Manhattan Bridge Capital amends credit line: maturity extended to 2026, loan limits raised

MANHATTAN BRIDGE CAPITAL, INC

Extended $32.5M credit line maturity by three years to February 28, 2026.
Transitioned benchmark from LIBOR to SOFR; adjusted margins for Base Rate and SOFR loans.
Increased individual loan limit from $2M to $3M and mortgagor concentration limit from $5M to $6M.
Eliminated requirement to pledge additional mortgage loans of $2.5M as collateral.
Capped personal guaranty by CEO Assaf Ran at $1M plus enforcement costs.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MANHATTAN BRIDGE CAPITAL, INC amended Amendment with Webster Business Credit, a division of Webster Bank, N.A. (effective 2023-01-31).

Action: amendment
Agreement: credit facility
Counterparty: Webster Business Credit, a division of Webster Bank, N.A.
Effective: 2023-01-31

Exact text from the filing

On January 31, 2023, Manhattan Bridge Capital, Inc. (the “ Company ”) entered into an amendment (the “ Amendment ”), effective as of January 2, 2023, to its Amended and Restated Credit and Security Agreement, as amended (the “ Agreement ”), among the Company, Webster Business Credit, a division of Webster Bank, N.A., successor in interest to Webster Business Credit Corporation (“ Webster ”), the other lenders from time to time party thereto (the “ Lenders ”), Webster, as agent for the Lenders (in such capacity, the “ Agent ”), and Assaf Ran, as guarantor.

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Source: SEC EDGAR

accession 0001493152-23-003560

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