Success Story
A repeat client negotiated a below-market price to purchase a “Fixer-Upper” single-family residential investment property in El Cajon, CA. The borrower had to close fast and needed a lender that would perform and make it an easy process.
The purchase price was $280,000. The borrower put approximately 30% cash down and will fund the cosmetic capital improvements of about $50,000 out of pocket, increasing the value of the secured collateral well beyond the initial cost. However, the ‘as is’ market value was conservatively at least $330,000 or 60% LTV at the time of the purchase.
Fidelis Action
Fidelis Private Fund provided the borrower a $200,000 short-term 1st Trust Deed purchase loan.
The loan is to be outstanding for approximately three months. The exit strategy is to sell the property for an expected market value of over $420,000 once the remodel is complete.
Value Added
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity in a time many lenders are on the sidelines. During times of uncertainty, there are always opportunities, and Fidelis is here to help people take advantage of those opportunities. At the same time, we are making it a smooth and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.