Pittsburg, CA

$300,000

Industrial

Purchase

03/31/2016
Transaction by
Rubicon Mortgage Fund, LLC
In March 2016, Rubicon Mortgage Fund provided a $300,000 private money loan secured by an industrial property in Pittsburg, Contra Costa County, CA. The Borrower has been a tenant, operating an automotive repair business at the property for several years. They had a lease option which they decided to exercise and needed additional funds to close.The purchase price was $1,500,000. Our 1st position loan was just 20% LTC (loan-to-cost). The seller carried back a 2nd position behind us, and there is still plenty of equity in the deal. The Borrower is already working on a SBA loan refinance our loan in the near future. We funded this 1st trust deed private mortgage in just 14 days.