13 Dec Dept Restructuring on $900,000 Commercial Loan in CT
December 13, 2011
Worth Avenue Capital, LLC of Guilford, Connecticut recently completed a debt restructuring for a real estate developer in Connecticut on a $900,000 commercial loan. The developer currently maintains this loan with a mortgage company in Connecticut.
As a result of the lingering distressed economy here in the Northeast and the subsequent depressed real estate market, this real estate developer was unable to complete a development project and left this venture unfinished. The mortgage company who provided the initial financing for this project decided a few years ago to discontinue funding the project for this developer, thus forcing the borrower into filing a bankruptcy petition. The borrower hired Worth Avenue Capital a few months ago to negotiate a settlement with the mortgage company as a full and final settlement. Worth Avenue Capital successfully negotiated a settlement with the mortgage company totaling $325,000 or 36 cents on the dollar. This settlement will allow the borrower to exit bankruptcy and salvage his investment in the property.
Please do not hesitate to call Worth Avenue Capital’s Principal, Michael Ciaburri, if your small business is in search of debt capital for either growth opportunities or debt restructurings. In addition, Worth Avenue Capital specializes in bank workouts in distressed situations for those same small businesses.