Private Money Loan for Industrial Warehouse in Rancho Cordova, California

Rubicon Mortgage Fund, a direct private money lender, funded a $1,650,000 private money loan for the acquisition of an industrial warehouse in Rancho Cordova, Sacramento County, CA. We funded 50% of the purchase price while the Borrower contributed 50% cash at closing. The Borrower was already leasing the space to use as part of his automotive and wrecking yard, and he had the opportunity to purchase it. We had a 1st position lien on the purchased property and a 2nd position lien on another property for additional collateral – an 8,000-square-foot industrial warehouse down the street from the purchased property to provide our Borrower with the requested loan amount. This loan was funded for a repeat Borrower who prefers to utilize Rubicon due to our process being faster and simpler than traditional lenders. The subject property was in excellent condition and owner-occupied at closing. It is approximately 12,000 square feet. The Borrower plans to refinance as an exit strategy. The loan term was set at 36 months. This private money loan was funded in October 2023.