News: Front Section

Worth Avenue Capital closes $50,000 commercial loan to a Connecticut-based real estate investor

Higganum, CT Worth Avenue Capital, LLC has closed a $50,000 commercial loan to a Connecticut-based real estate investor for a “fix and flip.” The loan proceeds were used by the borrower to purchase a property as an investment for the purpose of renovating the property and then placing it back on the market for a quick sale.

The borrower was able to purchase this property in a foreclosure from a local bank at a price that is well below the property’s real market value. The loan was funded by one of WAC’s private investors and the loan is secured by a first mortgage on the property with an underlying LTV of 37%.

The borrower was able to use WAC’s bridge financing with its “fix and flip” product which will enable them to realize a solid profit upon the sale of the property.

MORE FROM Front Section

Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.

Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
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