LOAN - Manhattan Bridge Offers An 8% Yield If You Can Handle The Risk

• The New York hard money lender continued expanding its loan book by 5% QoQ.
• With semi-fixed interest expenses, the recent increase in interest rates has improved the company's interest margin.
• LOAN is still one of the lowest leveraged lenders in the market.
• The main short-term risk is the spike in mortgage rates, which could affect LOAN's borrower's solvency or willingness to borrow.
• For the long term, risks include expansion to Florida, the long-term trend of interest margins, and key-man risks.

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