Wilshire Quinn Capital Review: Terms, Fund and Fees (2026)

Why this review exists

Search for “wilshire quinn” and the results are the company's own pages, lender directories and review aggregators that repeat its star rating. They give the headline terms: a rate range, a points range and a loan size. They do not set those terms against the company's own SEC documents, and they do not mention that a borrower is dealing with a pooled investment fund that has hundreds of investors and a manager paid by fund performance. This page reads the manager's Form ADV brochure, the fund's Form D filings, the company's current pages and the court and consumer records we could reach, and puts them side by side. For how its headline range compares with the market, see our hard money loan rates guide and our page on hard money lenders in California.

1. Who the company is

There are three entities, and the borrower and the investor deal with different ones.

The about page says “The Wilshire Quinn Income Fund, LLC is a California Finance Lender (CFL) licensed by the California Department of Business Oversight [License #603J060].” A July 11, 2025 press release adds NMLS number 2282570 and says loans are made or arranged by the fund in California under that licence. Both are the company's statements: we could not open the DFPI licence register or NMLS Consumer Access, so licence status is not verified here.

The brochure describes the structure plainly. The manager “serves as the sponsor and managing member” of the fund and, in its words, “Thus, Wilshire Quinn Capital is not independent of the Wilshire Quinn Income Fund.” The fund “began in September of 2011,” and the manager's only client is that fund. Item 9 of the brochure, disciplinary information, reads: “Item 9 is not applicable to this Disclosure Brochure because there are no legal or disciplinary events that are material to a client’s or prospective client’s evaluation of our business or integrity.” That is the firm's own statement in a federal filing, dated January 2026.

The bridge loans page calls the company “A nationwide direct lender, not a broker.” The fund's own source of loan money is its investors, which is why the second half of this page reads the fund.

2. The terms it publishes

The property list on the same page is mostly commercial: multifamily, office, retail, industrial, hotels and motels, parking structures, self-storage, assisted living and mobile home parks, plus rehab and non-owner-occupied single family. The about page describes borrowers as corporations and individuals buying or refinancing investment property, and the July 2025 press release says “Mortgage loan products are offered to qualified borrowers for business or commercial purposes only.”

Where the company's own documents disagree

None of these proves a broken promise: a brochure describes the fund's practice across all loans, a press release is older than a page, and a generic explainer is not a quote. They do mean the 1-to-5-point range is the number to confirm in writing, because the document filed with the SEC describes a higher average and a ceiling of 15%.

3. What its recent-loans page shows

The recent-loans page lists 256 funded loans with city, state, amount, loan type, property type, loan-to-value and term. The page carries no dates, so it is a gallery, not a ledger. We parsed every entry (our count and sums).

For a borrower the page says two things. First, the typical listed loan is a $1.5 million commercial or multifamily refinance in California, not a $300,000 flip: 39 of 256 listed loans are below $500,000. Second, 12 months is the standard term, and 44 of 256 (17%) run 18 or 24 months, so the “6 to 18 months” on the lending options page understates what the page itself shows. Listings are marketing selections: we cannot say how many loans were extended, modified or went into default, and the company publishes no such figure.

4. What a $300,000 loan costs under its published terms

This is our arithmetic on a $300,000 first-trust-deed loan held 12 months, interest-only, with the full amount outstanding all year and before title, escrow and any broker fee. Cost is interest plus points.

If the loan is extended, the brochure says extension and modification fees are “typically between one and three percent (1-3%) of the original loan amount but could be higher depending on market rates and conditions,” which is $3,000 to $9,000 on $300,000 (our arithmetic). The site says there is no prepayment penalty, so repaying early reduces interest but not the points. We found no published fee schedule for default interest, late fees or draw fees, and we did not find a sample term sheet. We did not save a competitor's published terms for a side-by-side, so no competitor is compared here.

5. The investor fund

The same entity that lends is an investment product. This section is about what the SEC filings show, for a reader considering an investment or a borrower who wants to know who funds the loan. It is analysis of public documents and not a recommendation to buy or avoid the fund.

The table shows six of the seven filings; the September 11, 2019 amendment repeats the September 10, 2019 figures. The filings show an offering whose first sale was August 31, 2018, claimed under Rule 506(c), with no non-accredited investors. From August 27, 2021 to May 6, 2026 the amount sold rose by $86,506,453 and investors by 346 (our arithmetic), and the average sold per investor was about $313,884 (our arithmetic: $186,447,066 divided by 594). The EDGAR filing list shows no Form D amendment between the 2021 and 2026 filings. The Form D covers the offering that began in 2018, not the fund's whole history, and the fund says it began in 2011. The subsidiary REIT's January 27, 2022 Form D reports $0 sold of $125,000.

The brochure reports that the manager “manages $188,421,541 in assets (loans and cash)” as of November 30, 2025, and describes how the manager is paid:

At the fund-level fee of 2%, the November 30, 2025 asset figure implies about $3,768,431 a year (our arithmetic: $188,421,541 times 0.02; the fee base is defined more broadly than loans and cash, so the real figure may differ). The brochure says the fund is audited annually by a PCAOB-registered firm and that audited statements go to investors within 120 days of year end; those statements are not public, and we did not see them. The management page says the fund “has realized high single digit returns on an annual basis (net of all fees)”: that is the company's claim, not an audited figure we read. The brochure's own risk language says “investors must be prepared to hold these investments indefinitely.”

