Salinas, CA

$1,200,000

Agricultural, Commercial Land

Purchase

06/30/2016
Transaction by
Rubicon Mortgage Fund, LLC
In June 2016, Rubicon Mortgage Fund funded a $1.2MM bridge loan for the acquisition of commercial land in Salinas, Monterey County, CA. The Borrower owns the adjacent property and wanted to acquire this property to expand his agricultural business. We used the adjacent property as collateral to fund the purchase, and the resulting LTV (loan-to-value) was 51%. The Borrower did not have to bring any cash to the deal. His adjacent property has more than enough equity. We closed the transaction in just 10 days. The Borrower plans to eventually refinance with a conventional lender in order to pay off our senior bridge loan within the 2-year term.