)
Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
06/15/2015
Property Type
Property City
Imperial Beach
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$4,100,000
Loan-to-Value
60%
Deal Summary
Wilshire Quinn Capital, a portfolio bridge lender, funded a $2,450,000 1st lien position hard money loan for the acquisition and rehab of two beachfront properties in Imperial Beach, San Diego County, CA. The Borrower is an experienced developer with a track record of adding value to properties. The properties are a triplex and an adjacent single-family residence. Each of the triplex’s three units consists of 2 bedrooms and 2 baths, with 860 square feet each. The house has 2 bedrooms and 2 baths, with a 2 car garage. Both properties have panoramic ocean views. The combined appraised value of both properties is $4,100,000 so loan-to-value is 60%. The Borrower plans to rehab and either rent or sell the properties to pay off this 1st trust deed bridge loan within the 12-month loan term. This hard money loan was funded in June 2015.
Funded By
Wilshire Quinn Capital, Inc.
Bridge Loans for Commercial and Residential Property Nationwide