14 Jun Commercial Loan for Technology Company Closed
June 14, 2016
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $180,000 commercial loan for a small business that has developed a precise real time measuring technology with the ability to measure full body bio readings. The borrower will use the loan proceeds for short term working capital purposes and the loan was funded by one of WAC’s private investors.
The loan is secured by a first mortgage on real property in West Norwalk, CT. right near the New Canaan, CT. town border. The LTV on this loan is approximately 24%.
The borrower is in the process of obtaining an SBA loan from a conventional lender and will use those loan proceeds to pay off WAC’s Bridge Loan.