Manhattan Bridge Capital, Inc. (LOAN) Bundle
An Overview of Manhattan Bridge Capital, Inc. (LOAN)
General Summary of Manhattan Bridge Capital, Inc.
Manhattan Bridge Capital, Inc. (LOAN) is a New York-based real estate finance company that specializes in originating, servicing, and managing a portfolio of first mortgage loans. Established in 2014, the company has carved a niche in providing short-term, secured, non-banking loans, commonly referred to as "hard money" loans, to real estate investors. These loans are primarily aimed at funding the acquisition, renovation, and development of residential and commercial properties within the New York metropolitan area, as well as in New Jersey, Connecticut, and Florida.
As of 2024, Manhattan Bridge Capital has reported total revenues of approximately $7,330,000 for the nine months ended September 30, 2024, compared to approximately $7,231,000 for the same period in 2023, marking an increase of 1.4%.
Company's Financial Performance in the Latest Financial Reports
In the latest financial reports, Manhattan Bridge Capital has shown notable financial performance. For the nine months ended September 30, 2024, the company generated approximately $6,128,000 from interest income on secured commercial loans, which represent a significant portion of total revenues. This is up from approximately $5,889,000 in the same period a year prior. However, origination fees have decreased, contributing approximately $1,201,000 compared to $1,342,000 in 2023.
| Financial Metrics | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) |
|---|---|---|
| Total Revenues | $7,330,000 | $7,231,000 |
| Interest Income | $6,128,000 | $5,889,000 |
| Origination Fees | $1,201,000 | $1,342,000 |
| Net Income | $4,285,000 | $4,128,000 |
| General and Administrative Expenses | $1,225,000 | $1,274,000 |
The net income for the nine months ended September 30, 2024, was approximately $4,285,000, an increase of 3.8% from $4,128,000 in 2023. The decrease in general and administrative expenses from approximately $1,274,000 to $1,225,000 reflects cost management efforts, despite an overall increase in revenues.
Introduction to Company as a Leader in the Industry
Manhattan Bridge Capital, Inc. has positioned itself as a leading player in the real estate finance industry, focusing on short-term loans secured by real estate. The company has been able to leverage its expertise in originating and managing loans effectively, which has been critical for its growth in a competitive market. The company’s commitment to maintaining compliance with its financial covenants and its strategic focus on high-demand markets contribute to its reputation as a reliable lender in the sector.
Investors and stakeholders are encouraged to explore further details about Manhattan Bridge Capital, Inc. to understand the factors driving its success and the strategic initiatives that continue to position it as a leader in real estate finance.
Mission Statement of Manhattan Bridge Capital, Inc. (LOAN)
Company's Mission Statement Overview
Manhattan Bridge Capital, Inc. (LOAN) aims to provide high-quality financial services through its mission statement. The mission statement serves as a guiding principle for the company's operations, reflecting its commitment to delivering value to its stakeholders while maintaining a focus on sustainable growth.
Core Component 1: Customer Focus
Manhattan Bridge Capital prioritizes customer satisfaction by providing tailored financial solutions to real estate investors. The company's loans are primarily secured by real estate, ensuring that clients have a vested interest in their projects. As of September 30, 2024, the company reported a total of approximately $68.7 million in outstanding loans, with a focus on meeting diverse customer needs.
Core Component 2: Integrity and Transparency
Integrity and transparency are central to Manhattan Bridge Capital's business practices. The company maintains strict adherence to regulatory requirements, ensuring that all financial transactions are conducted ethically. In 2024, the company had $6 million of outstanding senior secured notes, reflecting its commitment to responsible financing.
Core Component 3: Innovation and Adaptability
Innovation is a key driver of Manhattan Bridge Capital's strategy. The company continuously seeks to enhance its loan offerings by adapting to market trends. For instance, the firm has successfully increased its interest income from loans, achieving approximately $6.1 million for the nine months ended September 30, 2024, compared to $5.9 million in the same period of the previous year.
| Financial Metric | 2024 (Nine Months Ended September 30) | 2023 (Nine Months Ended September 30) | Change (%) |
|---|---|---|---|
| Total Revenue | $7,330,000 | $7,231,000 | 1.4% |
| Interest Income from Loans | $6,128,000 | $5,889,000 | 4.1% |
| Origination Fees | $1,201,000 | $1,342,000 | -10.5% |
| Net Income | $4,285,000 | $4,128,000 | 3.8% |
Through its mission statement, Manhattan Bridge Capital, Inc. emphasizes its dedication to customer-centric solutions, integrity in operations, and innovative practices, all of which are crucial for achieving long-term success in the competitive financial services market. The company's financial performance reflects its commitment to these core components, as evidenced by the stable growth in revenue and net income in 2024.
Vision Statement of Manhattan Bridge Capital, Inc. (LOAN)
Vision Statement Overview
Manhattan Bridge Capital, Inc. (LOAN) articulates its vision for 2024 as a commitment to becoming a leading provider of real estate finance solutions, focusing on maximizing shareholder value while maintaining a robust portfolio of secured loans. The company aims to leverage its expertise in commercial real estate lending to foster growth and stability within the sector.
