Success Story
A borrower sought to unlock equity from a free-and-clear four-unit residential property in the Ocean Beach community of San Diego, within blocks of the beach, while completing renovations to improve unit condition and increase rental income. The need for both refinance proceeds and renovation capital made this transaction outside the scope of traditional lenders.
Fidelis Private Fund structured a $610,000 1st deed bridge loan to refinance the property and fund improvements, including an interest reserve during the renovation period. The loan was underwritten at a conservative after-repair value of $1,500,000, equating to approximately 41% LTV.
The borrower plans to refinance into long-term conventional financing upon completion of renovations and stabilization.
Value Added
Fidelis delivered a streamlined refinance and renovation facility on a low-leverage asset, enabling the borrower to reposition the property while maintaining strong collateral coverage. This transaction highlights Fidelis’ ability to provide efficient, flexible capital for value-add multifamily projects.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.