08 Nov WAC Closes Commercial Loan for Southern New England Restaurant Operation
November 08, 2016
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $175,000 commercial loan to a Mexican restaurant operation that is based in Southern New England. The loan proceeds will be used for leasehold improvements as the company is opening its eighth location in Brockton, Massachusetts.The loan is secured by a blanket first mortgage on four separate properties in Springfield, Massachusetts with an underlying LTV of 46%. The loan was funded by one of WAC’s private investors.
Besides opening its eighth restaurant, the company is re-branding its operation and will now be using one uniform name for all of its stand alone restaurants and taco trucks. The company operates restaurants in Massachusetts, Connecticut, and Rhode Island. Although the company is very profitable and has some bank financing, it chooses to take advantage of WAC’s ability to close loans very quickly thus avoiding the financing delays that are associated with the conventional lending marketplace which in turn would drastically impede its expansion opportunities.