A repeat borrower of Fidelis Private Fund was in a competitive bidding process for a single-family investment property in Spring Valley, a community of San Diego, which required a lot of rehab work. His ability to perform fast with a bridge loan from Fidelis won him the bid to purchase the property.
The property consisted of a two-bedroom, two-bath home and approximately 1,000 sq. ft. with a detached two-car garage. The borrower plans to completely renovate the improvements and possibly convert the garage into an ADU.
Fidelis Private Fund provided the borrower a $487,000 short-term 1st Trust Deed bridge loan with an initial disbursement of $412,000 and a holdback of $75,000 to cover the renovation costs. Once renovations are complete, the subject property will be conservatively valued at around $950,000 or 51% LTV.
The exit strategy is to sell the subject property once the renovations are complete.
The Fidelis Private Fund helped the borrower to a quick close of escrow and provided a 1st TD loan with a holdback of funds, which assisted the borrower with renovation costs to rehab the single-family property. 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.