03 Jun Start-Up Wood Pellet Manufacturer Using WAC Loan for Proposed Headquarters
June 3, 2019: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $150,000 commercial loan to a wood pellet manufacturing company that is in its start up phase and will be located in Manchester, Connecticut. The loan is secured by a blanket mortgage on various CRE properties in Connecticut including the property in Manchester, Connecticut that is the proposed headquarters of the new manufacturing company. The loan was funded by one of WAC’s private investors and closed in less than one week.
This loan is a “follow on” loan to the new manufacturing company as WAC’s investor previously funded a $250,000 commercial loan to the aforementioned company.
The borrower has already obtained a commitment letter from another more conventional commercial lender and expects to close a much larger loan from this lender to provide additional funding for both the new manufacturing company as well as the real estate development project in Manchester, Connecticut. This new loan is expected to close within the next thirty days or so at which point the borrower will pay off both the $150,000 bridge loan as well as the previously funded $250,000 bridge loan in full.