Yuba City, CA

$1,500,000

Mobile Home Park, Multifamily

Refinance

08/15/2016
Transaction by
Rubicon Mortgage Fund, LLC
In August 2016, Rubicon Mortgage Fund funded a $1.5MM refinance bridge loan secured by two commercial properties in Northern California. The Borrower was in contract to purchase an investment property and needed to cash out equity on their two commercial properties in order to fund that acquisition. The first property securing the loan is a 13-unit multifamily property in Yuba City, Sutter County, approximately 40 miles north of Sacramento. The property was owned free-and-clear of any liens or mortgages. For additional security on the loan, we cross-collateralized with a 45-unit mobile home park in Auburn, Placer County, which is situated 30 miles northeast of Sacramento. Both properties are income-producing and in good condition. The loan-to-value is 60% for our 1st trust deed private mortgage. We closed the transaction in just 10 days. The Borrower plans to eventually refinance with a conventional lender in order to pay off our bridge loan within the 1-year term.