Small Business in Litchfield, CT Receives Working Capital Loan from WAC
September 5, 2019: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $70,000 commercial loan to a small business in Litchfield County, Connecticut. The loan proceeds will be used by the borrower for working capital purposes and the loan is secured by a second mortgage on real property at the company’s place of business in Connecticut with an underlying LTV of approximately 50%. This company is a repeat borrower of WAC. This loan was funded by one of WAC’s private investors.
The borrower has a liquidity event that will occur within the next six months and the proceeds from that event will be used to pay off this loan in full. WAC was able to fund this loan within one week.
Recent Posts
Private Lending for Business Owners: Unlocking Liquidity Without Sacrificing Equity
Achieving business growth often requires more than strategy and determination. It requires access to capital. But with tightened credit markets making traditional bank...
Contractors and Private Capital: Financing Growth in Today’s Construction Economy
The construction industry is booming. Demand for new builds, renovations, and infrastructure projects remains high, but the cost of doing business has never...
Using Second Mortgages as Additional Collateral for Construction Loans
Over the past several months, WAC has provided financing for multiple construction projects where second mortgages were a critical part of the overall...