Wilshire Quinn Capital, Inc. announced Friday that its private mortgage fund, the Wilshire Quinn Income Fund, has provided a $765,000 First Trust Deed loan in San Diego, California.
SAN DIEGO, CA – Wilshire Quinn Capital announced Friday that its private mortgage fund, the Wilshire Quinn Income Fund, has provided a $765,000 First Trust Deed loan in San Diego, California. The loan allowed the borrower to pull cash out for business purpose. Located in the Del Cerro area of San Diego, the single family residence consists of 4 bedrooms, 4 baths and 4,000 square feet, on a 0.41 acre lot. The property was appraised last month for $1,275,000, giving the Wilshire Quinn Income Fund a total loan to value of 60 percent on the transaction.
“Our fund continues to search for lending opportunities in strong areas on properties that have substantial equity. We will remain disciplined in our approach and will continue seeking opportunities in strong metropolitan areas such as San Diego,” Director of Origination Daniel Goldberg said.
Wilshire Quinn Capital is a hard money lender in San Diego. Unlike traditional lenders, private money lending institutions focus more upon on the equity in a property relative to the borrower’s credit score. The underwriting and funding process can take place in a matter of days instead of weeks or months. Wilshire Quinn continues to fund hard money loans in New York and across the nation.