16 Mar WAC Closes Commercial Loan for Small Business in CT
March 16, 2016
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $250,000 commercial loan for a Connecticut based small business. The loan proceeds were used by the borrower for working capital purposes and the loan is secured by an investment property in Cape Cod, Massachusetts. This loan marks the second time that WAC has funded a loan to this particular small business whose previous loan was paid off in full as agreed.
The borrower expects to be bankable within the next year at which point they will obtain conventional bank financing to pay off WAC’s bridge loan. This loan was funded by one of WAC’s private investors and was funded within ten days from the actual loan request.