26 Nov Closed $100,000 Commercial Loan for Start-up Restaurant
November 26, 2012
Worth Avenue Capital Closes $100,000 Commercial Loan
Worth Avenue Capital, LLC is pleased to announce that it just closed a $100,000 commercial loan for a start up restaurant in Connecticut. The loan proceeds were used by the borrower for leasehold improvements on the restaurant facility and the loan was secured by a first mortgage on a piece of commercial real estate in Connecticut. A Connecticut based community bank funded the transaction. Despite the difficult economic environment that continues to persist in the northeast and beyond and the dearth of capital that is available to small businesses, WAC was able to locate a lender who provided financing for this new venture within two weeks from application. It is challenging to obtain financing for restaurants even in a prosperous economy. The fact that WAC closed a loan for a small start up restaurant in this distressed economic climate makes this transaction quite noteworthy.
WAC specializes in arranging debt financing for small businesses and handles bank workouts for those same small businesses. You can learn more about WAC by taking a look at their website at worthavenuecapital.com or you can contact WAC’s principal, Michael M. Ciaburri at worthavenuecapital@gmail.com or (203)605-4082. WAC has offices in both Guilford, Connecticut and Westport, Connecticut.