Deal Details
Private Loan Type
Commercial Ground-Up Construction
Approx. Funding Date
10/21/2021
Property Type
Recreational
Property City
Moraga
Property State
CA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
60%
Deal Summary
Rubicon Mortgage Fund, a private lending firm that specializes in asset-based loans, funded a $3,750,000 construction loan for a recreation center in Moraga, CA. Many of the buildings on the property will be demolished to make space for the new proposed renovations of the tennis club. Being a non-profit organization, it was more difficult for the owner to secure conventional financing, making Rubicon an asset to complete the project. Rubicon provided a one-year loan on the property at 60% LTV and secured in first position deed of trust. The loan term was set at 24 months. This CRE ground-up construction loan was funded in October 2021.