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Wilshire Quinn Provides $990,000 Refinance Loan in Salt Lake City, Utah

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Wilshire Quinn Provides $990,000 Refinance Loan in Salt Lake City, Utah

Wilshire Quinn Capital, Inc. announced that its private mortgage fund, the Wilshire Quinn Income Fund, has provided a $990,000 refinance loan in Salt Lake City, Utah.

PR Newswire

SAN DIEGO, Aug. 16, 2018 /PRNewswire-PRWeb/ -- Wilshire Quinn Capital, Inc. announced Monday that its private mortgage fund, the Wilshire Quinn Income Fund, has provided a $990,000 First Trust Deed loan in Salt Lake City, Utah.

The subject property is a commercial hotel consisting of 11,242 square feet on 1.07 acres.

"In this loan scenario the borrower's existing loan was coming due and they needed to refinance quickly. We were pleased with the hotel's operating income, the location of the property, and the creditworthiness of the borrowers," said Director of Business Development Matthew Mielke.

The property was appraised this month for $1,675,000, giving Wilshire Quinn a total loan-to-value of 59 percent on the transaction.

In addition to commercial hotels, Wilshire Quinn provides bridge loans on a wide variety of property types including office, industrial, retail, mixed-use, multi-family, and non-owner occupied SFRs. With over $120 million in loans funded since 2011, Wilshire Quinn has become a premier California hard money lender.

As for Wilshire Quinn's typical borrowers, their customer base is fairly diverse; borrowers range from corporations looking for rehab financing, to individuals who are looking to purchase or refinance an investment property. Wilshire Quinn 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 direct private money lender focused on bridge loans, secured by first trust deeds. The company is based in San Diego, CA with offices in Los Angeles and San Francisco. Wilshire Quinn typically funds loans in 5 to 7 business days and offers a variety of loans such as: refinance, purchase, blanket, rehab loans, 1031 exchange, partnership buyouts, probate loans and more. Wilshire Quinn is a bridge loan lender that originates private money loans ranging from $200,000$10,000,000 and works with commercial and residential buyers nationwide.

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. Portions of the loan described above may be sold to third party purchasers and does not necessarily reflect the amount held in the Fund's loan portfolio. 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 Offering Circular for the Wilshire Quinn Income Fund, LLC.

 

SOURCE Wilshire Quinn Income Fund, LLC

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