01 Apr WAC Closes $100,000 Commercial Loan for CT Building Supplies Distributor
April 1, 2014
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $100,000 commercial loan for a Connecticut based distributor of lumber and other building material products. The loan proceeds will be used by the borrower for working capital purposes and the loan is secured by a first mortgage on real property. The loan was funded by one of WAC’s private lenders.
Despite the fact that the borrower has been in business since 1936, they were unable to obtain conventional bank financing. In order to search for capital, the company conducted an SEO search for alternative capital and found WAC online. WAC approved the loan request within 24 hours from the initial consultation with the client and subsequently closed the transaction ten days after the loan was formally approved.