30 Dec CT Mechanical Contractor Works with WAC on Second Successful Commercial Loan
December 30, 2016
Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $410,000 commercial loan to an existing and repeat borrower who operates as a mechanical contractor in New Haven County, Connecticut. The loan proceeds were used to pay off an existing loan with WAC and to provide additional working capital to the borrower. The loan is secured by a blanket second mortgage on three commercial properties in both East Haven and Branford, Connecticut with an underlying LTV of approximately 50%. The loan was funded by one of WAC’s private investors.
The borrower was able to secure a flurry of additional business at year end but needed to obtain vital working capital to fund its operating expenses so that it can full fill and complete the jobs for its customers. WAC was once again able to provide the bridge financing to the borrower within one week.
The exit strategy will occur within six months or less when the borrower’s A/R from these new jobs become monetized thus allowing the borrower to pay off WAC’s bridge loan.