An investor/owner-operator was purchasing a single-family residential investment property in Carlsbad, CA, to be used as a sober-living facility. The purchase price was $1,259,900, with the seller willing to execute a subordinated seller carry-back note allowing the purchaser to be put no cash down.
Fidelis Private Fund arranged a $695,000 bridge loan 1st Trust Deed with a local, private lender at 55% LTV on the 1st with the seller carrying back a note for the difference between the purchase price and the 1st Trust Deed loan. (Fidelis was not the lender, we acted as the broker on the transaction)
The challenge was finding a lender that could perform fast and allow such a large 2nd Trust Deed behind the 1st with the borrower coming in with no cash down.
The Fidelis Private Fund helped the borrower arrange a bridge loan where the borrower put no cash down on the property. The exit strategy is for the borrower to build-up cash reserves and pay down the loan and refinance with a conventional loan at a future date.
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 loan is needed. In this case, we tapped our other private lender database to arrange a bridge loan, accomplishing what the client required.
Another transaction where Fidelis Private Fund is helping our client achieve their financial goal.