05 Feb Debt Restructuring Loan for Connecticut Swimming Pool Company
February 5, 2015
WAC Closes $325,000 Commercial Loan for CT Based Swimming Pool Company
Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $325,000 commercial loan for a Connecticut-based company that specializes in designing; installing; and servicing swimming pools. The loan proceeds were used for both debt restructuring and working capital purposes and the loan was funded by one of WAC’s private lenders. This new loan is secured by a first mortgage on the company’s headquarters in Connecticut.Specifically; the company needed additional working capital to provide a cash reserve for them during the slow winter and early spring months. In addition; by restructuring their debt; the company is now eligible to refinance a family owned asset with
Specifically; the company needed additional working capital to provide a cash reserve for them during the slow winter and early spring months. In addition; by restructuring their debt; the company is now eligible to refinance a family owned asset with low-cost conventional capital which will enable them to pay off a portion of the private debt that they had previously incurred. By accomplishing this debt restructuring; the company will reduce its overall cost of capital and monthly debt service.