On September 26, 2023, Wilshire Quinn Capital made an announcement regarding its latest financial transaction. The Wilshire Quinn Income Fund extended a noteworthy $1,600,000 cash-out refinance loan in the bustling city of San Francisco, California.
LOAN DETAILS
Loan Amount: This transaction involves a substantial loan amount of $1,600,000, underlining the financial significance of the deal.
Loan Type: This is a Cash-Out Refinance loan, offering the borrower the flexibility to access equity in the property.
Lien Position: The loan holds the 1st Trust Deed (TD) position, ensuring priority and security in the event of any future property transactions.
Property Type: The subject property is a Mixed-Use building, featuring both residential and commercial spaces, adding to its versatility and value.
Loan-To-Value: Following a comprehensive appraisal, the property was valued at a substantial $2,890,000. This valuation results in a notable loan-to-value ratio of 55 percent for Wilshire Quinn, showcasing the fund’s prudent lending approach.
Term: This financial arrangement features a 12-month term, outlining the timeline for this strategic financial move.
PROPERTY HIGHLIGHTS
Prime Location: Notably, the property enjoys a prime location, bordering San Francisco’s Historic Civic Center District, known for its cultural and architectural significance.
Future Development: Of particular note, this property has received entitlements for the construction of 109 multi-family units, underlining its potential for future development and growth.
Wilshire Quinn’s involvement in this transaction highlights its expertise in private lending and its ability to strategically support real estate endeavors. This significant loan underscores the fund’s commitment to providing financing solutions that meet the diverse needs of its clients in the dynamic San Francisco real estate market.
