Private Money Loan for 2 San Francisco Residential Properties

Two weeks ago Rubicon Mortgage Fund provided a $2,250,000 private money bridge loan secured by 2 residential investment properties in San Francisco. One is located in Noe Valley, the other in Ashbury Heights. The borrower purchased the Noe Valley property over a year ago and had a good amount of equity. The Ashbury Heights home is a recent purchase and will undergo an extensive rehab. Rubicon is holding back $650,000 of the total loan amount in a builder's control account to pay for the rehab costs. The LTV on this loan is 60%. The sponsor is an experienced real estate investor who has completed several successful rehab projects in the City.