07 Nov Closed Commercial Loan for Connecticut Retail Distributer
November 7, 2012
Worth Avenue Capital, LLC is pleased to announce that it has closed a $200,000 commercial loan for a retail distributor of patio furniture and other household products in Connecticut. This latest round of financing is the third transaction that WAC has closed for this client within the last two years. The loan was funded by a Connecticut based community bank. In each instance, WAC has been able to obtain a commercial loan for the client with improved terms and conditions than the previous transaction. Specifically; WAC was able to obtain a conventional bank balance sheet loan for this client that was used to pay off an SBA loan with another lender. As part of this transaction, the client was able to obtain additional working capital as well as reduce its cost of capital. In addition, WAC was able to close this transaction for the client within just a few weeks from start to finish as opposed to an SBA loan closing which can typically take up to several months to close the loan.
WAC has offices in both Guilford, Connecticut and Westport, Connecticut and specializes in arranging debt financing for small businesses as well as handling bank workouts for those same small businesses. You can learn more about WAC by taking a look at their website at worthavenuecapital.com and by contacting its principal Michael M. Ciaburri at email@example.com or (203)605-4082.