A repeat client and general contractor needed a construction loan to build two, 2BR/2BA single-family residences with two car garages and a rooftop deck, both on the same block in the Ocean Beach community of San Diego.
The borrower purchased the two lots for approximately $460,000, and Fidelis Private Fund provided the borrower a $670,000 1st Trust Deed construction loan to build each single-family residence or total debt of $1,340,000. The market value after completion is estimated to be $1,450,000 for each unit ($2,900,000 total) or a 46% LTV ratio.
The exit strategy is to sell at completion.
The Fidelis Private Fund helped the borrower create substantial value by providing the funds to construct the residential housing units. At the same time, we made it a smooth and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.