2025
WAC Closes Short Term Capital Line of Credit in Palm Beach, FL
Worth Avenue Capital
January 2, 2025
December 31, 2024: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $250,000 short term working capital line of credit for a consumer finance company that is based in Palm Beach, Florida. The loan is secured by a junior mortgage on a beachfront direct waterfront condominium unit in Palm Beach, Florida with an underlying LTV of approximately 69%. The borrower is experiencing tremendous demand for its consumer loan product and was anxious to obtain new financing as soon as possible. WAC was able to close the loan on the last day of 2024.
The Sponsor is a licensed consumer finance company that specializes in making short term personal loans of $1,000 each for a very short term. These “micro” loans are originated with both high volume and robust gross profit margins. WAC’s short term working capital loan will be used by the borrower to assist with funding the growth of its loan portfolio in the near term and the borrower expects to pay off WAC’s short term bridge loan within one year or less
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