02 Sep Connecticut Auto Restoration Company Commercial Loan Closed
September 2, 2014
WAC Closes $300,000 Commercial Loan for Specialty Auto Restoration Company in CT
Worth Avenue Capital, LLC is pleased to announce that it just closed a $300,000 commercial loan for a Connecticut based small business that specializes in custom automobile; motorcycle and vintage vehicle restoration. The loan proceeds were used to not only purchase the building that the company had been leasing but also to provide short term working capital for the business. The loan is secured by a first mortgage on the real estate that the company purchased through an LLC and a UCC-1 filing on all of the company’s business assets. One of WAC’s private lenders provided the funding for the loan.
The company needed to move quickly to obtain the financing and WAC was able to provide a written commitment for the client within just a few days from the loan application allowing the client to secure the purchase of the property at a favorable price. The borrower can now build equity in the property by making a mortgage payment every month as opposed to paying monthly rent.