A client needed a bridge loan to refinance an existing private loan and fund the remaining costs to complete two manufactured homes on two separate parcels.
The two manufactured homes were built and ready to be moved onto the site. The appraised value of the two houses was $700,000 or $350,000 each.
Fidelis Private Fund provided the borrower a $420,000 1st Trust Deed refinance loan with a $400,000 initial disbursement and $20,000 holdback to complete construction.
The exit strategy is the sale of the two homes within 6 months.
The Fidelis Private Fund helped the borrower quickly obtain a refinance loan for an affordable housing project with no hassle.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.