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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
02/29/2024
Property Type
Property City
Sacramento
Property State
CA
Loan Term (months)
24
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$6,750,000
Loan-to-Purchase Price
56%
Borrower's Contribution to Purchase
44%
Source of Borrower's Contribution
Cash
Location Type
Urban
Number of Units
60
Borrower's Plan
Rehab and Rent
Exit Strategy
Conventional Loan
Deal Summary
Rubicon Mortgage Fund, a direct private money lender, funded a $4,950,000 1st lien position bridge loan for the acquisition of a 60-unit multifamily property in Sacramento, CA. The purchase price was $6,750,000. The Borrower contributed some cash, but the majority of their equity came from the 1031 exchange of another investment property – a 25,000 square foot office building in Sacramento which had an estimated value of $2,000,000. Conventional financing was not an option because the multifamily property had some affordable housing restrictions, and the rents were below market due to the condition of the units. The Borrower plans to upgrade most of the units over a 12 to 18-month period. Once the rents have been increased and the property is stabilized, they plan to refinance into a permanent multifamily loan. The loan term was set at 24 months. This multifamily bridge loan was funded in February 2024.
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