03 Dec WAC Loans to Developer in Norwalk, CT for Construction Financing on Residential Development Project
December 3, 2021: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $200,000 short term bridge loan to a real estate developer/investor in Norwalk, Connecticut. The loan proceeds were used towards additional construction financing on a high level residential development project in Norwalk, Connecticut and the loan is secured by a blanket mortgage on two other investment properties that the borrower owns in Norwalk.
The borrower and his business partner expect to finalize their final construction financing with a local bank that will enable them to pay off WAC’s bridge loan in full as well as complete the aforementioned construction project. This developer is one of WAC’s many repeat borrowers.