May 6, 2019
SAN DIEGO–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.
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.
Wilshire Quinn’s 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.