23 Aug Home Builder Uses Commercial Loan to Purchase Property in Mystic, CT
August 23, 2017
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $110,000 commercial loan to a home builder in Southeastern Connecticut. The loan proceeds were used to purchase three building lots in Mystic, Connecticut in which the borrower plans on constructing three new homes on the respective lots. The loan is secured by a blanket mortgage on the building lots as well as three other investment properties that the borrower owns in Southeastern Connecticut. The loan was funded by one of WAC’s private investors with an underlying LTV of approximately 60%.
The borrower initially plans on building a house on one of the lots which he then plans to sell thus enabling him to pay off WAC’s bridge loan in full upon the sale of the house.