An experienced real estate broker negotiated a below-market price to purchase a “Fixer-Upper” single-family residential investment property in San Diego, CA. The borrower needed a lender who would acknowledge the real market value vs. just focusing on the purchase price. She needed a lender that would listen to the story and recognize the real market value.
The purchase price was $425,000. However, it was acquired through probate, and the borrower endured a long, tedious court process to acquire the property at a below-market price. The real “as is” market value was over $560,000 or 65% LTV. The borrower plans to complete a remodel for resale and recreate even more value.
Fidelis Private Fund provided the borrower a $361,250 short-term 1st Trust Deed purchase loan.
The loan is expected to be outstanding for approximately three-four months. The exit strategy is to sell the property.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity. Fidelis listened to the story of how the borrower was able to acquire the property as well as recognize the real market value of the property, instead of just focusing on the purchase price alone. Fidelis is here to help people take advantage of investment opportunities. At the same time, we make it a smooth and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.