Wilshire Quinn Provides $950,000 Cash-Out Refinance Loan in Sacramento, CA
SAN DIEGO--(BUSINESS WIRE)--Dec 14, 2018--Wilshire Quinn Capital, Inc. announced Friday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $950,000 cash-out refinance loan in Sacramento, California.
The multi-family property is comprised of 6,472 square feet, with 8 units, all of which are fully rented. The property was appraised this week for $1,575,000, giving the Wilshire Quinn Income Fund a total loan-to-value of 60 percent on the transaction.
“In this loan scenario we were approached by a borrower looking for cash-out on a fully rented and recently remodeled multi-family property. We felt that the strong cash flows, along with the increased demand for multi-family housing in the area, provided for a strong lending opportunity for the Fund,” Director of Origination Daniel Goldberg said.
In addition to lending on multi-family properties, Wilshire Quinn provides financing on a wide array of property types including office, mixed-use, retail, industrial, and non-owner occupied SFR.
Wilshire Quinn, a California bridge loan lender, typically funds 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.
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.
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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CONTACT: Wilshire Quinn Capital, Inc.
Leonard Bruno, Chief Marketing Officer
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Wilshire Quinn Capital, Inc.
Copyright Business Wire 2018.
PUB: 12/14/2018 12:46 PM/DISC: 12/14/2018 12:45 PM