A client referral was in escrow to purchase a commercial property to be used as an owner-occupied commercial property; however, tenants still in the property needed to be vacated before a conventional lender would fund the loan.
The borrower needed a flexible bridge lender to fund the purchase and allow time for the borrower to vacate the tenants and cure some deferred maintenance.
Fidelis Private Fund provided the borrower a $530,000 1st Trust Deed purchase loan with a purchase price of $816,000 or 65% LTV ratio.
The exit strategy will be to refinance with an SBA lender.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity and fund within a few weeks. At the same time, making it a smooth and hassle-free loan process.