Repeat WAC Client Taps Into Loan for a ‘Fix & Flip’ Construction Project in Stamford, CT

July 1, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $200,000 commercial loan for a boutique construction company that is based in Stamford, Connecticut. The loan proceeds were used towards the purchase and renovation of a single family house in Stamford, Connecticut in which the borrower will be undertaking a “fix and flip” project on this property. The loan is secured by a first mortgage on the property in Stamford with an underlying LTV of approximately 61% based on the purchase price. The property was previously owned by an estate and the borrower purchased the property at a price that was well below market value. As such, upon the completion of the renovations of the property, the borrower expects to “flip” the property at a substantial profit after paying off WAC’s short term bridge loan.

The sponsor is a multiple repeat borrower of WAC’s who has partnered with WAC on several “fix and flip” projects during the last seven years. Each one of these transactions has resulted in significant profits for both the sponsor and WAC. We expect that this transaction will also achieve the same result as the previous transactions.

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.