Providing Commercial Real Estate and Small Business Loans Since 2008
WAC specializes in offering alternative funding solutions and other custom financing advisory services. We work with small businesses and real estate developers that have trouble getting conventional financing from banks, creating specific personal loans for commercial investments. WAC also negotiates outstanding loans in distressed situations with individual resolutions for our clients.
August 3, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $350,000 short term bridge loan to a builder of high end luxury "spec" homes in Greenwich, Connecticut. The loan proceeds will be used to assist with the completion of one of three separate "spec" homes that the builder currently has under construction in Greenwich. The loan is secured by a blanket junior mortgage on all three of the homes in Greenwich with an underlying LTV of approximately 50%. The construction of one of the homes will be completed in September and the home will then be listed for sale and should attract a qualified buyer for the property by sometime in the fall. Upon the sale of this house, WAC's short term bridge loan will be paid off in full.
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $1,350,000 commercial loan to a real estate investor for the purpose of purchasing a commercial condominium
in Greenwich, Connecticut. This real estate investor is one of WAC's existing borrowers whose purchase of this asset allows him to expand his holdings in this very desirable commercial condominium complex. The loan is secured by a blanket mortgage on two separate commercial condominiums in Greenwich, Connecticut as well as a blanket mortgage on a residential property in West Hartford, Connecticut and an investment property in Hartford, Connecticut. The underlying LTV on this loan is approximately 55%.
July 11, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $75,000 commercial loan to a small business in Bristol, CT. The loan is secured by a first mortgage on real property in Bristol, Connecticut with an underlying LTV of approximately 30%. The borrower is using the loan proceeds to provide short term working capital for their business.
The borrower is actively selling the property in Bristol, Connecticut and will pay off the short term bridge loan in full upon the sale of the property. WAC does not typically originate commercial loans for under $150,000. It made an exception in this instance to accommodate a client of a local attorney with whom WAC has a long standing relationship.
June 15, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $285,000 loan to a real estate investor in South Florida. The loan proceeds were used to purchase a condo on tony S. Flagler Drive in West Palm Beach, Florida. The loan is secured by a blanket first mortgage on the condo unit that was purchased as well as a second mortgage on another property in a community in West Palm Beach, Florida that was developed by Jack Nicklaus. The underlying LTV on this loan is approximately 30%.
Worth Avenue Capital, LLC specializes in providing acquisition financing for a wide variety of real estate transactions.
Worth Avenue Capital, LLC has a long and successful history of lending to borrowers pledging collateral in the form of a second mortgage.
Michael Ciaburri of Worth Avenue Capital, LLC spent 30 years in community banking helping businesses navigate periods of distress.
Small balance loans are often rejected by conventional lenders as they are unable to offset the substantial fixed costs of underwriting and regulatory compliance. Since Worth Avenue Capital, LLC provides private loans, it can underwrite and approve most loan requests in days, not months, resulting in an ability to provide small balance loans to borrowers.
Whether your capital need is $50,000 or $5,000,000, Worth Avenue Capital’s flexibility and nimbleness allows us to operate in the small balance loan space.
Any business owner with capital needs has likely had the unenviable task of approaching a bank to inquire about a loan. What makes this process so unpleasant? The mountain of paperwork, repeated conversations, and seemingly unnecessary documentation the bank requests only to deliver a non-committal…
The State of Fix-and-Flip According the National Association of Realtors, 2016, 2017, and 2018 represent the lowest inventory levels of existing homes since 2009. In many markets, that tight inventory has resulted in competition amongst buyers, driving up prices and strengthening the terms sellers can…