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WAC Closes Commercial Loan for CT Based Real Estate Investor
Worth Avenue Capital
March 14, 2016
March 14, 2016
Worth Avenue Capital, LLC of Guilford, Connecticut is pleased to announce that it just successfully closed a $210,000 commercial loan for a Connecticut based real estate investor. The loan proceeds were used by the borrower to purchase an investment property in Portland, Connecticut that had been foreclosed upon by a very large commercial bank with a national footprint. The borrower purchased the property for $188,000 and will use the additional loan proceeds for cosmetic improvements to the property. My company appraised the property for $390,000 so the borrower is purchasing the property well below its current market value.
The loan is secured by a blanket first mortgage on both the property in Portland, Connecticut as well as another property that the investor owns in Haddam, Connecticut. By pledging the additional collateral, the borrower was able to access additional cash for this investment enabling the borrower to renovate the property and put it back on the market for a “flip” and sell it at a very substantial profit after it pays off WAC’s bridge loan.
The loan was funded by one of WAC’s private investors.
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