Cash Out Loan for a 17 Unit Apartment Building in Berkeley, CA with Prime UC Location

Yesterday, Rubicon Mortgage Fund funded a $3,500,000 cash out loan for a 17 unit apartment building in Berkeley, CA. The purpose of Rubicon's loan was to provide the borrower with short-term capital to make improvements to his building. The building also acted as security to refinance the existing debt. The building has a Prime location next to Cal Berkeley's campus and is blocks away from the Downtown Berkeley Bart Station. Rubicon's loan is secured by a 1st deed of trust with an LTV (Loan to Value) of 60%. The term for this private mortgage is two years.