A local San Diego client owns a residential lot free and clear in an upscale, residential neighborhood in Pasadena, CA. They have the opportunity to own a large single-family residence for free if they can move it off its foundation and onto the nearby residential lot they own.
The borrower needed a lender to provide a loan to cover the costs of moving the house and remodeling it after relocation. The lot value alone is $650,000, and once the home is moved and renovated, the subject property will be valued at over $2,000,000.
Fidelis Private Fund provided the borrower a $600,000 1st Trust Deed refinance/rehab loan with an estimated conservative market value upon completion of $2,000,000 or 30% LTV ratio.
The exit strategy will be to either sell or refinance as a rental.
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.