Bridge Loan for San Francisco Home Purchase

Two weeks ago Rubicon Mortgage Fund funded a $200,000 bridge loan to purchase a vacant single family home in the Oceanview neighborhood of San Francisco. This property was owned by the Borrowers' parent who passed away. It was in probate, and our new bridge loan paid off a reverse mortgage. The new 1st trust deed loan is less than 50% loan-to-cost. The Borrowers plan to rehab the home and sell or hold as a rental. We were able to fund this in just 5 days. The initial inquiry came in on Monday and we funded on Friday.