Truckee, CA

$605,000

Condominium

09/22/2020
Transaction by
Rubicon Mortgage Fund, LLC
In September 2020, Rubicon Mortgage Fund provided a $605,000 private mortgage for the purchase of a luxury condominium unit at the Ritz Carlton Lake Tahoe. Our Borrower was introduced to Rubicon through a referral service to purchase this turnkey residence at the 5-star resort, located mid-mountain at Northstar. The purchase price was $967,000 and Rubicon offered a 1st Deed of Trust of $605,000 (62.5% loan-to-cost) for a 1-year term. This 1,951 square foot, 3 bedrooms and 3.5 bath condominium includes exclusive amenities including ski valet, lockets, valet parking, swimming pool, fitness room, and concierge services. From the Borrower: “We chose to use private capital as the property does not currently fit into a conventional lending ‘bucket’ even though the location is incredibly desirable. The property rarely comes to market, was too pristine to let pass. As such, we needed a bridge loan to secure the property and provide time to reposition the property. Rubicon was our solution! From the onset, Rubicon was an honest and straightforward lender. The entire team is professional and easy to work with. I am a detail-oriented person with a lot of questions, and they took the time to address each question and resolve any concerns. I look forward to being a repeat Borrower!”