EXHIBIT 21

                               SUBSIDIARIES OF DVL

The Company's only significant subsidiaries are Professional Service Corporation
(a Delaware Corporation), Del Toch, LLC (a Delaware Limited Liability
Corporation), Delborne Land Company, LLC (a Delaware Limited Liability
Corporation), S2 Holdings, Inc. (a Delaware Limited Liability Company), DVL
Mortgage Holdings, LLC (a Delaware Limited Liability Corporation), Receivables
II-A, LLC, (a Nevada Limited Liability Corporation), Receivables II-B, LLC (a
Nevada Limited Liability Corporation), Delbrook Holdings, LLC (a Delaware
Limited Liability Corporation), Delaware Valley Heart Smart, LLC (a Delaware
Limited Liability Corporation), National Medical Training Associates, LLC (a
Delaware Limited Liability Corporation).