FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Press Releases / Read Press Release


Webster Provides $14MM Credit Line to Manhattan Bridge Capital

March 02, 2015, 08:00 AM
Filed Under: Real Estate

Manhattan Bridge Capital, Inc. announced it has entered into a line of credit agreement with Webster Business Credit Corporation pursuant to which the lender has agreed to advance up to $14 million at an interest rate of either LIBOR plus 4.75% or Prime plus $3.25% against assignments of mortgages and other collateral. The new line of credit will replace the $7 million line of credit the company has with Sterling National Bank.

Assaf Ran, Chairman of the Board and CEO stated, "I am excited about taking the company to the next stage in accordance to our plans and wishes. This new line of credit will help ensure our continuing growth and will help to enhance shareholders' value. I am looking forward to working with the Webster Business Credit Corporation team," added Ran.

Vanessa Kao, CFO of the company stated, "I am grateful for the expanded opportunity for the company created by the new line of credit from Webster Credit Business Corporation. This is a very important milestone for the company."

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.