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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/30/2021
Property Type
Property City
Stockton
Property State
CA
Loan Term (months)
60
Lien Type
1st Trust Deed
Loan-to-Value
60%
Term
5 years
Deal Summary
A repeat Borrower approached Rubicon with the intent of purchasing a Marina in Stockton, CA. This marina is fully equipped with docks, a fuel station, a bar/restaurant, campsites, and rentable cabins. As a business, Rubicon prides itself on making the process easy for our Borrowers. This repeat Borrower knew what to expect from our reliable and efficient team – a seamless transaction. A portion of the loan was used to refinance the Borrower’s existing loan and the remainder provided the additional capital needed to complete the purchase. For additional collateral, this loan also included a second marina located in Stockton. We had a 1st deed of trust on both marinas with a combined LTV of 60%. The loan term was set at 5 years. This bridge loan was funded in September 2021.
Funded By
Rubicon Mortgage Fund, LLC
Northern California’s Premier Direct Lender | No Appraisal Required