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Manhattan Bridge Capital Inc (LOAN+0.95%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The report details the company's operations as a real estate finance company offering short-term, secured loans to real estate investors. These loans are primarily for the acquisition, renovation, and development of properties in the New York metropolitan area and Florida.
For the year ended December 31, 2024, the company reported total revenue of approximately $9,689,000, a slight decrease from $9,796,000 in the previous year. Interest income from loans was approximately $8,047,000, and origination fees were approximately $1,642,000.
Interest and amortization of deferred financing costs amounted to approximately $2,337,000, a decrease from $2,526,000 in the previous year. General and administrative expenses were approximately $1,776,000.
Net income for the year was approximately $5,591,000, compared to $5,476,000 in the previous year.
As of December 31, 2024, the company had cash of approximately $178,000 and loans receivable of approximately $65,974,265. The company was committed to $7,203,418 in construction loans.
Manhattan Bridge Capital operates under an Amended and Restated Credit and Security Agreement with a credit line of $32.5 million secured by assignments of mortgages and other collateral. As of December 31, 2024, $16,427,874 was outstanding under this credit line.
The company also has $6,000,000 of outstanding senior secured notes due April 22, 2026. These notes accrue interest at a rate of 6% per annum.
The company continues to focus on originating, servicing, and managing a portfolio of short-term real estate loans, maintaining its qualification as a REIT, and complying with various regulatory requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Manhattan Bridge Capital Inc annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.