SAN DIEGO, May 24, 2019 (GLOBE NEWSWIRE) -- Wilshire Quinn Capital, Inc. announced Friday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $1,650,000 refinance loan on a multi-family property in Los Angeles, California.
The 8-unit complex is comprised of 5,349 square-feet and is located in the Wilshire Park neighborhood of Los Angeles. The property has been fully renovated and was appraised this month for $2,500,000, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 66 percent on the transaction.
“Multi-family properties located in densely populated areas of Los Angeles continue to be in high demand by investors, as rental demand remains strong. We will continue to fund loans quickly on properties that create strong rental income,” Director of Business Development Matthew Mielke said.
Wilshire Quinn typically funds loans in 5 to 7 business days and originates bridge loans ranging from $200,000-$10,000,000. Wilshire Quinn works directly with real estate owners and mortgage professionals nationwide.
As for Wilshire Quinn’s typical borrowers, their customer base is fairly diverse; borrowers range from builders looking for rehab financing, to individuals who are looking to purchase or refinance an investment property. Wilshire Quinn, a California hard money lender, provides financing to borrowers who are unable to obtain credit from traditional lending institutions or need to close quickly on a property.
ABOUT WILSHIRE QUINN
Wilshire Quinn is a San Diego hard money lender, Los Angeles hard money lender, and Seattle hard money lender, and provides financing to borrowers who are unable to obtain credit from traditional lending institutions or need to close quickly on a property. Wilshire Quinn will consider lending on properties located nationwide including San Francisco, Portland, and New York.
Loans are made or arranged by Wilshire Quinn Income Fund, LLC pursuant to California Finance Lenders Law license #603J060. Wilshire Quinn Capital, Inc. serves as manager of the Wilshire Quinn Income Fund, LLC. The information above is deemed reliable but is not guaranteed. Nothing contained in the information above is an offer or solicitation for the purchase or sale of any security. Any such offer to purchase securities will be made only through the Private Placement Memorandum of Wilshire Quinn Income Fund, LLC.