Worth Avenue Capital closes another commercial loan

Worth Avenue Capital, LLC has closed a $200,000 commercial loan for a restaurant in New Haven County, Conn. The loan was funded by a Connecticut based community bank and was priced at 4.75% on a floating rate basis. In addition, the loan was secured by the lease between the owner of the restaurant who also owns the real estate where the restaurant is located and the restaurant that acts as the primary tenant of the real estate. The loan proceeds will be used for leasehold improvements to the restaurant facility. Despite the depressed economy that continues to linger in the Northeast, as well as the fact that it is extremely difficult to obtain financing for a restaurant in any economic environment, WAC was not only able to obtain the financing for its client at a very low interest rate but was also able to secure the loan without the client encumbering its real property with a mortgage as collateral for the loan. Through WAC's efforts, the client was able to obtain a low interest rate loan without pledging hard collateral as security for the loan and saved several thousands of dollars in closing costs since it was not required to obtain an appraisal on the property and did not have to endure an expensive loan closing in which the client would have been required to pay the bank's legal fees and appraisal fees.