WAC Closes Loan for MA Based LLC to Use for Working Capital

July 3rd, 2018: Worth Avenue Capital, LLC is pleased to announce that it just successfully closed a $100,000 commercial loan to a Massachusetts based LLC. This loan was funded as a follow on transaction to an existing borrower for additional working capital purposes. The loan is secured by a second mortgage on real property in Concord, Massachusetts and the loan was funded by one of WAC's private investors with an underlying LTV of 38%.

A few months ago, WAC closed a $350,000 commercial loan to the same borrower secured by a first mortgage on the same property in Concord, Mass. The borrower was recently able to attract a buyer for this property and has it under contract for sale at $1,200,000 with an expected closing date in August. As such, it made sense for WAC to extend additional financing to this borrower since both the $350,000 and $100,000 loans will be paid off in full upon the closing of the sale of the property in Concord, Massachusetts.

WAC 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 video 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. You can now follow @worthavecapital on Twitter for the latest lending news.