Deal Details
Private Loan Type
Purchase
Approx. Funding Date
11/16/2022
Property Type
Multifamily
Property City
Stockton
Property State
CA
Lien Type
1st Trust Deed
Number of Units
38
Building Square Footage
38,000
Deal Summary
Rubicon Mortgage Fund, a private lending firm that specializes in asset-based loans in Northern California, funded a $4,652,800 bridge loan in 1st lien position for the acquisition of a 38-unit apartment building in Stockton, California. The Borrower needed to complete their 1031 Exchange to meet a deadline and Rubicon stepped in to fund on time. As an asset-based lender with an internal underwriting team, Rubicon can generally fund much quicker than a traditional bank, which is essential when Borrowers are on a tight deadline to close. The units total over 38,000 square feet of space. This multifamily bridge loan was funded in November 2022.