A repeat client needed a construction loan to replace a detached garage next to a fully remodeled single-family residence on a corner parcel with two rental units (1BR/1BA and 3BR/2BA ADUs) for a total of three rental units. The property is in the community of Point Loma, just east of downtown San Diego.
Fidelis Private Fund provided the borrower a $400,000 2nd Trust Deed refinance construction loan. The first trust deed was $1,011,000. The appraised value after completion is estimated to be $2,600,000 or 54% LTV ratio (combined debt) upon completion.
The exit strategy is to refinance at completion.
The Fidelis Private Fund helped the borrower add substantial 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.