21 Oct WAC Quickly Provides Short Term Financing for a Real Estate Investor
October 21, 2020 –
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $100,000 commercial loan to a real estate investor. The loan proceeds were used to consolidate debt and the loan was funded by one of WAC’s private investors.
The loan is secured by a second mortgage on an investment property in New Canaan, Connecticut as well as a pledge of the borrower’s equity stake in another property that is located in Long Island, New York. The aforementioned property has no mortgage on it and is owned “free and clear”.
The borrower expects to pay off WAC’s short term bridge loan either through a liquidity event or from the sale of the property in New Canaan, Connecticut. WAC funded this loan request within one week.