Blanket Loan for El Sobrante, CA Mixed Use Retail and Industrial Property and Richmond, CA Office Building

Last week Rubicon Mortgage Fund funded a $570,000 hard money blanket loan secured by a Mixed Use Retail Industrial property in El Sobrante, CA. Rubicon also cross-collateralized an Office Building in Richmond, CA. The borrower's Bank Loan on the El Sobrante property had reached maturity, Rubicon's loan allowed the borrower to Refinance and pay off the bank. Rubicon also made a Junior Lein on the Office Building in Richmond for additional collateral. The borrower intends to sell the Mixed Use Retail Industrial property in El Sobrante to pay off a significant portion Rubicon's loan. Rubicon's loan is 55% LTV (Loan-to-Value) with a  one year term.