**EXHIBIT
        21.1**
  **RESOURCE
        AMERICA, INC.**
 **LIST
        OF SUBSIDIARIES**
 
  Resource
        Financial Fund Management, Inc.
 Resource
        Banking Advisory & Management, Inc.
 Coredo
        Capital Management, LLC
 Trapeza
        Capital Management, LLC
 Trapeza
        Manager, Inc.
 Trapeza
        Funding, LLC (1)
 Trapeza
        Funding II, LLC (1)
 Trapeza
        Funding III, LLC (1)
 Trapeza
        Funding IV, LLC (1)
 Trapeza
        Funding V, LLC (1)
 Trapeza
        TPS, LLC (1)
 Trapeza
        Management Group, LLC  (2)
 Structured
        Finance Fund GP, LLC (1)
 Structured
        Finance Management, LLC (1)
 Ischus
        Capital Management, LLC
 Apidos
        Capital Management, LLC
 Resource
        Financial Institutions Group, Inc.
 Resource
        Credit Partners GP, Inc.
 Resource
        Credit Management, LLC
 Resource
        Capital Manager, Inc.
 Resource
        Financial Advisors, LLC
 RAI
        Ventures, Inc.
 Chadwick
        Securities, Inc.
 Resource
        Europe Management Limited
 Resource
        Europe Limited
 Resource
        Capital Investor, Inc.
 Resource
        Leasing, Inc.
 FLI
        Holdings, Inc.
 LEAF
        Financial Corporation (8)
 LEAF
        Ventures, LLC (9)
 LEAF
        Asset Management, Inc.
 Merit
        Capital Manager, LLC
 Merit
        Capital Advance, LLC (10)
 LEAF
        Ventures II, LLC (11)
 Prompt
        Payment, LLC (12)
 LEAF
        Capital Management, Inc.
 Lease
        Equity Appreciation Fund I L.P. (13)
 LEAF
        Fund
        I, LLC
 Lease
        Equity Appreciation Fund II, L.P. (13)
 LEAF
        Fund
        II, LLC
 LEAF
        II B
        SPE, LLC
 LEAF
        II
        Receivables Funding, LLC
 LEAF
        Equipment Leasing Income Fund III, L.P. (10)
 LEAF
        III
        A SPE, LLC
 LEAF
        Fund
        III, LLC
 LEAF
        Funding, Inc.
 Resource
        Capital Funding II, LLC
 LEAF
        Institutional Direct Management, LLC
 LEAF
        Commercial Finance Co., LLC
 Resource
        Real Estate Holdings, Inc.
 Resource
        Real Estate, Inc.
 RRE
        Leasco, LLC
  
 Resource
        Real Estate Funding, Inc.
 Resource
        Real Estate Management, Inc.
 Resource
        Capital Partners, Inc.
 RCP
        Ryan’s Crossing Manager, LLC
 RCP
        Westchase Wyndham Manager, LLC
 RCP
        Pear
        Tree Manager, LLC
 RCP
        Wind
        Tree Manager, LLC
 RCP
        Falls
        at Duraleigh Manager, Inc.
 RCP
        Sage
        Canyon Manager, Inc.
 RCP
        Cuestas Manager, Inc.
 RCP
        Chenal Brightwaters Manager, LLC
 RCP
        Holdco I Manager, Inc.
 RCP
        Reserves Manager, Inc.
 RCP
        Foxglove Manager, Inc.
 RCP
        Santa
        Fe Manager, Inc.
 RCP
        Regents Center Manager, Inc.
 RCP
        Highland Lodge Manager, Inc.
 RCP
        Reserves Holdings Manager, Inc.
 RCP
        Grove
        Manager, LLC
 RCP
        Avalon Manager, Inc.
 RCP
        Howell Bridge Manager, Inc.
 RCP
        Heritage Lake Manager, LLC
 RCP
        Magnolia Manager, LLC
 RCP
        West
        Wind Manager, LLC
 AR
        Real
        Estate Investors, LLC (6)
 RCP
        Nittany Pointe Manager, Inc.
 RCP
        Chinoe Creek Manager, Inc.
 RCP
        Fountains GP, Inc.
 RCP
        Portland Courtyard Manager, Inc.
 RCP
        Albuquerque Manager, Inc.
 AR
        Real
        Estate, GP LLC
 RRE
        Oak
        Park Leaseco, LLC (7)
 RRE
        Ryan’s Crossing Holdings, LLC (7)
 RRE
        Regents Center Holdings, LLC (7)
 RRE
        Chenal Brightwaters Holdings, LLC (7)
 RRE
        Chenal Brightwaters TIC, LLC (7)
 RRE
        2
        Duraleigh Member, LLC (7)
 RRE
        Falls
        at Duraleigh Holdings, LLC (7)
 RRE
        Avalon Member, LLC (7)
 RRE
        Avalon Holdings, LLC (7)
 RRE
        Funding I, LLC (7)
 RRE
        West
        Chase Wyndham TIC, LLC (7)
 RRE
        West
        Wind Holdings, LLC (7)
 RRE
        Magnolia Holdings, LLC (7)
 RRE
        Highland Lodge TIC, LLC (7)
 RRE
        Regents Center TIC, LLC (7)
 RRE
        Reserves TIC, LLC
 RRE
        Bentley Place TIC, LLC
 RRE
        Heritage Lake TIC, LLC (7)
 Resource
        Real Estate Management, LLC
 Resource
        RSI Phase I, LLC
 Resource
        RSI Phase II, LLC
 Press
        Building, LLC (4)
  
