<PAGE>
                                  EXHIBIT 10.7

                            FIFTH AMENDMENT TO LEASE

     THIS  AGREEMENT  made the 4th day of March,  1996 by and between THE TILLES
INVESTMENT COMPANY, having offices at 7600 Jericho Turnpike,  Woodbury, New York
11797, hereinafter referred to as the "LANDLORD" and COMMERCIAL CAPITAL CORP. OF
NEW YORK,  having  offices at 1000  Woodbury  Road,  Woodbury,  New York  11797,
hereinafter referred to as the "TENANT".

                             W I T N E S S E T H:

      WHEREAS,  the parties have heretofore on or about the 1st day of November,
1993,  entered into a certain agreement of lease, which was amended the 20th day
of January,  1994, the 23rd day of March,  1994,  the 8th day of December,  1995
(3rd Amendment) and the 8th day of December,  1995 (4th Amendment),  for certain
premises located at 1000 Woodbury Road, Woodbury, New York and

      NOW, THEREFORE, in consideration of One Dollar and other good and valuable
consideration,  each in hand paid to the other,  the  receipt  whereof is hereby
acknowledged  and in further  consideration  of the mutual  covenants  contained
herein, it is agreed as follows:

     FIRST:  TENANT'S  space shall be increased by 15,146  square feet  rentable
(Exhibit  "A"),  making  TENANT'S  total  Demised  Premises  52,601  square feet
rentable.

     SECOND:  LANDLORD, at LANDLORD'S sole cost and expense, shall construct the
Demised  Premises  as per the  floor  plan and work  letter  attached  hereto as
Exhibits "A" and "B" respectively.

     THIRD:  Commencing  when the LANDLORD  substantially  completes the Demised
Premises  (approximately  the 15th day of March,  1996)  TENANT shall pay to the
LANDLORD an Annual Basic Rent to THE TILLES INVESTMENT COMPANY at P.O. Box 9020,
Hicksville,  New,.  York  11802-9020  in equal monthly  installments  as per the
following schedule:


TERM                            ANNUAL BASIC RENT             MONTHLY BASIC RENT

03/15/96-03/31/96                   $931,563.71                   $77,630.31
04/04/96-03/31/97                   $964,176.33                   $80,348.O3
04/01/97-03/31/98                   $997,840.97                   $83,153.41
04/01/98-03/31/99                 $1,032,557.63                   $86,046.47
04/01/99-03/31/00                 $1,068,326.31                   $89,027.19
04 /01/00-03/31/01                $1,105,673.02                   $92,139.41
04/01/01-03/31/02                 $1,144,071.75                   $95,339.31
04/01/02-03/31/03                 $1,184,048.51                   $98,670.71
04/01/03-03/31/04                 $1,225,077.29                  $102,089.77

*(Replaces the rent schedule in Section "Second" of the Fourth Amendment to
Lease.)

     FOURTH: Section "Third" of the Third Amendment to Lease shall be changed to
read as follows:  "...rentable area of the Demised Premises (i.e., 52,601 square
feet)....form a part (i.e., 230,000 square feet), i.e., 22.87%".

     FIFTH:  Section  "Fourth" of the Fourth Amendment to Lease shall be changed
to read as follows: "...TENANT'S Energy Base = $184,103.50..."

     SIXTH: Section "Fifth" of the Fourth Amendment to Lease shall be changed to
read as  follows:...  "pay  the sum of  $99,941.90  per  year in  equal  monthly
installments of $8,328.49 in advance..."

     SEVENTH:  Should the TENANT  exercise  the right to cancel as  indicated in
either  "Sixth" or  "Seventh"  of the Third  Amendment  to Lease,  all rents and
additional rents shall be adjusted accordingly.

      EIGHTH: The foregoing provisions are intended to modify said lease only in
the foregoing respects and such modifications and the terms hereof as herein set
forth  are to be  strictly  construed.  It is  further  agreed  that  except  as
hereinabove  provided all of the terms,  covenants and  conditions of said lease
dated the 1st day of November,  1993 and amended the 20th day of January,  1994,
the 23rd day of March, 1994 and the 8th day of December,  1995 (Third Amendment)
and the 8th day of December,  1995 (Fourth Amendment),  shall continue to remain
in full  force and  effect as therein  written  and shall be read and  construed
together with this instrument.

     IN WITNESS  WHEREOF,  the parties  hereto have hereunto set their hands and
seals the day and year first above written.

