SECURITIES AND EXCHANGE COMMISSION

                               WASHINGTON, D.C. 20549

                                     FORM 10-Q

                  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                          SECURITIES EXCHANGE ACT OF 1934

/X/  Quarterly report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

For the quarterly period ended September 30, 2003

/ /  Transition report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

For the transition period from _____ to _____

Commission file number:  333-84730

                  LEASE EQUITY APPRECIATION FUND I, L.P.
_______________________________________________________________________________
               (Exact name of registrant as specified in its charter)

            Delaware                                    68-0492247
_______________________________________________________________________________
     (State of organization)               (I.R.S. Employer Identification No.)

     1845 Walnut Street, Suite 1000, Philadelphia, Pennsylvania  19103
_______________________________________________________________________________
                (Address of principal executive offices)   (Zip code)

                                   (215) 574-1636
_______________________________________________________________________________
                (Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the regis-
trant was required to file such reports), and (2) has been subject to such fil-
ing requirements for the past 90 days.

Yes __X__  No _____

     Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act).  Yes _____  No __X__









                                 Page 1 of 24
<PAGE>
Part I:  Financial Information
Item 1:  Financial Statements
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                                 BALANCE SHEETS

                                     ASSETS
                                          (Unaudited)              (Audited)
                                         September 30,            December 31,
                                             2003                     2002
                                           ________                 ________

Cash and cash equivalents                $   385,427                   $1,001

Accounts receivable                          477,465                     -

Other receivable                           2,100,163                     -

Due from related parties                     190,935                     -

Net investment in direct
 financing leases                         16,147,541                     -

Equipment under operating leases
 (net of accumulated depreciation
 of $110,288 and $-, respectively)           357,304                      -

Deferred interest                             12,906                      -

                                         ___________                   ______

       Total assets                      $19,671,641                   $1,001
                                         ===========                   ======

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

    Lease rents paid in advance          $    39,701                   $ -

    Accounts payable and accrued expenses    114,125                     -

    Due to related parties                 1,488,004                     -

    Warehouse lines                        3,202,765                     -

    Loan payable                           7,962,395                     -

    Security deposits                            904                     -
                                         ___________                   ______

       Total liabilities                  12,807,894                     -

Partners' capital                          6,863,747                    1,001
                                         ___________                   ______
       Total liabilities and
        partners' capital                $19,671,641                   $1,001
                                         ===========                   ======
The accompanying notes are an integral part of these financial statements.
                                       2
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                           STATEMENTS OF OPERATIONS
                                  (Unaudited)

                                 Three Months Ended       Nine Months Ended
                                 September 30, 2003       September 30, 2003
                                   -------------            -------------
Income:
   Earned income on direct
    financing leases                 $220,633                 $392,916
   Rentals                             57,435                  126,737
   Interest                             2,968                    4,735
   Gain on sale of equipment            9,345                   28,381
   Other                                   70                    1,375
                                     ________                 ________

                                      290,451                  554,144
                                     ________                 ________

Expenses:

Expenses:
   Depreciation                        51,691                  113,195
   General and administrative          93,354                  167,199
   General and administrative
    to related party                  129,825                  309,723
   Interest expense                    73,956                  138,609
   Management fee to related
    party                              13,406                   39,473
                                     ________                 ________

                                      362,232                  768,199
                                     ________                 ________

Net loss                            ($ 71,781)               ($214,055)
                                     ========                 ========

Net loss per limited
  partnership unit                  ($   1.11)               ($   4.49)
                                     ========                 ========

Weighted average number of
  limited partnership units
  outstanding during the period        64,191                   47,180
                                     ========                 ========




The accompanying notes are an integral part of these financial statements.






                                       3
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                         STATEMENT OF PARTNERS' CAPITAL

                  For the nine months ended September 30, 2003
                                  (Unaudited)

                                  General    Limited  Partners
                                  Partner    Units      Amount         Total
                                  _______    _____      ______         _____

Balance, January 1, 2003           $1,000        10  $        1    $    1,001

Partners' contribution               -       83,178   8,257,860     8,257,860

Expenses incurred for the sale
of partnership units                 -         -     (1,055,774)   (1,055,774)

Cash distributions                 (2,369)     -       (234,550)     (236,919)

Distributions reinvested             -        1,127     111,635       111,635

Redemption                           -          (10)         (1)           (1)

Net loss                           (2,141)     -       (211,914)     (214,055)
                                   ______    ______  __________    __________
Balance, September 30, 2003       ($3,510)   84,305  $6,867,257    $6,863,747
                                   ======    ======  ==========    ==========



















The accompanying notes are an integral part of these financial statements.









