Two partners, a general contractor and real estate investor, needed a construction loan to build two detached residential duplexes in Vista, CA. A total of four apartment units.
The borrower’s obtained the permits necessary to start construction and were ready to build. They and did not want to wait and go through the conventional, institutional financing process and further delay the project start date.
Fidelis participated on loan with another private money lender, with each lender funding 50% of the loan commitment or $570,000 each.
Fidelis Private Fund closed on 50% or a $570,000 ($1,140,000) 1st Trust Deed construction loan or 75% LTC and a 60% LTV ratio.
The exit strategy is for the borrower to refinance the four units once completed and keep as a rental property.
The Fidelis Private Fund loan helped the borrower by providing a construction loan much faster than a conventional institutional lender. Fidelis made the fund control and disbursement process as smooth and hassle-free as possible.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.