Wilshire Quinn Capital, Inc. announced Friday that its private mortgage fund, the Wilshire Quinn Income Fund, has provided a $4,500,000 blanket refinance loan in Hillsborough, and Oakland, California.
The first property is a single-family residence located in the affluent neighborhood of Hillsborough, 17 miles south of San Francisco on the San Francisco Peninsula, and consisting of 2,450 square-feet. The second property is an industrial building located near the Oakland International Airport, consisting of 19,140 square-feet on a .56 acre lot.
The properties were appraised collectively last month for $7,135,000, giving Wilshire Quinn a total loan-to-value of 63 percent on the transaction.
“As traditional banks fund loans at a sluggish pace, Wilshire Quinn continues to quickly underwrite loan requests in metropolitan areas, as many real estate investors are requiring immediate financing decisions during these volatile economic times,” said Director of Origination Daniel Goldberg.
Wilshire Quinn typically funds loans in 5 to 7 business days and originates bridge loans ranging from $200,000-$20,000,000. Wilshire Quinn works directly with real estate owners and mortgage professionals nationwide.
Wilshire Quinn has a fairly diverse customer base. Borrowers range from builders looking for rehab financing, to individuals who are looking to purchase or refinance an investment property. Wilshire Quinn, a California bridge loan 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. Wilshire Quinn will consider lending on properties located nationwide including Portland and Seattle.
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.
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Contacts:
ajaniec@wilshirequinn.com
(619) 872-6000
