30 Oct WAC Closes Loan to Help Small Business Consolidate Debt
October 30, 2021: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $210,000 CRE loan to a small business in North Haven, Connecticut. The loan proceeds were used to consolidate the company’s business debt and the loan is secured by a first mortgage on an owner occupied commercial building in North Haven, Connecticut with an underlying LTV of 64%. The loan was funded by one of WAC’s private investors.
The borrower has listed the property for sale with a well known local real estate broker who is actively seeking prospective buyers for the property. WAC’s bridge loan will be paid off in full upon the sale of the property.