A client referral was searching for a construction lender to fund the construction of nine apartment units that already included two newly remodeled single-family residences in front of the property in National City, California. Once complete, it will be an 11-unit multi-family property.
Fidelis Private Fund provided the borrower a $2,650,000 1st Trust Deed construction loan. This loan will be disbursed through fund control, with disbursements occurring based on completion percentage. Upon completion, the appraised value of the subject property was determined to be $5,000,000, resulting in a loan-to-value (LTV) ratio of approximately 53%.
The exit strategy is to refinance with a conventional loan.
The Fidelis Private Fund helped the borrower by performing when needed, resulting in a smooth and hassle-free loan process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.