A repeat client needed a short-term loan to transform a 1BR/1BA rental unit into a 2BR/2BA unit on the same parcel as an existing single-family residential investment property that includes a total of two rental units in the community of Rancho Bernardo in San Diego, CA.
Fidelis Private Fund provided the borrower a $150,000 2nd Trust Deed refinance bridge loan. The first trust deed was $271,000. The conservative estimated value is $1,600,000 or 27% LTV ratio upon completion.
The exit strategy is to refinance at completion.
The Fidelis Private Fund helped the borrower add value to their existing rental property. 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.