11 Jul CT Small Business Uses WAC Loan for Short-Term Working Capital
July 11, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $75,000 commercial loan to a small business in Bristol, CT. The loan is secured by a first mortgage on real property in Bristol, Connecticut with an underlying LTV of approximately 30%. The borrower is using the loan proceeds to provide short term working capital for their business.
The borrower is actively selling the property in Bristol, Connecticut and will pay off the short term bridge loan in full upon the sale of the property. WAC does not typically originate commercial loans for under $150,000. It made an exception in this instance to accommodate a client of a local attorney with whom WAC has a long standing relationship.
Worth Avenue Capital specializes in arranging debt financing for both small businesses and real estate developers/investors and also handles bank workouts for those same clients. You can learn more about WAC by taking a look at the website and Youtube videos or by contacting WAC’s principal, Michael M. Ciaburri at worthavenuecapital@gmail.com or (203) 605-4082. WAC maintains offices in both Guilford and Greenwich, Connecticut as well as Palm Beach, Florida. Be sure to follow @worthavecapital on Twitter for the latest lending news.