Rubicon assists borrower with $2.5MM
Rubicon relieves SF borrowers’ anxiety from lender’s conventional financing pressure and threat of additional accrued interest.Â
• Being past due, borrower was getting tremendous pressure their current lender
• Due to the short term leases, borrower had difficulty obtaining conventional financing
• Borrower wanted to avoid additional default interest
Â
Rubicon understood the borrowers situation:
• Rubicon recognized that there was already a plan in place to secure longer-term tenants after the completion of the refinance
• The building has many short term leases in place making it difficult for the borrower to obtain conventional financing
• Rubicon creatively structured a deal to fit the clients’ needs and refinance their past due loan
• Understanding the pressure the borrower was undergoing, Rubicon acted quickly to close the loan
Â
Now the borrower no longer has to worry about accruing additional default interest and has the time they need work at stabilizing the property.
Â
• Loan Amount $2,550,000
• 8,557 SF Mixed-Use building situated in prime location on North Beach
• No appraisal, No loan contingencies, No credit pulled.
Â
To see more funded deals, click here!
To keep up with us, click here!