                              THE TILLES INVESTMENT COMPANY

                              By: /S/ PETER TILLIS


                              COMMERCIAL CAPITAL CORP. OF NEW YORK

                              By: /S/ MARC E. MILLER


                                       2

<PAGE>

                            SIXTH AMENDMENT TO LEASE

      THIS  AGREEMENT  made the 28th day of August,  1997,  by and  between  THE
TILLES INVESTMENT  COMPANY,  having offices at 7600 Jericho Turnpike,  Woodbury,
New York 11797,  hereinafter  referred to as the  "LANDLORD"  and DELTA  FUNDING
CORPORATION,  having  offices at 1000 Woodbury Road,  Woodbury,  New York 11797,
hereinafter referred to as the "TENANT".

                             W I T N E S S E T H:

     WHEREAS,  the parties have  heretofore on or about the lst day of November,
1993,  entered into a certain agreement of lease, which was amended the 20th day
of January,  1994, the 23rd day of March,  1994,  the 8th day of December,  1995
(3rd Amendment),  the 8th day of December,  1995 (4th Amendment) and the 4th day
of March,  1996, for certain premises  located at 1000 Woodbury Road,  Woodbury,
New York and

     NOW, THEREFORE,  in consideration of One Dollar and other good and valuable
consideration,  each in hand paid to the other,  the  receipt  whereof is hereby
acknowledged  and in further  consideration  of the mutual  covenants  contained
herein, it is agreed as follows:

     FIRST: TENANT shall take two units on a month-to-month  basis consisting of
2,404  square feet  located on the second floor and 5,817 square feet located on
the first floor.

     SECOND:  Commencing  the 21st  day of  April,  1997,  TENANT  shall  pay an
additional monthly rent of $4,400.00  representing the rent for the 2,404 square
feet. No other escalations or charges shall apply.

     THIRD:  Commencing the 5th day of May, 1997, TENANT shall pay an additional
monthly rent of $10,664.00  representing  the rent for the 5,817 square feet. No
other escalations shall apply.

     FOURTH:  TENANT and LANDLORD acknowledge that both units are being occupied
on a month-to-month  basis in anticipation of the TENANT taking additional space
in the  building  located on the third floor and,  upon  occupancy  of the third
floor space, TENANT shall surrender both temporary units.

     FIFTH:  The foregoing  provisions are intended to modify said lease only in
the foregoing respects and such modifications and the terms hereof as herein set
forth  are to be  strictly  construed.  It is  further  agreed  that  except  as
hereinabove  provided all of the terms,  covenants and  conditions of said lease
dated the lst day of November,  1993 and amended the 20th day of January,  1994,
the 23rd day of March, 1994, the 8th day December,  1995 (Third Amendment),  the
8th day of December,  1995 (Fourth  Amendment)  and the 4th day of March,  1996,
shall continue to remain in full force and effect as therein written and shall
be read and construed together with this instrument.

            IN WITNESS WHEREOF, the parties hereto have hereunto set their hands
and seals the day and year first above written.


                                    THE TILLES INVESTMENT COMPANY

                                    By: /S/ PETER TILLIS



                                    DELTA FUNDING CORPORATION

                                    By: /S/ MARC E. MILLER


                                       2
<PAGE>


                           SEVENTH AMENDMENT TO LEASE

     THIS  AGREEMENT  made the 29th day of  October,  1997,  by and  between THE
TILLES INVESTMENT  COMPANY,  having offices at 7600 Jericho Turnpike,  Woodbury,
New York 11797,  hereinafter  referred to as the  "LANDLORD"  and DELTA  FUNDING
CORPORATION,  having  offices at 1000 Woodbury Road,  Woodbury,  New York 11797,
hereinafter referred to as the "TENANT".

                             W I T N E S S E T H :

     WHEREAS,  the parties have  heretofore on or about the 1st day of November,
1993,  entered into a certain agreement of lease, which was amended the 20th day
of January,  1994, the 23rd day of March,  1994,  the 8th day of December,  1995
(3rd Amendment),  the 8th day of December, 1995 (4th Amendment),  the 4th day of
March,  1996 and the 28th day of August,  1997, for certain  premises located at
1000 Woodbury Road, Woodbury, New York and

     NOW, THEREFORE,  in consideration of One Dollar and other good and valuable
consideration,  each in hand paid to the other,  the  receipt  whereof is hereby
acknowledged  and in further  consideration  of the mutual  covenants  contained
herein, it is agreed as follows:

     FIRST:  TENANT'S  Demised Premises shall be increased by 57,482 square feet
rentable  (Third  floor) as noted on Exhibit "A"  attached  hereto,  (the "Third
Floor  Additional  Space") making TENANT'S total Demised Premises 118,304 square
feet rentable.