                                       4
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                            STATEMENT OF CASH FLOWS

                  For the nine months ended September 30, 2003
                                  (Unaudited)

Cash flows from operating activities:
     Net loss                                               ($  214,055)
                                                             __________
Adjustments to reconcile net loss to
net cash used in operating activities:
       Depreciation                                             113,195
       Gain on sale of equipment                                (28,381)
       (Increase) decrease in accounts receivable              (477,465)
       (Increase) decrease in due from related parties         (190,935)
       (Increase) decrease in other receivable               (2,100,063)
       (Increase) decrease in deferred interest                 (12,906)
       Increase (decrease) in lease rents paid in advance        39,701
       Increase (decrease) in accounts payable and
        accrued expenses                                        114,125
       Increase (decrease) in due to related parties          1,488,004
       Increase (decrease) in security deposits                     904
                                                             __________
                                                             (1,053,821)
                                                             __________
     Net cash used in operating activities                   (1,267,876)
                                                             __________
Cash flows from investing activities:
     Acquisition of equipment under operating lease            (657,953)
     Investment in direct financing leases                  (17,413,393)
     Proceeds from direct financing leases,
      net of earned income                                    1,265,852
     Proceeds from sale of equipment                            215,835
                                                             __________
     Net cash used in investing activities                  (16,589,659)
                                                             __________
Cash flows from financing activities:
     Proceeds from warehouse lines                           10,460,726
     Proceeds from loan payable                               7,962,395
     Partners' capital contributions                          8,257,860
     Repayment of warehouse lines                            (7,257,961)
     Payment of expenses incurred for
      the sale of partnership units                          (1,055,774)
     Cash distributed to partners                              (236,919)
     Cash reinvested by partners                                111,635
     Redemption of partner's capital                                 (1)
                                                             __________
     Net cash provided by financing activities               18,241,961
                                                             __________

     Increase in cash and cash equivalents                      384,426
     Cash and cash equivalents, beginning of period               1,001
                                                             __________
     Cash and cash equivalents, end of period                $  385,427
                                                             ==========
The accompanying notes are an integral part of these financial statements.
                                       5
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                         NOTES TO FINANCIAL STATEMENTS

                              September 30, 2003

                                  (Unaudited)


BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared
by the Fund in accordance with accounting principles generally accepted in
the United States of America, pursuant to the rules and regulations of the
Securities and Exchange Commission.  In the opinion of management, all ad-
justments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included.  These condensed financial statements
should be read with the audited financial statements and notes thereto as of
December 31, 2002 and for the year then ended.  The results for the nine
months ended September 30, 2003 are not necessarily indicative of the results
that may be expected for the year ended December 31, 2003.

1.  ORGANIZATION AND BUSINESS OPERATIONS

    Lease Equity Appreciation Fund I, L.P. (the Fund), a Delaware limited
partnership was formed on January 31, 2002 by LEAF Asset Management, Inc.
(the General Partner).  The Fund's fiscal year ends on December 31.  LEAF Asset
Management, Inc., a Delaware corporation, is a wholly owned subsidiary of LEAF
Financial Corporation.  LEAF Financial Corporation is a wholly owned subsidiary
of Resource Leasing, Inc., a wholly owned subsidiary of Resource America, Inc.
Resource America, Inc. is a publicly-traded company (NASDAQ:  REXI) with inter-
ests in real estate, finance, energy and equipment leasing.

    The General Partner and the initial limited partner capitalized the Fund.
On March 3, 2003, the Fund satisfied its minimum offering requirements and
commenced operations.  At that time, the initial limited partner withdrew from
the Partnership.

    As of September 30, 2003, the Fund had raised $8,257,860 through the sale
of 83,178 limited partnership units and $111,635 from the reinvestment of cash
distributions by limited partners, which is equivalent to 1,127 limited
partnership units.  The Fund seeks to acquire a diversified portfolio of
equipment to lease to end users throughout the United States.  The Fund
also seeks to acquire existing portfolios of equipment subject to existing
leases from other equipment lessors.  The primary objective of the Fund is
to generate regular cash distributions to the limited partners from its
equipment lease portfolio over the life of the Fund.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

    In preparing financial statements in conformity with accounting principles
generally accepted in the United States of America, management is required to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities at the

                                       6
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                   NOTES TO FINANCIAL STATEMENTS  (Continued)


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Use of Estimates (continued)

date of the financial statements, and revenues and expenses during the report-
ing period.  Actual results could differ from those estimates.

