09 Jun Palm Beach Real Estate Investor Uses Loan Proceeds from WAC to Purchase New England Real Estate
June 9, 2020 – Worth Avenue Capital, LLC is pleased to announce that it recently closed a $175,000 commercial loan to a real estate investor in Palm Beach, Florida. The loan proceeds were used towards the purchase of a real estate investment in New England and the loan is secured by a first mortgage on an investment property in Palm Beach, Florida with an underlying LTV of 22%. The loan was funded by one of WAC’s private investors.
The borrower is selling the real estate asset in Palm Beach, Florida and will pay off WAC’s bridge loan upon the sale of the property. The loan was funded by WAC within one week.