23 Dec WAC Closes Commercial Loan to Small Business Owner in Rocky Hill, CT
December 23, 2015: Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $100,000 commercial loan to a small business in Rocky Hill, Connecticut that specializes in detailing and cleaning high end and very large commercial vehicles. The loan proceeds will be used to provide working capital for this business and the loan is secured by a first mortgage on real property in Rocky Hill, Connecticut.
The loan was funded by one of WAC’s private investors and the loan closed within one week from the date of the actual loan application. Since this small business is a fledgling new company, they were unable to secure conventional bank financing. The company expects to obtain more conventional financing within one year once they are more established and in turn pay off WAC’s bridge loan in full.