Last week Rubicon Mortgage Fund funded a $730,000 short-term loan secured by a 12,000 square foot retail office building in Old Sacramento, California. The borrowers chose to exercise a provision written into their lease agreement that gave them the right to purchase the building.

 

The building has an upper and lower level and the purchasing tenant has partnered with the tenant downstairs. They respectively run a radio station and bar in the building. Our private mortgage is a 1st trust deed loan with a 1-year term. The loan to cost is approximately 65%.

 

Loan Amount: $730,000

Loan Term: 12 Months

LTC: 65%

Loan Position: First Deed of Trust