Wilshire Quinn Provides $2 Million Cash-Out Refinance Loan in Modesto, California
SAN DIEGO, February 5, 2019 (Newswire.com) - Wilshire Quinn Capital Inc. announced Tuesday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $2 million First Trust Deed loan in Modesto, California.
The subject property is a commercial industrial building consisting of 282,000 square feet on 76.9 acres.
"In this loan scenario, we were approached by a high credit borrower with a substantial real estate portfolio that needed to pull cash out quickly for an existing business. We were able to collateralize the investment property in a senior lien position and funded the loan in six business days," said CEO Christopher Garcia.
The property was appraised for $3,450,000, giving Wilshire Quinn a total loan-to-value of 57.9 percent on the transaction.
In addition to office and industrial properties, Wilshire Quinn provides bridge loans on a wide variety of property types including retail, hotel loans, mixed-use, multi-family and non-owner occupied SFRs.
Wilshire Quinn, a California bridge loan lender, typically funds in five to seven business days and originates bridge loans ranging from $200,000-$10 million. 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.
ABOUT WILSHIRE QUINN
Wilshire Quinn is a California hard money lender that 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.
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Source: Wilshire Quinn Capital Inc.