05 Jun WAC Closes Loan to Private Investment Vehicle
June 5, 2018: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $575,000 commercial loan to an LLC that operates as a Private Investment Vehicle that, in this instance, used the loan proceeds to purchase an investment property in South Florida. The loan was funded by one of WAC’s private investors and the loan was secured by a blanket mortgage on two properties that are located on the coast of Massachusetts.
The borrower needed to meet a deadline to close on the South Florida property and thus did not have time to deal with the bureaucracies of the banks for its financing needs. Now that the borrower owns the aforementioned property, it is no longer under time pressure and can secure a favorable long term bank loan to pay off WAC’s bridge loan within six months or so.