20 Mar Forbearance Agreement for Investor
March 20, 2013
Worth Avenue Capital Successfully Closes Another Bank Workout
Worth Avenue Capital, LLC is pleased to announce that it has successfully closed another bank workout for another client. Specifically; WAC negotiated a forbearance agreement for an entrepreneur who owns several restaurants and is also a commercial real estate investor in both Connecticut and Vermont. WAC was able to negotiate the forbearance agreement on a commercial building in Connecticut with a large Connecticut based regional bank. The balance on the loan was for approximately $280,000 and the loan was in default prior to the WAC’s involvement. As part of negotiating the forbearance agreement, WAC was able to convince the bank to halt their foreclosure action and give the client sufficient time to either sell or refinance the property so that he can pay off the bank. As a result of WAC’s efforts, the client was able to keep the building and avoid both a costly and damaging foreclosure process.