Cash-Out Loan for Residential Rehab in Berkeley, CA

Last week Rubicon Mortgage Fund funded a $330,000 hard money cash out loan secured by a residential property located in Berkeley, CA. The borrower focuses on “rehab” opportunities, and required a short-term loan for this property as the bank he was working with was unable provide financing in a timely fashion. Rubicon’s loan funded in 6 days, and gave the borrower the capital he needed to begin the rehab. This 1st deed of trust short-term loan represents a 60% loan to value on a one year loan term.