Success Story
An experienced developer and repeat Fidelis client needed funding to construct 12 new apartment units behind an existing single-family home, converting the property into a 13-unit multifamily investment in an excellent San Diego neighborhood.
Fidelis Private Fund provided a $2,600,000 construction loan secured by a 1st Trust Deed. The loan covers hard and soft construction costs, with phased disbursements based on project progress. The as-completed appraised value of $4,400,000 results in a conservative 59% LTV.
Upon completion and lease-up, the borrower plans to refinance with conventional financing, leveraging the stabilized rental income of the completed 13-unit property.
Value Added
Fidelis supported the delivery of new rental housing in a supply-constrained market by backing a high-quality infill development. The loan structure offered the borrower flexibility and speed, while maintaining conservative risk exposure for Fidelis and its investors.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.