An experienced mortgage broker who is also a Fidelis client was in the process of providing conventional financing for the purchase of a $410,000, single-family investment property for one of his clients. Just before closing, the lender was not able to perform. The borrower needed another lender that would come in and provide a loan for a quick close so that she would not lose the investment opportunity.
Fidelis Private Fund closed a $287,000,000 short term 1st Trust Deed loan or 70% of appraised value. As a rental property, it supports the debt service. The exit strategy is to refinance the loan with a conventional loan.
The Fidelis Private Fund helped the borrower purchase an investment property that she would have otherwise lost if Fidelis was not able to perform so quickly.
Another transaction where Fidelis Private Fund is helping our client achieve their financial goal.