Palm Desert, CA

$5,500,000

Commercial Land, Office

Refinance

11/15/2013
Transaction by
Wilshire Quinn Capital, Inc.
In November 2013, the Wilshire Quinn Income Fund financed a $5.5M bridge loan to cash out equity on a 6,100 square foot office building in Palm Desert. The borrower is a local real estate developer who needed funds to pay for soft costs to entitle/develop his 491-acres of land in Cathedral City. Wilshire Quinn secured a 1st trust deed on the land and cross-collateralized with the office building. The combined appraised value of both properties was approximately $35M so the loan-to-value on this bridge loan was just 16%.