**EXHIBIT      12.1**

|                                                                                         |
|----------------------------------------------------------------------------------------------|
| **Capital                Lease Funding, Inc. and Subsidiaries**                              |
|                                                                                         |
| **Ratio                of Earnings to Combined Fixed Charges and Preferred Stock Dividends** |

|                                                                                                    |   |                                   |    |   |   |   |   |   |    |   |   |
|---------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|--------|--------|--------|--------|--------|---------|--------|--------|
| *(dollars                in thousands)*                                                                 |   | Year                ended December 31, |    |
|                                                                                                         |   | 2006                                   |    | 2005   |   | 2004   |   | 2003   |    | 2002   |   |
| Earnings:                                                                                               |   |                                   |    |   |   |   |   |   |    |   |   |
| Net                income                                                                               |   | $                                      | 7,249   |   | $      | 5,130  |   | $      | 1,369   |   | $      | 6,633 |   | $ | 832 |   |
| Interest                expense                                                                         |   |                                   | 63,212  |   |   | 32,987 |   |   | 2,768   |   |   | 2,058 |   |   | 2,801 |   |
| Less:                Interest capitalized during the period Note (A)                                    |   |                                   | — |   |   | (1,589 | )      |   | — |   |   | — |   |   | — |   |
| Portion                of rental expense representing interest                                          |   |                                   | 140     |   |   | 39     |   |   | 77      |   |   | 110 |   |   | 139 |   |
| Total                earnings                                                                           |   | $                                      | 70,600  |   | $      | 36,567 |   | $      | 4,214   |   | $      | 8,801 |   | $ | 3,772 |   |
|                                                                                                    |   |                                   |    |   |   |   |   |   |    |   |   |   |   |   |   |   |
| Combined                Fixed Charges and Preference Dividends:                                         |   |                                   |    |   |   |   |   |   |    |   |   |   |   |   |   |   |
| Interest                expense                                                                         |   | $                                      | 63,212  |   | $      | 31,398 |   | $      | 2,768   |   | $      | 2,058 |   | $ | 2,801 |   |
| Interest                capitalized during the period                                                   |   |                                   | — |   |   | 1,589  |   |   | — |   |   | — |   |   | — |   |
| Portion                of rental expense representing interest                                          |   |                                        | 140     |   |   | 39     |   |   | 77      |   |   | 110 |   |   | 139 |   |
| Preferred                Stock Dividends                                                                |   |                                        | 2,844   |   |   | 561    |   |   | — |   |   | — |   |   | — |   |
| Total                                                                                                   |   | $                                      | 66,195  |   | $      | 33,587 |   | $      | 2,845   |   | $      | 2,168 |   | $ | 2,940 |   |
|                                                                                                    |   |                                   |    |   |   |   |   |   |    |   |   |   |   |   |   |   |
| Ratio                of Earnings to Combined Fixed Charges and Preferred Stock                Dividends |   |                                   | 1.07    |   |   | 1.09   |   |   | 1.48    |   |   | 4.06 |   |   | 1.28 |   |
|                                                                                                    |   |                                   |    |   |   |   |   |   |    |   |   |   |   |   |   |   |
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