2020
WAC Provides Loan for Start-Up in Wesport, CT
Worth Avenue Capital
September 28, 2020
September 28, 2020 –
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $275,000 commercial loan to a start up business in Westport, Connecticut. The loan proceeds will be used by the borrower for working capital purposes for the new small business and the loan was funded by one of WAC’s private investors. The loan is secured by a first mortgage on real property in Westport, Connecticut with an underlying LTV of approximately 12%.
In order to satisfy WAC’s exit strategy, the borrower is actively selling the property in Westport, Connecticut and will pay off WAC’s short term bridge loan in full upon the sale of the property. WAC approved this loan request on the same day that it received the request and proceeded very quickly to fund this new small business loan.
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