A repeat client got their $1,420,000 offer accepted to purchase a five-unit multi-family property in Imperial Beach, CA. It had deferred maintenance and added value potential with a 10-day close.
Unfortunately, the borrower did not have all cash to make the purchase and needed a lender to help finance the property and perform fast under such short notice.
Fidelis Private Fund provided the borrower a $1,100,000 1st Trust Deed purchase loan with borrower funding approximately $200,000+ in improvements out of pocket to create a conservative market value of $2,200,000 or a 50% LTV ratio.
The exit strategy is to refinance the property at completion and stabilized occupancy.
The Fidelis Private Fund helped the borrower by giving the borrower credit for a strong relationship with a prior history of impeccable performance, recognizing the property’s added value potential, and moving fast to facilitate the close. At the same time, we made it a smooth and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.