Success Story
A local family inherited a free-and-clear infill property and wanted to redevelop it into new multifamily housing while keeping the existing residence. The project required a construction lender who could underwrite a ground-up build, support a clear entitlement path, and manage a structured draw process from pre-construction through completion—without the delays and rigidity of conventional financing.
Fidelis Private Fund provided a $2,190,000 first-trust-deed construction loan to fund the development of a small multifamily community. The approved plan delivers new apartment units alongside the retained home, creating a thoughtfully designed rental asset in a supply-constrained San Diego submarket. Proceeds are disbursed through third-party fund control with holdbacks, contingency, and interest reserves to ensure disciplined execution and budget oversight. The stabilized Loan-to-Value after completion of construction is estimated at 55%.
Exit Strategy
Upon construction completion and lease-up, the sponsorship group plans to refinance into long-term conventional financing once the property is stabilized and generating consistent rental income.
Value Added
Fidelis delivered speed, certainty, and conservative structuring for a family-owned redevelopment, pairing strong collateral support with professional construction oversight. This transaction reflects Fidelis’ ability to finance infill housing projects that create durable value for borrowers and the surrounding community.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.