A repeat client negotiated a below-market price to purchase a single-family investment property that needed to close within a week. The borrower planned to remodel the house for resale.
The buyer was scheduled to close in a few days and needed a lender to perform and make it happen.
Fidelis Private Fund provided the borrower a $245,00,000 short-term 1st Trust Deed purchase loan, with the borrower funding the improvement costs out of pocket for the remodel. The purchase price was $380,000 or 65% loan to cost.
The exit strategy is to sell the property in less than three months for a market value in the $500,000 range based on sale comparables.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity within a matter of days. At the same time, making it a smooth and hassle-free loan process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.