06 Apr WAC Closes Loan for CT Lawn Care Company
April 6, 2016
Worth Avenue Capital, LLC of Guilford, Connecticut is pleased to announce that it just successfully closed a $50,000 commercial loan for a Connecticut based lawn care company. The loan proceeds were used by the borrower for debt consolidation purposes and the loan is secured by a first mortgage on investment real estate in Old Saybrook, CT with an underlying Loan to Value of 20%. The loan was funded by one of WAC’s private investors.
The borrower had some challenging credit issues that have prohibited them from obtaining conventional bank financing. As a result of the loan that was funded by WAC, the borrower’s credit problems have subsided and they should qualify for a bank loan in the near term to enable it to pay off WAC’s bridge loan.