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Deal Details
Private Loan Type
Commercial Property Value Add
Approx. Funding Date
05/15/2017
Property Type
Property City
San Diego
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Number of Units
14
Building Square Footage
11,900
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Deal Summary
Wilshire Quinn Capital, a portfolio bridge lender, funded a $2,450,000 1st lien position private loan for the purchase and renovation of a 14-unit multifamily property in San Diego, California. The Borrower plans on rehabbing and then selling the property in the next 12 months. The property is an 11,900-square-foot multi-family apartment building, consisting of 14 units. The unit mix is comprised of 10 three-bedroom, one-bath units; 3 two-bedroom, one-bath units; and a one-bedroom, one-bath unit. The property was appraised last month for $4,100,000 so the loan-to-value is just under 60%. This value-added loan was funded in May 2017.
Funded By
Wilshire Quinn Capital, Inc.
Bridge Loans for Commercial and Residential Property Nationwide