Deal Details
Private Loan Type
Refinance
Approx. Funding Date
03/15/2017
Property Type
2-4 Units Residential
Property City
Inglewood
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
25%
Building Square Footage
3,430
Lot Acreage
0.2
Deal Summary
Wilshire Quinn Capital, a portfolio bridge lender, funded a $240,000 1st lien position equity cash-out loan for a 4-unit apartment complex in Inglewood, LA County, CA. The loan allowed the Borrower to pull cash out of the property which will be used for the down payment on another investment property. The multi-family property consists of 4 units totaling 3,430 square feet on a 10,400 square foot lot. The property was appraised last month for $950,000, resulting in a total loan-to-value of 25 percent. This equity cash-out bridge loan was funded in March 2017.