26 May Vermont Restaurateur Obtains Working Capital from Worth Avenue Capital
May 26, 2017
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $175,000 commercial loan for a restaurateur who owns three restaurants in Vermont. The loan proceeds were used for working capital purposes for the three restaurants and the loan is secured by a second mortgage on real property in Connecticut with an LTV of approximately 53%. The loan was funded by one of WAC’s private investors.
This borrower is a repeat client of WAC. Since restaurants historically have difficulty obtaining conventional bank financing, the borrower once again turned to WAC to take advantage of our streamlined loan approval process which resulted in his company being able to access much needed working capital in a rapid manner.