Palm Springs, CA

$510,000

Single Family Residence

Refinance

11/14/2014
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.