Hard Money Cash Out Loan for Berkeley Single Family Home
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%.
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Loan Amount:Â $270,000
Loan Term:Â 24 Months
LTV:Â 55%
Loan Position:Â First Deed of Trust
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Several weeks ago Rubicon Mortgage Fund funded a $1,900,000 short-term loan secured by an assisted living facility in the Portola District of San Francisco. The Borrower is a non-profit organization that needed funds to pay off creditors and relocate their residents. They plan to sell or gift the property to another organization. It’s a very nice property – 35,000 square feet on 2 acres. It was owned free-and-clear and the estimated value is around $6 to $10 million so the LTV on our 1st trust deed loan is very low. The loan term is 2 years.
Loan Amount: $1,900,000
Loan Term: 24 Months
Loan Position:Â First Deed of Trust
Last month Rubicon Mortgage Fund funded a $400,000 short-term loan secured by an owner-occupied industrial building in Thousand Palms, California. The Borrower’s previous 1st mortgage was coming due and needed to fund fast. We paid of their 1st mortgage and provided some cash out for business operating capital. The LTV for our new 1st mortgage is 65%. The loan term is 2 years. Thousand Palms is a town in Riverside County. Although most of Rubicon’s private money lending is done in Northern California, we do consider properties in Southern California as well.
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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.
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Loan Amount:Â $1,750,000
Loan Term:Â 24 Months
LTV:Â 60%
Loan Position:Â First Deed of Trust
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.
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Earlier this month Rubicon Mortgage Fund closed a $700,000 short-term loan secured by a large industrial building in Pleasanton, CA. The Borrower operates a commercial painting business at the property, a condominium in a large industrial park built 15 years ago.. They needed to cash out some equity for business capital. We paid off the $500,000 1st mortgage and provided $200,000 cash out to the borrower. The LTV is around 50%, and the loan term is 2 years. We funded this short-term loan in just 5 days.
Last month Rubicon Mortgage Fund purchased a seller-financed mortgage note secured by a 24,000 square foot retail building in Old Sacramento. The note seller had owned the property until it was sold 10 years ago. The seller needed funds to use in other real estate investment opportunities. The balance on the note was around $850,000. Rubicon purchased the 1st trust deed note for $650,000 (40% LTV). The seller kept a 2nd position trust deed for the balance. The remaining term on the note is less than 2 years.
Loan Amount: $650,000
Loan Term: 18 Months
LTV: 40%
Loan Position:Â First Deed of Trust
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Rubicon funded a $150,000 short-term loan for the purchase of a 2-unit residential property in the Sunset District of San Francisco. Both units are tenant-occupied and will be held as a long-term rental. The purchase price was $1,040,000 so our 1st trust deed loan is only 14% loan-to-cost. The loan term is 12 months with extension options.
Loan Amount: $150,000
Loan Term: 12 Months
LTC: 14%
Earlier this month Rubicon Mortgage Fund funded a $170,000 short-term loan to cash out equity on a vacant automotive property in Fairfax, CA. The borrower needed some funds to reinvest in the property for development. Our loan is a 1st trust deed, 50% LTC.
Loan Amount: $170,000
LTC: 50%
Loan Position: 1st Trust Deed
Last month Rubicon funded a $540,000 private money loan for the purchase of a small motel in Soda Springs, CA. The property is located along Highway 80, just west of Truckee and Lake Tahoe. The purchase price was $900,000 so this 1st trust deed loan was 60% loan-to-cost and included 2 years of interest payments.Â
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The borrower is starting up a new business on this property. It had been shut down for a while. The term of this private mortgage is 5 years.
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Loan Amount: $540,000
Loan Term: 60 Months
LTC: 60%
Loan Position:Â First Deed of Trust
Rubicon Mortgage Fund recently funded a $1,100,000 private money loan to refinance an industrial property in Antioch, CA. The property is a 42,000 square foot warehouse on a 3-acre lot, occupied by an automotive service business. The loan-to-value was around 60% and the loan term is 5 years.
Rubicon Mortgage Fund recently funded a $370,000 hard money short-term loan secured by a mixed-use property in the Bayview District of San Francisco. The purpose of this loan was to refinance another loan that was coming due. The property has 3 apartments and one retail space on the ground floor. Rubicon’s loan is in 1st position. The loan term is 3 years, interest only.