     SECOND:  LANDLORD, at LANDLORD'S sole cost and expense, shall construct the
Third  Floor  Additional  Space as per the Floor Plan and Work  Letter  attached
hereto as Exhibits "A" and "B" respectively (the "Third Floor Work").

     THIRD: Commencing when the LANDLORD substantially completes the Third Floor
Work and delivers  possession of the Third Floor Additional Space to TENANT (the
"Third  Floor  Commencement  Date," which is  approximately  six weeks after the
execution  of  this  Lease  Amendment)  and  continuing  to and  until  LANDLORD
completes  the Second  Floor Work and delivers  possession  to the TENANT as set
forth in Paragraph FIFTH below,  TENANT shall pay an additional  monthly rent of
$100,597.50 and an additional monthly electric payment of $9,101.32.

     FOURTH:  LANDLORD, at LANDLORD'S sole cost and expense,  shall renovate the
space on the Second  floor as noted on the Floor Plan and Work  Letter  attached
hereto as Exhibits "A-1" and "B-1" respectively the "Second Floor Work").

     FIFTH: When the LANDLORD substantially  completes the Second Floor Work and
delivers  possession  to the  TENANT  (approximately  fourteen  weeks  after the
execution  of this  Lease  Amendment  assuming  that the  TENANT  relocates  its
employees  from the area affected by such work) as noted in "Fourth"  above (the
"Completion  Date"),  the term of the lease shall be extended and shall be for a
period of ten (10) years  from the  "Completion  Date" and  TENANT  shall pay an
Annual Basic Rent to the  LANDLORD,  THE TILLES  INVESTMENT  COMPANY at P.O. Box
9020, Hicksville,  New York 11802-9020, in equal monthly installments as per the
following schedule:

 TERM                   ANNUAL BASIC RENT             MONTHLY RENT

 Lease Year 1           $2,484,384.00                 $207,032.00
 Lease Year 2           $2,571,928.96                 $214,327.41
 Lease Year 3           $2,661,840.00                 $221,820.00
 Lease Year 4           $2,755,300.16                 $229,608.35
 Lease Year 5           $2,852,309.44                 $237,692.45
 Lease Year 6           $2,951,684.80                 $245,973.73
 Lease Year 7           $3,054,609.28                 $254,550.77
 Lease Year 8           $3,161,082.88                 $263,423,57
 Lease Year 9           $3,272,288.64                 $272,690.72
 Lease Year 10          $3,387,043.52                 $282,253.63

(Replaces all previous rent  schedules,  including the rent schedule as noted in
Second and Third of the Sixth Amendment to Lease).  Notwithstanding  anything to
the contrary  contained herein, if LANDLORD fails to substantially  complete the
Second Floor Work and deliver  possession of the entire Demised  Premises on the
Second  Floor to  TENANT  within  forty-five  (45) days  after  the Third  Floor
Commencement  Date,  the TENANT shall be entitled to a rent credit in the amount
of  $1,596.90  per day from the forty  sixth  (46th)  day after the Third  Floor

                                       2


Commencement Date until such time as LANDLORD substantially completes the Second
Floor Work (and delivers possession of Second Floor to the TENANT).

     SIXTH:  When the rent schedule as noted in "Fifth"  above  commences on the
Completion  Date,  Section  "Fourth"  of the Fifth  Amendment  to Lease shall be
changed to read as follows:  "...rentable  area of the Demised  Premises  (i.e.,
118,304 square feet)...form a part (i.e., 230,000 square feet), i.e., 51.44%."

     SEVENTH:  When the rent schedule as noted in "Fifth" above commences on the
Completion  Date,  Section  "Fifth"  of the Fifth  Amendment  to Lease  shall be
changed to read as follows: "...TENANT'S Energy Base = $393,704.50..."

     EIGHTH:  When the rent schedule as noted in "Fifth" above  commences on the
Completion Date Section "Sixth" of the Fifth Amendment to Lease shall be changed
to read as follows:  "...pay the sum of  $213,725.30  per year in equal  monthly
installments of $17,810.44 in advance..."

     NINTH:  When the rent schedule as noted in "Fifth"  above  commences on the
Completion  Date,  Section  3.2 of the Basic  Lease  shall be changed to read as
follows: "...over the 1997/98 School Tax and the 1997 Town Tax..."

     TENTH:  When the rent schedule as noted in "Fifth"  above  commences on the
Completion  Date,  Section  3.4B of the Basic  Lease shall be changed to read as
follows: "...KWH shall be increased above 14.87 cents per KWH..."

