Bancorp updates on bridge lending: $12.3M non-accrual repaid at par, sells $82M portfolio without principal loss

Bancorp, Inc.

On Jan 2, 2025, a $12.3 million classified non-accrual loan was repaid at par after sale of underlying collateral in Plainfield, NJ; no loss recognized.
On Dec 31, 2024, The Bancorp Bank sold an $82 million real estate bridge loan portfolio, including a $32.5 million current classified loan.
No principal loss on sale; $1.26 million of accrued interest was reversed. Bank provided financing to buyer with 25% payment guaranty.
Look-through LTVs of underlying properties are ≤57% as-is and ≤55% as-stabilized, based on recent appraisals and leverage provided.

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