Commitment to Shareholder Value
The vision emphasizes a strong commitment to enhancing shareholder value. As of September 30, 2024, Manhattan Bridge Capital reported a net income of approximately $4,285,200, reflecting an increase of 3.8% compared to the previous year. The company’s strategy includes regular dividend payouts, with a cash dividend of $0.115 per share declared on July 29, 2024, amounting to $1,315,445.
Expansion of Loan Portfolio
Manhattan Bridge Capital aims to expand its loan portfolio, focusing on secured commercial loans. As of September 30, 2024, the total amount of loans receivable was approximately $68,711,438, with no impairments reported. The company has committed to $8,147,338 in construction loans that can be drawn by borrowers when conditions are met.
Innovative Financing Solutions
The vision includes providing innovative financing solutions tailored to the needs of real estate investors. The company’s revenue for the nine months ended September 30, 2024, reached approximately $7,329,625, up from $7,230,920 in the previous year, indicating a successful adaptation to market demands. This growth is attributed to higher interest rates charged on loans, which increased interest income to approximately $6,128,131.
Focus on Risk Management
Risk management is a crucial component of the company's vision. Manhattan Bridge Capital has established a robust framework to assess and mitigate risks associated with its lending activities. The company’s outstanding amount under the Amended and Restated Credit Agreement was $19,170,268 as of September 30, 2024, with an interest rate of approximately 8.4%. This careful management of financial obligations ensures the sustainability of its operations.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income | $1,399,286 | $1,446,324 | -3.3% |
| Total Revenue | $2,313,333 | $2,433,766 | -5.0% |
| Interest Income | $1,952,957 | $1,992,495 | -2.0% |
| Origination Fees | $360,376 | $441,271 | -18.3% |
| Loans Receivable | $68,711,438 | $73,048,403 | -5.0% |
Partnerships and Community Engagement
The company envisions strengthening partnerships with borrowers and community stakeholders. By fostering relationships with real estate investors and providing them with the necessary capital, Manhattan Bridge Capital aims to contribute to the development and revitalization of communities.
Core Values of Manhattan Bridge Capital, Inc. (LOAN)
Core Value 1: Integrity
Integrity is the foundation of Manhattan Bridge Capital, Inc.'s operations. The company adheres to ethical standards in all transactions, ensuring transparency and honesty in dealings with clients and stakeholders.
For instance, the company has established rigorous compliance protocols to ensure that all loans are secured by real estate and accompanied by personal guarantees from the borrowers. This practice not only protects the interests of the company but also fosters trust among clients. As of September 30, 2024, no loan impairments exist, indicating a strong commitment to maintaining high standards of integrity in its lending practices.
Core Value 2: Commitment to Customer Service
Manhattan Bridge Capital places a strong emphasis on exceptional customer service, recognizing that client satisfaction is vital for long-term success. The company actively engages with clients to understand their needs and tailor solutions accordingly.
In 2024, the company reported approximately $6,128,000 in interest income from secured commercial loans, reflecting its success in meeting the financing needs of real estate investors. Additionally, the company has a robust follow-up process to ensure borrowers can extend their loans if needed. This approach has led to a high level of repeat business and referrals, underscoring its commitment to customer service.
Core Value 3: Innovation
Innovation drives Manhattan Bridge Capital's growth strategy. The company continuously explores new financing solutions and technologies to enhance its service offerings.
For example, the company has adapted to changing market conditions by adjusting interest rates on its commercial loans, which increased revenues to approximately $7,330,000 for the nine months ended September 30, 2024, compared to $7,231,000 for the same period in 2023. This adaptability demonstrates the company's innovative approach to maintaining competitiveness in the financial sector.
Core Value 4: Community Engagement
Community engagement is a core value at Manhattan Bridge Capital. The company recognizes its responsibility to contribute positively to the communities it serves.
As part of its commitment, the company actively participates in local initiatives and supports real estate projects that foster community development. In 2024, it committed to $8,147,338 in construction loans, which are expected to create jobs and enhance local infrastructure. This commitment reflects the company's dedication to not only financial success but also to the well-being of the communities it operates within.
Core Value 5: Professionalism
Professionalism is a key core value at Manhattan Bridge Capital, emphasizing the importance of expertise and conduct in all business dealings.
The company employs skilled professionals who are trained to handle complex financial transactions and provide clients with informed advice. For instance, the average net income for the nine months ended September 30, 2024, was approximately $4,285,000, demonstrating the effectiveness of its professional team in managing financial operations. This level of professionalism not only enhances client trust but also positions the company as a leader in the real estate finance sector.
| Core Value | Description | 2024 Financial Impact |
|---|---|---|
| Integrity | Adherence to ethical standards and transparency in transactions. | No loan impairments as of 9/30/2024. |
| Customer Service | Focus on client satisfaction and tailored financing solutions. | $6,128,000 in interest income from loans. |
| Innovation | Continuous exploration of new financing solutions. | Revenue increased to $7,330,000 in 2024. |
| Community Engagement | Active participation in local initiatives and development projects. | Committed $8,147,338 in construction loans. |
| Professionalism | Expertise and conduct in all business dealings. | Net income of approximately $4,285,000. |
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Article updated on 8 Nov 2024
Resources:
- Manhattan Bridge Capital, Inc. (LOAN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Manhattan Bridge Capital, Inc. (LOAN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Manhattan Bridge Capital, Inc. (LOAN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.