A repeat client needed a construction loan to build two rental units (one ADU and a Jr. ADU) in one detached building on the back parcel with a fully remodeled single-family residence in the front for three rental units. The property is in the community of City Heights in San Diego, CA.
Fidelis Private Fund provided the borrower a $315,000 2nd Trust Deed refinance construction loan. The first trust deed was $521,000. The conservative estimated value is $1,800,000 or 50% LTV ratio (combined debt) upon completion.
The exit strategy is to refinance at completion.
The Fidelis Private Fund helped the borrower add value to their existing rental property. 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.