A successful real estate investor wanted to tap cash equity in his properties to purchase another income property. Rather than selling a property to obtain the cash, he wanted a lender to consider refinancing a few of his existing properties to pull cash out as the equity to purchase a 6 unit apartment.
Fidelis Private Fund provided the borrower a $450,00,000 short-term 2nd Trust Deed refinance cash out loan cross-collateralized by five income properties with a conservative combined 60% LTV ratio.
The loan is to be outstanding for approximately 12 months. The exit strategy is to refinance with a conventional lender after repositioning the property.
Fidelis Private Fund helped the borrower capitalize on a great investment opportunity within a matter of days without the borrower having to sell a property to provide the cash needed for the acquisition. 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.