A repeat client purchased a residential investment property all cash and subsequently needed to refinance cash-out loan to purchase another investment property. The borrower wanted a creative and flexible bridge lender to utilize the equity in his existing property to purchase another investment property and, at the same time, provide funds for remodeling the subject property.
Fidelis Private Fund provided the borrower a $700,000 1st Trust Deed refinance cashout loan with an initial disbursement of $500,000 and a $200,000 holdback for remodeling the property. The estimated market value after remodel is over $1,150,000 or 61% LTV ratio.
The exit strategy is to refinance with a conventional loan.
The Fidelis Private Fund helped the borrower utilize the equity in his existing property, so he did not have to sell it to acquire another investment property. At the same time, made it a smooth and hassle-free loan process.