A repeat client 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 an excellent price and planned to make cosmetic improvements to the property for resale.
The purchase price was $432,000, and the borrower put down 54% of the purchase price or $232,000, with a conservative $200,000 loan.
Fidelis Private Fund provided the borrower a $200,000 short-term 1st Trust Deed purchase loan or 46% LTV ratio in the time frame needed by the borrower.
The loan is expected to be outstanding approximately three months. The exit strategy is to sell the property for an expected market value of over $550,000 once the remodel is complete.
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 an easy and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.