Richmond, CA

$590,000

Industrial, Retail

Refinance

06/30/2015
Transaction by
Rubicon Mortgage Fund, LLC
In June 2015, Rubicon Mortgage Fund financed a $590K hard money loan secured by a light industrial building in Richmond, just 5 miles north of Oakland, California. The Borrower operates an automotive business at the property. The previous bank loan was coming due and needed to be refinanced. Rubicon paid off the previous lender and quickly provided a new mortgage. We estimated the value of the property at around $1,000,000 so the loan-to-value for this loan is 59%. The Borrower plans to refinance out of this 1st trust deed mortgage through a traditional lender within a few years.