Greenwich, CT Worth Avenue Capital, LLC (WAC) has closed a $200,000 CRE loan to a CT-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 local commercial condominium, with an underlying LTV of 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 town. WAC’s short-term bridge loan will be paid off in full once the borrower obtains long-term financing from a conventional lender.