LV lender reports a loss

Monday, Nov. 17, 2003 | 11:14 a.m.

Vestin Group Inc., a Las Vegas-based commercial mortgage lender, on Friday reported a third-quarter loss of $1.2 million, or 23 cents per share, compared to net income of $1.9 million, or 23 cents per share, for the same 2002 quarter.

Revenue for the third quarter slipped 60 percent to $3.5 million, down from $8.8 million a year ago. The company blamed the loss on lower loan demand due to weak economic conditions and increased competition from traditional lenders.

Fees related to loan placement for the third quarter were $3 million, down from $8.4 million a year ago.

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