Imperial Beach, CA

$2,450,000

Portfolio of Residential Properties, Single Family Residence

Residential Rehab

06/15/2015
Transaction by
Wilshire Quinn Capital, Inc.
$2.45MM hard money loan for the acquisition and rehab of two beachfront properties in Imperial Beach, San Diego County. 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 consist 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 1 year. This hard money loan was funded in June 2015.