An experienced real estate investor and general contractor was in escrow to purchase a mixed-use property comprised of two parcels with two retail vacant buildings and a single-family residence. The purchase price was $545,000.
Fidelis Private Fund arranged a $640,000 acquisition/rehab bridge loan (initial disbursement of $440,000 or 80% of cost) from a private lender to accommodate the purchase and provide additional funds for the complete remodel of the property. Upon completion of the remodel the value will exceed $950,000 or 67% LTV ratio.
The Fidelis Private Fund helped the borrower arrange a loan that was cross collateralized with two other properties that minimized the borrower’s initial cash investment while providing sufficient funds to remodel the property. The exit strategy is to remodel and achieve stabilized occupancy then refinance with a conventional lender.
Our goal is complete customer satisfaction, and if the loan request doesn’t fit Fidelis Private Fund as a direct lender, we will still help the client by assisting in whatever is needed. In this case, we tapped our extended lender resources to arrange a bridge loan from a private lender accomplishing what the client was looking for.
Another transaction where Fidelis Private Fund is helping our client achieve their financial goal.
Deal FPF 10022