Earlier this week Rubicon Mortgage Fund funded a $675 ,000 short-term loan for the purchase of a single family residential property on a 10 acre lot in La Honda, CA; San Mateo County. The property was REO as the result of a Bank foreclosure, and our Borrower has been watching property in that area for over a year. When this single family home became available he wanted to act quickly and Rubicon was able to get him funded fast. He put up 40% cash for the purchase of this property so our short-term loan is 60% LTC (loan-to-cost). The loan term is 2 years.