El Cerrito, CA

$150,000

Single Family Residence

Residential Ground-Up Construction

03/15/2015
Transaction by
Rubicon Mortgage Fund, LLC
Rubicon Mortgage Fund funded a $150,000 hard money equity cash out bridge loan secured by a single family home in El Cerrito, 7 miles north of Oakland, CA. The home is well located, just down the street from the Mira Vista Country Club, less than a mile away from a BART station with vistas of the Bay Bridge, Golden Gate Bridge and Richmond-San Rafael Bridge. The Borrower is a seasoned developer with previous experience in the East Bay market who needed to cash out equity on the property to finish the project. He plans to sell the home upon completion. The estimated finished value is $750,000 so this 1st trust deed bridge loan is only 20% LTV (loan-to-value) and the loan term was 1 year, and it was funded in January 2015.