13 Jul Despite COVID Challenges, WAC Funded Loan for New England Tech Company
July 13, 2020 – Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $750,000 Commercial Construction Loan for a New England based technology company. The loan proceeds will be used by the borrower for improvements on a building in Southern New England that an affiliate of the company recently purchased as part of the company’s continued growth. The loan was funded by a syndication of WAC’s investors and the loan is secured by a first mortgage on the property in Southern New England that is owned by the company’s affiliate with an underlying LTV of 75%.
As the construction on the building progresses, the market value of WAC’s collateral will increase exponentially. Upon the completion of the construction, the borrower will obtain long term commercial mortgage financing on the facility and will pay off WAC’s bridge loan in full.
Despite the challenges in the marketplace presented by Covid-19, WAC was able to underwrite and close this commercial loan transaction very quickly thus allowing the borrower to proceed rapidly with the continuation of executing their business model.