News: Front Section
Posted: March 25, 2016
Worth Avenue Capital, LLC closes loan for CT based real estate investor
Portland, CT Worth Avenue Capital, LLC (WAC) closed a $210,000 commercial loan for a Connecticut based real estate investor. The loan proceeds were used by the borrower to purchase an investment property that had been foreclosed upon by a commercial bank. The borrower purchased the property for $188,000 and will use the additional loan proceeds for cosmetic improvements to the property. WAC appraised the property for $390,000 so the borrower is purchasing the property well below its current market value.
The loan is secured by a blanket first mortgage on both the property in Portland, as well as another property that the investor owns in Haddam. By pledging the additional collateral, the borrower was able to access additional cash for this investment enabling the borrower to renovate the property and put it back on the market for a “flip” and sell it at a profit after it pays off WAC’s bridge loan.
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