Private Money Refinance Loan for 2 Investment Properties in Massachusetts and California

Wilshire Quinn Capital, a portfolio bridge lender, funded a $1,465,000 1st lien position private money loan secured by two residential investment properties – one in Southern California and the other in Massachusetts. The Borrower needed to pull cash out from the properties to use for business purposes. The first property is a single-family home in Ranch Mirage, near Palm Springs, CA. The property is located on a golf course, consists of 3,700 square feet, and was appraised for $775,000. The Martha’s Vineyard property sits on a 1.21-acre lot with ocean and bay views. The single-family residence consists of 4 bedrooms, 3 and one-half baths, and 4,700 square feet. The house was built in 2003 with an open floor plan and wrap-around deck. The property was appraised for $5,275,000. The cumulative value of the two properties secured by our 1st trust deed private money loan is $6,050,000, giving the Fund a total loan-to-value of less than 25 percent. This private money loan was funded in October 2016.