Private Money Loan for San Francisco Luxury Condo Acquisition

Last week Rubicon Mortgage Fund funded a $2,450,000 bridge loan secured by 3 properties located in San Francisco, Sausalito, and Sonoma, CA. Our loan gave the borrower the additional monies he needed for the acquisition of a luxury condominium in the Nob Hill neighborhood of San Francisco and was secured by a 1st deed of trust. Our loan was also secured by two 2nd deeds of trust on the borrower's non-occupied owner residential properties in Sausalito and Sonoma. The purchase price for the San Francisco luxury condominium was $2.8M. The borrower intends to sell his Sonoma and Sausalito income properties to pay down our loan. Our cross-collateralized hard money loan was 63% loan-to-combined value. The term of this private mortgage is one year.