02 Aug Commercial Loan for Purchase of CT Waterfront Property
August 2, 2016
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $300,000 commercial loan to a real estate investor. The real estate LLC that borrowed the money used the loan proceeds to purchase a direct waterfront property in West Haven, Connecticut. The loan is secured by a first mortgage on the property with an LTV of approximately 52% and the loan was funded by one of WAC’s private investors.
The borrower had a timing issue and needed to move quickly to obtain financing so that they could close on the purchase of the property. Now that the property has been purchased, the borrower will now have time to obtain permanent bank financing which will enable the LLC to pay off WAC’s bridge loan.