2017
WAC Provides Working Capital to Laundromat in Chatham, MA
Worth Avenue Capital
August 21, 2017
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.
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