Earlier this month Rubicon Mortgage Fund funded a $900,000 short-term loan secured by an 18,000 square foot motel located in South Lake Tahoe. The property is located on a large parcel of land that is roughly one acre. The purpose of Rubicon’s loan was to pay off the current owner’s seller carry back note that had reached maturity and the borrower did not have time to qualify for a conventional SBA loan. The Motel has 57 rooms and is just two blocks away from Harrah’s Hotel and Casino. 

Loan Amount: $900,000

Loan Term: 24 Months

LTV: 50%

Loan Position: First Deed of Trust