Worth Avenue Capital, LLC closed a $100,000 commercial loan for a Connecticut-based manufacturer and distributor of sheet metal products. The loan proceeds will be used by the company for working capital purposes. It was funded by one of WAC's private lenders.Tags:
The loan is also secured by a blanket mortgage on two buildings that are owned by the principal's of the company, as well as a blanket UCC-1 filing on the company's business assets.
The company's revenue grew by 33% between 2013 and 2014 from $6 million in 2013 to $8 million in 2014. As a result of their growth during that time period, the company will use the additional working capital to fund their outstanding accounts receivable.