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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
07/19/2023
Property Type
Property City
Oakland
Property State
CA
Lien Type
1st Trust Deed
Payment Type
Interest Only
Property Value
$1,350,000
Loan-to-Value
65%
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
5,000
Borrower's Plan
Lease Property
Exit Strategy
Refinance
Deal Summary
Rubicon Mortgage Fund, a direct private money lender, funded a $875,000 1st lien position bridge loan secured by an industrial building in Oakland, California. The property value was estimated at $1,350,000 so our loan-to-value was 65%. The Borrower’s previous mortgage was approaching loan maturity, and their interest rate was set to increase, plus they would have to pay additional fees. Rubicon was able to pay off the previous lender and offer better pricing. As an asset-based lender, Rubicon can often fund transactions like this one fairly quickly, enabling clients to refinance on time and save money. The subject property was in good condition and vacant at closing. It is approximately 5,000 square feet and located just off the I-880 freeway. The Borrower plans to lease up the property and eventually refinance as an exit strategy. This refinance bridge loan was funded in July 2023.
Funded By
Rubicon Mortgage Fund, LLC
Northern California’s Premier Direct Lender | No Appraisal Required
Dealmakers
Cesar Pena
Senior Director - Producer
CA DRE Lic. 01984871