Concord, CA

$800,000

Gas Station

Purchase

08/27/2020
Transaction by
Rubicon Mortgage Fund, LLC
In August 2020, Rubicon Mortgage Fund provided a bridge loan for the acquisition of a gas station property in Concord, Contra Costa County, CA. The borrower was referred to Rubicon by a residential loan agent as well as an online marketing service, both of whom have done business with our team in the past. The borrower purchased the business portion of the 1,176 square foot Gas Station and Convenience Store in 2018 for $400,000 and was leasing the underlying land. He was given the option to purchase the fee simple estate for $1,100,000 when the lease came due. To avoid the hassle and time constraints which are expected with a conventional lender, the borrower opted to engage a private money lender to close as quickly as possible. Rubicon secured a 1st Deed of Trust and UCC-1 filing on the station and c-store, loaning the borrower $800,000 which was just under 50% loan-to-value. Rubicon’s quick loan process, including in-house underwriting without an appraisal being required, allowed the Buyer to close quickly and seamlessly. Rubicon has provided bridge financing for many gas stations in the Bay Area over the past 10 years, and we are one of the few private lenders in California that will consider gas stations as collateral.