Berkeley, CA

$1,675,000

Single Family Residence

Purchase

11/10/2020
Transaction by
Rubicon Mortgage Fund, LLC
In November 2020, Rubicon Mortgage Fund provided a bridge loan for the purchase of a home in Berkeley. A well-known Residential Real Estate Agent in San Francisco was helping his clients relocate from San Francisco to the Berkeley Hills and wanted them to have the most competitive offer. Based on his past experiences with Rubicon, he knew our Bridge Loan would be a reliable, quick, and easy solution. The new home in Berkeley Hills was listed at $1,099,000 and the seller had received multiple offers. The Buyer counteroffered with a “like-kind” all-cash offer at $1,675,000, which was subsequently accepted.  Using the buyer’s duplex in San Francisco as additional collateral, Rubicon offered a $1,675,000 loan in 1st lien position on the purchase property (Berkeley Hills home) and 2nd lien position on the additional collateral (San Francisco duplex).  Due to the low Combined Loan to Value at just over 40%, the Buyers’ down payment was reduced to just fees and costs of the purchase. With Rubicon’s in-house underwriting, solid investors, and efficient back-office the transaction closed in exactly 14 days.