20 Jul Real Estate Developer Taps into WAC for Loans to Support Various Real Estate Projects
July 24, 2023: Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $300,000 commercial loan for a Connecticut based real estate developer. The loan proceeds will be used for working capital purposes for his various real estate projects that are evolving.
The developer is a long time customer of WAC who has utilized WAC’s bridge loan products and financing expertise to develop multiple real estate projects in Connecticut during the last several years.
This loan is secured by a lien on a Structured Settlement Agreement between the borrower and a municipality in the State of Connecticut. The developer had previously been awarded a contract to develop a large tract of land by this particular municipality. Despite the fact that the developer abided by the terms of the contract, this municipality decided to terminate the agreement without proper cause. As a result, the developer initiated a lawsuit against the municipality who ultimately settled the matter out of court with a sizable seven figure payout to the developer. WAC’s borrower expects to receive the cash settlement from the municipality within the next thirty days or so and will then pay off the short term bridge loan in full upon receiving the proceeds from the settlement. WAC funded this transaction in three days.
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] http://www.weclosecommercialloans.com) 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.