2019
WAC Closes Loan for Construction of Duplex in Norwalk, CT
Worth Avenue Capital
July 30, 2019
July 30, 2019: Worth Avenue Capital is pleased to announce that it just successfully closed an $85,000 commercial loan to a builder in Fairfield County, CT. The loan proceeds are being used to complete the construction of a duplex in Norwalk, CT and the loan is secured by a blanket second mortgage on three pieces of real estate in Connecticut with an underlying LTV of approximately 55%. The loan was funded by one of WAC’s private investors.
The sponsor is a repeat borrower of WAC and has handled a number of fix and flip loans as agreed. He is in the process of selling two properties that he owns and will pay off this short term bridge loan as soon as one of the properties has sold.
Share
Recent Posts
Private Lending for Business Owners: Unlocking Liquidity Without Sacrificing Equity
Achieving business growth often requires more than strategy and determination. It requires access to capital. But with tightened credit markets making traditional bank...
Contractors and Private Capital: Financing Growth in Today’s Construction Economy
The construction industry is booming. Demand for new builds, renovations, and infrastructure projects remains high, but the cost of doing business has never...
Using Second Mortgages as Additional Collateral for Construction Loans
Over the past several months, WAC has provided financing for multiple construction projects where second mortgages were a critical part of the overall...