Success Story
An experienced developer needed financing to acquire a fully entitled infill site and fund the ground-up addition of 12 ADUs to an existing duplex, creating 14 rental units in the community of Normal Heights in San Diego.
Fidelis structured a $2,900,000 first trust deed purchase-construction bridge loan, with 57% LTV after completion.
The borrower plans to refinance into permanent financing upon completion and stabilization of the 14-unit project.
Value Added
Fidelis structured a flexible fund-control facility tailored to a phased purchase-and-build timeline, allowing an experienced developer to move quickly on a fully entitled, below-replacement-cost acquisition.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.