Wilshire Quinn Provides $1,420,000 Purchase Loan in Los Angeles, CA
San Diego, May 01, 2019 (GLOBE NEWSWIRE) -- Wilshire Quinn Capital, Inc. announced Wednesday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $1,420,000 purchase loan in Los Angeles, California.
The property is comprised of 6,140 square-feet on a 9,730 square-foot lot. The property is located in the Highland Park neighborhood and was recently appraised for $2,275,000, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 62 percent on the transaction.
“The borrower is an experienced assisted living operator who was looking to purchase the property where they operate their business. We also cross-collateralized a 16-unit property in the Mid-Wilshire area of Los Angeles to further secure our loan,” 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.
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 Seattle, 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.