09 Mar Real Estate Investor Uses WAC’s Bridge Financing to fund a “Fix and Flip” Project in CT
March 9, 2017
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $50,000 commercial loan to a Connecticut based real estate investor for a “fix and flip”. The loan proceeds were used by the borrower to purchase a property in Higganum, Connecticut as an investment for the purpose of renovating the property and then placing it back on the market for a quick sale. The borrower was able to purchase this property in a foreclosure from a local bank at a price that is well below the property’s real market value. The loan was funded by one of WAC’s private investors and the loan is secured by a first mortgage on the property with an underlying LTV of approximately 37%.
The borrower was able to use WAC’s bridge financing with its “fix and flip” product which will enable them to realize a solid profit upon the sale of the property.