06 Feb Builder Turns to WAC for Renovation of Apartments in Southeastern CT
February 6, 2020: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $100,000 commercial bridge loan to a Connecticut based builder for the purpose of renovating one of his real estate holdings in Southeastern Connecticut. The property is a former rooming house that is being converted into an apartment building.
The loan is secured by a first mortgage on this investment property as well as a second mortgage on the borrower’s personal residence in Fairfield County, CT. The underlying LTV on this loan is approximately 43%…..not including the blanket mortgage on the borrower’s personal residence.
Upon the completion of the construction of the former rooming house, the borrower will secure tenants to occupy the various apartments to generate rental income and will refinance the debt with a loan from a more conventional lender to pay off WAC’s loan in full.
The builder is a repeat borrower of WAC’s and has worked with WAC on multiple transactions.