A repeat client needed a refinance/construction loan to pay off a private money loan secured by single-family investment property on a large lot. The borrower plans to remodel and obtain permits to add five additional rental units for a total 6-unit multi-family project.
Fidelis Private Fund provided the borrower a $1,860,000 construction 1st Trust Deed refinance/construction loan with an initial disbursement of $663,000 to pay off existing debt with a $1,197,000 holdback for construction improvements for a conservative 60% LTV ratio at completion and stabilized occupancy.
The exit strategy is to refinance with a conventional lender.
The Fidelis Private Fund helped the borrower acquire the property and provided the funds for the construction of the improvements creating substantial value in the property. At the same time, making it a smooth and hassle-free loan process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.