Mortgage Note Purchase for Sacramento Commercial Property

Last month Rubicon Mortgage Fund purchased a seller-financed mortgage note secured by a 24,000 square foot retail building in Old Sacramento. The note seller had owned the property until it was sold 10 years ago. The seller needed funds to use in other real estate investment opportunities. The balance on the note was around $850,000. Rubicon purchased the 1st trust deed note for $650,000 (40% LTV). The seller kept a 2nd position trust deed for the balance. The remaining term on the note is less than 2 years.