New Haven, CT Worth Avenue Capital, LLC (WAC) closed a $230,000 commercial loan for a mechanical contractor. The loan proceeds will be used by the borrower for working capital purposes and the loan is secured by a second mortgage on a commercial piece of property, with an underlying LTV of 48%. The property that was pledged as collateral for this new loan is an investment property that has multiple tenants and tremendous cash flow. The loan was funded by one of WAC’s private investors.

The borrower is a repeat client of WAC’s, as they had previously borrowed money from WAC and paid off the loan in full.