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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
02/15/2015
Property Type
Portfolio of Residential Properties
Single Family Residence
Property City
Redondo Beach
Property State
CA
Interest Rate
%
Origination Points
%
Deal Summary
In February 2015, Wilshire Quinn Capital funded a blanket bridge loan secured by 8 single family rental homes located in Redondo Beach, Santa Ana and Riverside. The Borrower is an experienced developer. He needed to cash out equity on his 8-property portfolio to use for a large construction project. All eight homes were rented out and owned free-and-clear. The estimated value of the portfolio is $3.3M so the loan-to-value of this 1st trust deed bridge loan is 60%. The Borrower plans to refinance to pay off the loan within 1 year.
Funded By
Wilshire Quinn Capital, Inc.
Bridge Loans for Commercial and Residential Property Nationwide