A prior client, experienced business owner, and real estate investor teamed with a partner. They needed a quick bridge loan to purchase a commercial property/owner-occupied in a matter of days.
The purchase price was $700,000 or 71% loan to cost. An appraisal supported the value after the remodel of $860,000 or 58% LTV. The borrower was pre-approved for an SBA loan, but the SBA loan could not close in time for the borrower to purchase the property.
Fidelis Private Fund provided the borrower a $500,000 1st Trust Deed purchase loan to allow the borrower time to remodel the property as an owner-occupied commercial property.
The exit strategy is a pre-approved SBA conventional loan with an expected pay off in 3 months.
The Fidelis Private Fund helped the borrower purchase an owner-occupied commercial property quickly and not lose the investment opportunity. The value in closing quickly, along with no hassle, was extremely beneficial to the client.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.