GREAT NECK, N.Y., Feb. 07, 2020 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (LOAN) - Get Manhattan Bridge Capital, Inc. Report announced today that its board of directors has declared a quarterly dividend of $0.11 per share to be paid to all shareholders of record on April 10, 2020. The dividend will be paid on April 15, 2020.
Assaf Ran, Chairman of the Board and CEO, stated, "We are operating in a challenging market, yet have managed to maintain a default free portfolio. Unfortunately, we believe that the long lasting gold standard Hard Money annual interest rate of 12% plus 2% initiation fee, no longer exists in the current market. Intense competition and a slow real estate market has recently forced us to reduce our average interest rate by approximately 2%, which led to a decrease in our quarterly dividend rate from $0.12 to $0.11 per share. In addition, we have been identifying fewer transactions being done by experienced real estate investors and more by new, inexperienced investors. As always, quality is our main concern, so we're more cautious with the new type of borrowers."
Contact:Assaf Ran, CEO(516) 444-3400SOURCE: Manhattan Bridge Capital, Inc.