01 Sep Commercial Loan Closed for New England Restauranteur
September 1, 2016
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $125,000 commercial loan to a restauranteur who owns three restaurants in Northern New England. The loan proceeds will be used for working capital purposes for the restaurants and the loan is secured by a second mortgage on real property in Cheshire, Connecticut with an underlying LTV of 47%. The loan was funded by one of WAC’s private investors.
The borrower is a repeat client of WAC. A few years ago, WAC successfully negotiated a Forbearance Agreement for this client on a commercial property in Essex, Connecticut whose mortgage was held by a New England-based regional bank.
In this latest transaction, the borrower has a Note Receivable that is coming due within the next year or so and will use the net proceeds from the monetizing of that note to pay off WAC’s bridge loan.