Refinance Bridge Loan Secured by 5 Properties in Newport Beach, Southern California

Funded by Wilshire Quinn Capital, Inc.

$7,400,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

08/15/2016

Property Type
Commercial Land
Single Family Residence
Property City

Newport Beach

Property State

CA

Lien Type

1st Mortgage

Payment Type

Interest Only

Deal Summary

Wilshire Quinn Capital, a portfolio bridge lender, funded a $7,400,000 1st lien position bridge loan secured by 5 residential properties in Newport Beach, CA. The loan was provided to a seasoned real estate developer in order to complete the construction of two single family residences in Newport Beach. The two properties that were used as primary collateral for the loan are located in the Newport Heights area of Newport Beach. Each home consists of approximately 5,000 square feet and has extensive ocean views. A single family residence in Santa Monica consisting of 3,200 square feet and a 21 acre parcel comprised of 71 lots in Menifee were also used as primary collateral for the loan. The loan was also cross-collateralized by a 16,000-square-foot lakefront home in Lake Arrowhead, CA. This refinance bridge loan was funded in August 2016.

Funded By

Wilshire Quinn Capital, Inc.

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