Wilshire Quinn Provides $3,625,000 Rehab Loan in San Diego, CA
05/14/2019 | 05:51pm EDT
SAN DIEGO, May 14, 2019 (GLOBE NEWSWIRE) -- Wilshire Quinn Capital, Inc. announced Tuesday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $3,625,000 rehab loan in San Diego, California.
The 37 room assisted living facility is comprised of 11,000 square-feet on a 35,719 square-foot lot. The property is located in the College East neighborhood of San Diego, approximately a mile from San Diego State University.
The property was recently appraised on as completed basis for $6,000,000, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 60 percent on the transaction.
“The Southern California assisted living real estate market continues to be in strong demand by investors and we are fortunate to add this loan to our portfolio,” Director of Business Development Matthew Mielke 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.
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.