Private Money Loan for Pacific Beach Rehab Project

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.