02 Aug Luxury Builder Uses Short-Term WAC Loan to Complete Recent Building Project
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.
This builder is a repeat borrower of WAC’s and has already built and sold several “spec” homes in Greenwich. The market for “spec” homes in Greenwich is still very robust and, despite this year’s increase in interest rates, wealthy buyers are still very anxious to quickly purchase these homes in a competitive seller’s market in this luxury town.
WAC views Greenwich, Connecticut as somewhat of a “recession proof” enclave as it continues to fund solid commercial loans in Greenwich for both multiple new and repeat borrowers.
Worth Avenue Capital specializes in arranging debt financing for both small businesses and real estate developers/investors and also handles bank workouts for those same clients. You can learn more about WAC by taking a look at the website and Youtube videos or by contacting WAC’s principal, Michael M. Ciaburri at firstname.lastname@example.org or (203) 605-4082. WAC maintains offices in both Guilford and Greenwich, Connecticut as well as Palm Beach, Florida. Be sure to follow @worthavecapital on Twitter for the latest lending news.