Hard Money Loan for San Francisco Condominium Acquisition

Two months ago Rubicon Mortgage Fund funded a $760,000 bridge loan secured by two condominium units located in San Francisco, near Buena Vista Park. The borrower already owned one of the condos free-and-clear and wanted to purchase an adjacent unit. Rubicon secured a lien on both properties. The borrower plans to rehab his new condo and hold them both as long-term rentals. This first trust deed loan is 60% LTC (loan-to-cost). The remaining term on the note is just under 3 years.