La Honda, CA

$675,000

Single Family Residence

Purchase

03/19/2015
Transaction by
Rubicon Mortgage Fund, LLC
In March 2015, Rubicon Mortgage Fund financed a $675,000 bridge loan for the purchase of a single family home on a 10-acre lot in La Honda, San Mateo County, CA. La Honda is a small town in the Santa Cruz Mountains, between Silicon Valley and the Pacific coast. The property was a REO as the result of a bank foreclosure. The Borrower had been watching out for properties in that area for over a year. When this home became available he wanted to act quickly to close the deal and Vance’s team was able to get it funded fast. The Borrower put up 40% cash for the purchase so the loan-to-cost for this 1st trust deed bridge loan is 60%. He plans to rent the home and refinance with a conventional loan within 2 years.