An experienced general contractor needed a construction loan, as an owner/builder, to build a residential duplex with an auxiliary unit for a total of three residential units in an excellent location in the community of South Park San Diego.
The subject property was originally part of a larger parcel that was split into three lots with the other two lots sold, leaving the one subject property owned free and clear.
An appraisal was completed with an at completion value of $1,008,000 or 59% LTV.
Fidelis Private Fund provided the borrower a $590,000 1st Trust Deed construction loan.
The exit strategy is for the loan to be paid off with a conventional loan upon completion.
The borrower created value in the splitting of the original parcel, leaving the subject lot owned free and clear. Fidelis was able to help the client finance the construction of the residential units as owner/builder, and at the same time, making it a smooth and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.