Lafayette, CA

$1,971,000

Single Family Residence

Purchase

03/31/2016
Transaction by
Rubicon Mortgage Fund, LLC
In March 2016, Rubicon Mortgage Fund funded a $1,971,000 bridge loan for the purchase of a large single family home in Lafayette, Contra Costa County, CA. The purchase price was $2,700,000 for the 5,500 square foot home in the Upper Valley neighborhood of Lafayette. The Borrower put down over $700,000 in cash, and the LTC (loan-to-cost) was 73%. The Borrower is an experienced Bay Area real estate investor. Rubicon has funded 5 other bridge loans for him. This transaction is quite different from the previous loans because he intends to use the subject property as his primary residence. With our 11-month bridge loan, the Borrower was able to make a non-contingent offer so he wouldn’t lose the home to another buyer. He did not have time to secure traditional financing. He plans to move in to the home and then refinance into a conventional home loan within 11 months.