Manhattan Bridge Capital Q2 net income drops 18.4% to $1.15 million; revenue falls 13.2% to $2.05 million

Manhattan Bridge Capital posted Q2 net income of USD 1.15 million, down 18.4% from a year earlier.

Revenue fell 13.2% to USD 2.05 million, due to lower interest rates and origination fees amid increased competition.

Interest and amortization of deferred financing costs dropped 21.1% to USD 399,000 on lower average borrowings and lower SOFR rates.

General and administrative expenses climbed 13.0% to USD 495,000, reflecting higher payroll, legal, bank, appraisal, and travel costs.

A Florida borrower with USD 935,000 outstanding became delinquent; management recorded no credit-loss allowance, citing collateral value above principal.