Worth Avenue Capital, LLC announced that it just successfully closed a $500,000 commercial loan to a builder in Greenwich, Connecticut, for working capital purposes towards the completion of the construction of a luxury “spec” home in Greenwich. The loan proceeds will be used to complete the interior of a home on prestigious Stanwich Road in Greenwich that will enable the builder to complete the construction of the aforementioned home within the next month or so. Upon the completion of the “spec” home, the builder expects to attract a buyer for the home very quickly at a price that will be close to asking.
The loan is secured by a blanket junior mortgage on three separate luxury homes in Greenwich, Connecticut, with an underlying LTV of approximately 55%. Upon the sale of the home on Stanwich Road, this short-term bridge loan will be paid off in full.
