08 Sep WAC Closes Bridge Loan to CT Shoreline Real Estate Investor
September 8, 2015
Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $50,000 commercial loan to a real estate investor on the Connecticut Shoreline. The loan proceeds were used to complete the renovations on an investment property in Clinton, Connecticut and the loan was funded by one of WAC’s private lenders.
While in the midst of completing the renovations, the borrower experienced a cash flow shortfall. The new $50,000 bridge loan supplies the borrower with the necessary capital to complete the construction on the project in a timely manner so that they can list the property for sale to secure a buyer. The borrower pledged another piece of real estate that they own in Guilford, Connecticut as collateral for this $50,000 bridge loan.
The LTV on this loan is 20%.