Accounting for Leases

    The Fund's leasing operations consist of both direct financing and
operating leases which are recorded in accordance with Statement of Financial
Accounting Standards No. 13.  Under the direct financing method of accounting
for leases, income (the excess of the aggregate future rentals and estimated
unguaranteed residuals upon expiration of the lease over the related equipment
cost) is recognized over the life of the lease using the interest method.

    Under the operating method of accounting for leases, the cost of the leased
equipment is recorded as an asset and depreciated on a straight-line basis over
its estimated useful life, up to seven years.  Acquisition fees associated with
lease placements are allocated to equipment when purchased and depreciated as
part of equipment cost.  Rental income consists primarily of monthly periodic
rentals due under the terms of the leases.  Generally, during the remaining
terms of existing operating leases, the Fund will not recover all of the
undepreciated cost and related expenses of its rental equipment and is prepared
to remarket the equipment in future years.  Fund policy is to review quarterly
the expected economic life of its rental equipment in order to determine the
recoverability of its undepreciated cost.  In accordance with accounting
principles generally accepted in the United States of America, the Fund writes
down its rental equipment to its estimated net realizable value when the
amounts are reasonably estimated and only recognizes gains upon actual sale
of its rental equipment.  There were no write-downs of equipment to net
realizable recorded during the three and nine months ended September 30, 2003.

Income Taxes

    Federal and state income tax laws provide that the income or losses of the
Fund are reportable by the partners on their individual income tax returns.
Accordingly, no provision for such taxes has been made in the accompanying
financial statements.

Statements of Cash Flows

    For purposes of the statements of cash flows, the Fund considers all highly
liquid debt instruments purchased with a maturity of three months or less to be
cash equivalents.

Net Income (Loss) per Limited Partnership Unit

    Net income (loss) per limited partnership unit is computed by dividing
net income (loss) allocated to limited partners by the weighted average


                                       7
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                   NOTES TO FINANCIAL STATEMENTS (Continued)


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Net Income (Loss) per Limited Partnership Unit (continued)

number of limited partnership units outstanding during the period.  The
weighted average number of units outstanding during the period is computed
based on the number of units issued during the period weighted for the days
outstanding during the period.

Recent Accounting Pronouncements

    The Fund adopted FASB Interpretation 45 (FIN 45), "Guarantor's Accounting
and Disclosure Requirements for Guarantees, including Indirect Guarantees of
Indebtedness of Others" on January 1, 2003.  FIN 45 requires a guarantor
entity, at the inception of a guarantee covered by the measurement provisions
of the interpretation, to record a liability for the fair value of the
obligation undertaken in issuing the guarantee.  FIN 45 applies prospectively
to guarantees the Fund issues or modifies subsequent to December 31, 2002.
The adoption of FIN 45 did not have a material impact on the financial posi-
tion or results of operations of the Fund.

    In January 2003, the FASB issued FIN 46 "Consolidation of Variable Interest
Entities."  FIN 46 clarifies the application of Accounting Research Bulletin
51, "Consolidated Financial Statements," for certain entities that do not have
sufficient equity at risk for the entity to finance its activities without
additional subordinated financial support from other parties or in which equity
investors do not have the characteristics of a controlling financial interest
("variable interest entities").  Variable interest entities within the scope of
FIN 46 will be required to be consolidated by their primary beneficiary.  The
primary beneficiary of a variable interest entity is determined to be the party
that absorbs a majority of the entity's expected losses, receives a majority of
its expected returns, or both.  FIN 46 applies immediately to variable interest
entities created after January 31, 2003, and to variable interest entities in
which an enterprise obtains an interest after that date.  It applies in the
first fiscal year or interim period beginning after December 15, 2003, to
variable interest entities in which an enterprise holds a variable interest
that it acquired before February 1, 2003.  The Fund is in the process of
determining what impact, if any, the adoption of the provisions of FIN 46
will have upon its financial condition or results of operations.  The Fund
does not anticipate that FIN 46 will have a material impact on its financial
position or results of operations.

     The Fund adopted Statement of Financial Accounting Standard 149 (SFAS
No. 149), "Amendment of Statement 133 on Derivative Instruments and Hedging
Activities," on July 1, 2003.  SFAS No. 149 clarifies and amends SFAS No. 133
for implementation issues raised by constituents or includes the conclusions
reached by the FASB on certain FASB Staff Implementation Issues.  Statement
149 also amends SFAS No. 133 to require a lender to account for loan commit-
ments related to mortgage loans that will be held for sale as derivatives.



                                       8
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                   NOTES TO FINANCIAL STATEMENTS (Continued)


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Recent Accounting Pronouncements (continued)

SFAS No. 149 is effective for contracts entered into or modified after June 30,
2003.  The adoption of SFAS No. 149 did not have a material impact on the
Fund's financial position or results of operations.

