10 May Real Estate Investor Uses WAC Loan for Debt Restructure and Working Capital for Investments
May 12, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $350,000 commercial loan to a real estate investor. The loan proceeds were used by the borrower both to restructure debt as well as provide additional working capital for a new real estate investment opportunity. The loan is secured by a blanket second mortgage on a commercial condominium in Greenwich, Connecticut as well as a residential property in West Hartford, Connecticut with an underlying LTV of approximately 52%.
The borrower is a repeat customer of WAC who is in the process of purchasing another commercial condominium in Greenwich, Connecticut. Upon closing on the purchase of the aforementioned asset, the borrower has a verbal agreement with a medical professional to secure a lucrative long term lease on this asset and he will then be able to obtain conventional financing on this commercial condominium. Subsequently, the borrower will then pay off WAC’s short term bridge loan in full upon securing conventional financing on this asset.
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.