2017
WAC Closes Commercial Loan to Wholesale Distribution Company
Worth Avenue Capital
February 17, 2017
February 17, 2017
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $335,000 commercial loan to a wholesale distribution company in New Haven County, Connecticut. The loan proceeds were used by the company for working capital purposes and the loan is secured by a mortgage on an investment property in Nantucket, Massachusetts. The loan was funded by one of WAC’s private investors with an underlying LTV of 45%.
This company is a repeat client of WAC. The principals of the company have a liquidity event that will occur in the fall of 2017 that will allow them to make a substantial pay down of the principal balance of this bridge loan and the remainder of the outstanding balance will be paid off through the company’s general cash flow.
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