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SAN DIEGO, April 19, 2019 (GLOBE NEWSWIRE) -- Wilshire Quinn Capital, Inc. announced Friday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $2,200,000 rehab loan in West Hollywood, California.
The commercial retail building is currently comprised of 2,555 square-feet on an 10,046 square-foot lot. The renovation will include the addition of a second story, adding 2,781 square-feet, and will total 5,336 square-feet upon completion. The property was recently appraised on an as-is basis for $4,640,000, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 47 percent on the transaction. The loan was also cross-collateralized by a single-family residence in the Los Angeles area.
“Demand for retail space on Santa Monica Boulevard in West Hollywood is extremely high. Our loan amount equates to 47 percent of the as-is value, and 34 percent of the after-repair value, which we believe is a strong rehab loan scenario for the Fund,” Director of Origination Daniel Goldberg said.
Wilshire Quinn 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. 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. Wilshire Quinn will consider lending on properties located nationwide including Portland 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. 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.