2017
Deli/Restaurant in CT Takes Advantage of WAC’s Second Mortgage Product to Consolidate Debt
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May 9, 2017
May 9, 2017
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $300,000 commercial loan for a deli/restaurant that is located on Route 1 in the “hub” of Darien, Connecticut. The loan proceeds were used to consolidate debt and the loan is secured by a second mortgage on the business’ property located in Darien, Connecticut with an underlying LTV of 58%. The loan was funded by one of WAC’s private investors.
The borrower was able to take advantage of WAC’s second mortgage product and streamlined loan approval process to enable the business to quickly access capital and pay off various creditors and obtain much needed working capital for its day to day operations.
The borrower will pay off WAC’s bridge loan either by obtaining permanent bank financing or the sale of the property.
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