Short Term Loan for Contra Costa County Duplex Refinance
Last week Rubicon Mortgage Fund funded a $350,000 short-term loan on a duplex located in Concord, CA. The duplex is located across the street from Mt. Diablo High School and John Muir Medical Center. The purpose of our loan was to pay off the borrower’s previous mortgage which was coming due; The borrower also plans to put some of the money back into the property to get it ready for sale. The LTV (Loan to Value) for this 1st trust deed mortgage is 70%. The loan term is one year.
Last week Rubicon Mortgage Fund provided a $160,000 private money loan for a 4,700 square foot office building in Sacramento, CA at 50% LTV (loan-to-value). Our 1st trust deed hard money loan was to assist the borrower, a foreign national from Canada, with fixing up her property before placing it on the market. The term for this private mortgage is 2 years.
Several weeks ago Rubicon Mortgage Fund funded a $315,000 short-term loan secured by a 2,100 square foot, vacant single family home located in Martinez, CA. Rubicon has worked with the borrower in the past and successfully funded other deals with him. Â The conservative value of the leased investment property is $500,000. This 1st trust deed loan is nearly 65% loan to value. The borrower plans to rehab the home and hold it as a rental property. Â The term for this hard money loan is one year.Â
Last week Rubicon Mortgage Fund provided a $450,000 private money loan for a 1,600 square foot single family home in Menlo Park, CA at 35% LTV (loan-to-value). Our borrower inherited 50% ownership of the trust prior to contacting us. Our 1st trust deed short-term loan was to assist her with a buyout of the remainder of the trust held by her sister. The borrower owns additional real estate in Northern California and plans to sell her current residence to pay down a significant portion of her loan. The term for this private mortgage is 1 year.
Several weeks ago Rubicon Mortgage Fund funded a $1,430,000 short-term loan for the purchase of a 44,000 square foot retail property in Carmichael, Sacramento County. The property has 3 units, one of which is a fitness center. The Borrower, a repeat client of ours, is a gym operator. He plans to take over the existing gym and create a successful business, as he has done at other locations. The other 2 units in the building are tenant-occupied and will continue generating rental income for the Borrower. He put up 40% cash for the purchase of this property so our short-term loan is just 60% LTC (loan-to-cost). The loan term is 2 years.
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.
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.
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.
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