A repeat borrower who is an experienced general contractor needed a quick bridge loan to purchase a single-family investment property with a San Diego bay view. It needed to close in less than a week.
It was permitted as a 3BR/1BA at a purchase price of $380,000. However, there were two additional unpermitted bedrooms and were going to be permitted with the remodel. Plus, another bathroom was to be added, generating a 5BR/2BA home after the remodel, creating added value.
Fidelis Private Fund provided the borrower a loan with an initial loan disbursement of $304,000 at closing with a $103,000 holdback for improvements for a total loan commitment of $407,000 short-term purchase loan secured by a 1st Trust Deed. The estimated property value after remodel was $650,000 or 62% LTV ratio.
The exit strategy is to sell or refinance the property immediately after the remodel.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity within a matter of days. At the same time, making it a smooth and hassle-free loan process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.