17 Feb WAC Closes Commercial Loan to Wholesale Distribution Company
February 17, 2017
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $335,000 commercial loan to a wholesale distribution company in New Haven County, Connecticut. The loan proceeds were used by the company for working capital purposes and the loan is secured by a mortgage on an investment property in Nantucket, Massachusetts. The loan was funded by one of WAC’s private investors with an underlying LTV of 45%.
This company is a repeat client of WAC. The principals of the company have a liquidity event that will occur in the fall of 2017 that will allow them to make a substantial pay down of the principal balance of this bridge loan and the remainder of the outstanding balance will be paid off through the company’s general cash flow.