Cityscape secures $60 million credit facility; announces launch of mixed-use mortgage programs.

ELMSFORD, N.Y.--(BUSINESS WIRE)--Nov. 17, 1994--Cityscape Corp., a mortgage banker specializing in non-conforming loans, has secured a $60 million credit facility to expand its product lines and assist with mortgage servicing and securitization. The financing package, provided by ContiTrade Services, Inc., a subsidiary of the Continental Grain Company, consists of a $50 million credit line and a $10 million standby agreement.

Up to $15 million is earmarked for Cityscape's new small mixed-use and multi-family mortgage programs, designed for residential properties which derive some income from a commercial use. Under the program, loans from $50,000 to $1,000,000 can be originated with amortization periods of 15, 25 or 30 years.

"This product is intended for the apartment property that also includes a small commercial establishment, such as a doctor's office or grocery store," said Robert Patent, managing director of Cityscape. "We believe there are ample and sound lending opportunities in this market throughout the Northeast and other regions we serve."

Patent said the standby agreement will be used for future financing needs related to mortgage servicing and securitization.

With originations expected to total more than $150 million in fiscal 1994, Cityscape specializes in mortgage and home equity loans for borrowers who do not fit the traditional criteria of conventional lenders. Based in Elmsford, New York, and with offices in New Jersey, Pennsylvania and Virginia, Cityscape writes mortgage loans across the country. The firm is a subsidiary of Cityscape Financial Corp. (Nasdaq Electronic Bulletin Board: CTYS).

CONTACT: Cityscape Corp., Elmsford

             Robert C. Patent, 914/592-6677
                      or
             Morgen-Walke Associates Inc., New York
             Paul Steidler, Michelle Manoff, 212/850-5600