06 Dec WAC Closes Loan for Residential Renovation Project in Orange, CT
December 06, 2016
Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $100,000 commercial loan for a Connecticut based construction company. The loan proceeds are being used by the sponsor to renovate a residential property in Orange, Connecticut as a “fix and flip” project. The sponsor purchased the property through one of their investment vehicles in a foreclosure from a large commercial bank at a very favorable below market value price. The loan was funded by one of WAC’s private investors within one week from the day of the loan request. The loan is secured by a first mortgage on the property that was purchased by the sponsor with an underlying LTV of approximately 50%.
Upon the completion of the renovations, the sponsor will list the property for sale and expects to realize a solid return on their investment after paying off WAC’s bridge loan from the proceeds of the sale of the property.