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Deal Details
Private Loan Type
Commercial Property Value Add
Approx. Funding Date
04/19/2019
Property Type
Property City
West Hollywood
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$4,640,000
Loan-to-Value
47%
Loan-to-After-Repair Value
34%
Building Square Footage
2,555
Lot Square Footage
10,046
Deal Summary
Wilshire Quinn Capital, a portfolio bridge lender, funded a $2,200,000 1st lien position private money bridge loan for the rehab of a retail property in West Hollywood, California. The commercial retail building is currently comprised of 2,555 square feet set in a 10,046-square-foot lot. The renovation will include the addition of a second story, adding 2,781 square feet, and will total 5,336 square feet upon completion. The property was appraised on an as-is basis for $4,640,000. Our loan amount equates to 47 percent of the as-is value, and 34 percent of the after-repair value, which we believe is a strong rehab loan scenario for our fund. We also cross-collateralized a single-family residence in the Los Angeles area. This CRE private money loan was funded in April 2019.
Funded By
Wilshire Quinn Capital, Inc.
Bridge Loans for Commercial and Residential Property Nationwide