Berkeley, CA

$3,500,000

Multifamily

Refinance

04/10/2015
Transaction by
Rubicon Mortgage Fund, LLC
Rubicon Mortgage Fund financed a $3,500,000 private bridge loan secured by a 17-unit multifamily property in Berkeley, CA. The Borrower needed to cash out some equity to make improvements to the building. We paid of the previous 1st mortgage balance and provided the needed cash. The property is in a prime location next to UC Berkeley and a few blocks away from the BART Station. The estimated value is over $5,800,000 so the loan-to-value on this 1st trust deed mortgage is 60%. The Borrower plans to refinance within 2 years to pay off this bridge loan which was funded in April 2015.