A client was in escrow to purchase five detached, single-family residences, bungalows in need of remodeling on one parcel in the South Park Community of San Diego. The purpose of the loan was to acquire the property, remodel the five cottages, raise the rents, and refinance with conventional financing.
The buyer needed a lender to perform on the purchase loan and accommodate the borrower later with additional funds to remodel the improvements for significant added value.
Fidelis Private Fund provided the borrower a $675,00,000 1st Trust Deed purchase loan. The “as is” appraised value was $1,375,000 or 49% LTV.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity with flexibility in modifying the loan for the remodel in the immediate future. At the same time, making it a smooth and hassle-free loan process.