$590,000 Acquisition in Walnut Creek CA
$590,000 Acquisition in Walnut Creek CA. Borrower needed a short-term loan to purchase an apartment in Walnut Creek (pictured above) while they wait to sell their Berkeley unit (pictured below). The loan to be paid off in full upon the sale of the Berkeley unit.
Loan Amount: $590,000
Loan Term: 9 months
CLTV: 45%
Loan Position: 1st Deed of Trust on both properties
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An investor looking to buy property in California needed a short term loan to complete the acquisition of this investment property. This property is non-owner occupied and will be used as a rental. The client lives out of the country and was running short on time to transfer the funds needed to complete the purchase, and Rubicon funded on time to complete the transaction.
Loan Amount: $400,000
Loan Term: 12 months
LTV: 26%
Loan Position: 1st Deed of Trust
Rubicon added funds to its
original acquisition loan by contributing another $650,000 for the additional
tenant improvements. The tenant improvements were over $1,200,000. All of the
funds by both the borrower and Rubicon were put into escrow upfront and will be
distributed with the guidance of a third-party construction control team.
Loan Amount: $650,000
Loan Term: 12 months
LTV: 60%
Loan Position: 1st Deed of Trust
This loan was part of a 1031 Exchange for the purchase of a 38-unit, 38,000± square foot apartment building. Our borrower needed to complete their 1031 Exchange to meet a deadline and Rubicon funded on time. As an asset-based lender with an internal underwriting team, Rubicon can generally fund more quickly than a traditional bank, which is essential when borrowers are on a tight deadline to close.
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Borrower leveraged Rubicon to negotiate a lower purchase price in lieu of a quick close. The property is leased to a tenant who is occupying the space as his used car business. Borrower is working to refinance as an exit strategy.
Loan Amount: $600,000
Loan Term: 24 months
LTV: 50%
Loan Position: 1st Deed of Trust
Our borrower needed short-term loan to purchase a new house in Rancho Mirage before selling a house in Los Altos. Rubicon provided a short term-term loan securing both properties.
Loan Amount: $1,500,000
Loan Term: 9 months
CLTV: 60%
Loan Position: 1st Deed of Trust on both properties
Borrower was completing their 1031 exchange and purchasing a replacement property. Rubicon funded $900,000 towards the acquisition of this 21,645 sf 20-unit apartment building located in Stockton, CA. The borrowers intention is to refinance with conventional debt as an exit strategy. At the time of the loan, out of the 20 units in the building, 18 units were occupied.
Loan Amount: $900,000
Loan Term: 12 months
LTV: 60%
Loan Position: 1st Deed of Trust
A reverse 1031 exchange occurs when property owners purchase a property prior to selling a property that they want to capture a tax advantage via a 1031 exchange. Normally in 1031 owners sell a property first before purchasing one.
In a reverse exchange, a qualified intermediary takes title on the property, which leads to owners having difficulties finding lenders. Conventional lenders often don’t want to get involved for several reasons.
Since Rubicon is a private direct lender and we don’t have the restrictions of banks we can provide our clients with the funds needed to acquire their replacement property and complete their exchange in a short period of time.
Loan Amount: $575,000
Loan Term: 9 months
CLTV: Under 50%
Loan Position: 1st Deed of Trust on both properties
Repeat borrower needed a short-term loan to purchase a new property before the sale of her existing property. The borrower plans to pay off the loan in full upon the sale of her current property.
Loan Amount: $1,025,000
Loan Term: 11 months
LTV: 60%
Loan Position: 1st Deed of Trust
Our borrower needed short-term bride loan to purchase a new house in Capitola before selling a condo in Santa Cruz. Rubicon provided a short term-term loan securing both properties. Upon the sale of the Santa Cruz property Rubicon will be paid off in full. This loan closed in 14 days.
Loan Amount: $1,600,000
Loan Term: 9 Months
Loan Position: 1st Deed of Trust on both subject property (pictured above) and 1st Deed of Trust on additional collateral (pictured below)
CLTV: 60%
This well-located San Francisco property is 29,369± square feet with over 40 underground parking stalls, and has been owned by the borrower for almost 20 years. Walgreens is the main tenant and a local gym (one of 8 locations) occupies the remaining space. With Walgreens having only 14 months remaining on its lease, and without a signed extension from Walgreens, conventional lenders are not interested in extending credit. Because Rubicon is a direct private lender, it has flexibility to make this loan.
Loan Amount: $6,600,000
Loan Term: 18 Months
LTV: 60%
Loan Position: 1st Deed of Trust
Repeat borrower came to us to secure financing to purchase this 3,300 SF industrial/retail building in Sacramento. The property had some minor environmental issues, therefore we reduced our loan amount to appropriately compensate for that risk.
Loan Amount: $570,000
Loan Term: 24 months
LTV: 50%
Loan Position: 1st Deed of Trust