Manhattan Bridge Capital, Inc. Reports Third Quarter 2024 Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 23 2024
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Source: Newsfilter
Financial Performance: Manhattan Bridge Capital, Inc. reported a net income of approximately $1.4 million for Q3 2024, a decrease from $1.45 million in Q3 2023, attributed to reduced revenue from loans and origination fees, despite higher interest rates on commercial loans. For the nine months ended September 30, 2024, net income increased to about $4.29 million compared to $4.13 million in the same period last year.
Market Outlook: The CEO noted a decline in new loan originations due to high interest rates but expressed optimism for future deals as interest rates have recently decreased, potentially revitalizing investor activity in real estate.
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About LOAN
Manhattan Bridge Capital, Inc. is a real estate finance company focused on originating, servicing, and managing a portfolio of first mortgage loans. It offers short-term, secured, and non-banking loans initial term expires, to real estate investors to fund their acquisition, renovation, rehabilitation, or improvement of properties located in the New York metropolitan area, including New Jersey, Connecticut, and in Florida. Its real estate lending activities involve originating, funding, servicing, and managing short-term loans, which is loans with an initial term of not more than one year; secured by first mortgage liens on real estate property located in the New York metropolitan area. Borrowers use the proceeds from its loans for one of three purposes: to acquire and renovate existing residential, including single, two or three-family, real estate properties; to acquire vacant land and construct residential real properties; and to purchase and hold income-producing properties.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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