Wilshire Finance Partners, a Los Angeles-based commercial real estate lending institution, has launched its second real estate mortgage pool fund to raise $100 million to make commercial property loans. The new fund, Wilshire Income Fund II, is the company's first fund to target borrowers and investors nationwide.
‘Our initial fund was only available to California residents,’ says Kevin DeMeritt, president. ‘The company recently filed a Regulation D and is now approved to open Wilshire Income Fund II to investors and borrowers nationwide.’
‘Reduced property values, combined with stricter lending criteria, are making it increasingly difficult for commercial property owners to obtain financing from conventional lenders,’ DeMeritt adds. ‘Unable to obtain loans from traditional sources, they are turning to private lending institutions, such as Wilshire Finance Partners, for short-term loans. This has opened up a window of opportunity for private lending institutions to profit by making commercial real estate loans.’
Source: Wilshire Finance Partners