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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
05/16/2023
Property Type
Property City
Ontario
Property State
CA
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$15,000,000
Loan-to-Purchase Price
50%
Borrower's Contribution to Purchase
50%
Source of Borrower's Contribution
Cash
Location Type
Urban
Property Condition
Excellent
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
40,817
Lot Square Footage
82,607
Borrower's Plan
Continue Occupancy
Exit Strategy
Refinance
Deal Summary
Rubicon Mortgage Fund, a direct private money lender, funded a $7,500,000 1st lien position bridge loan for the acquisition of a two-story, single-tenant office building in Ontario, California. We funded 50% of the purchase price, while the Borrower contributed 50% cash at closing. In addition to the building, an additional parking lot of 82,607 square feet was purchased bringing the land total to just under 200,000 square feet. This was a full recourse 50% loan-to-cost loan. The property will be an owner-user property to be used in conjunction with the contiguous warehouse that the Borrower also owns. The purpose of Rubicon’s loan was to close quickly and eventually be refinanced with a life insurance company loan. The subject property was in excellent condition and was vacant at closing. It is approximately 40,817± square feet. The loan term was set at 12 months. This CRE bridge loan was funded in May 2023.
Funded By
Rubicon Mortgage Fund, LLC
Northern California’s Premier Direct Lender | No Appraisal Required
David Blum & Karl Weidell
Brokers with NorthMarq
After being left at the altar by a national bank – the Sponsor was in need of a 3-week closing on a vacant single-tenant office. Northmarq was engaged to provide certainty of close and sufficient acquisition dollars. Rubicon stood out in their ability to provide certainty of leverage, a large hurdle for most of the marketplace given the asset-type and owner/user nature. All parties were able to deliver on the projected closing timeline with no surprises or disruptions. This deal was a win-win for all parties and believe all parties are eager to collaborate in the future.
Vance Hillstrom
CEO of Rubicon Mortgage Fund, LLC
It was a pleasure working with both David and Karl. They were very professional and easy to work with and their input made it seamless for our back office to get the deal closed.