Short Term Loan for San Francisco Home Purchase

Two weeks ago Rubicon Mortgage Fund funded a $200,000 short-term loan to purchase a vacant single family home in the Oceanview neighborhood of San Francisco. This property was owned by the Borrowers’ parent who passed away. It was in probate, and our new short-term loan paid off a reverse mortgage. The new 1st trust deed loan is less than 50% loan-to-cost. The Borrowers plan to rehab the home and sell or hold as a rental. We were able to fund this in just 5 days. The initial inquiry came in on Monday and we funded on Friday.