 Resource
        Asset Management, Inc.
 LEAF
        Asset Management, LLC
 RCP
        Financial, LLC (3)
 Resource
        Programs, Inc. (3)
 Resource
        Properties VIII, Inc. (3)
 Resource
        Properties XIV, Inc. (3)
 Resource
        Properties XVII (3)
 Resource
        Properties XXIV, Inc. (3)
 Resource
        Properties XXV, Inc. (3)
 Resource
        Properties XXVI, Inc. (3)
 Resource
        Properties XXX, Inc. (3)
 Resource
        Properties XXXI (3)
 Resource
        Properties XXXIII, Inc. (3)
 Resource
        Properties XXXV, Inc. (3)
 Resource
        Properties XL, Inc. (3)
 Resource
        Properties XLI, Inc. (3)
 Resource
        Properties XLVII, Inc. (3)
 Resource
        Properties XLIX, Inc. (3)
 Resource
        Properties 54, Inc. (3)
 Chesterfield
        Mortgage Investors, Inc. (3)
 Resource
        Commercial Mortgages, Inc. (3)
 Resource
        Housing Investors I, Inc. (3)
 Resource
        Housing Investors II, Inc. (3)
 Resource
        Housing Investors III, Inc. (3)
 Resource
        Housing Investors IV, Inc. (3)
 Resource
        Rittenhouse, Inc. (3)
 LEAF
        Funding, LLC
 LEAF
        Capital Funding, LLC
 LEAF
        Commercial Finance Fund, LLC
 RRE
        D2R2
        2007-1, LLC
 RRE
        HUD
        MF 2007, LLC (5)
 RCC
        Real
        Estate Trophy Properties XV, LLC
 RRE
        Bentley Place Holdings, LLC (7)
 RRE
        Howell Bridge Holdings, LLC (7)
 RRE
        Reserves Holdings, LLC (7)
 RRE
        1
        Duraleigh Member, LLC (7)
 RRE
        Reserves Holdco I, LLC (7)
 RRE
        Sage
        Canyon Holdings, LLC (7)
 RRE
        Cuestas Holdings, LLC (7)
 RRE
        Bentley Place Holdco I, LLC (7)
 RRE
        Heritage Lake Holdings, LLC (7)
 RRE
        Pear
        Tree Holdings, LLC (7)
 RRE
        Wind
        Tree Holdings, LLC (7)
 RRE
        Westchase Wyndham Holdings, LLC (7)
 RRE
        Funding II, LLC (7)
 
 (1)
              50%
                  owned by Resource Financial Fund Management,
                  Inc.
  (2)
              33.33%
                  owned by Resource Financial Fund Management,
                  Inc.
  (3)
              Resource
                  America, Inc. currently owns 24 separate subsidiaries formerly
                  held by
                  Resource Properties, Inc.,    which merged as of June
                  29, 2005 into Resource America, Inc. each of which owns, or held
                  in the
                  past, a separate loan asset (the “Real Estate
                  Subsidiaries”).
  (4)
              25%
                  owned by Resource America, Inc.
  (5)
              5%
                  owned by RRE D2R2 2007, LLC.
  (6)
              10%
                  owned by Resource America, Inc.
  (7)
              Owned
                  by Resource America sponsored real estate fund whose general
                  partner.
  (8)
              85%
                  owned by Resource Leasing, Inc.
  (9)
              92%
                  owned by Leaf Financial Corp.
  
  (10)
              50%
                  owned by Leaf Ventures, LLC.
  (11)
              90%
                  owned by Leaf Financial Corp.
  (12)
              80%
                  owned by Leaf Ventures II, LLC.
  (13)
              1%
                  owned by general partners of fund.