A repeat client needed to close fast on purchasing a single-family investment property in the community of South Park just east of downtown San Diego. The property has the potential for increased density with the construction of some ADU’s in the rear of the property with alley access.
Fidelis Private Fund provided the borrower a $560,000 1st Trust Deed purchase loan at a $700,000 purchase price or 80% loan to cost. However, the market value “as is” was $780,00 or 72% LTV ratio. The property’s potential for added value with ADU’s will create additional future equity in the property.
The exit strategy is to refinance with a conventional loan.
The Fidelis Private Fund helped the borrower acquire a property with added value potential. At the same time, made it a smooth and hassle-free loan process