Private Money Loan for 2-Unit Condo Property in San Francisco, California

Rubicon Mortgage Fund, a direct private money lender, funded a $2,000,000 1st lien position private money loan for the acquisition of a 2-unit condominium in the top-tier neighborhood of Pacific Heights in San Francisco, CA. We funded 65% of the $3,000,000 purchase price, while the Borrower contributed 35% cash to the purchase at closing. This seasoned entrepreneur was very well qualified and able to put down $1,000,000 cash. During our underwriting, we were able to assess that the purchase was slightly below market. The subject property was newly renovated and tenant-occupied at closing. It is approximately 3,246 square feet, consisting of a house and a small in-law unit. The property had previously been converted from a single family to a condominium. The Borrower had excellent credit. They plan to continue leasing the property and will eventually refinance as an exit strategy. The loan term was set at 12 months, and Rubicon built in an additional option for up to an additional 24 months if needed. This gives the Borrower additional flexibility to keep our loan for up to 3 years. This SFR private money loan was funded in November 2023.