A referral from an existing Fidelis client needed some cash liquidity in anticipation of refinancing with a conventional lender on an existing 6 unit multi-family apartment that was recently remodeled with out-of-pocket funds from the owner.
The property’s market value is conservatively estimated at over $2,000,000. There was an existing 1st trust deed loan of $140,000.
Fidelis Private Fund provided the borrower a $300,000 short-term 2nd Trust Deed refinance loan or a 22% LTV (combined 1st and 2nd trust deed)
The exit strategy is with the cash liquidity available from the subject loan, the borrower can qualify for the optimal conventional financing.
The Fidelis Private Fund helped the borrower prepare to refinance the property without having to pay off existing lower-cost debt. At the same time, we made it a smooth and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.