A client referral owned a residential single-family investment property in El Cajon, CA, with a lot of equity and wanted to tap the equity for a cash-out loan for business purposes.
The borrower had an existing conventional loan with an excellent interest rate and did not want to refinance the loan into a higher-priced loan but instead wanted a 2nd trust deed loan utilizing the equity without losing the excellent financing of the 1st Trust Deed loan.
Fidelis Private Fund provided the borrower a $260,000 2nd Trust Deed refinance cash-out loan using the combined debt for a 57% LTV.
The exit strategy is the borrower will pay off the loan with business cash flow.
The Fidelis Private Fund helped the borrower by immediately providing the cash liquidity needed without having to refinance the existing debt into a higher priced loan. At the same time, we made it a smooth and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.