17 Sep WAC Closes Loan for Working Capital Secured by Second Mortgage on Greenwich, CT Commercial Condominium
September 17, 2021: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $200,000 CRE loan to a Connecticut based real estate investor. The loan proceeds will be used for working capital purposes and the loan is secured by a second mortgage on a commercial condominium in Greenwich, Connecticut with an underlying LTV of approximately 31%. The loan was funded by one of WAC’s private investors within one week.
The borrower maintains a long term lease from a medical professional and earns substantial rental income from the property which is situated in a prime location in Greenwich, Connecticut. WAC’s short term bridge loan will be paid off in full once the borrower obtains long term financing from a conventional lender.