Last month Rubicon Mortgage Fund provided a $270,000 equity cash out loan to a home owner in Berkeley. The Borrowers needed the funds for their businesses and decided to pull out some equity from their home.
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The property is a small single family residence located in South Berkeley, close to the Ashby BART Station. Our private mortgage is a 1st trust deed loan with a 2-year term. The LTV is approximately 55%.
A few weeks ago Rubicon Mortgage Fund funded a $1,750,000 short-term loan secured by an automotive industrial property in San Francisco’s SOMA District. The Borrower has operated a successful automotive business at the property for over 2 decades. He needed to cash out some equity for operating capital.
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We paid off the existing mortgage, and we also placed a lien on the borrower’s home in Woodside which was on the market. The sale of the home will pay down a significant portion of our loan. The LTV on this 1st trust deed loan is around 60%, the term is 2 years.