Cash Out for a Mixed Use Property in Port Costa, CA

Last week, Rubicon Mortgage Fund, LLC funded a $300,00 cash-out loan secured by a Mixed Use commercial building in Port Costa, CA. The borrower wanted to cash out for rehab purposes. The funds are to be used to improve the subject property. Rubicon feels that the property value is around  $500,000 now making the LTV (Loan to Value) 60%.  Our loan term is one year.