Hard Money Acquisition Loan for the Purchase of a Gas Station in Berkeley CA
Last month Rubicon Mortgage Fund, funded a $1,200,000 acquisition loan for the purchase of a Berkeley gas station, just north of Oakland. The borrower is an experienced real estate developer and brought in $850,000 cash to the deal. The station was vacant at the time of purchase but will soon be leased and operating again. However, the Borrower may redevelop the property in the future and a construction loan will likely pay off Rubicon’s loan. This 1st deed of trust loan is 60% LTC (loan-to-cost)– the term of the loan is 1 year.