10 Oct WAC Closes Commercial Loan for “Fix and Flip” in CT
October 10, 2016
Worth Avenue Capital, LLC is pleased to announce that it successfully closed an $85,000 commercial loan to a real estate investment partnership for a “fix and flip” of a residential property in Portland, Connecticut. The loan is secured by a first mortgage on the property and was funded by one of WAC’s private investors.
The borrowers have purchased the property and will now renovate both the inside and outside of the house and then relist the property for sale within a few months upon completion of the renovations. They expect to reap a substantial profit once the property has been sold and after they pay off WAC’s bridge loan.
This loan demonstrates another example of WAC assisting real estate developers and investors with the purchase of opportunistic real estate investments through the use of debt capital.