22 Apr Commercial Loan Used to Extricate CT Company from Debt
April 22, 2014
WAC Closes $500,000 Commercial Loan to Extricate a CT Company from Debt with Unfriendly Lender
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $500,000 commercial loan for a Connecticut based company that specializes in swimming pool design; installation and renovations. The loan is secured by real property and was funded by one of WAC’s private commercial lenders.
The loan proceeds were used to pay off two outstanding commercial loans with one of the largest banks in the U.S. who had taken an adversarial position against this company and the bank was unwilling to restructure or refinance the debt for the company. As a result; the company retained the services of WAC who was able to refinance this debt and extricate the company from a distressed situation as well as enabling the company to sever a relationship with an unfriendly lender. The bridge loan that WAC provided for this company will allow the client to regroup and seek permanent financing from a more suitable commercial lender within the very near future.