Published Tue, 25 Sep 2018 11:20:44 -0400 on Seeking Alpha
As many readers know, many of the notes I post here are the result of an analysis I am doing for my own portfolio or from a request by a reader or friend. Often times, I will start looking at one company and while doing a peer comparison, I find another company that looks interesting and will then dig into the new company. The road of the investor is not straight, and often times, the curiosity of an investor will lead to dead ends and/or other paths.
When I was putting together the peer group for my recent Two Harbors (TWO) note, I happened to come across a company I was not familiar with, and thought it might be worth exploring further.
What I found was a company with an inherently simple business model (hard money lending) which has controlled risk (short-duration secured loans) and lead to outperformance - outperformance I believe is repeatable.
Manhattan Bridge Capital (“MBC”) (LOAN) is a real estate finance company that specializes in originating, servicing and managing a portfolio of first mortgage loans. MBC offers short-term, secured, non-banking loans (“hard money” loans), which they may renew or extend on, before or after their initial term expires, to real estate investors to fund their acquisition, renovation, rehabilitation or development of residential or commercial properties located around the New York metropolitan area. (For a great overview of hard money loans, Nikhil Raheja did a write up here.)
Ultimately, this is a very... Read more
|Stock name||Last trade||P/E||Earnings/Share||Dividend/Share||Dividend yield|
|CHERRY HILL MORTGAGE INVESTMENT||13.52||0.0||-3.91||1.60||14.40|
|TWO HARBORS INVESTMENT||13.28||0.0||-2.81||1.60||12.02|
|APOLLO COMMERCIAL REAL ESTATE FINANCE||19.35||12.6||1.54||1.84||9.57|
|ARBOR REALTY TRUST||12.77||9.1||1.40||1.16||9.21|
|ISHARES FTSE NAREIT MORTG PLUS CAPPED INDEX FUND||41.97||0.0||0.00||0.00||0.00|
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