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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
08/15/2013
Property Type
Single Family Residence
Property City
Santa Monica
Property State
CA
Interest Rate
%
Origination Points
%
Deal Summary
In August 2013, the Wilshire Quinn Income Fund financed a $2.8M hard money loan for a single family home in Santa Monica. The loan included the acquisition of the property and construction costs. The Borrower is an experienced real estate investor, he plans to rehab and resell the property upon completion. We secured a 1st trust deed on the home and also cross collateralized with another home in Santa Monica and 40 acres of entitled land in Riverside County. The properties were appraised collectively for $7.5M so the LTV of this loan was 37%.
Funded By
Wilshire Quinn Capital, Inc.
Bridge Loans for Commercial and Residential Property Nationwide