An experienced real estate developer and repeat client finished the construction of a 13 unit luxury apartment in the community of Mission Hills of San Diego, CA. The construction loan of approximately $3,000,000 had matured. The borrower’s objective was to refinance and leverage as large a conventional loan as possible at the lowest 10-year fixed rate available in the market with a 30-year amortization. As well as wanting the first three years interest only.
Fidelis provided the borrower a matrix of loan options from several lenders that fit their objective. The borrower chose a bank as the lender, closing in time to meet the construction loan maturity deadline with a 10 year fixed rate and got the cash-out the borrower wanted.
Fidelis Private Fund arranged the $4,085,000 permanent loan at a competitive 3.95% interest rate fixed for 10 years, interest-only the first three years, and provided a large enough loan for the borrower to recoup some of their initial investment with the cash-out.
The challenge was finding a competitive interest rate fixed for 10 years with an interest-only component at the same time maximizing leverage with cash out.
Fidelis Private Fund helped the borrower arrange an excellent long term fixed rate loan on a small luxury apartment project, and at the same time, got them cash-out. Our goal is complete customer satisfaction, and if the loan request doesn’t fit Fidelis Private Fund as a direct lender, we will help the client by assisting in whatever is needed. In this case, we tapped our extended lender resources to arrange an excellent long term loan accomplishing what the client was looking for.
Another transaction where Fidelis Private Fund is helping our client achieve their financial goal.