Private Money Loan for Pacific Beach Rehab Project

Funded by Wilshire Quinn Capital, Inc.

$1,050,000

Deal Details

Private Loan Type

Residential Rehab

Approx. Funding Date

12/15/2014

Property Type
Single Family Residence
Property City

San Diego

Property State

CA

Interest Rate

%

Origination Points

%

Deal Summary

In December 2014, Wilshire Quinn Capital funded a private money loan secured by a single family home in the Pacific Beach neighborhood of San Diego, CA. The Borrower already owned the property with an existing first mortgage. We paid off the previous lender and provided the funds needed to remodel the property. The rehab funds were placed in a builder’s control fund to facilitate the remodel project. The Borrower plans to sell the home upon completion which will pay off the 1st trust deed private mortgage within 1 year. The sale price is estimated to be $1.75M so the loan-to-value for this loan is 60% LTV.

Funded By

Wilshire Quinn Capital, Inc.

Bridge Loans for Commercial and Residential Property Nationwide