Refinance Bridge Loan for Palm Springs Residential Property

Funded by Wilshire Quinn Capital, Inc.

$510,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

11/14/2014

Property Type
Single Family Residence
Property City

Palm Springs

Property State

CA

Interest Rate

%

Origination Points

%

Deal Summary

In November 2014, the Wilshire Quinn Income Fund financed a $510K bridge loan secured by a vacant single family home in Palm Springs. The Borrower needed to refinance and cash out equity to use for a new business. The property is a single family residence built in 2006, consisting of 3,400 square feet with 3 bedrooms and 3.5 baths, with a pool and spa. The appraised value is $850K so the loan-to-value is 60% LTV. We paid off the previous lender and provided the cash out funds 7 days after the initial request. The Borrower plans to sell the home soon which will pay off this 1st trust deed mortgage.

Funded By

Wilshire Quinn Capital, Inc.

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