An experienced general contractor and real estate investor, also a repeat client, needed access to cash tied up in the equity of a single-family residential investment property under construction, which was owned free and clear. The borrower was an owner/builder and purchased the lot and paid all cash, and funded all the construction costs out of pocket to date. The home was close to 85% complete, and the borrower needed a short-term loan to pull cash-out for investment purposes.
Fidelis Private Fund funded a $350,000 short term 1st Trust Deed loan or 50% of the conservative “as is” market value. The exit strategy is to sell the property upon completion within six months.
The Fidelis Private Fund loan helped the borrower access cash equity in a property that was owned free and clear, allowing him to use the proceeds to profit on another investment opportunity.
Another transaction where Fidelis Private Fund is helping our client achieve their financial goal.