A repeat client was in escrow to close on the purchase of a single-family investment property and had to close in 10 days. The purpose of the loan was to acquire the property, remodel and convert one of the bedrooms to a separate unit.
The buyer needed a lender that would perform fast and accommodate the borrower with additional funds to remodel the improvements for significant added value.
Fidelis Private Fund provided the borrower a $500,00,000 1st Trust Deed purchase loan.
The initial disbursement was $390,000 with a $110,000 holdback for improvements with estimated market value upon completion of $770,000 or 65% LTV.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity and close within days. At the same time, making it a smooth and hassle-free loan process.