08 Nov Small Business to Purchase Property in Southeastern MA with WAC Loan
November 8th, 2018: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $500,000 commercial loan to a small business in Central Connecticut for the purpose of purchasing real property that is located in the Southeastern part of Massachusetts. The loan is secured by a blanket first mortgage on the property in Massachusetts that the company purchased as well as a first mortgage on real property that is located in Central Connecticut. The loan was funded by a few of WAC’s private investors with an underlying LTV of approximately 50%.
The borrower needed to move quickly to close on the purchase of the property in Massachusetts and did not have time to deal with the bureaucracies that are associated with attempting to obtain conventional bank financing. WAC was able to fund this transaction in less than ten days.
The company has listed their property in Central Connecticut for sale and will pay off WAC’s bridge loan in full upon the sale of that property.