Private Mortgage Funded for Oakland Luxury Home

Last week Rubicon Mortgage Fund closed a $1,035,000 bridge loan on a luxury spec home in the Montclair neighborhood of Oakland, California. The borrower is an experienced real estate developer who needed to cash out equity in the property to fund other projects. The home is currently listed for sale at around $1,700,000 which puts the LTV at under 65%. It's a contemporary craftsman style luxury home, approximately 3,700 square feet, perched up on a hill with views of the San Francisco Bay.