Success Story
An experienced real estate developer Fidelis has funded numerous loans for, all of which have been paid as agreed, and needs financing to reposition an older residential property into a modern multifamily community. The project involved a full interior and exterior transformation of the existing structure, along with the construction of multiple new rental units on-site. The developer required a construction lender capable of supporting a complex redevelopment plan, coordinating a structured draw process, and providing a faster, more flexible execution path than conventional lenders could offer.
Fidelis Private Fund provided a $3,180,000 first trust deed construction loan to fund the redevelopment of the existing residence into a redesigned duplex and the addition of multiple newly constructed rental units. The completed project will operate as a 10-unit multifamily community featuring updated interiors, efficient unit layouts, on-site parking, and landscaped outdoor spaces positioned for strong rental demand.
Loan proceeds include payoff of the existing debt, soft costs, and a complete construction budget, with disbursements administered through third-party fund control. Holdbacks, interest reserves, and contingency allocation ensure disciplined oversight throughout the construction timeline. The stabilized Loan-to-Value (LTV) is estimated at approximately 58%, reflecting conservative underwriting and strong projected performance.
Upon completion, lease-up, and stabilization, the plan is to refinance the construction loan into long-term conventional or agency-backed multifamily financing, supported by the project’s strong rental profile and experienced sponsorship.
Value Added
Fidelis delivered speed, certainty, and conservative structuring for a family-owned redevelopment, pairing strong collateral support with professional construction oversight. This transaction reflects Fidelis’ ability to finance infill housing projects that create durable value for borrowers and the surrounding community.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.