Two structural points follow from the documents. The brochure states that borrower-side fees on defaulted or modified loans are kept by the fund, which means a borrower who pays a high fee funds the fund's return; and the manager is paid a share of profit, which the brochure itself says “can encourage unnecessary speculation.” Our summary: a borrower deals with a lender whose economics depend on the fees it charges; an investor holds an illiquid, accredited-only private interest.

6. Regulator and court record

• HMDA. The name is absent from the FFIEC HMDA filer lists for 2023, 2024 and 2025 (5,135, 4,927 and 4,791 institutions; searched for “wilshire” and “quinn” on November 13, 2026), so there is no HMDA loan count. Loans described as business or commercial purpose are usually outside HMDA, so the absence is not a finding.
• SEC adviser record. Manager: SEC-registered since April 26, 2023 after withdrawing an exempt-reporting-adviser status on March 25, 2023; California registration shows “Terminated” as of July 28, 2022 with a notice filing from April 26, 2023 (IAPD record, generated January 22, 2026). The brochure reports no disciplinary events.
• BBB. A BBB search for “Wilshire Quinn” on November 13, 2026 returned no results, so there is no BBB complaint count. The company's home page cites “Based on 119 reviews” with a 5.0 rating; that is the company's embedded display, not an independent count.
• Federal courts. A Justia party search on November 13, 2026 lists three federal cases naming a Wilshire Quinn defendant, all with the same individual plaintiff: Northern District of California 3:2023-cv-01640 (filed April 5, 2023, categorized “Real Property: Foreclosure”), Northern District of California 4:2024-cv-04112 (filed July 8, 2024, “Contract: Other”), and Ninth Circuit 26-3209 (filed May 19, 2026, “Contract: Other Contract Actions”, also naming the REIT subsidiary). We did not read the filings or their outcomes, so we make no statement about merits.
• State courts. Web results include aggregator pages for a state-court suit by an individual against the REIT subsidiary; we could not read a primary docket, and state courts were not searched. We make no statement about state litigation either way.

7. What we could not check, and where this lender may fit

• Licences. DFPI's licence register and NMLS Consumer Access were not reachable. The licence number and NMLS number above are the company's. Look both up before paying any fee.
• Loan performance. No delinquency, extension, default or foreclosure figure is published. The fund's audited financial statements, which would show them, are given to investors only.
• Complaints. The CFPB complaint database blocked our request, so complaint counts there are unknown.
• Terms in practice. We read no term sheet and no loan agreement.

On its published terms, Wilshire Quinn suits a borrower with substantial equity who needs a first-lien bridge loan on income-producing or commercial property, a loan size from about $200,000 and a fast close, and who can accept 9% to 12% interest plus points that, per the brochure, can average above the site's range. It is not set up for owner-occupied residential. Our rating of 3.6 out of 5 reflects a published term sheet, an SEC-registered manager with a long record and no disclosed discipline, and a fund with a growing investor base, held back by the gap between the site and the brochure on fees, loans above the stated LTV cap, and records we could not read.

8. What a reader can do with this

• Ask for a written term sheet that names the lender of record (the fund, not the manager), the licence that covers the property's state, and every fee: points, extension, modification, default interest, late and draw fees.
• Ask directly where your deal falls against the brochure's “average between two to eight percent” and the site's 1 to 5 points, and run your numbers through the table above.
• Look up licence 603J060 and NMLS 2282570 on the DFPI and NMLS registers before paying an application, appraisal or due-diligence fee.
• If you are weighing the fund as an investment, read the private placement memorandum and the latest audited statements the brochure says investors receive; the Form D data above is only the SEC's summary. Compare the 2% plus 20% fee structure with other private lenders, for example in our private money lender guide.
• Compare at least two other lenders on the same deal, including a review of a peer with a court record, such as our Kennedy Funding review.

Sources: Wilshire Quinn Capital website pages (lending options, bridge loans, about us, invest, management team, press, recent loans, a blog post dated October 6, 2023), read November 13, 2026; Form ADV Part 2A brochure of Wilshire Quinn Capital, Inc. (CRD 148012), dated January 2026; SEC IAPD firm record, CRD 148012; SEC EDGAR Form D accessions 0001751934-18-000001, 0001751934-18-000002, 0001751934-19-000001, 0001751934-19-000002, 0001751934-20-000001, 0001751934-21-000001, 0001751934-26-000003 (Wilshire Quinn Income Fund, LLC, CIK 1751934) and 0001907282-22-000001 (Wilshire Quinn Income Fund REIT, LLC, CIK 1907282); Wilshire Quinn press release, PR Newswire, July 11, 2025; FFIEC HMDA filer lists, 2023 to 2025; BBB search, November 13, 2026; Justia Dockets party search, November 13, 2026. This is analysis of public documents, not investment, legal or tax advice.