An existing client referred a borrower to Fidelis, a business owner who needed a bridge loan to purchase a commercial property.
The purchase price was $430,000 or 68% loan to cost. The property location is in a transitioning area once a residential home is now zoned commercial and used for commercial purposes. Once re-tenanted for occupancy, it is conservatively valued over $500,000 or 59% LTV.
Fidelis Private Fund provided the borrower a $295,000 1st Trust Deed purchase loan to allow the borrower time to remodel the property with the borrower’s funds for owner-occupancy.
The exit strategy is to refinance with conventional financing once the owner-occupant is seasoned in the property.
The Fidelis Private Fund helped the borrower purchase an owner-occupied property quickly, which was in transition and needed a little time before it was ready for traditional financing, and funded the loan with little to no hassle.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.