09 Sep WAC Continues to Provide Bridge Financing for New Construction in Greenwich, CT
September 12, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $500,000 commercial loan to a builder in Greenwich, Connecticut for working capital purposes towards the completion of the construction of a luxury “spec” home in Greenwich. The loan proceeds will be used to complete the interior of a home on prestigious Stanwich Road in Greenwich that will enable the builder to complete the construction of the aforementioned home within the next month or so. Upon the completion of the “spec” home, the builder expects to attract a buyer for the home very quickly at a price that will be close to asking.
The loan is secured by a blanket junior mortgage on three separate luxury homes in Greenwich, Connecticut with an underlying LTV of approximately 55%. Upon the sale of the home on Stanwich Road, this short term bridge loan will be paid off in full.
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.