Private Money Loan for Industrial Building in Thousand Palms, CA

Last month Rubicon Mortgage Fund funded a $400,000 bridge loan secured by an owner-occupied industrial building in Thousand Palms, California. The Borrower's previous 1st mortgage was coming due and needed to fund fast. We paid of their 1st mortgage and provided some cash out for business operating capital. The LTV for our new 1st mortgage is 65%. The loan term is 2 years. Thousand Palms is a town in Riverside County. Although most of Rubicon's private money lending is done in Northern California, we do consider properties in Southern California as well.