02 Apr WAC Provides Loan for Purchase of a Multi-Family Property in Fairfield County, CT
April 2, 2020: Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $550,000 commercial loan to an LLC that specializes in purchasing and renovating multi family properties in Fairfield County, Connecticut. The loan proceeds were used to close on the purchase of a multi family property in Fairfield County, Connecticut as well as for the renovation costs of that property. The loan is secured by a blanket mortgage on six different properties in Fairfield County, Connecticut with an underlying LTV of 60%. The loan was funded by one of WAC’s private investors.
Upon completing the renovations to the property, the borrower plans on refinancing the debt on the property with a long term conventional mortgage to pay off WAC’s bridge loan. This real estate investor is a repeat borrower of WAC. Together, WAC and the borrower have worked on numerous real estate transactions. This loan closed within one week.