Vestin Group Inc., a big commercial real estate lender based in Las Vegas, today reported a third quarter profit $2.2 million or 23 cents per share, up from $234,000 or 3 cents in the year-ago quarter.
Vestin said revenue increased 77 percent to $8.8 million. The company reported strong demand for its loans because of the strong real estate market and the effect of the stagnant U.S. economy on the commercial banking industry.
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