Last week Rubicon Mortgage Fund funded a $600,000 private mortgage secured by a 36,000 sq ft office building on Webster Street near Lake Merritt in Downtown Oakland. The borrower is a non-profit organization that recently purchased this property for around $1.3M with all cash. They wanted to cash out some equity to make improvements to the building. Rubicon's bridge loan is a 1st position loan with a 40%+/- LTV. The loan term is 7 years which is not typical for any of our private money loans. Most of our loans are 1-2 years but we will consider longer terms on a case-by-case basis.
Rubicon Mortgage Fund offers short-term private mortgage loans secured by investment real estate in the San Francisco Bay Areas other areas in the Western United States. View our lending criteria.