22 Dec WAC Closes Largest Commercial Loan to Date
December 22, 2017: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $2,000,000 commercial loan to a New Haven County, Connecticut based restoration contractor. The loan proceeds were used by the borrower for short term working capital purposes and the loan is secured by a blanket mortgage on seven separate pieces of real estate that are located in New Haven County, Connecticut with an underlying LTV of approximately 60%. This loan was funded in partnership by two of WAC’s private investors.
The borrower is a former bank client of WAC’s principal, Michael Ciaburri, who has known the borrower for many years. The company is a long standing successful contractor who had a short term liquidity requirement that needed to be addressed and WAC was able to quickly provide the financing for the borrower within a few weeks thus enabling the borrower to avoid having to deal with the bureaucracies of the local banks for this specific transaction.
The company has excellent cash flow and has several liquidity events that will occur during the first quarter of 2018 and thus expects to pay off WAC’s bridge loan in full within the next ninety days or so.
This $2,000,000 transaction is the largest loan that WAC has funded since its inception in 2008 and is the second seven figure transaction that WAC has closed in the last ninety days.