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Vegas lender posts loss

Thursday, Aug. 14, 2003 | 11:01 a.m.

Vestin Group Inc., a Las Vegas commercial mortgage lender, on Wednesday announced a second-quarter loss of $730,378, or 18 cents per share.

That compares to a second-quarter 2002 profit of $2.1 million, or 22 cents per share.

Revenue for the second quarter was $7.2 million, down 19 percent from the $8.9 million recorded in the same 2002 quarter.

Vestin said the loss was "primarily attributable to valuation reserves made to adjust the carrying value of certain real estate held for sale and collectability of accrued loan fees."

A company representative declined to elaborate on the statement.

Echoing comments made following a first-quarter loss of $1.1 million, Vestin Group President Lance Bradford said in a statement that the company also continues to be affected by economic uncertainties and military action in the Middle East.

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