Assaf Ran, CEO
SOURCE: Manhattan Bridge Capital, Inc.
Manhattan Bridge Capital, Inc. Establishes a $3.5 Million 6% Revolving Line of Credit
Long Island, N.Y. May 7, 2012 / GLOBE Newswire -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN)
Manhattan Bridge Capital, Inc. announced today that it had entered into a Line of Credit Agreement with Sterling National Bank pursuant to which the Bank has agreed to advance up to $3.5 million against assignments of mortgages and other collateral.
Assaf Ran, Chairman of the Board and CEO stated, "This is a very important day for the Company. We achieved a milestone by arranging a relatively low cost source of funding which is essential for continued growth of the Company.”
The Company’s management and the Board of directors are grateful to the Sterling National Bank team for the smooth and professional transaction and excited about working together in the future.
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