SAN DIEGO--(BUSINESS WIRE)--Wilshire Quinn Capital announced Friday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $2,170,000 refinance loan on an office building in Fresno, California.
The 6-story building is located in the business district of Downtown Fresno. The property is comprised of 45,786 square-feet and Bank of the West serves as the anchor tenant.
The property appraised this month for $3,760,000, giving the Wilshire Quinn Income Fund a total loan-to-value ratio of 59 percent on the transaction.
“As we enter a new year, we continue to focus on holding loans in our portfolio secured by cash flowing properties with substantial equity. Our borrowers understand that speed is our strongest asset, as this particular loan was funded in six business days after the request for capital was made,” CEO Christopher M. Garcia said.
Wilshire Quinn, a California hard money lender, 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.
ABOUT WILSHIRE QUINN
Wilshire Quinn is a San Diego private money lender, Los Angeles private money lender, and San Francisco private 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 Seattle, Portland, Denver, 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.