Hard Money Loan for Burlingame Office Building/Flex Space

Last week Rubicon Mortgage Fund funded a $3,150,000 short-term loan secured by 25,000 square foot, office building located in Burlingame, CA. The purpose of the loan was to provide the borrower with short-term capital to settle a global settlement between the ownership group of the building. The building acted as security to refinance the existing debt. The building is located in the redevelopment district of Burlingame, one block away from BART, and is right off Highway 101 and El Camino Real. Rubicon’s loan is secured by a 1st deed of trust with an LTV (Loan to Value) of 60%. The term for this private mortgage is three years.