08 Sep CT Construction Company Uses WAC Loan to Purchase ‘Fix & Flip’ in Moodus, CT
September 8, 2017
Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $110,000 commercial loan to a small construction company in Connecticut. The loan proceeds were used to purchase a “fix and flip” property in Moodus, Connecticut. The loan is secured by a blanket first mortgage on the property that was purchased in Moodus, Connecticut as well as a blanket second mortgage on another property in Moodus, Connecticut. The loan was funded by one of WAC’s private investors.
The borrower is purchasing the property for well below its intrinsic market value and expects to realize a substantial profit upon selling the fully renovated property after its completion and after it pays off WAC’s bridge loan.