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Deal Details
Private Loan Type
Commercial Property Value Add
Approx. Funding Date
03/26/2019
Property Type
Property City
San Diego
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$2,500,000
Loan-to-Value
73%
Property Neighborhood
North Park
Number of Units
6
Lot Square Footage
6,971
Deal Summary
Wilshire Quinn Capital, a portfolio bridge lender, funded a $1,825,000 1st lien position purchase and rehab loan for a multifamily property in the North Park neighborhood of San Diego, California. The property has 6 apartment units and a single-family residence, on a 6,971-square-foot lot. In this lending scenario, we were approached by a seasoned investor and developer, with an 800 plus credit score, who has an outstanding track record of rehabbing multi-family properties in the San Diego area. We feel extremely confident in the Borrower’s ability to execute the renovation plan and deliver a highly desirable product once completed. The property was appraised at $2,500,000 so our loan-to-value was 73 percent. This private money loan was funded in March 2019.
Funded By
Wilshire Quinn Capital, Inc.
Bridge Loans for Commercial and Residential Property Nationwide