Private Money Loan for Commercial Building in San Francisco, California

Rubicon Mortgage Fund, a direct private money lender, funded a $1,800,000 1st lien position private money loan for the acquisition of a vacant commercial building in the Mission District neighborhood of San Francisco, CA. We funded 60% of the $3,000,000 purchase price, while the Borrower contributed 40% cash at closing. The building was formerly occupied by Bank of America for many years. Situated in a prime location with convenient access and boasting over 30 parking spaces, this 6,400-square-foot property holds immense potential. The vision for this vacant space extends beyond mere revitalization; it is slated to undergo transformation into a vibrant local ethnic grocery store, catering to the diverse community of the area. The seasoned buyer, backed by a track record of success with multiple neighborhood markets, recognizes the opportunity this commercial real estate acquisition presents. Adding this establishment to their portfolio marks a significant expansion and a strategic move to meet the demands of the community. The loan term was set at 12 months. This private money loan was funded in April 2024.