Refinance Bridge Loan for Palm Springs Residential Property

Funded by Wilshire Quinn Capital, Inc.

Palm Springs, CA


Single Family Residence


Transaction by
Wilshire Quinn Capital, Inc.
In November 2014, the Wilshire Quinn Income Fund financed a $510K bridge loan secured by a vacant single family home in Palm Springs. The Borrower needed to refinance and cash out equity to use for a new business. The property is a single family residence built in 2006, consisting of 3,400 square feet with 3 bedrooms and 3.5 baths, with a pool and spa. The appraised value is $850K so the loan-to-value is 60% LTV. We paid off the previous lender and provided the cash out funds 7 days after the initial request. The Borrower plans to sell the home soon which will pay off this 1st trust deed mortgage.