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Connecticut
Posted: March 20, 2020
WAC closes $250,000 loan
Guilford, CT Worth Avenue Capital, LLC (WAC) closed a $250,000 commercial bridge loan to an LLC that is controlled by a real estate professional in New England. The loan proceeds were used by the borrower as an equity investment in an existing business and the loan is secured by a first mortgage on a multi family investment property in Fairfield County, with an underlying LTV of 60%.
The borrower has substantial annual income and will be able to pay off WAC’s loan in full within one year. In addition, this LLC is a repeat borrower of WAC’s who has funded multiple loans for this entity.
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Connecticut
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