Stockton, CA

$1,250,000

Industrial

Purchase

04/06/2020
Transaction by
Rubicon Mortgage Fund, LLC
This Borrower came to Rubicon Mortgage Fund, LLC through a mortgage broker the day in March 2020 that the 5 Bay Area Counties were announced Shelter in Place orders due to COVID-19. She had only 21 days to complete her 1031 exchange purchase of an Industrial Investment in Stockton, CA. Due to the escalating situation with the pandemic her conventional lender had halted their process. The 18,754 square foot Industrial building is situated on a 10.10-acre parcel at a purchase price of $5,000,000 with a long-term national vehicle shipping and transport business as tenant. Rubicon offered Borrower a 1st position, 6-month term with a loan amount of $1,250,000 / 25% Loan to Value. With Rubicon’s expeditious, efficient in-house underwriting and quick adaptation to Shelter in Place, this loan closed in 17 days, as requested by the Borrower, closing 4 days prior to the 1031 exchange deadline.