2017
Borrower Uses Funds from WAC to Invest in New Business Venture
Worth Avenue Capital
December 22, 2017
December 22, 2017: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $250,000 commercial loan for a New England based real estate investor. The loan proceeds were used by the borrower to invest in a new business venture and the loan is secured by a first mortgage on an investment property in Fairfield, Connecticut with an underlying LTV of 60%. The loan was funded by one of WAC’s private investors.
The borrower is a repeat customer of WAC. He is very successful in his field and credit worthy and clearly has the ability of obtain conventional bank financing. However, he needed to move quickly to invest in this new venture and did not want to deal with the bureaucracies of the banks for his financing needs.
The borrower is a very high earner and expects to pay off this loan through general cash flow.
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