Bancorp updates on $42.5M real estate bridge loan sale; closing remains May 23, 2025

Bancorp, Inc.

Underlying loan balance on apartment complex is $42.5M as of March 31, 2025; sales price expected to cover balance plus improvement costs.
Purchaser increased earnest money deposits to $3.0M (additional $1.4M); $1.325M of that paid, remainder due promptly.
Purchaser committed to additional investments up to $1.9M prior to closing; closing target May 23, 2025 with up to two 30-day extensions at $1M each.
If sale not consummated, earnest money and other purchaser investments would accrue to Bancorp.

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