Success Story
A San Diego-based real estate investor and ADU developer needed financing to refinance existing debt and fund the construction of a 10-unit multifamily project. The project involves developing nine new ADUs while preserving an existing renovated single-family rental home.
Fidelis Private Fund provided a $2,300,000 first trust deed construction loan, including funds to retire existing debt and a construction holdback for the development of nine new ADUs. The loan is secured by a property with an estimated stabilized value of $3.93 million, resulting in an approximate 59% stabilized LTV.
Upon completion and stabilization of the project, the borrower plans to refinance into permanent multifamily financing.
Value Added
This transaction demonstrates Fidelis Private Fund’s ability to provide creative construction financing for small-scale multifamily developments. By recognizing the value of a nearly entitled infill project and maintaining conservative leverage, Fidelis helped position the borrower to create much-needed housing while preserving strong collateral protection.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.