     ELEVENTH:  LANDLORD agrees that TENANT will expand into an additional 3,250
square foot  rentable  on the Second  floor as noted on Exhibit  "A-2"  attached
hereto. As part of this expansion,  LANDLORD agrees to renovate a total of 9,172
square feet  rentable as noted on Exhibit "A-2" based upon plans to be submitted
to the  LANDLORD  by TENANT'S  architect.  LANDLORD  will  provide a work letter
allowance  of $20.00 per  useable  square  foot and will  present  TENANT with a
detailed  line-item bid for said work. Should the TENANT not use the work letter
allowance in the space (9,172 square feet), TENANT shall be entitled to a $20.00
per useable square foot construction  credit towards work in any other area that
TENANT  desires (or a credit  against  rent based upon $16.53 per usable  square
foot). Upon such expansion, the Annual Basic Rent for such expansion space shall
be based upon $20.10 per square foot  (adjusted  by a 3.5%  increase on April 1,
1999 and each  anniversary  date  thereafter)  and  electric of $1.90 per square
foot. All additional rents shall be adjusted accordingly.

                                       3


     Notwithstanding  anything to the contrary contained herein,  from the Third
Floor  Commencement  Date,  the TENANT shall be entitled to a rent credit in the
amount of $220.72 per day until such time as the  LANDLORD  delivers  the entire
9,172 square feet as noted in ELEVENTH.

     TWELFTH:  TENANT shall have the option to surrender and, after occupancy of
the 9,172 square feet on the second floor as noted in 11th above,  LANDLORD will
have the option to  recapture  5,817  square  feet  located  on the first  floor
provided  that  either  party  gives the  other  sixty  (60) days  notice of its
intention  to  surrender  or  recapture,  whichever  the case may be.  Upon such
surrender/recapture  the rent schedule as noted in FIFTH above shall be replaced
with the following:

      TERM                  ANNUAL BASIC RENT          MONTHLY RENT

      Lease Year 1          $2,362,227.00              $196,852.25
      Lease Year 2          $2,445,467.38              $203,788.95
      Lease Year 3          $2,530,957.50              $210,913.13
      Lease Year 4          $2,619,822.23              $218,318.52
      Lease Year 5          $2,712,061.57              $226,005.13
      Lease Year 6          $2,806,550.65              $233,879.22
      Lease Year 7          $2,904,414.34              $242,034.53
      Lease Year 8          $3,006,777.51              $250,564.79
      Lease Year 9          $3,111,390.42              $259,282.54
      Lease Year 10         $3,220,502.81              $268,375.23

(NOTE:  THE TERM AS NOTED ABOVE WILL BE BASED ON THE SAME DATES AS THE TERM
AS NOTED IN FIFTH.  THE ABOVE SCHEDULE WILL NOT AFFECT THE TERM AS NOTED IN
FIFTH)

     THIRTEENTH:  When the rent schedule as noted in TWELFTH commences, SIXTH of
this  Amendment  shall be changed to read as  follows  "...rentable  area of the
Demised Premises (i.e.  112,487 square feet) ...form a part (i.e. 230,000 square
feet) i.e. 48.91%.

     FOURTEENTH:  When the rent schedule as noted in TWELFTH commences,  SEVENTH
of this Amendment shall be changed to read as follows"...TENANT'S  Energy Base =
$374,346.08.

                                       4


     FIFTEENTH: When the rent schedule as noted in TWELFTH commences,  EIGHTH of
this Amendment shall be changed to read as follows"...pay the sum of $203,216.44
per year in equal monthly installments of $16,934.76 in advance..."

     SIXTEENTH:  Provided  that the Lease is in full  force and  effect,  TENANT
shall have the right of first  refusal to rent any space that becomes  available
on the  Second  floor of 1000  Woodbury  Road,  Woodbury,  New  York  (including
priority  over  existing  Tenants whose leases expire or terminate or are due to
expire or terminate).  LANDLORD shall notify the TENANT of the  availability  of
any such space and TENANT will respond  within  fifteen (15) days as to TENANT'S
desire to lease same.  TENANT  shall be entitled to a work letter equal to $2.00
per square usable foot per lease year (i.e., 10 years = $20.00 work letter). The
Annual Basic Rent for such expansion space shall be based upon $20.10 per square
foot  adjusted by a 3.5%  increase on April 1, 1999 (and each  anniversary  date
thereafter) and electric of $1.90 per square foot. All additional rents shall be
adjusted proportionately.

