A referral from a repeat client was in escrow to purchase a stand-alone industrial warehouse/office building in an industrial park that would eventually be an owner-occupied, single-tenant property. The borrower wanted a lender that would perform and make it an easy loan process. The purchase price was $1,035,000 or 63% of the purchase price. The building was 100% leased at purchase and adequately services the debt, but ultimately the building will be owner-occupied by the borrower. An appraisal was completed and concluded a fee-simple market value of $950,000 or 68% LTV.
Fidelis Private Fund, provided a 1st Trust Deed, three-year loan of $650,000 or 68% LTV. The exit strategy is a refinance with a conventional lender once it is owner-occupied and stabilized. Fidelis Private Fund has the resources to assist the borrower with a conventional loan at a future date.
The Fidelis Private Fund loan helped the borrower close on the purchase per the agreement and made it an easy and hassle-free loan process.
Another transaction where Fidelis Private Fund is helping our client achieve their financial goal.