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WAC Closes Commercial Loan for Landmark Market/Restaurant on the CT Shoreline
Worth Avenue Capital
November 18, 2016
November 18, 2016
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $200,000 commercial loan to a market/restaurant that is located in the center of one of the premier towns in the Connecticut Shoreline. The loan proceeds are being used by the borrower for working capital purposes and the loan is secured by a first mortgage on a commercial building located in a prime location on the Connecticut Shoreline. The loan was funded by one of WAC’s private investors with an underlying LTV of approximately 20% and this loan was funded by WAC within one week from its request.
Although this business is located in a very desirable and already well established location, they officially incorporated under two years ago thus making it difficult for the business to obtain conventional bank financing at this juncture. As soon as this business reaches its two year threshold within the next few months, they expect to obtain a conventional bank loan to pay off WAC’s bridge loan.
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