     SEVENTEENTH:  Article  XXXII of the Basic Lease shall be replaced  with the
following:
     Provided  that the Lease is in full force and effect the TENANT  shall have
the right of First  Refusal for any space that  becomes  vacant on the First and
Fourth floor of the buildings.
     (1) TENANT'S right of First Refusal shall only be for the first seven years
of the initial  Lease Term or the first two years of the option  period as noted
in NINETEENTH of this Amendment.
     (2) TENANT shall notify  LANDLORD of TENANT'S  desire for additional  space
specifying the amount of square  footage.  LANDLORD will respond within ten (10)
days of notification  from TENANT as to what space will be available  during the
next twelve (12) month period.
     (3) TENANT shall be entitled to a Work Letter  allowance equal to $2.00 per
rentable square foot per lease year.
            (4) The rent and additional  rent shall be adjusted  accordingly.
            (5) Nothing herein shall give the TENANT the right of First
Refusal with  reference to any existing  TENANT'S on the First and Fourth Floors
of the building.

     EIGHTEENTH:  Section  7.1 of the Basic  Lease  shall be  changed to read as
follows"...which  may be applicable to TENANT'S  particular use and occupancy of
the Demised Premises..."

                                       5


     NINETEENTH:  Article  XXXI of the Basic Lease  shall be  replaced  with the
following:
     "Section 31.1  Provided that the Lease is in full force and effect,  TENANT
shall have the option to renew lease for one five year period.
     The Annual  Basic Rent for the option  period  shall be 90% of fair  market
value (as detailed  below).  During the option  period,  the initial yearly rent
shall  not be less nor more than 10% more than the rent paid in the last year of
the initial term, as extended herein.
     TENANT shall  notify the  LANDLORD of its  intention to exercise its option
twelve  (12)  months  prior to the end of the term of this  lease,  as  extended
herein.
     To determine fair market value for the option  period,  LANDLORD and TENANT
shall  immediately  following  notice to the  LANDLORD of TENANT'S  intention to
exercise the renewal  option (the  "Renewal  Notice") meet to determine the then
current market value rent for the Demised Premises for the option period.
     In the event  that  LANDLORD  and  TENANT are unable to agree on the market
value rent for the option  period  within ninety days of the date of the Renewal
Notice,  then within ten (10) days of the  expiration of said ninety day period,
LANDLORD and TENANT shall each select an independent  third party,  unaffiliated
M.A.I.  real  estate  appraiser  familiar  with  commercial  leasing in the area
(having  at least  ten (10)  years  experience)  and  notify  the other of their
selection  and the said two  appraisers  shall  meet  within ten (10) days after
their  selection  to  determine  the Market Value Rent for the ensuing five year
term.  In the event  that the two  appraisers  are unable to agree on the Market
Value Rent, they shall pick a Third appraiser whose  determination of the Market
Value  Rent  shall be  conclusive  upon the  parties.  In the event that the two
appraisers are unable to select a Third  appraiser,  the question of determining
Market Value Rent shall be submitted to the AMERICAN ARBITRATION  ASSOCIATION in
Nassau County for decision  under their rules then  obtaining.  The term "market
value rent" for the  purposes of this  section  shall be deemed to mean the fair
market rental rate for like space  similarly  situated in  comparable  buildings
reasonably  proximate  to the Building in the same  geographical  area as of the
commencement  of the five year  period for which the Basic  Annual Rent is being
determined,  taking into  consideration  the  escalations  and the base  periods
thereof as provided for in this lease and all other relevant  factors (e.g.,  no
work letter, no brokerage commission, no free rent period, if applicable).

                                       6


     TWENTYITH:  The foregoing provisions are intended to modify said lease only
in the foregoing  respects and such modifications and the terms hereof as herein
set forth are to be  strictly  construed.  It is further  agreed  that except as
herein above provided all of the terms,  convenants and conditions of said lease
dated the 1st day of November,  1993 and amended the 20th day of January,  1994,
the 23rd day of March, 1994, the 8th day of December, 1994 (3rd Amendment),  the
8th day of December,  1995 (4th Amendment),  the 4th day of March,  1996 and the
28th day of August,  1997,  shall continue to remain in full force and effect as
therein written and shall be read and construed together with this instrument.

     IN WITNESS  WHEREOF,  the parties  hereto have hereunto set their hands and
seals the day and year first above written.

                              THE TILLES INVESTMENT COMPANY

                              By: /S/ PETER TILLIS

                              DELTA FUNDING CORPORATION

                              By: /S/ MARC E. MILLER


                                       7