06 Aug Commercial Loan for CT Real Estate Investor
WAC Closes $165,000 Commercial Loan for CT Real Estate Investor
August 12, 2015: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $165,000 commercial loan to a real estate investor for the purpose of purchasing a multi family home in South Norwalk, Connecticut. This investor was able to purchase this property via a short sale from a nationally recognized loan servicing company for approximately 55% of the property’s existing market value.
The loan is secured by a first mortgage on the newly purchased property in South Norwalk, Connecticut and was funded by one of WAC’s private lenders.
This property is already fully rented and is generating solid cash flow. The investor who purchased the property should be able to refinance WAC’s bridge loan within six months through a long term loan from a conventional lender or it may have an opportunity to “flip” this property at a substantial short term profit.