30 Apr South Florida Real Estate Investor Chooses Commercial Loan from WAC
April 30, 2021: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $400,000 commercial loan for a real estate investor in South Florida. The loan proceeds were used by the borrower to purchase a unit in a high rise luxury condominium complex in West Palm Beach, Florida for investment purposes. The loan is secured by a first mortgage on the unit with an underlying LTV of approximately 29%.
The borrower already owns multiple condo units in this particular luxury complex and plans on selling one of those units to pay off WAC’s short term bridge loan in full in the very near term.
WAC is extremely “bullish” on South Florida real estate and expects to increase its volume of loan originations not only in Palm Beach County but also in many of the other neighboring counties in both the east and west coasts of South Florida.