WAC Provides Working Capital to Laundromat in Chatham, MA

August 21, 2017

Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $100,000 commercial loan to a laundromat in Chatham, Massachusetts. The loan proceeds will be used by the borrower for working capital purposes and the loan is secured by a blanket mortgage on three income producing properties in Chatham, Massachusetts including the building in which the laundromat operates its business. The loan has an underlying LTV of approximately 60% and was funded by one of WAC’s private investors.

The borrower is a home builder and real estate developer/investor in Chatham, Massachusetts. He opened up a laundromat in Chatham a few years ago as a complimentary business and this operation has experienced substantial growth since its inception. The borrower expects to pay off this bridge loan within one year or so from a combination of business cash flow and the refinancing of some of his real estate assets.