11 Nov Newly Formed LLC Benefits from a Commercial Loan with Worth Avenue Capital
November 11, 2016
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $180,000 commercial loan to a newly formed LLC in Wethersfield, Connecticut. The LLC was formed as a real estate investment vehicle and the loan proceeds were used to purchase a real estate asset in Connecticut for $320,000. The loan is secured by a first mortgage on the property that was just purchased and the loan was funded by one of WAC’s private investors with an underlying LTV of 56%.
The borrower had an opportunity to purchase a real estate asset for a below market price and did not have time to deal with the bureaucracies of the banks for its financing needs. Thus, it turned to WAC who was able to fund the loan for the borrower very quickly enabling them to close on the purchase of the asset. Now that the borrower owns the property, they can canvass the marketplace for replacement bank financing without the stress of meeting a closing deadline through a conventional financing route.