Wilshire Quinn Provides $1,825,000 Rehab Loan in San Diego, CA
SAN DIEGO, March 26, 2019 (GLOBE NEWSWIRE) -- Wilshire Quinn Capital, Inc. announced Tuesday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $1,825,000 purchase and rehab loan in San Diego, California.
The multi-family property is located in the North Park neighborhood of San Diego and is comprised of 6 units and a single-family residence, on a 6,971 square-foot lot.
“In this lending scenario we were approached by a seasoned investor and developer, with an 800 plus credit score, who has an outstanding track record of rehabbing multi-family properties in the San Diego area. We feel extremely confident in the borrower’s ability to execute on the construction plan and deliver a highly desirable product once completed.”
The property was appraised this month for $2,500,000, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 73 percent on the transaction.
Added Garcia, “Lending on income producing properties is a major component of our Fund. We believe that multi-family properties located in densely populated areas will continue to be in high demand by private and institutional investors.”
Wilshire Quinn, a California bridge loan lender, typically funds 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. Wilshire Quinn, a California hard money lender, provides financing to borrowers who are unable to obtain credit from traditional lending institutions or need to close quickly on a property.
ABOUT WILSHIRE QUINN
Wilshire Quinn is a San Diego hard money lender, Los Angeles hard money lender, and San Francisco hard 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.
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. Portions of the loan described above may be sold to third party purchasers and does not necessarily reflect the amount held in the Fund's loan portfolio. 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.