24 Jan Real Estate Developer Benefits from Fix and Flip Loan from WAC
January 24, 2019: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a “fix and flip” commercial loan for $120,000 to a real estate developer/investor. The loan proceeds were used by the borrower to purchase an investment property in Torrington, Connecticut. The borrower will renovate the aforementioned property and will list it for sale upon the completion of the renovations.
The loan is secured by a first mortgage on the property in Torrington, Connecticut with an underlying LTV of approximately 50% and the loan was funded by one of WAC’s private investors within one week.The borrower will pay off WAC’s bridge loan in full upon the sale of the property.