Small Balance Commercial Real Estate Bridge Loans

Formed in 2008, Wilshire Finance Partners is a portfolio lender funding bridge loans up to $7MM secured by multifamily and commercial real estate nationwide, with terms up to 3 years. We can accommodate special situations including reverse 1031 exchanges, probate, repositioning loans, rehabilitation loans, debt restructuring, discounted payoffs, and other situations and opportunities.

We DO NOT Lend on: Ground Up Construction, Land, Hospitality and Special Purpose properties

Senior Bridge Loans: Our maximum LTV is 80%.

2nd Mortgages and Participating Loans
Wilshire offers equity cash out loans in 2nd lien position behind a bank 1st mortgage, up to 80% CLTV. We also participation loans (syndicated/preferred equity) for value add projects to experienced sponsors. On value add deals, we can go up to 90% Loan-to-Cost with a target LTV of 75%.

Property Geographic Area Details

Nationwide except Alaska

Loan Amounts

$1,000,000 to $7,000,000

Interest Rates

8.9% to 10.9%

Max Loan-To-Value

80.00%

Max Loan-To-Cost

90.00%

Origination Fees

2% to 2.5%

Loan Terms

12 months to 60 months

Lien Position

  • 1st
  • 2nd

Loan Purpose

  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Use Equity to Invest in Another Property
  • Invest in a Business
  • Business Working Capital
  • Value Add Project

Property Occupancy

  • Vacant
  • Tenant Occupied 100%
  • Owner Occupied Commercial

Property Types and Loan Types

Collateral Types

  • Residential Property
  • Commercial Property

Property Types

  • Assisted Living Facility
  • Commercial Condominium
  • Condominium
  • Healthcare
  • Industrial
  • Mixed-Use
  • Multifamily
  • Office
  • Retail
  • Senior Housing
  • Storage Facility
  • Student Housing

Loan Types

  • Commercial Bridge
  • Commercial Property Value Add

Specialty Loan Types

  • 2nd Mortgage Equity Cash Out
  • Reverse 1031 Exchange
  • Partner Buyout
  • Discounted Note Payoff
  • Bankruptcy Resolution

Junior Liens

Junior Lien Loan Amounts

$500,000.00 to $2,500,000.00

Junior Lien Interest Rates

11% to 14%

Junior Lien Loan-to-Value

80.00%

Junior Lien Loan-to-Cost

90.00%

Junior Lien Origination Fees

2.50% to 2.50%

We Fund Junior Position Loans

Rarely

Junior Lien Types

  • Purchase
  • Refinance
  • Equity Cash Out
  • Preferred Equity
We offer equity cash out 2nd mortgages up to 80% combined LTV. The 1st mortgage must be held by a bank or institutional lender. We will not provide a 2nd behind a private lender. Loan terms for 2nd cash out range from 1-3 years. If loan request is for a rehab/value-add project, we provide a participating loan (syndicated/preferred equity) up to 90% of the project costs. Term for value add projects can go up to 18 months.

Purchase Loan

Max Loan-To-Purchase Price

70.00%

Borrower Must Have Property Under Contract

yes

Will Provide Proof of Funds Letter

yes

Will Consider Lending on Purchase from Auction

no

Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner
  • Equity in Another Investment Property

Rehab Value Add Loan

We can provide high leverage financing for value add projects as a Participating loan, which is a hybrid of debt and equity. The 1st mortgage would be from our more conservative WFP Income Fund and max out at 65-70% LTC. Anything above that amount would be a 2nd position participating loan form our WFP Opportunity Fund.

Experience Required

yes

Minimum Number of Value-Add Projects Completed by Borrower

0

Will Provide Funds for Renovation Costs

yes

Max LTC for Renovation Costs

90.00%

Interest Charged for Renovation Costs

Entire Amount of Total Project Costs

Typical Number of Days for Funds Draw

0

Maximum After Repair Value

75.00%

Details and Requirements

Typical Closing Time (Days)

20

Fastest Closing Time (Days)

5

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only

Pre Payment Penalty

no

Will lend to a foreign national

no

Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage

yes

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will Consider Equity Joint Venture

yes

Typical structure is a participating loan with a preferred return.

Borrower Entity Types Considered

  • Individual(s)
  • LLC
  • Limited Partnership
  • Trust
  • Corporation

Documentation Required

  • Credit Report
  • Bank Statements
  • Loan Application

Personal Guaranty (Recourse) Required

Sometimes

Credit Check Required

yes

Appraisal Required for Residential Property

Do Not Lend on Residential Property

Appraisal Required for Commercial Property

Always

Broker Price Opinion (BPO) Accepted for Residential Property

Do Not Lend on Residential Property

Broker Price Opinion (BPO) Accepted for Commercial Property

Sometimes

Fees

Deposit Required

$3,500.00 to $0

Case-by-Case. The required deposit is determined by the transaction requirements and disclosed in the Letter of Intent.

Site Visit Fee

$2,500.00 to $0

Case-by-Case. The required deposit is driven by the actual costs of the site visit and disclosed in the Letter of Intent.

Underwriting Fee

$1,400.00 to $0

Based on loan amount requested

Documents Fee

Cost of loan document preparation.

Settlement Fee

Actual cost of settlement agent

Inspection Fee

Actual cost of 3rd party reports, if required.

Escrow Fee

Actual cost of escrow agent services.

Title Fee

Actual cost of ALTA Lender's Policy with endorsements.

Credit Report Fee

Actual cost of credit reports for borrowers and sponsors.

Appraisal Fee

Actual cost of 3rd party appraisal

Environmental Report Fee

Actual cost of environmental report, if required.

