29 Jun WAC Closes Loan for MA Based LLC to Use for Working Capital
June 29, 2018: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $100,000 commercial loan to a Massachusetts based LLC. This loan was funded as a follow on transaction to an existing borrower for additional working capital purposes. The loan is secured by a second mortgage on real property in Concord, Massachusetts and the loan was funded by one of WAC’s private investors with an underlying LTV of 38%.
A few months ago, WAC closed a $350,000 commercial loan to the same borrower secured by a first mortgage on the same property in Concord, Mass. The borrower was recently able to attract a buyer for this property and has it under contract for sale at $1,200,000 with an expected closing date in August. As such, it made sense for WAC to extend additional financing to this borrower since both the $350,000 and $100,000 loans will be paid off in full upon the closing of the sale of the property in Concord, Massachusetts.