Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
On August 8, 2017, Manhattan Bridge Capital, Inc. (the “Company”) entered into an Amended and Restated Credit and Security Agreement (the “Credit Agreement”) with Webster Business Credit Corporation (“Webster”) and Flushing Bank (“Flushing”). In conjunction with the execution of the Credit Agreement, the Company also entered into a Revolving Credit Note in the principal aggregate amount of $5 million with Flushing (the “Note”) and an Amended and Restated Fee Letter (the “Fee Letter”) with Webster, each dated August 8, 2017.
to the terms of the Credit Agreement, the Company’s existing line of credit with Webster (the “Credit Line”) was amended to include Flushing as an additional lender, as well as increased the funds available under the Credit Line by $5 million, to $20 million in the aggregate. The Credit Agreement was further amended and restated to incorporate previously reported amendments. In addition, Mr. Ran executed an Amended and Restated Guaranty, which was restated to include previously reported amendments. Finally, the Company executed the Fee Letter which incorporated previously reported amendments.
About Manhattan Bridge Capital, Inc. (NASDAQ:LOAN)
Manhattan Bridge Capital, Inc. (MBC) is a real estate finance company that specializes in originating, servicing and managing a portfolio of first mortgage loans. The Company offers short-term, secured, non-banking loans to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area. Its primary business objective is to grow its loan portfolio while protecting and preserving capital in a manner that provides for risk-adjusted returns to its shareholders over the long term through dividends. It intends to achieve this objective by continuing to selectively originate, fund loans secured by first mortgages on residential real estate held for investment located in the New York metropolitan area, and to manage and service its portfolio in a manner designed to generate risk-adjusted returns across a range of market conditions and economic cycles. Its loan portfolio includes various construction loans.
