A client referral wanted to expedite the construction loan process and needed a lender to accommodate an owner/builder in providing a loan to build a single-family residence in Chula Vista, CA.
Fidelis Private Fund provided the borrower a $715,000 1st Trust Deed construction loan to be disbursed through fund control on a % of completion basis. The appraised value of the subject as complete is $1,100,000 or 65% LTV ratio.
The exit strategy is to refinance with a conventional loan.
The Fidelis Private Fund helped the borrower by accommodating the loan as an owner/builder resulting in significant savings for the client. At the same time, making it a smooth and hassle-free loan process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.