Wilshire Quinn Provides $7,300,000 Refinance Loan in Newport Beach and Menifee, California
Wilshire Quinn Capital announced Tuesday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $7,300,000 refinance loan on three properties located in Newport Beach and Menifee, California.
The properties consist of two newly built custom homes in Newport Beach, each consisting of 4474 square feet, with 5 bedrooms and 6 baths. The third property consists of 21 acres of land in Menifee which is zoned for the development of single-family residential properties.
The properties appraised collectively for $12,595,000, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 58 percent on the transaction.
Wilshire Quinn, a California hard money lender, typically funds loans in 5 to 7 business days and originates bridge loans ranging from $200,000-$10,000,000. Wilshire Quinn works directly with real estate owners and mortgage professionals nationwide.
As for Wilshire Quinn's typical borrowers, their customer base is fairly diverse; borrowers range from builders looking for rehab financing, to individuals who are looking to purchase or refinance an investment property.
ABOUT WILSHIRE QUINN
Wilshire Quinn is a San Diego private money lender, Los Angeles private money lender, and San Francisco private money lender, and provides financing to borrowers who are unable to obtain credit from traditional lending institutions or need to close quickly on a property. Wilshire Quinn will consider lending on properties located nationwide, including Seattle, Portland, Denver, and New York.
Loans are made or arranged by Wilshire Quinn Income Fund, LLC pursuant to California Finance Lenders Law license #603J060. Wilshire Quinn Capital, Inc. serves as manager of the Wilshire Quinn Income Fund, LLC. The information above is deemed reliable but is not guaranteed. Nothing contained in the information above is an offer or solicitation for the purchase or sale of any security. Any such offer to purchase securities will be made only through the Private Placement Memorandum of Wilshire Quinn Income Fund, LLC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200204005926/en/