An experienced real estate investor and repeat client needed a loan in a matter of days to purchase a “Fixer-Upper” single-family residential investment property in Chula Vista, CA.
The purchase price was $675,000. The borrower plans to remodel the property and add two Additional Dwelling Units (ADU’s) on the property, substantially increasing the value.
Fidelis Private Fund provided the borrower a $555,000 short-term 1st Trust Deed purchase loan commitment with an initial loan disbursement of $455,000 or 67% of the purchase price with a $100,000 holdback for improvements. A conservative value upon completion is around $850,000 or 65% LTV.
The exit strategy is to sell the property or refinance and keep it as a rental.
Fidelis Private Fund helped the borrower capitalize on a great investment opportunity in the time required by the borrower. Fidelis is here to help people take advantage of investment opportunities. At the same time, we make it a smooth and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.