25 Apr Real Estate Developer Uses WAC Loan to Purchase Mixed Use Land in Thompson, CT
April 25th, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $500,000 bridge loan to a Connecticut based real estate developer for the purpose of purchasing 152 acres of mixed use land in Thompson, Connecticut. Upon completing the purchase of the property, the borrower will seek to obtain final approvals from the town to complete a 47 lot subdivision for a residential development.
The loan is secured by a first mortgage on the land that shows an “as is” appraised value of $1,500,000 and, as additional collateral, WAC took a second mortgage on a 12 unit apartment complex in Brooklyn, Connecticut that has an NOI of $4,000 per month. The total underlying LTV on this loan is approximately 26%. Upon obtaining approvals from the town, the market value of the land in Thompson, Connecticut will increase to $2,800,000.
The borrower is a repeat customer of WAC who has accessed bridge financing from WAC for multiple transactions. Upon obtaining the final approvals for the subdivision from the town, the borrower expects to obtain construction financing from a conventional lender that will enable them to pay off WAC’s bridge loan in full
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.