A long-time borrower of Fidelis Private Fund needed financing to help finish the renovation of a 31-unit multi-family investment property he’s owned for years in the community of Mountain View in San Diego. The borrower has an excellent rate on the 1st Trust Deed loan, and it was in the borrower’s best interest to keep the loan in place.
The property consisted of three separate structures totaling 31 units, all needing repairs and upgrades.
Fidelis Private Fund provided the borrower a $550,000 short-term 2nd Trust Deed bridge loan. The subject 2nd Trust Deed loan was secured behind a $1,019,000 1st trust deed on a property conservatively worth over $4,500,000 once completed and stabilized using the combined debt resulting in a combined LTV ratio of 35%.
The exit strategy is to refinance the multi-family investment property once the renovations are completed and stabilized.
The Fidelis Private Fund helped the borrower reduce the financing costs by being creative and not requiring the low-cost debt to be paid off and provided a 2nd TD loan allowing the borrower to finish the renovations on his multi-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.