03 Jan Commercial Loan for Wine and Spirits Distributor in CT
January 3, 2014
WAC Wraps up 2013 with 15 Closed Financial Transactions
Worth Avenue Capital, LLC is pleased to announce that on December 30, 2013, it successfully closed a $140,000 commercial loan for a wine and spirits distributor in Connecticut. The loan proceeds were used to restructure the company’s debt as well as obtain additional working capital for the company. The loan was funded by a Connecticut based community bank.
In addition to achieving a debt restructuring as well as obtaining much needed working capital for the business, this new loan enabled a family member who is associated with the company to be released from a contingent liability that was on their personal balance sheet. This individual was a personal guarantor on a loan with another bank that was subsequently paid off with the proceeds from this new loan.
This loan closing represents the fifteenth transaction that WAC closed during calendar year 2013 for a total of $6,805,000.