LV lender delays note sale plan

Tuesday, Nov. 25, 2003 | 11:07 a.m.

Vestin Group Inc., a big Las Vegas commercial real estate lender, has withdrawn plans to raise $500 million on Wall Street.

The firm in March filed a registration statement with the Securities and Exchange Commission seeking authority to sell $500 million in notes to fund additional mortgage operations around the country.

The company said it was unable to secure a qualified independent underwriter. A spokesman said Vestin will re-file its application early next year.

Separately, Vestin announced that its Vestin Fund III has been declared effective by the U.S. Securities and Exchange Commission. The $100 million fund "will invest in income-producing real estate projects and short- and medium-term loans secured by real estate," a Vestin release said.

In the company's quarterly filing with the SEC, Vestin said the new fund will invest in and operate multi-family, assisted living, office, industrial and retail property. Those investment opportunities will give the company the opportunity to earn real estate commissions, advisory fees and property management fees, the filing said.