    The FASB issued SFAS No. 150, "Accounting for Certain Financial Instruments
with Characteristics of Both Liabilities and Equity," on May 15, 2003.
SFAS No. 150 changes the classification in the statement of financial posi-
tion of certain common financial instruments from either equity or mezzanine
presentation to liabilities and requires an issuer of those financial state-
ments to recognize changes in fair value or redemption amount, as applicable,
in earnings.  SFAS No. 150 is effective for public companies for financial
instruments entered into or modified after May 31, 2003 and is effective at
the beginning of the first interim period beginning after June 15, 2003.
The adoption of SFAS No. 150 did not have a material impact on the Fund's
financial position or results of operations

3.  ALLOCATION OF PARTNERSHIP INCOME, LOSS AND CASH DISTRIBUTIONS

    Cash distributions, if any, are made monthly as follows: 99% to the Limited
Partners and 1% to the General Partner until the Limited Partners have received
an amount equal to their unpaid cumulative return (8% of their adjusted capital
contribution) and thereafter, to investment and reinvestment in investments or,
if the General Partner elects not to invest or reinvest such distributable
cash, 99% to the Limited Partners and 1% to the General Partner.

    Net income for any fiscal period during the reinvestment period (the
period commencing with March 3, 2003 and ending five years after the last
closing date on which any Limited Partner is admitted) is allocated 99% to
the Limited Partners and 1% to the General Partner.  Income during the
liquidation period will be allocated first to the Partners in proportion
to and to the extent of the deficit balances, if any, in their respective
capital accounts.  Thereafter, net income will be allocated 99% to the
Limited Partners and 1% to the General Partner.

    Net losses for any fiscal period are allocated 99% to the Limited Partners
and 1% to the General Partner until the Limited Partners have been allocated
losses equal to the excess, if any, of their aggregated capital account
balances over their aggregated adjusted capital contributions.  Next, losses
are allocated to the Partners in proportion to and to the extent of their
respective remaining positive capital account balances, if any.  Thereafter,
losses are allocated 99% to the Limited Partners and 1% to the General Partner.

4.  EQUIPMENT LEASED

    The Fund's direct financing leases are for initial lease terms ranging
from 3 to 80 months.  Unguaranteed residuals for direct financing leases
represent the estimated amounts recoverable at lease termination from lease

                                       9
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                   NOTES TO FINANCIAL STATEMENTS (Continued)


4.  EQUIPMENT LEASED (Continued)

extensions or disposition of the equipment.  The Fund reviews these residual
values quarterly.  If the equipment's fair market value is below the estimated
residual value, an adjustment is made.

    The approximate net investment in direct financing leases as of
September 30, 2003 is as follows (unaudited):

     Minimum lease payments to be received     $18,483,000
     Unguaranteed residuals                        285,000
     Unearned rental income                     (2,578,000)
     Unearned residual income                      (42,000)
                                               ___________
                                               $16,148,000
                                               ===========

    There was no investment in direct financing leases at December 31, 2002.

    Equipment on lease consists of equipment under operating leases for
initial lease terms ranging from 10 to 31 months.

    The future approximate minimum rentals to be received on non-
cancelable direct financing and operating leases as of September 30, 2003
are as follows (unaudited):

  Years Ending December 31      Direct Financing      Operating
___________________________    __________________    ___________

       2003                       $ 1,193,000          $ 60,000
       2004                         5,700,000           187,000
       2005                         4,957,000            59,000
       2006                         3,609,000             6,000
       2007                         2,240,000               -
       Thereafter                     784,000               -
                                  ___________          ________
                                  $18,483,000          $312,000
                                  ===========          ========

5.  WAREHOUSE LINES

    The Fund and affiliates of the General Partner, LEAF Financial Corpora-
tion and LEAF Funding, Inc. (the Borrowers), entered into a revolving credit
line with National City Bank (NCB) that has an aggregated borrowing limit up to
$10 million, consisting of revolving credit and loan components.  The Borrowers
agreed to be jointly, severally and directly liable for the full and prompt
payment of each loan and any other obligations.  Liability for each loan will
be fully recourse to all of the Borrowers' assets.  Interest on the facilities
is calculated at LIBOR plus three percent per annum at the time of borrowing.
The interest rate on the outstanding debt at September 30, 2003 was 4.12%.
Borrowings under the facilities are collateralized by the corporate assets

                                      10
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                   NOTES TO FINANCIAL STATEMENTS (Continued)


5.  WAREHOUSE LINES (Continued)

of all of the borrowers, the leases being financed, and the underlying
equipment being leased.  Obligations under this facility are also being
guaranteed by Resource America, Inc.  The agreements contain certain covenants
pertaining to the Fund and its affiliates, including the maintenance of
certain financial ratios.  At September 30, 2003, all financial covenants
have been met.  The facility with NCB was extended effective October 2, 2003
until December 31, 2003 at which time the outstanding principal balance which
is currently $988,531, is due unless the credit line is renewed.  Additionally,
the Fund is jointly liable in the event of default of the affiliates of the
General Partner for the borrowings of the affiliates of the General Partner
under the facility with NCB.  At September 30, 2003, borrowings by affiliates
of the General Partner under this line were approximately $1,470,000.

