Wilshire Quinn Provides $2,900,000 Rehab Loan in San Diego, CA
SAN DIEGO (PRWEB) May 14, 2018 -- Wilshire Quinn Capital announced that its private mortgage fund, the Wilshire Quinn Income Fund, has provided a $2,900,000 rehab loan in San Diego, California. The loan was also cross collateralized by another industrial building in Las Vegas, Nevada in a first lien position.
The subject properties consist of two industrial buildings that will be utilized as commercial kitchens. The two properties are comprised of 31,729 square feet.
“We are pleased to announce the latest loan in our portfolio. The borrower required funding in order to start construction on a commercial kitchen at their existing San Diego location. We felt extremely comfortable with not only the equity in the property, but the overall strength of the borrower and their proven track record of success,” CEO & Chief Investment Officer Christopher M. Garcia said.
Commercial kitchens and commissaries are commercial-grade facilities that are licensed for food service providers to prepare and store food. Food truck owners, bakers, independent chefs, and others use commercial kitchens or commissaries when upgrading their home kitchen for professional use is out of their budget, or if the city does not allow a chef to cook in a mobile food truck.
“We are extremely fortunate to work with a lender who understands not only how our business operates but has the resources to underwrite loans quickly. Wilshire Quinn has been an ideal partner for our financing needs,” said Aaron Aftergood, Managing Member of Reba’s Kitchens LLC, based out of Los Angeles.
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 hard money loans to borrowers who are unable to obtain credit from traditional lending institutions or need to close quickly on a property.
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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 hard money 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. 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 of the Wilshire Quinn Income Fund, LLC.
Daniel Goldberg, Wilshire Quinn Capital, Inc, https://www.wilshirequinn.com, 619-872-6000, [email protected]
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