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Firm discloses expansion plans

Monday, March 31, 2003 | 11:33 a.m.

Vestin Group Inc., a big commercial real estate lender in Las Vegas, intends to get a lot bigger.

The company on Friday disclosed plans to raise $500 million by selling subordinated notes and said the funds would be used to fund additional mortgage operations around the nation.

In a prospectus filed with the Securities and Exchange Commission, Vestin said it has raised more than $441 million for three real estate investment funds. The company said it placed 79 loans totaling $478 million in 2002, up from 54 loans totaling $244 million in 2001.

Vestin said it earned $3.8 million or 34 cents per share on revenue of $31.9 million in 2002, up from $1.8 million or 26 cents on revenue of $21.4 million in 2001.

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