An investor/owner-operator was purchasing a mixed-use commercial/residential property in Spring Valley, CA. The purchase price was $600,000. The borrower was going to move his business into the commercial space and rent out the attached residential unit.
Fidelis Private Fund arranged a $390,000 bridge loan 1st Trust Deed with a local, private lender at 65% LTV.
The challenge was finding a lender that would lend on a property with deferred maintenance where the property needed some remodel, perform fast, and make it an easy process.
The Fidelis Private Fund helped the borrower arrange a bridge loan to purchase a property that needed to be remodeled and close on it fast. The exit strategy is to refinance with a conventional lender once the property is renovated and stabilized.
Our goal is complete customer satisfaction, and if the loan request doesn’t fit Fidelis Private Fund as a direct lender or we do not have the capacity to fund at the time, we will still help the client by assisting in whatever loan is needed. In this case, we tapped our other private lender database to arrange a bridge loan, accomplishing what the client required.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.