Our loan amount on this transaction equates to roughly 36 dollars per square-foot, which at the current time, is far below the average price for industrial real estate in the Los Angeles area. - Dan Goldberg, Director of Origination
SAN DIEGO (PRWEB) May 18, 2018
Wilshire Quinn Capital, Inc. announced Friday that its private mortgage fund, the Wilshire Quinn Income Fund, has provided a $4,750,000 First Trust Deed loan in El Monte, California.
The subject property is an industrial warehouse consisting of 131,137 square feet. The property was appraised earlier this month for $7,900,000, giving Wilshire Quinn a total loan-to-value of 60 percent on the transaction.
“Ascertaining the value of the properties we lend on is paramount to our underwriting process. Our loan amount on this transaction equates to roughly 36 dollars per square-foot, which at the current time, is far below the average price for industrial real estate in the Los Angeles area,” Director of Origination Daniel Goldberg said.
With increased competition for industrial space and commercial real estate in general, investors and business owners are seeking immediate real estate financing options from a Los Angeles hard money lender like Wilshire Quinn.
Added Goldberg, “Demand for industrial buildings in the Los Angeles market has been on the rise for the last several years. As demand outpaces supply, tenants looking to launch or expand their businesses have been forced to look at other options outside of the LA market.”
In addition to industrial properties, Wilshire Quinn provides financing on a wide variety of property types including office, retail, mixed-use, multi-family, and non-owner occupied SFRs. Wilshire Quinn’s loan types include purchase, refinance, cash-out refinance, rehabs, 1031 exchange, and partnership buyouts.
As for Wilshire Quinn’s typical borrowers, their customer base is fairly diverse; borrowers range from corporations looking for construction 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 short term 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 for their customers in 5-7 days. Their successful track record is closely linked to their ability to make immediate lending decisions based on their highly disciplined underwriting approach. The company funds a variety of loans such as: refinance, purchase, blanket, rehab loans, 1031 exchange, partnership buyouts, and more. They originate hard money loans ranging from $200,000 – $10,000,000. Wilshire Quinn 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.