03 Nov WAC Closes Commercial Loan for CT-based CPA
November 3, 2017, Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $100,000 commercial loan to a Connecticut based CPA. The loan proceeds were used for debt consolidation purposes and the loan is secured by a second mortgage on waterfront property on the Connecticut Shoreline with an underlying LTV of approximately 10%. The loan was funded within three days by one of WAC’s private investors
The borrower is a repeat customer of WAC. He needed to move quickly to obtain the financing thus took advantage of WAC’s streamlined approval process. He is in the process of selling some personal assets that will allow him to pay off WAC’s bridge loan within six months or so.”