Last week Rubicon Mortgage Fund funded a $1,250,000 short-term loan to assist a gas station operator with purchasing a large gas station in Lodi, just south of Sacramento. The Borrowers purchased this station out of receivership. They operate several other gas stations throughout Northern California, and this was a great opportunity for them to acquire a unique station and property.

 

 

The station is located off Highway I-5. It has a 5,000 square foot C-store and self-service car wash. The purchase price was $2.5M, the borrower put 50% cash in the deal, and our 1st position short-term loan was 50% loan-to-cost. The Borrowers plan to re-open the business and refinance when revenues are stabilized. The term of this private mortgage is 2 years.

 

 

Loan Amount: $1,250,000
Loan Term: 24 Months
LTC: 50%
Loan Position: First Deed of Trust