CT Entrepreneur Uses Loan from WAC to Purchase Mixed-Use Property Investment

September 16, 2021: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $200,000 CRE loan for a Connecticut based entrepreneur who used the loan proceeds to purchase a small mixed use property in Naugatuck, Connecticut. The loan is secured by a first mortgage on the aforementioned property with an underlying LTV of 58% and the loan was funded by one of WAC’s private investors. The property is fully occupied/rented by a small restaurant on the first floor and has two separate residential tenants that occupy the second floor.

The borrower is an excellent candidate to obtain a conventional long term commercial loan within the next several months thus enabling the borrower to pay off WAC’s bridge loan in full.