An experienced real estate investor and repeat client of Fidelis Private Fund needed a long-term/conventional loan with cash out to refinance an existing bridge loan on an existing 7-unit apartment, cottage-style, in North Park. The borrower wanted a conventional lender at the lowest interest rate possible.
Fidelis Private Fund arranged the $2,437,500 permanent loan with a regional bank at a competitive interest rate in the high 3% range and 57% loan to value.
The challenge was that the borrower had recently acquired and remodeled seven units, and the new tenants were just moving in. The lender accommodated the borrower’s new leases and funded the loan within 60 days of completing the remodel and the last tenant moving in. (The subject loan was not funded directly by Fidelis but arranged through Fidelis by Cornerstone Commercial Mortgage, acting as the broker on the transaction).
The Fidelis Private Fund helped the borrower arrange a cash-out refinance on a newly remodeled apartment at an excellent interest rate with a conventional regional lender.
Our goal is complete customer satisfaction, and if the loan request doesn’t fit Fidelis Private Fund as a direct lender, we will still help the client by assisting in whatever is needed. In this case, we tapped our extended lender resources to arrange an excellent long-term loan accomplishing what the client was looking for.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.