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Sterling National Bank Increases Manhattan Bridge Capital’s Revolver to $7MM

December 16, 2013, 07:56 AM
Filed Under: Real Estate

Manhattan Bridge Capital announced its revolving credit line with Sterling National Bank has been increased to up to $7 million, $2 million more than the previous limit. The terms of the increased line are similar to the terms of the original line established on May 2, 2012, which currently provides for an interest rate of 6% per year.

Assaf Ran, Chairman of the Board and CEO stated, "Our strong relationship with Sterling National Bank is a major asset to the Company. We are fortunate to have Sterling's trust and support, and are making sure to accommodate Sterling's expectations from the relationship."

Manhattan Bridge Capital offers short-term, secured, non–banking or “hard money” loans to real estate investors in Brooklyn, Queens, Bronx, Manhattan and Staten Island as well as Long Island and Westchester county to fund their acquisition of properties located in the New York Metropolitan area. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses. The loans are generally for a term of one year.

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