06 May WAC Closes Commercial Loan for LLC
May 9, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $60,000 commercial loan for an LLC. The loan is secured by a first mortgage on real property in Wallingford, Connecticut with an underlying LTV of 33% and the loan proceeds were used by the borrower for working capital purposes.
WAC does not typically fund loan requests for less than $150,000 but an exception was made in order to fund the aforementioned transaction. The loan was funded as an accommodation to the borrower’s attorney who expressed that his client had a real need for a short term bridge loan. The borrower has actively listed the property in Wallingford for sale and WAC’s bridge loan will be paid off in full upon the sale of the property.
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 and Youtube videos or by contacting WAC’s principal, Michael M. Ciaburri at worthavenuecapital@gmail.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.