A repeat Fidelis client who is a general contractor and a real estate investor needed a lender to provide acquisition financing to purchase a six-unit multi-family property within two weeks. Improvements included four detached bungalow units, one two-story duplex above five single car garages fronting the alley.
The plan is to remodel the existing six units, converting four of the single car garages to two additional units, and leave the one garage for storage.
Fidelis Private Fund provided the borrower a $1,880,000 1st Trust Deed purchase loan with a $400,000 hold back for improvements. The estimated market value at completion of over $3,100,000 or 61% LTV ratio.
The exit strategy will be to refinance immediately upon stabilized occupancy.
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.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.