San Diego, CA

$800,000

Single Family Residence

Purchase

03/13/2015
Transaction by
Wilshire Quinn Capital, Inc.
In March 2015, Wilshire Quinn Capital funded a private money bridge loan for the purchase of a single family home in Point Loma, San Diego. The Borrower purchased the property from a probate sale and had a tight closing deadline. He used three of his other rental properties as collateral to get the cash needed for the new investment purchase. All were owned free-and-clear of liens and located nearby in Point Loma. The three properties were appraised collectively for $2,565,000 so the total loan-to-value is only 31%. The loan term for this 1st trust deed mortgage is 1 year. The Borrower plans to rehab the property, locate a tenant and then refinance with a conventional loan.