A repeat client needed a bridge loan to purchase 14 apartment units in El Cajon, CA, which required renovation before obtaining conventional financing.
The borrower needed a flexible bridge lender to fund the purchase quickly and allow time to vacate the tenants and complete the renovation.
Fidelis Private Fund provided the borrower a $1,500,000 1st Trust Deed purchase loan with a purchase price of $3,250,000 or 46% LTV ratio.
The exit strategy will be to refinance with a conventional lender once the rehab is finished and the property is stabilized.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity where value could be added, and at the same time, Fidelis made it a smooth and hassle-free loan process.