Rubicon Mortgage Fund recently funded a 12-unit apartment building acquisition in Stockton. This loan is uniquely cross-collateralized with another property, a non-owner-occupied single-family residence also located in Stockton.

The borrower, a seasoned local investor, is well-known for actively buying and selling properties throughout Northern California. Adding to their expertise, they own a prominent construction company specializing in drywall.

This advantage allows them to seamlessly handle the renovations needed to increase the apartment building’s value. At present, the building is 40% occupied, but the investor has ambitious plans with this apartment building acquisition. With the upcoming improvements, they are confident the building will soon be fully occupied, offering a revitalized living space for new tenants.

Loan Amount: $375,000

Loan Term: 12 Months

CLTC: 35%

Loan Position: First Position Deed of Trust