A repeat client needed to close on the purchase of a residential duplex investment property in less than a week. It was a historical residence in the community of Golden Hill, San Diego. The borrower had some cash from a 1031 exchange and a lot of equity tied up in another residential investment property owned in La Jolla.
The purchase price of the subject duplex was $1,425,000. The borrower wanted to use a combination of cash from the 1031 exchange and equity in the La Jolla property as collateral for the purchase.
Fidelis Private Fund provided the borrower a $1,155,000 1st Trust Deed loan on the Duplex and 2nd Trust Deed on the La Jolla residence for a combined LTV ratio of 60%.
The exit strategy is to refinance immediately. Fidelis prequalified the borrower for the takeout loan before funding the bridge loan and will be the broker arranging the permanent financing with a conventional lender.
The Fidelis helped the borrower close the loan in a matter of days, allowed the borrower to utilize equity in another property as cross-collateral in place of all cash down, and will help arrange the permanent loan. Fidelis provided the service of a one-stop-shop, at the same time, making it a smooth and hassle-free loan process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.