30 Dec Real Estate Developer Plans to Use Seven-Figure WAC Loan Towards Condo Complex in CT
December 30, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $1,000,000 construction loan to a Connecticut based real estate developer. The loan proceeds will be used to partially fund the construction of a twelve unit condominium complex in Montville, Connecticut. The loan is secured by a first mortgage on the property in Montville, Connecticut as well as a junior mortgage on real property in Wilton, Connecticut with an underlying LTV of 55%.
The developer is a multiple repeat borrower of WAC who has successfully developed and sold numerous investment properties with the assistance of WAC’s bridge financing. Montville is a “blue collar” town in which there is tremendous demand for low cost residential real estate inventory. This new condo complex fits the aforementioned need very well and it is expected that, despite the exponential increase in interest rates during 2022, these new units will sell quickly upon the completion of the construction.
WAC’s construction bridge will be paid off in stages during the next eighteen months or so as the condo units are completed and sold.
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 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.