INVESTMENT PROPERTY ACQUISITION IN NAPA, CA

Our borrower was in escrow for a Single-Family Residence Investment purchase in Napa, CA. The Buyer wrote a 21-day close at over $50,000 over the listing price with conventional financing but ran out of time to secure his funding. The realtor, who has a long-term relationship with Rubicon, brought the deal with 9 calendar days to close. Rubicon secured the 1st Deed of Trust on the 1,297 square foot home in Napa, CA for $425,000 on the $678,000 purchase, a little over 60% Loan-to-Cost ratio. Rubicon’s quick loan process, including in-house underwriting without an appraisal being required, allowed the Buyer to close on time.