Deal Details
Private Loan Type
Purchase
Approx. Funding Date
01/12/2022
Property Type
Property City
Alameda
Property State
CA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
60%
Borrower's Contribution to Purchase
40%
Source of Borrower's Contribution
Cash
Number of Units
4
Lot Square Footage
2,976
Deal Summary
Rubicon, a fully integrated real estate company based in Wellesley, Massachusetts, provided the funds needed to secure this investment acquisition located in Alameda, California. Our client was currently leasing the space and had the opportunity to purchase it. The acquisition of this four-unit 2,976 square-foot mixed-use space includes two units above and two below. A 2-year loan term allowed our borrower the time needed to refinance with a conventional lender as a takeout strategy. The loan was made in first position deed of trust at a 60% Loan-To-Cost. Rubicon remains an active lender in the commercial space and will consider loans anywhere in California. This purchase loan was funded in January 2022.