15 Dec Satisfied WAC Customer Receives Second Commercial Loan to Help Small Business Grow
December 15, 2016
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $230,000 commercial loan for a well established mechanical contractor in New Haven County, Connecticut. The loan proceeds will be used by the borrower for working capital purposes and the loan is secured by a second mortgage on a commercial piece of property in East Haven, Connecticut with an underlying LTV of 48%. The property that was pledged as collateral for this new loan is an investment property that has multiple tenants and tremendous cash flow. The loan was funded by one of WAC’s private investors.
The borrower is a repeat client of WAC’s as they had previously borrowed money from WAC and paid off the loan in full. The company was experiencing a cash flow shortage and needed access to capital very quickly and WAC was able to fund their loan request within one week.