10 Aug WAC Closes Seven Figure Loan to Fund Middle Market Manufacturing Company’s New Product Line
August 10th, 2018: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $1,500,000 commercial loan to a middle market manufacturing company in Pennsylvania. The loan proceeds will be used by the company for working capital purposes for a new product line and the loan is secured by a blanket second mortgage on an industrial building in Philadelphia, Pennsylvania and a luxury residential property in Edgartown, Massacusetts (Martha’s Vineyard) with an underlying LTV of approximately 60%. The loan was funded by a syndication of a few of WAC’s private investors.
The borrower is experiencing explosive growth with its new product line and needed to secure financing quickly in order to foster the funding of this new product. WAC expects this bridge loan to be paid off in full within one year from the sale of a piece of real estate.