A repeat client needed a loan to rehab a dilapidated single-family residence with one detached residential unit and garage in the rear of the property. The property is located on a corner lot in an excellent location in the community of Pacific Beach on Grand Avenue.
The subject property was purchased and financed with another 1st trust deed private loan of $731,250.
Fidelis Private Fund provided the borrower a $300,000 2nd Trust Deed rehab loan secured by the subject property and cross-collateralized with another of the borrower’s properties for additional security. The combined LTV ratio is 65%.
The exit strategy is to sell or refinance upon completion of the remodel.
The Fidelis loan will add considerable value to the property with the subject loan for the remodel of the SFR, the unit in the rear of the property, and add an auxiliary dwelling unit in place of the garage, making it three residential units.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.