07 May Seven Figure WAC Loan Used by Luxury Home Builder for Short-Term Working Capital
May 7, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $1,500,000 short term bridge loan for a luxury home builder in Greenwich, Connecticut. The loan proceeds will be used for working capital purposes by the borrower and the loan is secured by a blanket second mortgage on two separate recently constructed luxury homes in Greenwich, Connecticut with an underlying LTV of approximately 60%.
This luxury home builder is one of WAC’s many multiple repeat borrowers who has successfully constructed numerous homes in some of the most expensive enclaves in Greenwich, Connecticut. The two homes that are securing this loan are fully rented and are generating approximately $75,000 per month in aggregate rental income for the borrower.
The borrower is in the process of restructuring some of their debt and expects to pay off this short term bridge loan in full within the next three or four months.
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.