SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
                                 (Rule 13d-102)

             INFORMATION STATEMENT PURSUANT TO RULES 13D-1 AND 13D-2
                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                            (Amendment No. [_______])




                   WILSHIRE REAL ESTATE INVESTMENT TRUST INC.
- --------------------------------------------------------------------------------
                                (Name of issuer)

                    Common Stock, par value $0.0001 per share
- --------------------------------------------------------------------------------
                         (Title of class of securities)

                                    971892104
- --------------------------------------------------------------------------------
                                 (CUSIP number)

    Check the  appropriate  box to  designate  the rule  pursuant  to which this
    Schedule is filed:

    |_| Rule 13d-1(b)
    |_| Rule 13d-1(c)
    |X| Rule 13d-1(d)




                             Page 1 of 5 Pages




CUSIP No. 971892104                   13G                      Page 2 of 5 Pages


________________________________________________________________________________
1.   NAME OF REPORTING PERSONS                 Wilshire Financial Services Group
     Inc.

     I.R.S. IDENTIFICATION NO. OF ABOVE        93-1223879
     PERSONS (ENTITIES ONLY)



________________________________________________________________________________
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [_]

________________________________________________________________________________
3.   SEC USE ONLY



________________________________________________________________________________
4.   CITIZENSHIP OR PLACE OF ORGANIZATION      Delaware



________________________________________________________________________________
  NUMBER OF    5.   SOLE VOTING POWER          990,000

   SHARES
               _________________________________________________________________
BENEFICIALLY   6.   SHARED VOTING POWER        0

  OWNED BY
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER     990,000

  REPORTING
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER   0

    WITH
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        990,000



________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                         [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                   8.6%



________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*                                           CO



________________________________________________________________________________

                               Page 2 of 5 Pages


Item 1(a).  Name of Issuer:

            Wilshire Real Estate Investment Trust Inc.

Item 1(b).  Address of Issuer's Principal Executive Offices:

            1776 SW Madison Street
            Portland, OR  97205

Item 2(a).  Name of Person Filing:

            Wilshire Financial Services Group Inc.

Item 2(b).  Address of Principal Business Office or, if none, Residence:

            1776 SW Madison Street
            Portland, OR  97205

Item 2(c).  Citizenship:

            United States

Item 2(d).  Title of Class of Securities:

            Common Stock, par value $.0001 per share

Item 2(e):  CUSIP Number:

            971892104

Item        3. If  this  statement  is  filed  pursuant  to  Rule  13d-1(b),  or
            13d-2(b), check whether the person filing is a:

            Not Applicable

Item 4.     Ownership

      (a)   Amount beneficially owned:
            990,000 shares of Common Stock, par value $.0001 per share

      (b)   Percent of class:
            8.6%

      (c)   Number of shares as to which such person has:
            (i)   Sole power to vote or to direct the vote               990,000
            (ii)  Shared power to vote or direct the vote                      0
            (iii) Sole power to dispose or to direct the disposition
                  of                                                     990,000
            (iv)  Shared power to dispose or to direct the disposition
                  of                                                           0

                             Page 3 of 5 Pages



    Other Interests

    In  addition to the  ownership  by Wilshire  Financial  Services  Group Inc.
("WFSG") of shares of the Issuer, WFSG and its officers and directors have other
relationships with the Issuer. Pursuant to a management agreement,  the business
and  investment  affairs of the Issuer are managed by Wilshire  Realty  Services
Corporation ("WRSC"), a Delaware corporation.  WRSC is a wholly-owned subsidiary
of WFSG.  Two of the five  directors  of the Issuer,  Andrew A.  Wiederhorn  and
Lawrence A.  Mendelsohn,  in addition to their  positions  as both  officers and
directors of the Issuer, are officers and directors of WFSG and WRSC.

Item 5.     Ownership of Five Percent or Less of a Class

            Not Applicable

Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

            Not Applicable.

Item 7.     Identification  and  Classification of the Subsidiary Which Acquired
            the Security Being Reported on By the Parent Holding Company

            Not Applicable.

Item 8.     Identification and Classification of Members of the Group

            Not Applicable.

Item 9.     Notice of Dissolution of the Group

            Not Applicable.

Item 10.    Certification

            Not Applicable.



                             Page 4 of 5 Pages


                                   SIGNATURE

    After  reasonable  inquiry and to the best of my  knowledge  and  belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.




Date: August 12, 1999                     WILSHIRE FINANCIAL SERVICES GROUP INC.


                                          /s/ Lawrence A. Mendelsohn
                                          --------------------------------------
                                          Lawrence A. Mendelsohn
                                          President



                             Page 5 of 5 Pages