2017
WAC Closes ‘Follow On’ Commercial Loan to Existing Borrower in Norwalk, CT
Worth Avenue Capital
October 16, 2017
October 16, 2017, Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a “follow on” commercial loan to an existing borrower in its loan portfolio. The loan was made to a small business in Norwalk, Connecticut in which WAC increased their outstanding indebtedness from $225,000 to $275,000. The additional $50,000 in new loan proceeds will be used for working capital purposes and the loan is secured by a first mortgage on real property in West Norwalk right near the New Canaan, Connecticut border with an underlying LTV of approximately 35%. The loan was funded by one of WAC’s private investors.
The borrower expects to sell the property in Norwalk, Connecticut to family members within the next year or so thus enabling them to pay off WAC’s bridge loan.
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