SAN DIEGO--(BUSINESS WIRE)--Wilshire Quinn Capital, Inc. announced Thursday that its private mortgage fund, the Wilshire Quinn Income Fund, has provided a $2,370,000 purchase loan in Sausalito, California.
The multi-tenant office building consists of 10,500 square-feet and is situated on a .28-acre lot. The property was purchased by a seasoned real estate developer who plans on obtaining permits to transition the property into multi-family units.
The property was appraised this month for $3,950,000, giving Wilshire Quinn a total loan-to-value of 60 percent on the transaction. The loan was funded in five business days after the request for capital was made.
Wilshire Quinn typically funds loans in 5 to 7 business days and originates bridge loans ranging from $200,000-$20,000,000. 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 private money lender, Los Angeles private money lender, and San Francisco private 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 Portland and Seattle.
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.