15 Jan WAC Closes Short-Term Loan for Working Capital to CT-Based Business
January 15, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $200,000 commercial loan for a Connecticut based business. The loan proceeds will be used for working capital purposes on a short term basis. The loan is secured by a junior mortgage on an ocean front luxury condominium in Naples, Florida with an underlying LTV of approximately 38%.
The borrower continues to have robust sales for their product and has accumulated an excess of A/R on their company’s balance sheet. Once the A/R monetizes into cash, the borrower will then pay off WAC’s short term bridge loan in full.
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.