25 Feb $800,000 Debt Restructuring for Entrepreneur in Vancouver
February 25, 2013
Worth Avenue Capital’s $800,000 Debt Restructuring Success
Worth Avenue Capital, LLC is pleased to announce that it just closed an $800,000 debt restructuring for an entrepreneur/real estate developer in Vancouver, Washington. This client owns multiple properties in various states and, as a result of the down turn in the national economy, was having difficulty servicing the debt on his property in the State of Washington and hired WAC to assist him with handling a bank workout.
The loan was originated by a very large super regional bank who ultimately sold the loan to a small community bank in the Midwest. WAC negotiated first with the originating bank and then with the smaller bank who purchased the loan. WAC was able to convince the bank to extend the maturity date on the loan by two years; reduce the monthly payments on the loan from approximately $9,000 per month to approximately $5,000 per month; and forgive in excess of $25,000 in past due interest on the loan. As a result of WAC’s efforts, the client now has the ability to service the debt on this property on a timely basis and was able to avert a potentially costly and damaging foreclosure process. In addition, the client realized savings of approximately $120,000 as a result of WAC’s successful negotiation.
WAC specializes in arranging debt financing for small businesses and real estate developers and also handles bank workouts for those same clients. WAC maintains offices in both Guilford and Westport, Connecticut. You can learn more about WAC by taking a look at their website at www.weclosecommercialloans.com or by contacting WAC’s principal, Michael M. Ciaburri at worthavenuecapital@gmail.com or (203)605-4082.