12 May Repeat Borrower Uses WAC Loan Towards Purchase of Land for Apartment Development
May 16, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $150,000 commercial loan to a Connecticut based real estate developer who is a repeat customer for whom WAC has funded numerous transactions during the last six or seven years. The loan proceeds were used as a down payment towards the purchase of land in Groton, Connecticut and the loan is secured by a first mortgage on the property in Groton.
The borrower has a preliminary approval from the town of Groton to build apartments on the property. He expects to obtain construction financing from a local conventional lender to build the apartments and will then pay off WAC’s bridge loan in full upon obtaining the conventional financing.
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.