WAC Closes Loan for Working Capital Secured by Second Mortgage on Greenwich, CT Commercial Condominium

WAC Closes Loan for Working Capital Secured by Second Mortgage on Greenwich, CT Commercial Condominium

September 17, 2021: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $200,000 CRE loan to a Connecticut based real estate investor. The loan proceeds will be used for working capital purposes and the loan is secured by a second mortgage on a commercial condominium in Greenwich, Connecticut with an underlying LTV of approximately 31%. The loan was funded by one of WAC’s private investors within one week.

The borrower maintains a long term lease from a medical professional and earns substantial rental income from the property which is situated in a prime location in Greenwich, Connecticut. WAC’s short term bridge loan will be paid off in full once the borrower obtains long term financing from a conventional lender.