IMH Financial in Scottsdale, Ariz., reported a loss in earnings for the second quarter, as operating expenses outweighed gains from mortgage loans.
The $225-million-asset lender and investor posted a net loss of $1.4 million for the period ending June 30. Earnings were 38% higher than last year, however, when the company posted a loss of $2.3 million.
"We continue to be burdened by high interest expenses on our debt, which we are aggressively working to reduce," said Lawrence Bain, chairman and chief executive, in a press release Tuesday.
Property-related expenses contributed to the loss, increasing by 84% on a year-over year basis, to $6.2 million.
Gains from the sale of assets boosted quarterly earnings, but only slightly. The lender posted a $6.6 million gain from the disposal of assets, compared with a $711,000 gain from disposals at the same time last year.