A repeat borrower needed a quick bridge loan to purchase a single-family investment property in Oceanside, CA, that needed to close in less than two weeks. The borrower wanted to use the equity in his properties in lieu of cash down in structuring the financing for the purchase.
The purchase price was $600,000. The borrower already had a buyer in contract to purchase the property for $675,000 once the loan was closed.
Fidelis Private Fund provided the borrower a $550,000 short-term 1st Trust Deed purchase loan secured by a 1st Trust Deed on the subject property as well as another single-family investment property owned free and clear. The combined LTV ratio was 47% with two 1st Trust Deeds.
The exit strategy is to sell the property to a buyer who went under contract to purchase the property before the initial escrow even closed.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity within a matter of days. 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.