A repeat client needed a construction loan to build a single-tenant retail building preleased with a long-term lease to the credit tenant Starbucks in Chula Vista, CA.
Fidelis Private Fund provided the borrower a $2,600,000 1st Trust Deed refinance construction loan. The conservative estimated value is over $4,300,000 or 60% LTV ratio upon completion.
The exit strategy is to sell the property upon completion.
The Fidelis Private Fund helped the borrower expedite the construction of a retail building leased to a credit tenant, creating substantial value to the property. 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.