27 Jan WAC Successfully Closes Loan for New England Real Estate Investor
January 27, 2017
Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $100,000 commercial loan for a New England based real estate investor. The loan proceeds were used by the borrower to invest in a development project in Rhode Island and the loan is secured by a first mortgage on an investment property in Fairfield, Connecticut with an underlying LTV of 31% and the loan was funded by one of WAC’s private investors.
The borrower expects to pay off WAC’s bridge loan within six months or less either through the refinance of one of his real estate holdings or through commissions that he receives from his business. WAC was able to fund this loan within one week from the time that the borrower needed to fund their loan request.