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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
10/15/2013
Property Type
Hotel
Property City
Victorville
Property State
CA
Interest Rate
%
Origination Points
%
Deal Summary
In October 2013, the Wilshire Quinn Income Fund financed a $2.2M bridge loan to cash out equity on a flagged hotel in Victorville, San Bernardino County, CA. The Borrower needed to cash out equity for working capital. We paid off the existing 1st mortgage balance and provided the hotel owner with the cash out funds in a timely manner. The hotel was appraised for $4.65M so the total loan-to-value on this bridge loan was just under 48%.
Funded By
Wilshire Quinn Capital, Inc.
Bridge Loans for Commercial and Residential Property Nationwide