02 May WAC Closes a Follow-on Debt Offering for an Existing Borrower
May 3, 2023: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $375,000 commercial loan for a small business in Fairfield County, Connecticut. The loan proceeds were used as a “follow on” debt offering for working capital purposes and the loan is secured by a second mortgage on an estate in trendy Westport, Connecticut with an underlying LTV of approximately 47%.
WAC closed a commercial loan for this business earlier this year and this borrower decided to access additional working capital from WAC with this follow-on debt offering. The borrower is actively marketing the property in Westport for sale and has already received a bonafide written offer to sell the property for a substantial sum. The borrower expects to receive additional offers for this property that are in excess of the previous written offer. Upon the sale of the property, WAC’s two outstanding short term bridge loans will be paid off in full.
WAC funded this loan request within two business days.
Worth Avenue Capital specializes in arranging debt financing for both small businesses and real estate developers/investors and also handles bank workouts for those same clients. You can learn more about WAC by taking a look at the [website] http://www.weclosecommercialloans.com) and Youtube videos or by contacting WAC’s principal, Michael M. Ciaburri at worthavenuecapital@gmail.com or (203) 605-4082. WAC maintains offices in both Guilford and Greenwich, Connecticut as well as Palm Beach, Florida. Be sure to follow @worthavecapital on Twitter for the latest lending news.