Bridge Loan for 38-Unit Multifamily Property in Stockton, California

Funded by Rubicon Mortgage Fund, LLC

$4,652,800

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 Highlights

38-Unit Apartment Building
38,000 SF of space
1031 Exchange
Hard deadline to close

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.

Funded By

Rubicon Mortgage Fund, LLC

Northern California’s Premier Direct Lender | No Appraisal Required