01 Jul $200,000 Commercial Loan for Restaurant in New Haven County, Connecticut
July 1, 2012
$200,000 Commercial Loan for Restaurant in New Haven County, Connecticut
Worth Avenue Capital, LLC of Guilford, Connecticut is pleased to announce that it just closed a $200,000 commercial loan for a restaurant in New Haven County, Connecticut. The loan was funded by a Connecticut based community bank and was priced at 4.75% on a floating rate basis. In addition, the loan was secured by the lease between the owner of the restaurant who also owns the real estate where the restaurant is located and the restaurant who acts as the primary tenant of the real estate. The loan proceeds will be used for leasehold improvements to the restaurant facility. Despite the depressed economy that continues to linger in the northeast as well as the fact that it is extremely difficult to obtain financing for a restaurant in any economic environment, WAC was not only able to obtain the financing for its client at a very low interest rate but was also able to secure the loan without the client encumbering its real property with a mortgage as collateral for the loan. Through WAC’s efforts, the client was able to obtain a low interest rate loan without pledging hard collateral as security for the loan and saved several thousands of dollars in closing costs since it was not required to obtain an appraisal on the property and did not have to endure an expensive loan closing in which the client would have been required to pay the bank’s legal fees. Also, as a result of WAC’s efforts in obtaining a “soft” collateral loan for the client, the loan closed several weeks ahead of schedule since the bank required less documentation than they normally would have asked for in their underwriting process. WAC’s client now has the loan proceeds at its disposal.
WAC specializes in obtaining conventional financing for small businesses; maintains a “hard money” fund for those clients who do not qualify for conventional financing; and also provides loan workout and bank relationship management services for those small businesses who are having difficulty dealing with their bank(s). Michael M. Ciaburri, who is the principal owner of the company, can be reached at worthavenuecapital@gmail.com or (203)605-4082. You can also learn more about Worth Avenue Capital by looking at our website at worthavenuecapital.com.