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Brokerage
Posted: January 24, 2017
Worth Avenue Capital provides $350,000 loan
Manhattan, NY Worth Avenue Capital, LLC (WAC) closed a $350,000 commercial loan to an established costume design business in the city. The loan proceeds were used to consolidate debt as well as provide working capital for the business. The loan is secured by a first mortgage on commercial property in the Tribeca neighborhood and the loan was funded by one of WAC’s private investors. The loan has an underlying LTV of 18% and the primary exit strategy is that the borrower expects to be able to obtain conventional bank financing within one year to pay off WAC’s bridge loan.
The principal of this costume design company is a six time Tony Award winning designer for his design creations both on Broadway and in Hollywood. His long and illustrious career is punctuated by his numerous awards and accolades in both the performing arts and film industries.
WAC specializes in arranging debt financing for both small businesses and real estate developers/investors and also handles bank workouts for those same clients.
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