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Manhattan Bridge Capital: Update On This 7.3% Yielding REIT

Published Wed, 20 Mar 2019 11:09:28 -0400 on Seeking Alpha

About six months ago, I penned a note on a hard money lender, Manhattan Bridge Capital. As the firm isn't widely followed, I figured I would post an update with their newly released December 31, 2018 financials and my thoughts on the company now.
As a reminder,
Manhattan Bridge Capital (LOAN) is a New York-based real estate finance company that specializes in originating, servicing and managing a portfolio of first mortgage loans. LOAN offers short-term, secured, non-banking loans (sometimes referred to as “hard money” loans), which they may (at their option) 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.
The properties securing the loans are generally classified as residential or commercial real estate and, typically, are not income producing. Each loan is secured by a first mortgage lien on real estate. In addition, each loan is personally guaranteed by the principal(S) of the borrower, which guarantee may be collaterally secured by a pledge of the guarantor’s interest in the borrower.
In my note on 9/25/18 entitled "Is The 7.6% Yield Available From This REIT Worth The Risk?" I opined:
Bottom Line: Manhattan Bridge Capital offers investors the ability to invest in a proven, unique business with a conservative balance sheet, strong underwriting, and solid loan... Read more


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