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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
02/22/2023
Property Type
Property City
Glendale
Property State
CA
Loan Term (months)
12
Lien Type
1st Trust Deed
Purchase Price
$5,250,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Loan-to-Value
60%
Location Type
Urban
Property Condition
Excellent
Occupancy at Closing
All Units Occupied
Number of Units
2
Building Square Footage
15,000
Borrower's Plan
Continue Occupancy
Exit Strategy
Conventional Loan
Deal Summary
Rubicon Mortgage Fund, a direct private money lender, funded a $4,200,000 bridge loan for the acquisition of a multi-tenant industrial building in Glendale, CA. We funded 80% of the purchase price, and the Borrower contributed 20% cash at closing but also pledged a 4-unit residential investment property in Los Angeles as collateral. That property was owned free and clear, so we didn’t have to pay off another lender. We had a 1st lien on both properties which put our loan-to-value at around 60%. The subject property is approximately 15,000 square feet. The Borrower occupied much of the building for his automotive wholesale distribution business for the last 20+ years. The other unit on the property was occupied by a long-term tenant. The whole loan process from start to finish was only 3 weeks! Our diligent in-house underwriting team enabled Rubicon to close ahead of schedule. The loan term was set at 12 months. This CRE bridge loan was funded in February 2023.
Funded By
Rubicon Mortgage Fund, LLC
Northern California’s Premier Direct Lender | No Appraisal Required
Borrower
"Hi Casey Thank you for all your coaching and support throughout the intricate process of financing. Your dedication and perseverance made this happen"