01 May WAC Borrower Uses Loan to Purchase Foreclosure Property
April 27, 2023: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $150,000 commercial loan on a multi-family house in the Westville section of New Haven, Connecticut. The loan proceeds were used by the borrower to purchase the property out of foreclosure at a well below market price.
The loan is secured by a first mortgage on the property with an underlying LTV of approximately 54% prior to the borrower fully renovating the property to its former splendor. Upon completion of the renovation, the market value of the property will increase exponentially at which point the borrower will lease both of the units to new tenants and collect approximately $4,000 in monthly rental income.
The borrower is a small electrical contractor in New Haven County, Connecticut who will be able to refinance the debt on this real estate asset upon completion of the renovations that will enable them to pay off WAC’s 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 email@example.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.