WAC Closes ‘Fix & Flip’ Loan to CT Shoreline Based Construction Company

WAC Closes ‘Fix & Flip’ Loan to CT Shoreline Based Construction Company

November 3, 2017, Worth Avenue Capital, LLC is pleased to announce that it just successfully closed an $90,000 commercial loan to a small Connecticut Shoreline based construction company for the purpose of enabling the borrower to complete the construction on a “fix and flip” project in Guilford, Connecticut. The loan is secured by a blanket second mortgage on two separate properties in Guilford, Connecticut with an underlying LTV of approximately 60% and WAC funded the loan request within four days of the request. This company is a repeat borrower for WAC.

The borrower actually purchased the fix and flip property with a Purchase Money Mortgage from another private lender however they ended up with a cash shortfall to complete the construction on the property thus creating a need for additional financing. WAC expects that the borrower will complete the construction on the property within the next few months and then list the property for sale immediately and attract a buyer within the next six months or so enabling the borrower to pay off the respective bridge loans to both WAC and the other private lender.