16 Feb WAC Closes Loan for Real Estate Investment
February 15, 2018: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $350,000 commercial loan to an LLC that is being used for real estate investment purposes. The loan is secured by a first mortgage on real property in Concord, Massachusetts with an underlying LTV of approximately 27% and the loan proceeds were used to restructure some existing debt on the aforementioned property. The loan was funded by one of WAC’s private investors. The borrower expects to sell the property in Concord, Massachusetts within the next six months or so thus enabling them to pay off WAC’s bridge loan.
The borrower was having difficulty obtaining conventional financing due to some existing credit issues so they contacted WAC and were able to take advantage of its streamlined loan approval process and received a written commitment from WAC on their request within 24 hours.