Last week, Wilshire Quinn Capital announced that its private mortgage fund, the Wilshire Quinn Income Fund, funded a $1,465,000 first trust deed private money loan secured by two residential investment properties – one in Southern California and the other in Massachusetts. The Borrower needed to pull cash out from the properties to use for business purposes. The first property is a single family home in Ranch Mirage, near Palm Springs, CA. The property is located on a golf course, consists of 3,700 square feet and was appraised for $775,000. The Martha’s Vineyard property sits on a 1.21 acre lot with ocean and bay views. The single family residence consists of 4 bedrooms, 3 and one-half baths and 4,700 square feet. The house was built in 2003 with an open floor plan and wrap around deck. The property appraised for $5,275,000. The cumulative value of the two properties secured by our 1st trust deed private money loan is $6,050,000, giving the Fund a total loan-to-value of less than 25 percent.
Wilshire Quinn Capital is a direct private mortgage lender based in San Diego. We have provided many private money loans in which multiple properties were cross collateralized. This transaction is one of the few we’ve done which involved a property outside of California. View our lending guidelines and see more of our recent transactions.