WAC Closes Loan for Construction of Duplex in Norwalk, CT

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.