09 Sep Private Island in Guilford, CT Used to Secure Working Capital Loan by Worth Avenue Capital
September 9, 2019: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $175,000 commercial loan to a small business in Guilford, Connecticut. The loan proceeds will be used by the business for working capital purposes and the loan is secured by a second mortgage on a private island in a very exclusive waterfront community in Guilford, Connecticut with an underlying LTV of approximately 15%. The loan was funded by one of WAC’s private investors.
The company is a repeat borrower of WAC. The principal of the company was able to subdivide the land on the private island and has sold a portion of the island to another private investor. Upon the closing of the sale of the subdivided portion later this fall, the borrower will pay off WAC’s bridge loan.