18 Apr Mechanical Contractor and Repeat WAC Borrower Taps into Loan for Working Capital for Business
April 19, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $475,000 commercial loan to a mechanical contractor in New Haven County, CT. The loan proceeds will be used for working capital purposes by the borrower and the loan is secured by a blanket first and second mortgage on two separate properties respectively in New Haven County with an underlying LTV of approximately 45%.
The borrower is a very well established mechanical contractor whose business operations began approximately seventy six years ago. WAC has a long standing business relationship with this borrower that began in the 1970’s and has funded numerous commercial loans to this business over the last several years. The company has handled all of their previous borrowings with WAC as agreed and they expect to pay off this most recently funded loan to WAC within the next six months or so as their A/R monetize into cash.
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.