    The Fund and the affiliates of the General Partner (the Borrowers) entered
into a revolving credit line with Commerce Bank that has an aggregated bor-
rowing limit up to $10 million, consisting of revolving credit and loan com-
ponents.  The Borrowers agreed to be jointly, severally and directly liable for
the full and prompt payment of each loan and any other obligations.  Liability
for each loan will be fully recourse to all of the Borrowers' assets.  Out-
standing loans will bear interest at one of two rates, elected at the bor-
rower's option; (i) the lender's prime rate plus 100 basis points, or (ii)
LIBOR plus 300 basis points.  The interest rate on the outstanding debt at
September 30, 2003 was 4.12%.  Borrowings under the facilities are colla-
teralized by the corporate assets of all of the borrowers, the leases being
financed, and the underlying equipment being leased.  Obligations under this
facility are also being guaranteed by Resource America, Inc. and the General
Partner.  The agreements contain certain covenants pertaining to the Fund and
the affiliates of the General Partner, including the maintenance of certain
financial ratios.  At September 30, 2003, all financial covenants have been
met.  The facility with Commerce Bank expires on June 27, 2004.  The Fund had
an outstanding balance of $2,214,234 on this facility as of September 30, 2003.
Additionally, the Fund is jointly liable in the event of default of the
affiliates of the General Partner for the borrowings of these affiliates
under the facility with Commerce Bank.  At September 30, 2003, borrowings by
affiliates of the General Partner under this line were approximately
$2,496,000.

    On September 30, 2003, the Fund entered into a financing arrangement with
Information Leasing Corporation (Information Leasing), a subsidiary of Provi-
dent Bank of Cincinnati, Ohio.  Under this arrangement, the Fund assigns speci-
fied leases and their related receivables to Information Leasing at a price
generally equal to the sum of the receivables, discounted to present value at
a rate agreed to at the time of assignment, less an amount agreed to at the
time of assignment as a credit reserve.  The Fund made its first assignment
under this arrangement on September 30, 2003, assigning $8,786,854 of receiv-
ables at a discount rate of 5.79% and with a credit reserve of 15% after
security deposit and transaction costs, resulting in the Fund's receipt of
$7,962,395 in financing.  The Fund applied $6,646,521 of the proceeds to
partial repayment of the National City Bank and Commerce Bank lines of credit,

                                      11
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                   NOTES TO FINANCIAL STATEMENTS (Continued)


5.  WAREHOUSE LINES (Continued)

$1,178,704 to a holdback of funds in the credit reserve, $98,965 to a secu-
rity deposit, and $5,406 to miscellaneous transaction costs.  The balance of
$32,799 was remitted to the Fund.  Management recorded this transaction as a
secured borrowing.

6.  TRANSACTIONS WITH AFFILIATES

    The General Partner and its affiliate, Anthem Securities, Inc. (Anthem
Securities), an indirect wholly-owned subsidiary of Resource America, Inc.
receive both an organization and offering expense allowance of 3% of the
offering proceeds an underwriting fee of 2% of the offering proceeds raised.
This expense allowance and fee are contingent upon the gross proceeds raised
and are limited in the aggregate to $2,500,000.  As of September 30, 2003, the
Fund incurred $250,365 and $158,270 of organization and offering expenses and
underwriting fees, respectively.  There were no charges incurred for the
period ended December 31, 2002.  These charges are recorded by the Fund as
expenses incurred for the sale of partnership units on the Statement of
Partners' Capital.

    The General Partner receives a fee for assisting the Fund in acquiring
equipment and portfolios of equipment subject to existing equipment leases.
This fee is equal to 2% of the purchase price paid for the equipment and
portfolios of equipment subject to existing equipment leases, including in
each instance, debt it incurs or assumes in connection with the acquisition.

