Redding, CA

$1,860,000

Retail

Refinance

06/30/2016
Transaction by
Rubicon Mortgage Fund, LLC
In June 2016, Rubicon Mortgage Fund financed a $1.86MM private money refinance loan for commercial property in Redding, Northern California. The subject property is a 15-unit 40,000 square foot retail building. The Borrower’s previous loan was maturing, and they were unable to secure traditional financing. The property is over 90% occupied. The estimated value of the property is $2,950,000 so the LTV (loan-to-value) of our 1st trust deed private mortgage is 63%. The Borrower plans to eventually refinance with a conventional lender in order to pay off our bridge loan within the 2-year term.