29 Dec WAC Lends to a Repeat Borrower for Another “Fix and Flip” Project in Norwalk, CT
December 29, 2021: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $200,000 commercial loan to a repeat borrower for a “fix and flip” house in Norwalk, Connecticut. The loan is secured by a first mortgage on the property with an underlying LTV of 61% prior to the renovations of the house while the LTV upon the post renovations of the house will decrease to approximately 44%.
The borrower owns a successful construction company in Fairfield County, Connecticut and is well known to WAC as a repeat borrower. WAC expects that the borrower will complete the renovations on the house within the next six months or so and then sell the house in the very near term to pay off WAC’s bridge loan in full.