A cash-out refinance to fund a reverse exchange was the focus of this deal. Borrower needed $2.81M cash out from two single family residences in leafy Palo Alto. One of the properties is a 7-unit multi-family SFR. The combined LTV is 50% for this 24 month loan. Purchase property is in Menlo Park.
An over 10,500 square foot, free-standing building in Hayward was on the market and borrower came to Rubicon for $1.15M to seal the purchase on this investment property. Warehouse has office space of over 6,700 square feet with 15 parking spaces. The loan to cost on this deal was 62% and term is for 1 year.
A long-term tenant along with two other investors will grow their mechanics business along with the newly acquired gas station and convenience store (with great cash flow) all located on one lot. Borrower needed $1.7M to complete purchase of this commercial retail property. Using two free-and-clear single family residences in Chowchilla and Ceres as cross collateral, Rubicon funded the loan for 12 months. The combined loan to value is 50% and RMF has 1st Deed of Trusts.
Borrowers found a great investment acquisition opportunity on North Oakland/Berkeley border. Using the cross collateral of a 4-plex unit in Berkeley, they were able to secure a $1.25M loan with Rubicon Mortgage Fund bring the combined loan to value under 60%. Term of loan is 12 months and Rubicon holds the 1st Deed of Trust on both properties.
Borrowers purpose for this loan from Rubicon was to payoff an existing loan and recapitalization of their business. RMF provided a $2.5M loan for 18 months using this family vacation home as collateral to pay off the business credit line that had matured. Borrower's exit strategy is to use proceeds from the sale of their industrial building outside of San Diego to pay off our loan. This beautiful wood-framed home is right on the lake in Tahoe and includes 4 bedrooms and 5 baths and it's own lake pier. Loan to value was less than 50%.
Borrower with successful history in car wash investments came to Rubicon for a loan of $400K for a zoned for commercial development, corner-lot land purchase in Fairfield, CA. High frontage and visibility of this .86 acre property combined with a traffic light at the intersection is a big bonus to the accessibility of this property. Borrower intends to develop lot into a car wash. Rubicon funded loan using the borrowers other car wash station as cross collateral making this a combined loan to value of 50%. Term is for 2 years.
A broker came to Rubicon for help with his client who wanted to acquire a 48-Unit Commercial/Multi-Family Apartment Building. Located in the bustling downtown district of Oakland, this Multi-Use Complex, is situated within walking distance to BART and Swan's Market which was heralded as one of the "East Bay's most exciting dining destinations" (Diablo Magazine). The acquisition met Rubicon's loan to cost of 60%, has a term of 12 months and RMF holds the 1st Deed of Trust.
Two Rentable Spaces (1st and 2nd floor) in a Daly City SFR was an attractive purchase for our borrower. Featuring great floor plans, this non-owner occupied 2-story, was built in 2016 and will be rented out immediately. The upper level has 2 bedrooms, plus den and 2 bathrooms. Lower level is 1/1. Walking distance to BART makes it even more attractive for renters commuting into San Francisco. Loan to cost is 50%, and RMF has the 1st DOT for 12 months.
A service station with convenience store had existing debt that borrower wished to refinance. RMF gave a $465K loan for a term of 2 years. With a Loan to Value of less than 40%, the property more than meets Rubicon's valuation requirements.
A repeat borrower came to Rubicon for a $600K loan on property located in the very leafy and desirable neighborhood of Upper Happy Valley in Lafayette. This non-owner occupied single family residence has 5 bedrooms and 4 baths with over 3,000 square feet on over 1/2 acre of land. With a Loan to value of 30%, this refinance will go towards other business purposes. RMF holds 1st DOT and loan is for 12 months.
Rubicon funded a $2.1M loan for borrower needing to refinance existing debt. With a Loan to Value of 65%, property in question is a Commercial Retail Space with over 15,000 square feet. Lot size is over 55K square feet. Rubicon holds 1st Deed of Trust on this 12 month loan.
A portfolio real estate investor, and repeat borrower of Rubicon, needed to reposition their debt. RMF funded $1.9M on this 1 year loan against 3 properties in Berkeley combining for an LTV of 60%. The properties included a Single Family Residence in the Elmwood neighborhood, a 4-plex and a duplex - both within walking distance of Fourth Street, "the true pearl of the Bay Area," according to Vogue Magazine, for its "foodie scene and an impressive stretch of stores." Rubicon holds the 1st Deed of Trust on all 3 properties.
Borrower needed $550,000 for Land Entitlements on a different project unrelated to loan. Two Single Family Residences in Sacramento provided the collateral needed for this cash-out refinance. The combined loan to value is less than 50% on this 3-year loan.
After a family inheritance of a free-and-clear multi-unit property to 3 siblings, 1 of the siblings wanted to be paid out leaving 2 brothers on title. They came to Rubicon for a $300,000 loan for this Family Trust Buy-out. The 5,000 square foot lot hosts a 2-story, 4-plex - each with 2 bedrooms and 1 bath and a parking spot - residential building with active renters. Loan period is for 1 year and the LTV is less than 50%. Rubicon holds the 1st Deed of Trust.
Prime location in Emeryville! Borrower owns a very flexible Office/Commercial Condo a stone's throw from entry gates to Pixar (Disney) Studios. She came to Rubicon Mortgage Fund requesting a $500,000 loan for a refinance/cash-out for Tenant Improvements. The space contains 14,000 square feet, the Loan to Value is under 30%, RMF holds 1st DOT and the term is for 2 years.
Borrower has 20,000 square foot lot in Orinda Village. He came to Rubicon for a cash-out refi loan of $575,000 for project expenses such as architectural and engineering work, civil and building, grading and drainage permits along with attorney fees. The property type is Entitled Commercial Land - close to 1/2 acre - within walking distance of Orinda Bart, shops and restaurants. Term of loan is 1 year and RMF holds the 1st DOT.
This deal was to enable borrower to acquire two Non-Owner Occupied homes in El Dorado Hills, CA located on Folsom Lake. Loan amount was $515K. First home is over 2,500 square feet, has 3 bedrooms and 3 baths with lake views (5 minute walk to lake!). Seller purchased property as an investment but found herself underwater. Rubicon's borrower was able to purchase below market, plans minor renovations and will flip within 3-6 months. The second home is a 3/2 with over 1,800 square feet. and is energy efficient. Large deck has amazing Folsom Lake view and yard is beautifully landscaped and very private. Same seller as above and borrower purchased for $250,000. Exit strategy is to sell house 1, pay RMF with proceeds, and then rent or sell second home. Combined loan-to-cost is under 60%, and term is 6 months. Rubicon holds the 1st DOT on both homes.
A mobile home park with 41 unit spaces on 4.5 acres was the focus of this refinance. Borrower came to RMF and needed $700,000 to complete refi for park in Oroville, CA. Term is 4 years, LTV is 50% and Rubicon holds 1st Deed of Trust.
Rubicon funded a $3.1 Million loan to a borrower/owner of a close to 21,000 Square Foot Multi-Tenant building on a leafy downtown street in Santa Cruz. Loan is intended for property improvements on this 34-unit Office Building that also houses a Top-10 Reviewed Italian Restaurant on Yelp. Rubicon's loan to value is 63%, loan term is 2 years and RMF holds the First Deed of Trust.
A repeat borrower for Rubicon needed a $520K loan to purchase property in Turlock, CA. Using cross-collateral that included a 100-Room Hotel in Madera and an 8,500 Square Foot Luxury Home in Pleasanton with Views of city lights and vineyards, Rubicon provided the funds for 1 year. Proven borrower commercially develop the 1.25 acre lot. Loan has a combined LTV of under 60%.