SAN DIEGO--(BUSINESS WIRE)--Wilshire Quinn Capital, Inc. announced that its private mortgage fund, the Wilshire Quinn Income Fund, has provided a $3,000,000 cash-out refinance loan in Emeryville, California.
The subject property is comprised of 26,335 square-feet and situated on a 44,200 square-foot parcel. Emeryville is located in northwest Alameda County, and lies between the cities of Berkeley and Oakland. The property is fully leased with various long-term tenants.
“We are pleased to announce the latest loan in our portfolio. We felt extremely comfortable with the equity and location of the property, but also the overall strength of the borrower,” said CEO & Chief Investment Officer Christopher M. Garcia.
The retail/industrial property was recently appraised for $5,000,000, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 60%.
In addition to industrial and retail properties, Wilshire Quinn provides financing on a wide variety of property types, including office, mixed-use, multi-family, and non-owner occupied SFRs.
As for Wilshire Quinn’s typical borrowers, their customer base is fairly diverse; borrowers range from corporations looking for construction financing, to individuals who are looking to purchase or refinance an investment property. Wilshire Quinn, a Los Angeles hard money lender and San Diego 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 California hard money lender, with offices in San Diego, Los Angeles and San Francisco, and typically funds loans in 5 to 7 business days. Wilshire Quinn originates private money loans ranging from $200,000–$10,000,000 and works with commercial and residential buyers nationwide.
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.