News: Connecticut
Posted: December 17, 2021
Worth Avenue Capital provides $125,000 short-term bridge loan
New Haven, CT Worth Avenue Capital, (WAC) closed a $125,000 commercial loan to a small business in the city. The loan proceeds will be used for working capital purposes and the loan is secured by a second mortgage on a property in New Haven County, with an underlying LTV of 55%.
The borrower is a small business that quickly needed access to a short-term bridge loan and WAC was able to fund this loan request within one week.
Prior to contacting WAC for their financing needs, the borrower initiated a loan request with a local bank who expects to fund the borrower’s loan request within a few months thus enabling the borrower to pay off WAC’s bridge loan in full.
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