A repeat client had the opportunity to receive a significant discount on the purchase of a single-family residence (SFR) investment property in the community of Hillcrest in San Diego, provided he could close the transaction fast. The discounted purchase price was $790,000.
Fidelis Private Fund closed a $590,000 short term 1st Trust Deed loan or 75% of the discounted purchase price and approximately 68% of the market value.
The exit strategy is to sell the property, along with two adjacent homes, already owned or by the borrower, as one assembled package for redevelopment into high-density residential housing.
The Fidelis Private Fund loan helped the borrower achieve immediate equity in the property. Also, by the purchase of the third of three adjacent parcels, there was considerable value created as a whole with significant profit potential for the borrower.
Another transaction where Fidelis Private Fund is helping our client achieve their financial goals.