Short Term Loan for Mountain View Retail Center

Last week Rubicon Mortgage Fund funded a $1,025,000 private money loan secured by a 7,850 square foot retail property on a half-acre high-traffic lot in Mountain View, California. The borrower is using the funds for the purchase and redevelopment of the property.  The purchase price was $2.6M and Rubicon’s 1st position short-term loan was 40% loan-to-cost. The borrower plans to rehab the shopping center property and then refinance. The term of this private mortgage is 1 year.