Hard Money Loan for Sacramento Retail Property Refinance
Last week Rubicon Mortgage Fund closed a $1,150,000 1st trust deed short-term loan on a 28,000 SF retail center in South Sacramento on Florin Road just off Highway 99. Rubicon’s refinance took out Wells Fargo, however a private 2nd and 3rd subordinated to remain in their positions. There are 7 retail units in 1 building and a stand-alone IHOP restaurant which was recently remodeled. The property is 100% occupied and has a good cash flow. We also like the neighborhood because it’s a redevelopment area, and a new WalMart is opening in close proximity to the property. We determined the value to be approximately $1.9M resulting in an estimated LTV on this loan of 60%. This loan has a 2-year term with interest-only payments.