Net income for the third quarter of 2002 grew to approximately $2.2 million, or 36 cents per diluted share, compared with $234,000, or 23 cents per share in the third quarter of 2001, while revenues increased to $8.8 million from $4.9 million.
Mike Shustek, Vestin Group chairman and CEO, attributed the growth in part to a brisk business in requests for loans and the relative strength of the real estate market in today's economy.
Vestin generally provides short-term loans of $1 million to $5 million, but the company also does some larger deals and some longer terms. The company's subsidiary, Vestin Mortgage, has facilitated more that $1.1 billion in loans during the last five years. Through Vestin Mortgage, the company manages two funds, Vestin Fund I LLC, a $100 million mortgage fund and Vestin Fund II LLC, a $500 million mortgage fund.
Vestin shares stood at $7.20 in mid-morning trading Wednesday, down 4 cents for the day and below the company's 52-week high of $9.75, achieved in May.
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