Deal Details
Private Loan Type
Refinance
Approx. Funding Date
06/08/2021
Property Type
Mixed-Use
Property City
Santa Clara
Property State
CA
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
55%
Building Square Footage
10,080
Deal Summary
Rubicon Mortgage Fund, a private lending firm that specializes in asset-based loans, funded a $1,700,000 refinance loan in 1st lien position for a mixed-use property in Santa Clara, CA. The Client was having a difficult time qualifying for conventional financing due to poor cash flow. The timing was of the essence as their current loan was coming due. Rubicon stepped in and provided proper short-term refinancing which included a 12-month interest reserve. The loan enabled the Borrower to stabilize this 10,080-square-foot Strip Center. The loan-to-value was 55%. The loan term was set at 6 months. This refinance bridge loan was funded in June 2021.