January 21, 2021
Business News

Wilshire Quinn Provides $2,600,000 Refinance/Construction Loan in Santa Monica, California

SAN DIEGO–()–Wilshire Quinn Capital announced Friday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $2,600,000 cash-out refinance/construction loan in Santa Monica, California.

The investment property is a single-family residence comprised of 4 bedrooms, 4 baths, and 4,336 square-feet.

The borrower is a seasoned developer who needed to pull equity out of the property in order to complete the construction, which is 90% complete.

The subject property appraised last month for $4,295,000, giving Wilshire Quinn a total loan-to-value 61% on the transaction.

Wilshire Quinn typically funds loans in 5 to 7 business days and originates bridge loans ranging from $200,000-$20,000,000….

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