Redondo Beach, CA

$2,000,000

Portfolio of Residential Properties, Single Family Residence

Refinance

02/15/2015
Transaction by
Wilshire Quinn Capital, Inc.
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.