An aspiring real estate investor needed a quick, short-term loan to purchase a single-family residential investment property in the San Diego area. The borrower secured the purchase at a below-market price and planned to make cosmetic improvements to the property for resale.
The purchase price was $455,000, and the borrower put down 60% of the purchase price or $275,000, a very conservative loan most any lender would do.
However, very few lenders can close a loan in a matter of days with no hassle, but Fidelis is one of those few lenders and was there to make it happen.
Fidelis Private Fund provided the borrower a $180,000 short-term 1st Trust Deed purchase loan or 40% LTV ratio in the time frame needed by the borrower.
The loan is expected to be outstanding approximately 4 months. The exit strategy is to sell the property for an expected market value of over $600,000.
The Fidelis Private Fund helped the borrower capitalize on an extra-ordinary great investment opportunity.
Another transaction where Fidelis Private Fund is helping our client achieve their financial goal.
Deal FPF 10021