A repeat client purchased for all cash a single-family investment property out of foreclosure for $1.8M. After getting the permits and starting the remodel, the borrower needed a short-term loan to complete the major renovation.
Fidelis Private Fund provided the borrower a $1,500,000 1st Trust Deed refinance with the loan disbursed as % of completion. The initial disbursement was $600,000 with a $900,000 holdback for the renovation, and will have a future estimate of value of over $4 million or 38% LTV.
The Fidelis Private Fund helped the borrower provide the funds to add considerable value to the property through a major renovation. At the same time, made it a smooth and hassle-free loan process.