A repeat Fidelis client, real estate investor, and developer had an opportunity to purchase a vacant lot in an established residential neighborhood in Santa Cruz County, in Northern California. Our client has approved plans to build a 3,000+ sq. ft. spec home in the desirable Portola Valley area.
The borrower needed a lender to provide a construction loan to cover the purchase of the lot and the cost of construction. The loan to cost ratio was 71%, and a recent “as complete” appraisal resulted in a LTV of 53%.
Fidelis Private Fund provided the borrower a $1,657,000 1st Trust Deed construction loan with an appraised “as-complete” market value of $3,075,000 or 53% LTV ratio.
The exit strategy will be to sell upon completion immediately.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity. At the same time, making it a smooth and hassle-free loan process.