A repeat client needed to close fast on purchasing a single-family investment property in San Diego. The property has the potential for increased density with the construction of multiple ADUs in the rear of the property.
Fidelis will come in later and modify the loan to provide for some construction costs once the borrower gets the building permits.
Fidelis Private Fund provided the borrower a $566,250 1st Trust Deed purchase loan at a $755,000 purchase price or 75% loan to cost. The underlying purchase price is not reflective of the inherent market value based on the borrower’s plans for future entitlement. The property’s potential for added value with ADUs will create additional future equity in the property.
The exit strategy is to refinance with a conventional loan after constructing additional rental units.
The Fidelis Private Fund helped the borrower acquire a property with added value potential. 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.