Miami-based Omega Commercial Finance Corp. has executed a letter of intent to merge with a top California-based real state owner and developer. The assets involved in the deal are valued at an estimated total of $1 billion.”Part of our strategy is to acquire properties and initiate loans on properties to increase shareholder value,” Jon Cummings IV, Omega president & CEO, told CPN today. “We will do mid-range lending. A lot of lenders are strapped because of the current situation in the industry. This merger gives us the opportunity to take advantage of that with major developers who are stagnant.”The main goal of the transaction is to place Omega in a position to serve as a direct lender of commercial real estate loans, but the deal will also make Omega a player in real estate development. The company Omega plans to acquire has a bevy of different projects in the pipeline. “We plan to take advantage of those opportunities, particularly in tourist destinations in and outside of the U.S.” Cummings noted. If all goes as planned, Omega’s post-merger balance sheet will have a book value of approximately $28.57 per share; according to the OTC Bulletin Board, company shares opened today at $0.15. Additionally, completion of the acquisition of the real estate company will take Omega one step closer to meeting the four standard requirements to apply for a listing on the American Stock Exchange. Currently, the company meets one of the criteria.