The borrower was a limited liability company (LLC) entity that owned a single-family residential investment property located in the community of Mission Hills, San Diego, and needed to refinance out of a high-interest rate loan.
The borrower was finding it difficult to get the loan refinanced with the ownership in an LLC and the property used as a short-term rental (Airbnb).
Fidelis Private Fund arranged the $1,153,000 permanent loan with a lender in the low 4% interest rate range and 52% loan to value ratio.
The challenge was getting the lowest interest rate possible given the use of the property as a short-term rental, and it owned in an LLC.
The Fidelis Private Fund helped the borrower arrange a new loan at a competitive interest rate and keep the borrowing entity in an LLC. The refinance with the lower rate decreased their debt service by a third and drastically improved their net cash flow from the property.
Our goal is complete customer satisfaction, and if the loan request doesn’t fit Fidelis Private Fund as a direct lender, we will still help the client by assisting in whatever loan is needed. In this case, we tapped our extended lender resources to arrange an excellent long term loan accomplishing what the client was looking for.
Another transaction where Fidelis Private Fund is helping our client achieve their financial goal.
Deal FPF 10022