Lake Arrowhead, CA

$1,650,000

Residential Land, Single Family Residence

Refinance

01/15/2015
Transaction by
Wilshire Quinn Capital, Inc.
In January 2015, the Wilshire Quinn Income Fund financed a $1.65M private bridge loan secured by 3 investment properties in Riverside and San Bernardino County, CA. The Borrower is an experienced home builder who had a prior relationship with the lender. He needed to cash out equity on his properties to use for a large construction project. The properties that were used as primary collateral for the loan were 40 acres of entitled land in Riverside and a 72-acre parcel in Menifee. The loan was also cross collateralized by a luxury lakefront home in Lake Arrowhead, consisting of 16,000 square feet, 10 bedrooms, and 17 baths. The combined loan-to-value for this bridge loan is just 25% LTV, and the loan term was 1 year.