An experienced real estate investor and repeat client needed a bridge loan to purchase a 3-story, 21,168 sq.ft. office building within a six-building office park in Kearny Mesa.
With the investor’s extensive network of prospective tenants, the office building is in lease-up transition and expects to stabilize the property within the next 12 months.
Fidelis Private Fund and Enact Partners partner 50/50 to provide the borrower a $2,100,000 short-term 1st Trust Deed purchase loan on a property appraised “as is” at $4,230,000 or 50% LTV ratio and stabilized $5,000,000 or 42% LTV.
The Fidelis Private Fund teamed up with an excellent private lender Enact Partners, to provide a bridge loan to acquire an office building in lease-up transition. At the same time made it a smooth and hassle-free loan process.