A client referral was in contract to purchase a former neighborhood fire station in Fallbrook, CA, below-market. The borrower plans to remodel the improvements into a residential care facility or group home, which is believed to be the highest and best use.
The buyer needed a lender that would perform and make it an easy process.
Fidelis Private Fund provided the borrower a $560,00,000 1st Trust Deed purchase loan with the borrower funding any improvement costs out of pocket. The purchase price was $800,000, however, an appraisal was completed with a market value of $1,235,000 or 45% LTV.
The exit strategy is to remodel and stabilize the property as a residential care facility then refinance with a conventional lender.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity. 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.