26 Oct Sixty Year Old Business Receives Loan from WAC
October 25, 2019: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $150,000 commercial loan to a Connecticut based contractor that has been in business for approximately sixty years. The company is engaged in HVAC, plumbing, excavation, demolition in both the commercial and residential segments of the marketplace and will use the loan proceeds for working capital purposes. The loan is secured by a blanket mortgage on multiple real estate assets that are located on the Connecticut Shoreline with an underlying LTV of approximately 55%. The borrower is a repeat customer of WAC and has maintained a business relationship with WAC’s principal, Michael Ciaburri for approximately thirty years.
The borrower will repay the debt both through the general cash flow from their various businesses as well as through the sale of various real estate assets. This loan was funded in four days.