Riverside, CA

$910,000

Retail

Refinance

03/16/2015
Transaction by
Wilshire Finance Partners
$910K Private money refinance loan secured by a 4-unit retail property in Riverside, CA. The Borrower was cross defaulted with his previous lender because they stopped funding a construction loan on a lot he purchased in 2007. The previous lender was willing to take the payoff and release him from his liability on the underfunded construction loan. The estimated value of the property is $1,800,000 so this bridge loan is only 50% LTV. The Borrower brought in all the closing costs in cash and Wilshire funded in just 8 days.