Bridge Loan Secured by Palm Desert Office Building and Raw Land

Funded by Wilshire Quinn Capital, Inc.

$5,500,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

11/15/2013

Property Type
Commercial Land
Office
Property City

Palm Desert

Property State

CA

Interest Rate

%

Origination Points

%

Deal Summary

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%.

Funded By

Wilshire Quinn Capital, Inc.

Bridge Loans for Commercial and Residential Property Nationwide