The owners own and operate an adult residential care facility. They needed to refinance to pay off a partner before they could refinance with an approved SBA loan. They needed to close fast.
Fidelis Private Fund provided the borrower a $1,425,000 short-term 1st Trust Deed refinance loan. The “as is” appraised value was $2,150,000 or 66% LTV.
The exit strategy is to refinance with the approved SBA loan.
The Fidelis Private Fund helped the borrower by providing a quick short-term bridge loan to revise the ownership structure to refinance with a long-term SBA loan at a low-interest rate. 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.