WAC closes $125,000 loan for restaurateur

Cheshire, CT Worth Avenue Capital, LLC (WAC) closed a $125,000 commercial loan to a restaurateur who owns three restaurants in Northern New England. The loan proceeds will be used for working capital purposes for the restaurants and the loan is secured by a second mortgage on real property in Cheshire, with an underlying LTV of 47%. The loan was funded by one of WAC’s private investors.

The borrower is a repeat client of WAC. A few years ago, WAC negotiated a forbearance agreement for this client on a commercial property in Essex whose mortgage was held by a New England based regional bank.

In this latest transaction, the borrower has a note receivable that is coming due within the next year or so and will use the net proceeds from the monetizing of that note to pay off WAC’s bridge loan.