$600,000 Acquisition Loan in San Anselmo, CA
Located in a high-end Marin neighborhood, a seasoned developer plans to transform this outdated bank building into a mixed-use space with a restaurant on the ground floor and six residential units on the second floor. This desirable location is in walking distance to local restaurants and shops that are draw for pedestrians. Once construction is finished, this building will become an enhancement to the neighborhood.
Due to the building being empty, conventional financing was not an option for this acquisition. Rubicon was able to structure a deal with a long-time and well-qualified Rubicon contact and his financial partner. Our team is excited to do another deal with returning borrower for another successful development.
Loan Amount: $600,000
Loan Term: 12 Months
Loan Position: First Position Deed of Trust