$2,000,000 First Mortgage Loan for Non-profit Foundation's Commercial Townhouse | Term: 1 year
A world-esteemed non-profit foundation needed to recapitalize using its most valuable asset as collateral. The foundation had been the victim of embezzlement by a past officer. Even with excellent new management in place, banks would not lend to this non-profit. W Financial stepped up to the plate and provided a $2,000,000 first mortgage loan for working capital, collateralized by the foundation's commercial townhouse in Greenwich Village. It serves as office space and the location of over 300 dinners and events each year sponsored by the foundation. With cash flow normalized, the foundation plans to refinance the property with conventional bank financing.
A world-esteemed non-profit foundation needed to recapitalize using its most valuable asset as collateral. The foundation had been the victim of embezzlement by a past officer. Even with excellent new management in place, banks would not lend to this non-profit. W Financial stepped up to the plate and provided a $2,000,000 first mortgage loan for working capital, collateralized by the foundation's commercial townhouse in Greenwich Village. It serves as office space and the location of over 300 dinners and events each year sponsored by the foundation. With cash flow normalized, the foundation plans to refinance the property with conventional bank financing.
