Wilshire Quinn Capital, Inc
Wilshire Quinn Provides $2,625,000 Purchase Loan in University Place, WA
Monday, July 15, 2019 1:55 PM
SAN DIEGO, CA / ACCESSWIRE / July 15, 2019 / Wilshire Quinn Capital, Inc. announced Monday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $2,625,000 purchase loan on a retail property in University Place, Washington.
The multi-tenant retail building is comprised of 48,714 square-feet on a 119,000 square-foot lot. The property was recently appraised for $4,400,000, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 60 percent on the transaction.
“In this loan scenario we were approached by a borrower looking for 1031 exchange financing which required a quick close. Given the borrower’s substantial down-payment and high credit, combined with strong cash-flows from the property, we felt that this was a strong opportunity for the Fund,” said Director of Origination Daniel Goldberg.
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 trusted commercial 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, 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. Wilshire Quinn will consider lending on properties located nationwide including Seattle and Portland.
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.
SOURCE: Wilshire Quinn Capital, Inc