A repeat client and successful real estate broker was in contract to purchase a residential duplex with two detached residential units and needed to close in less than a week. The borrower is an experienced real estate investor and plans to remodel the improvements and increase the rents.
The buyer needed a lender that would perform within days and make it an easy process.
Fidelis Private Fund provided the borrower a $450,00,000 1st Trust Deed purchase loan with the borrower funding the improvement costs out of pocket. The purchase price was $550,000, with the after-completion value exceeding $650,000 or 69% LTV.
The exit strategy is to remodel and stabilize the property then refinance with a conventional lender.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity and fund within a week. At the same time, making it a smooth and hassle-free loan process.