Richmond, CA

$1,200,000

Industrial

Refinance

07/29/2016
Transaction by
Rubicon Mortgage Fund, LLC
In July 2016, Rubicon Mortgage Fund funded a $1.2MM bridge loan secured by a light industrial condo building in Richmond, Contra Costa County, CA. The Borrower needed to cash out equity on the property to use for other investments. We paid off the previous mortgage and provided the cash needed within two weeks. Using our in-house valuation, we determined the value to be approximately $2,180,000 so the LTV (loan-to-value) for our bridge loan was 55%. The subject property consists of 4 separate condo units totaling 20,600 square feet of light industrial space. It is well featured with heavy power service, floor drains, dock loading and offices. It is centrally located between the Bay counties of Alameda, Contra Costa and Marin County. The property is tenant-occupied and generating enough income to service the loan. The Borrower plans to eventually refinance with long-term financing and pay off our 1st trust deed bridge loan within the 2-year loan term.