiary of Cityscape Financial Corp. (Nasdaq Electronic Bulletin Board: CTYS).

CONTACT: Robert C. Patent

              Managing Director
              Cityscape Corp.
              914/592-6677
                    or
              Paul Steidler, Michelle Manoff
              Morgen-Walke Associates, Inc.
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