    The General Partner receives a subordinated annual asset management
fee of 3% of gross rental payments for operating leases, as defined in the
Fund's partnership agreement (the Partnership Agreement), or 2% of gross
rental payments for full payout leases, as defined in the Partnership Agree-
ment, or a competitive fee, whichever is less.  An operating lease, as defined
in the Partnership Agreement, is one in which the aggregate noncancellable
rental payments during the initial term of the lease, on a net present value
basis, are not sufficient to recover the purchase price of the equipment.  A
full payout lease, as defined in the Partnership Agreement, is one in which
the gross rental payments, on a net present value basis, are at least suf-
ficient to recover the purchase price of the equipment.  During the Fund's
five-year investment period, the management fee will be subordinated to the
payment of a cumulative annual distribution to the Fund's limited partners
equal to 8% of their capital contributions, as adjusted by distributions
deemed to be a return of capital.

    The General Partner receives a subordinated remarketing fee equal to
one-half of a competitive commission, to a maximum of 3% of the contract sales
price, for arranging the sale of the Fund's equipment after the expiration of
a lease.  This commission will be subordinated to the payment of a cumulative
8% annual return to the limited partners on their capital contributions, as
adjusted by distributions deemed to be a return of capital.



                                      12
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                   NOTES TO FINANCIAL STATEMENTS (Continued)


6.  TRANSACTIONS WITH AFFILIATES (Continued)

    The General Partner will receive a commission equal to the lesser of a
competitive rate or 2% of gross rental payments derived from any re-lease
of equipment if the re-lease is with the original lessee or its affiliates.

    The General Partner and its parent company are reimbursed by the Fund for
certain costs of services and materials used by or for the Fund except those
items covered by the above-mentioned fees.

    During the second quarter of 2003, the Fund invested in a portion of a
direct financing lease that was held by another Fund in which LEAF Financial
Corporation is a General Partner.  The amount invested by the Fund is approx-
imately $601,000.  The investment was sold to the Fund at its book value and
no gain or loss was recorded on this transaction.

    During the first quarter of 2003, the Fund transferred its checking and
investment accounts from The Bancorp Bank (TBB) to Commerce Bank.  The son
and the spouse of the Chairman of Resource America, Inc. are the Chairman and
Chief Executive Officer, respectively, of TBB.

    The following is a summary of fees and costs of services and materials
charged by the General Partner or its affiliates during the three and nine
months ended September 30, 2003 (unaudited):

                                    Three Months Ended   Nine Months Ended
                                    September 30, 2003   September 30, 2003
                                    ------------------   ------------------

    Acquisition fee                      $ 100,042            $328,278
    Management fee                          13,406              39,473
    Organization and offering expense       97,843             250,365
    Reimbursable costs                     129,825             309,723
    Selling commissions and
      underwriting fee                     303,907             805,409

    Due from related parties at September 30, 2003 represents monies due the
Fund from the General Partner and/or its affiliates for amounts collected and
not yet remitted to the Fund.

    Due to related parties at September 30, 2003 represents monies due to the
General Partner and/or its parent company for the fees and costs mentioned
above as well as reimbursement for equipment fundings.









                                      13
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.
                   NOTES TO FINANCIAL STATEMENTS (Continued)


7.  CASH DISTRIBUTION

    During the nine months ended September 30, 2003, the General Partner
declared and paid cash distributions totaling $236,919 for the months of
March through August 2003 to all admitted partners as of March 31 through
August 31, 2003.

    The General Partner declared and paid $36,087 and $44,425 of cash
distributions in August and September 2003, respectively, for the months of
July and August 2003 to all admitted partners as of July 31 and August 31,
2003.

    The General Partner declared and paid a cash distribution of $49,420 in
October 2003 for the month ended September 30, 2003 to all admitted partners as
of September 30, 2003.





































                                      14
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.

Item 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

    Lease Equity Appreciation Fund I, L.P. broke escrow and commenced
operations on March 3, 2003.  The Fund had revenues of $290,451 and $554,144
for the three and nine months ended September 30, 2003, respectively.  Earned
income from direct financing leases and rentals from operating leases comprised
96% and 94% of total revenues for the three and nine months ended September 30,
2003, respectively.  The Fund also recognized a gain on sale of equipment
under an operating lease of $9,345 and $28,381 during the three and nine months
ended September 30, 2003, respectively.  Expenses were $362,232 and $768,199
for the three and nine months ended September 30, 2003, respectively.  The
general and administrative expense of $93,354 and $167,199 represents various
costs incurred to operate the Fund on a daily basis during the three and nine
months ended September 30, 2003, respectively.  The general and administrative
expense to related party of $129,825 and $309,723 for the three and nine months
ended September 30, 2003, respectively, consists of reimbursements made to the
General Partner or its parent for expenses incurred to manage the Fund.
Interest expense of $73,956 and $138,609 is the interest incurred on the
outstanding warehouse lines for the three and nine months ended September 30,
2003, respectively.  The Fund incurred a management fee to related party of
$13,406 and $39,473 during the three and nine months ended September 30, 2003,
respectively.  This fee is calculated as a percentage of gross rental payments
on both operating and direct financing leases.

