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

Rubicon Mortgage Fund, a direct private money lender, funded a $1,900,000 1st lien position private money loan for the acquisition of a 2-unit residential property in the Presidio Heights neighborhood of San Francisco, CA. We funded 55% of the $1,975,000 purchase price, while the Borrower contributed 45% at closing. The down payment for this transaction was secured by leveraging a rental property as collateral. The Borrower, a seasoned Client with a history of successful transactions totaling over six with Rubicon, contributed to an expedited closing process, completed within a single week. Despite the expeditious nature of the close, a delay in finalizing the transaction occurred, attributable to the San Francisco County Recorder’s office. The county rejected seller documents on five occasions over a span of two days before our escrow officer successfully engaged with a representative, facilitating a thorough review and resolution of the submitted transaction and documents. The intended exit strategy involves comprehensive renovation and redevelopment of the property to optimize its market value for subsequent sale. The loan term was set at 12 months. This private money loan was funded in March 2024.