Fidelis provided a $1,265,000 construction loan to a repeat client to transform a single-family residence into a six-unit multi-family property, which added substantial value.
The borrower wanted to keep the property as a long-term rental. When the project was complete and stabilized, the borrower requested our assistance to obtain a conventional permanent loan to refinance the construction loan with cash-out.
Fidelis Private Fund arranged a 1st Trust Deed permanent loan with a commercial bank of $1,575,000, 4.35% fixed for seven years, interest only for the first three years, 30-year amortization or approximately 60% LTV.
(The subject loan was arranged through Fidelis by Cornerstone Commercial Mortgage, acting as the broker on the transaction).
With our extensive database of lender relationships, Fidelis Private Fund helped the borrower refinance an existing construction loan, which Fidelis funded as the direct lender, into an excellent conventional permanent loan with cash-out.
Our goal is complete customer satisfaction. We not only can facilitate as a direct lender, as we did on this transaction, doing the construction loan, but we acted as the broker and helped the borrower secure excellent permanent financing, resulting in a one-stop shop for the borrower’s financing needs.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.