A repeat client of Fidelis was in contract to purchase two retail multi-tenant buildings totaling approximately 47,500 sq.ft. in a mixed-use project located in the Barrio Logan neighborhood southeast of downtown San Diego. The borrower needed a bridge lender to close fast and allow time to transition several of the retail tenants and stabilize the property.
Through Fidelis’s network of lenders, we arranged a bridge loan for the borrowers to purchase the property for $13,850,000 or 75% of the purchase price. However, the appraisal came in at $15.8M creating immediate value for the borrower.
Fidelis Private Fund arranged a 1st Trust Deed purchase bridge loan for $10,300,000 at less than 65% LTV.
(The bridge loan was not funded by Fidelis, but arranged by John Lloyd/Cornerstone Commercial Mortgage acting as the broker on the transaction)
The Fidelis Private Fund helped the borrower arrange a short-term bridge loan to purchase the property below market price and immediately realize added value. The bridge loan will allow the borrower time to stabilize the property in preparation for permanent financing.
Our goal is complete customer satisfaction, and if the loan request doesn’t fit Fidelis Private Fund as a direct lender, we find the right lender with the best loan terms for the borrower.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.