03 Apr WAC Closes Commercial Loan for Private Real Estate Investor
April 3, 2018: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $275,000 commercial loan to an LLC that is controlled by a Connecticut based private real estate investor. The loan proceeds were used to purchase real property in Washington Depot, Connecticut and the loan is secured by a first mortgage on the aforementioned property.
The loan was funded by one of WAC’s private investors within two weeks from the day of the actual loan request.
The borrower was able to take advantage of WAC’s streamlined loan approval process that enabled them to purchase this property at a below market price in rapid fashion. Now that the borrower owns the property, they can canvass the conventional loan marketplace to obtain low cost financing thus allowing them to pay off WAC’s bridge loan.