Borrower was completing their 1031 exchange and purchasing a replacement property. Rubicon funded $900,000 towards the acquisition of this 21,645 sf 20-unit apartment building located in Stockton, CA. The borrowers intention is to refinance with conventional debt as an exit strategy.  At the time of the loan, out of the 20 units in the building, 18 units were occupied.

Loan Amount: $900,000

Loan Term: 12 months

LTV: 60%

Loan Position: 1st Deed of Trust