An existing Fidelis borrower and Fidelis investor, experienced business owner, and real estate investor purchased an owner-occupied commercial property in Riverside, CA. He needed a quick bridge loan to buy a property that will be refinanced with conventional financing.
The purchase price was $620,000 or 65% loan to cost. An appraisal supported the value.
Fidelis Private Fund provided the borrower a $400,000 1st Trust Deed purchase loan to allow the borrower to purchase the property renovate to occupy his auto towing business.
The exit strategy is to refinance with a conventional lender.
The Fidelis Private Fund helped the borrower purchase an owner-occupied commercial property quickly and not lose the investment opportunity. The value in closing quickly, along with no hassle, was extremely beneficial to the client.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.