31 May WAC’s Streamlined Lending Process Allows Real Estate Investor to Purchase Commercial Building in New Hampshire
May 31, 2017
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $415,000 commercial loan for a seasoned real estate investor. The loan proceeds were used to purchase a commercial building in Southern New Hampshire and the loan is secured by a blanket mortgage on both the property in Southern New Hampshire as well as another investment property in Rhode Island. The loan was funded by one of WAC’s private investors with an underlying LTV of 68%.
The borrower took advantage of WAC’s streamlined lending process to purchase this real estate asset at a very favorable entry price. This investor already owned another real estate asset near this property in Southern New Hampshire and wanted to continue to acquire additional properties in that region. The borrower expects to be able to obtain conventional bank financing on this property within the next year or so that will enable them to pay off WAC’s bridge loan.