Bridge Loan for Pleasanton Industrial Property

Earlier this month Rubicon Mortgage Fund closed a $700,000 bridge loan secured by a large industrial building in Pleasanton, CA. The Borrower operates a commercial painting business at the property, a condominium in a large industrial park built 15 years ago.. They needed to cash out some equity for business capital. We paid off the $500,000 1st mortgage and provided $200,000 cash out to the borrower. The LTV is around 50%, and the loan term is 2 years. We funded this bridge loan in just 5 days.