Borrower Receives Seven-Figure WAC Loan for Construction on a "Spec" House in Greenwich, CT
January 3, 2022: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $1,100,000 construction loan for a repeat borrower for the purpose of building a new "spec" house on Stanwich Road in Greenwich, Connecticut. The loan is secured by a junior mortgage on the Stanwich Road property and the construction of the new home should be completed by sometime next Spring. The underlying LTV on this loan will be approximately 40% upon the completion of the construction of the new house.
WAC provided financing for this borrower on another spec house in Greenwich, Connecticut in 2020. That transaction proved to be a very successful one for all parties involved as the spec house sold for its full asking price upon the completion of the construction. This same borrower expects to sell this new spec house in Greenwich that WAC is financing for somewhere in the $6,000,000 to $7,000,000 price range upon the completion of the construction. The residential real estate market in Greenwich continues to be very robust with minimal inventory and no shortage of potential wealthy buyers who are seeking to purchase new homes for their families in this tony fashionable town.
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Upon the completion of the construction of the new house, the borrower will immediately list the house for sale and expects to quickly sell the house in its listing price range and subsequently pay off WAC's construction loan in full.
Worth Avenue Capital specializes in arranging debt financing for both small businesses and real estate developers/investors and also handles bank workouts for those same clients. You can learn more about WAC by taking a look at the?website?and?Youtube videos?or by contacting WAC's principal, Michael M. Ciaburri at?[email protected]?or (203) 605-4082. WAC maintains offices in both Guilford and Greenwich, Connecticut as well as Palm Beach, Florida.?Be sure to follow @worthavecapital on Twitter?for the latest lending news.
President at Custom Audio-Video Systems, Inc.
2 年Good to hear Mike. Does your builder have an Electronics designer...... if not here I stand. Used to do a lot of work in lower Fairfield county. Last job found us in atHome magazine.