Hollister, CA

$300,000

Office

Refinance

03/31/2016
Transaction by
Rubicon Mortgage Fund, LLC
In March 2016, Rubicon Mortgage Fund financed a $300,000 bridge loan secured by a small commercial property in Hollister, San Benito County, CA. Hollister is an agricultural town in California’s Central Valley. The property is approximately 4,000 square feet of mostly office and some warehouse space. The Borrower purchased the property in 2006 for almost $1,000,000 and made a lot of nice improvements. The interior has a very modern stylish look and feel. The Borrower is the occupant of the building. The previous bank loan was coming due and needed to be refinanced. Rubicon paid off the previous lender and quickly provided a new private mortgage. We estimated the value of the property at over $650,000 so the LTV (loan-to-value) for this bridge loan is 45%. The loan term is 2 years, and the Borrower plans to refinance with a conventional loan to pay off this loan.