08 Apr Renovation of Historic Deep River, CT Home Funded by WAC
April 5, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $300,000 construction loan for a Connecticut-based builder in which the loan proceeds will be used towards the complete renovation of a historic home in Deep River, Connecticut that was originally built in the 1700’s. The loan is secured by a first mortgage on the property in Deep River, Connecticut with an underlying LTV of approximately 46%.
The borrower is very well known to WAC as they have enjoyed close to a forty year business relationship. Prior to obtaining funding from WAC for this construction project, the borrower had already completed approximately 50% of the renovations of this house with his own capital.
A newly completed appraisal on the house shows that the property should sell for at least $650,000 upon the completion of the renovations. WAC’s short term bridge loan will be paid off in full upon the sale of the house.
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: https://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.