Hard Money Loan for Pittsburgh CA Mixed-Use Property

Earlier this month Rubicon Mortgage Fund provided a hard money cash out loan for a mixed use property in Pittsburgh, CA. The borrower purchased this property for $300,000 with all cash and needed additional funds to complete a major remodel on the property. We funded 50% LTC (loan-to-cost), a 1st position loan of $150,000 with a 2-year term. The ground floor of the building has a retail tenants. The upper level is a residential unit which will be rented soon. We think the property value will be around $450-$500K upon completion of the remodel.