SAN DIEGO--(BUSINESS WIRE)--Wilshire Quinn Capital announced Tuesday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $8,050,000 refinance loan on a multi-family property in Los Angeles, California.
The property is a 40-unit apartment building located in the heart of Hollywood, near the intersection of Hollywood Boulevard and Highland Avenue. The property is comprised of 27,000 square-feet on a 15,750 square-foot lot, with 35 subterranean parking spaces.
“We are pleased to announce the most recent loan in our portfolio, which we funded in nine business days after the request for capital was made. As our Fund continues to grow, we will maintain our focus on funding loans quickly in prime metropolitan areas with strong rental demand,” CEO Christopher Garcia said.
The subject property appraised last month for $14,200,000, giving Wilshire Quinn a total loan-to-value ratio of 57 percent on the transaction.
ABOUT WILSHIRE QUINN
Wilshire Quinn is a hard money lender that provides rapid and short-term funding to real estate investors who cannot risk potential delays associated with traditional banks and lending institutions. Wilshire Quinn is a portfolio lender that typically funds loans in 5 to 7 business days, with loan amounts 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.
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.