Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
07/15/2015
Property Type
Single Family Residence
Property City
Long Beach
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$825,000
Loan-to-Value
55%
Building Square Footage
2,100
Lot Square Footage
9,000
Deal Summary
Wilshire Quinn Capital, a portfolio bridge lender, funded a $450,000 1st lien position private money loan was a vacant single-family home in Long Beach, California. The proceeds from the loan are being used to complete a minor rehab on the property. The property consists of more than 2,100 square feet with 4 bedrooms, and 2 baths, on a 9,000 square foot lot. The property was appraised for $825,000 so the loan-to-value is 55% LTV. We paid off the previous lender and provided the equity cash-out funds just 4 days after the initial request. The Borrower plans to rent the home and a bank refinance will pay off this 1st trust deed private mortgage.