Success Story
A repeat client needed a construction loan to build one rental unit (ADU 3BR/2BA) on top of a two-car detached garage in the rear of the property fronting the alley in the Point Loma area of San Diego. There is an existing single-family residence in front of the existing two-car garage that will remain, and after completion, it will be two units with a detached two-car garage with a view of the ocean.
Fidelis Private Fund provided the borrower a $445,000 2nd Trust Deed refinance construction loan. The first trust deed was $900,000. The conservative estimated value is $2,700,000 or 50% LTV ratio (combined debt) upon completion.
Value Added
The Fidelis Private Fund helped the borrower add value to their existing rental property while allowing them to keep a low-interest 1st trust deed loan in place through the construction period. 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.