Sterling Bank Increases Manhattan Bridge Capital Revolver
Manhattan Bridge Capital announced that its revolving line of credit with Sterling National Bank has been increased to up to $7 million 7mdash; $2 million more than the previous limit.
The terms of the increased line are similar to the terms of the original line established on May 2, 2012, which provides for an interest rate of 6% per year.
Assaf Ran, chairman of the board and CEO, stated, “Our strong relationship with Sterling National Bank is a major asset to the company. We are fortunate to have Sterling’s trust and support, and are making sure to accommodate Sterling’s expectations from the relationship.”