17 Aug Financial Services Company Taps into Short Term Bridge Loan with WAC for Working Capital
August 18, 2023: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $500,000 short term bridge loan for a small privately held financial services company with offices in both New York City and the Connecticut Shoreline. The loan is secured by a first mortgage on a luxury property that is located in the hub of Old Lyme, Connecticut with an underlying LTV of 40%.
The loan proceeds will be used by the borrower for both debt restructuring and working capital purposes and the borrower expects to obtain a conventional long term loan on the property within the next several months. Upon obtaining long term financing, the borrower will pay off WAC’s short term bridge loan in full.
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] http://www.weclosecommercialloans.com) 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.