Fees which are mandatory for all new borrower clients

  • Deposit
  • Underwriting Fee
  • Documents Fee
  • Settlement Fee
  • Appraisal Fee
  • Escrow Fee
  • Title Fee
  • Credit Report Fee

Fees which are charged upfront prior to loan closing

  • Deposit
  • Appraisal Fee
  • Credit Report Fee

Fees which are paid to a third party company

  • Due Diligence Fee
  • Legal Fee
  • Settlement Fee
  • Appraisal Fee
  • Inspection Fee
  • Escrow Fee
  • Title Fee
  • Credit Report Fee
  • Background Check Fee
  • Environmental Report Fee
  • Renovation or Construction Funds Draw Fee

Legal Disclaimer

This communication is intended for Real Estate Professionals Only, is not a loan approval, agreement or commitment to lend, and is for discussion purposes only. Wilshire Finance Partners, Inc. may make substantial and material revisions to the information contained in this communication. Rates and terms are subject to change without notice. Loans are made by Wilshire Finance Partners, Inc., CA DRE Lic. 01523207 and CA DBO Lic. 603K729; WFP Income Fund, LLC, CA DBO Lic. 603K726; WFP Opportunity Fund, LLC, CA DBO Lic. 603K725.

Proven, Professional, Performance®

Formed in 2008, Wilshire Finance Partners, Inc. (“Wilshire”) is a California corporation licensed by the California Department of Real Estate, Brokers License Number 01523207, and the California Department of Business Oversight, Finance Lenders license number 603K729. Since its formation, Wilshire has been engaged in the residential and commercial real estate lending and investment business. Building upon the success of its existing lending and investment platform, in September 2013 Wilshire launched and manages two real estate funds, the WFP Income Fund, LLC (the “Income Fund”) and the WFP Opportunity Fund, LLC (the “Opportunity Fund”). This structure provides a robust funding platform for borrowers and strong risk-adjusted returns for investors.

Wilshire combines an entrepreneurial approach, institutional sophistication and discretionary capital inside a boutique environment to deliver outstanding service to our origination partners and affiliates.

We are committed to a culture of Teamwork, Excellence and Integrity, each of which we believe will result from living Wilshire’s core values.


  • Property Types
    • Apartment / Multifamily (5+ units)
    • Office
    • Retail
    • Mixed Use
    • Light Industrial
    • Warehouse
    • Senior Living
    • Other Income Property
    • NO lending on land, A&D, ground up construction, hospitality, recreational, gas stations, car washes, single family, 2 to 4 unit, or special purpose properties.
  •  Transaction Types
    • Purchase
    • Refinance
    • Cash Out Refinance
    • Stablization
    • Repositioning
    • 1031 Exchange (forward and reverse)
    • Special Situation Lending (e.g. probate, debt restructuring, discounted payoffs and others)

Wilshire Finance Partners, Inc., CA DRE Lic. 01523207 and CA DBO Lic. 603K729; WFP Income Fund, LLC, CA DBO Lic. 603K726; WFP Opportunity Fund, LLC, CA DBO Lic. 603K725

License

CFL #603K729, CUSIP #93099B102, CA DRE #01523207

Company Size (Number of Employees)

6

Year Established

2008

Associations

  • Mortgage Bankers Association - Member
  • California Mortgage Bankers Association - Member
  • California Mortgage Association - Member

Office Locations

1400 Newport Center Drive, Suite 250, Newport Beach, California 92660

Primary Capital Source

  • Debt Fund We Manage

Alternative Capital Sources

  • Own Funds
  • Bank Credit Line

Loan Structure for Majority of Loans

  • Own Balance Sheet

Alternative Loan Structures

  • Own Balance Sheet

Percentage of company’s lending business focused on private mortgage

100%

Company’s Other Business Activities Besides Private Mortgage Lending

  • Commercial Mortgage Banking

Percentage of Loans Secured by Commercial Property

100%

Total Number of Loans Funded to Date

400

Total Loan Volume Funded to Date

$350,000,000

2017 Number of Loans Funded

40

2017 Loan Volume Funded

$65,000,000

Jay Ash

Senior Loan Officer

Jay is a highly experienced lender with over twenty-years of experience, including, debt and equity origination and real estate investment banking. He has originated over $400 million real estate debt and equity, managed loan portfolios in excess of $30 billion, and interacted with financial resources at all levels of the capital-stack. Coupled with Wilshire’s internal funding platform, Jay delivers broad set of resources and capabilities to structure successful bridge loan transactions. California BRE License Number License number 01204705. “Here at Wilshire Finance Partners, we combine knowledge, resources and service to efficiently close bridge loans on multifamily and commercial real estate. As an experienced professional, part of the value I’ll deliver to you is the ability to quickly understand your needs and create a financial solution that helps achieve your goals. Most importantly, I move quickly, act decisively, communicate often, and deliver lending solutions. Call me at 310-853-1659 or send me an email message. I look forward to closing the next loan with you!”

License Information
CA DRE - 01204705

Don Pelgrim

CEO

JD

Don is a real estate attorney and former banker with over 30 years of real estate lending experience.

License Information
CA DRE Broker - 00944722

Completed Transactions

Loan Request

Short Description of your Loan Request or Property Address

This information is about yourself, not the subject property.

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(temp use, storage, billboard, parking, etc.)

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Requested loan amount divided by the purchase price + rehab/construction costs

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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(temp use, storage, billboard, parking, etc.)

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Requested loan amount divided by the purchase price + rehab/construction costs

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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how will the loan be paid off?

acres

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