    The Fund had net loss of $71,781 and $214,055 for the three and nine
months ended September 30, 2003.  The net loss per limited partnership unit,
after net loss allocated to the General Partner was $1.11 and $4.49 based on
a weighted average number of limited partnership units outstanding of 64,191
and 47,180 for the three and nine months ended September 30, 2003, respec-
tively.

    The General Partner of the Fund declared and paid cash distributions of
$36,087 and $44,425 during the quarter ended September 30, 2003 for the months
of July and August 2003, respectively.  There was also a cash distribution
of $49,420 declared and paid in October 2003 for the month ended Septem-
ber 30, 2003.  The total amount distributed for the quarter was $129,932.
The General Partner also declared and paid four cash distributions totaling
$156,407 during the nine months ended September 30, 2003 for the months of
March through June 2003.

ANALYSIS OF FINANCIAL CONDITION

    The Fund raised $8,257,860 from the sale of limited partnership units and
$111,635 from the reinvestment of cash distributions as of September 30, 2003.
In connection with the proceeds raised, the Fund is required to pay an
organization and offering expense allowance of 3% of the offering proceeds
raised and an underwriting fee of 2% of the offering proceeds raised.  This
expense allowance and fee are contingent upon the gross proceeds raised and
limited in the aggregate to $2,500,000.  As of September30, 2003, the Fund


                                      15
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.

Item 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS (Continued)

ANALYSIS OF FINANCIAL CONDITION (Continued)

incurred $250,365 and $158,270 of organization and offering expenses and
underwriting fees, respectively.  There were no charges incurred for the
period ended December 31, 2002.  The Fund invested the proceeds raised,
together with borrowed funds from the bank warehouse line, in direct
financing leases of $17,413,393 and operating leases of $657,953 during
the nine months ended September 30, 2003.

    The cash position of the Fund is reviewed daily and cash is invested on a
short-term basis.

    The Fund's cash from operations is expected to continue to be adequate to
cover all operating expenses and contingencies during the next twelve month
period.

Item 3:  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

    The Fund and its affiliates entered into revolving credit facilities
with NCB and Commerce Bank that have an aggregated borrowing limit up to
$10 million each.   The average interest rate at September 30, 2003 was 4.12%.
A hypothetical 10% change to 4.53% in the average interest rate applicable to
these facilities would change our net income by approximately $19,000.

Item 4:  CONTROLS AND PROCEDURES

    a) Evaluation of disclosure controls and procedures: Based on their
evaluation of the Fund's disclosure controls and procedures (as defined in
Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")),
the principal executive officer and principal financial officer of LEAF
Asset Management, Inc., the General Partner of the Fund, have concluded that
as of the end of the period covered by this Quarterly Report of Form 10-Q,
such disclosure controls and procedures are effective to ensure that infor-
mation required to be disclosed by the Fund in reports that it files or
submits under the Exchange Act is recorded, processed, summarized and re-
ported within the time periods specified in Securities and Exchange Commis-
sion rules and forms.

    b) Changes in internal control over financial reporting: During the quarter
under report, there was no change in the Fund's internal control over financial
reporting that has materially affected, or is reasonably likely to materially
affect, the Fund's internal control over financial reporting.









                                      16
<PAGE>
                     LEASE EQUITY APPRECIATION FUND I, L.P.

                               September 30, 2003


Part II:  Other Information


Item 1.  Legal Proceedings:  Inapplicable.

Item 2.  Changes in Securities:  Inapplicable.

Item 3.  Defaults Upon Senior Securities:  Inapplicable.

Item 4.  Submission of Matters to a Vote of Securities Holders:  Inapplicable.

Item 5.  Other Information:  Inapplicable.

Item 6.  Exhibits and Reports on Form 8-K:

          a)  Exhibit No.             Description
              -----------             -----------
              3(a) & 4                Amended and Restated Agreement of
                                      Limited Partnership*

              31.1                    Rule 13a-14(a)/15d-14(a) Certification

              31.2                    Rule 13a-14(a)/15d-14(a) Certification

              32.1                    Section 1350 Certification

              32.2                    Section 1350 Certification

          b)  Reports on Form 8-K:  None



*Incorporated by reference.


















