Manhattan Bridge Capital, Inc. Declares Quarterly Dividend
February 07 2020 - 5:00PM
Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) announced today that
its board of directors has declared a quarterly dividend of $0.11
per share to be paid to all shareholders of record on April 10,
2020. The dividend will be paid on April 15, 2020.
Assaf Ran, Chairman of the Board and CEO, stated,
“We are operating in a challenging market, yet have managed to
maintain a default free portfolio. Unfortunately, we believe that
the long lasting gold standard Hard Money annual interest rate of
12% plus 2% initiation fee, no longer exists in the current market.
Intense competition and a slow real estate market has recently
forced us to reduce our average interest rate by approximately 2%,
which led to a decrease in our quarterly dividend rate from $0.12
to $0.11 per share. In addition, we have been identifying fewer
transactions being done by experienced real estate investors and
more by new, inexperienced investors. As always, quality is our
main concern, so we’re more cautious with the new type of
borrowers.”
Contact:
Assaf Ran, CEO
(516) 444-3400
SOURCE: Manhattan Bridge Capital, Inc.
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