CT Real Estate Developer Uses WAC Loan for Construction Project

August 19, 2021: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $200,000 commercial loan to a Connecticut based real estate developer for working capital purposes on an ongoing construction project in Norwalk, Connecticut. The loan is secured by a blanket junior mortgage on four different pieces of real estate in Connecticut including a $2,500,000 residential property in Wilton, Connecticut. The loan was funded by one of WAC’s private investors with an underlying LTV of approximately 60%.

The borrower expects to obtain conventional financing within the next six months or so on the construction project in Norwalk, Connecticut thus enabling them to pay off WAC’s bridge loan in full. This real estate developer is a multiple repeat borrower of WAC’s who has utilized WAC’s “quick close” bridge financing on numerous successful real estate projects.