Wilshire Quinn Provides $2,600,000 Refinance/Construction Loan in Santa Monica, California
SAN DIEGO–(BUSINESS WIRE)–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….