Rubicon assists borrower with $2.5MM
Rubicon relieves SF borrowers’ anxiety from lender’s conventional financing pressure and threat of additional accrued interest.
• Being past due, borrower was getting tremendous pressure their current lender
• Due to the short term leases, borrower had difficulty obtaining conventional financing
• Borrower wanted to avoid additional default interest
Rubicon understood the borrowers situation:
• Rubicon recognized that there was already a plan in place to secure longer-term tenants after the completion of the refinance
• The building has many short term leases in place making it difficult for the borrower to obtain conventional financing
• Rubicon creatively structured a deal to fit the clients’ needs and refinance their past due loan
• Understanding the pressure the borrower was undergoing, Rubicon acted quickly to close the loan
Now the borrower no longer has to worry about accruing additional default interest and has the time they need work at stabilizing the property.
• Loan Amount $2,550,000
• 8,557 SF Mixed-Use building situated in prime location on North Beach
• No appraisal, No loan contingencies, No credit pulled.