Equity Cash-Out Loan for Two Retail Buildings in Northern California

Rubicon Mortgage Fund, a direct private money lender, funded a $1,000,000 1st lien position equity cash-out bridge loan secured by two commercial retail buildings located in McKinleyville and Crescent City, California. The Borrower is an experienced movie theater owner and operator. He needed to cash out equity on the 2 properties for working capital. The combined loan-to-value was 50%. The company owns over 15 movie theaters in Northern California. They plan to pay off our bridge loan using cash flow from the business over the next few years. The two properties total approximately 39,600± square feet of retail space and were in good condition. Both properties are located in small coastal towns. McKinleyville is in Humboldt County, just north of Eureka. Crescent City is farther north in Del Norte County, close to the Oregon border. The loan term was set at 3 years. This CRE equity cash-out loan was funded in September 2023.