                                      17
<PAGE>
                                SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the re-
gistrant has duly caused this report to be signed on its behalf by the under-
signed, thereunto duly authorized.

                     LEASE EQUITY APPRECIATION FUND I, L.P.
                     By:  LEAF Asset Management, Inc., General Partner




           11-14-03     By:  /s/ Miles Herman
                             ____________________________
                             Miles Herman
                             President and a Director of
                             LEAF Asset Management, Inc.
                             (Principal Executive Officer)



           11-14-03     By:  /s/ Marianne T. Schuster
                             ____________________________
                             Marianne T. Schuster
                             Chief Financial Officer and Treasurer of
                             LEAF Asset Management, Inc.
                             (Principal Financial Officer)





























                                      18
<PAGE>
                                                           Exhibit 31.1

                                CERTIFICATIONS

     I, Miles Herman, certify that:

     1.  I have reviewed this quarterly report on Form 10-Q of Lease Equity
Appreciation Fund I, L.P.;

     2.  Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this report;

     3.  Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;

     4.  The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:

     a)  designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

     b)  evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the ef-
fectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and

     c)  disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the registrant's most
recent fiscal quarter (the registrant's fourth quarter in the case of an annual
report) that has materially affected, or is reasonably likely to materially
affect, the registrant's internal controls over financial reporting; and

     5.  The registrant's other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal controls over financial re-
porting, to the registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent functions):

     a)  all significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and

     b)  any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls
over financial reporting.


                                      19
<PAGE>
                          CERTIFICATIONS (continued)


Date:  November 14, 2003


/s/ Miles Herman
____________________________
Miles Herman
President and a Director of LEAF Asset Management, Inc. (The General Partner)
(Principal Executive Officer)













































                                      20
<PAGE>
                                                           Exhibit 31.2

                                CERTIFICATIONS

     I, Marianne T. Schuster, certify that:

     1.  I have reviewed this quarterly report on Form 10-Q of Lease Equity
Appreciation Fund I, L.P.;

     2.  Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this report;

     3.  Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;

     4.  The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:

     a)  designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

     b)  evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the ef-
fectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and

     c)  disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the registrant's most
recent fiscal quarter (the registrant's fourth quarter in the case of an annual
report) that has materially affected, or is reasonably likely to materially
affect, the registrant's internal controls over financial reporting; and

     5.  The registrant's other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal controls over financial re-
porting, to the registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent functions):

     a)  all significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and

     b)  any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls
over financial reporting.


                                      21
<PAGE>
                          CERTIFICATIONS (continued)


Date:  November 14, 2003


/s/ Marianne T. Schuster
____________________________
Marianne T. Schuster
Chief Financial Officer and Treasurer of LEAF Asset Management, Inc.
(The General Partner)
(Principal Financial Officer)












































                                      22
<PAGE>
                                                           Exhibit 32.1

                           CERTIFICATION PURSUANT TO
                            18 U.S.C. SECTION 1350,
                            AS ADOPTED PURSUANT TO
                SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Lease Equity Appreciation Fund I,
L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2003 as
filed with the Securities and Exchange Commission on the date hereof (the
"Report"), I, Miles Herman, Principal Executive Officer of LEAF Asset
Management, Inc., the General Partner of the Fund, certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:

     (1)  The Report fully complies with the requirements of Section 13(a)
          or 15(d) of the Securities Exchange Act of 1934; and

     (2)  The information contained in the Report fairly presents, in all
          material respects, the financial condition and results of opera-
          tions of the Fund.



      /s/ Miles Herman
      ________________________
      Miles Herman
      Principal Executive Officer of LEAF Asset Management, Inc.
      November 14, 2003


























                                      23
<PAGE>

                                                           Exhibit 32.2

                           CERTIFICATION PURSUANT TO
                            18 U.S.C. SECTION 1350,
                            AS ADOPTED PURSUANT TO
                SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Lease Equity Appreciation Fund I,
L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2003 as
filed with the Securities and Exchange Commission on the date hereof (the
"Report"), I, Marianne T. Schuster, Principal Financial Officer of LEAF
Asset Management, Inc., the General Partner of the Fund, certify, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-
Oxley Act of 2002, that:

     (1)  The Report fully complies with the requirements of Section 13(a)
          or 15(d) of the Securities Exchange Act of 1934; and

     (2)  The information contained in the Report fairly presents, in all
          material respects, the financial condition and results of opera-
          tions of the Fund.



      /s/ Marianne T. Schuster
      ________________________
      Marianne T. Schuster
      Principal Financial Officer of LEAF Asset Management, Inc.
      November 14, 2003

























                                      24
<PAGE>