A referral from an existing client needed a refinance cash-out bridge loan. The purpose was to recoup a portion of an all-cash purchase of a residential condo investment property with oceanfront views in La Jolla, CA.
The original purchase price was $1,490,000 in the prior month before the subject refinance.
Fidelis Private Fund provided the borrower a $750,000 1st Trust Deed refinance cash-out bridge loan or 50% LTV ratio.
The exit strategy is to refinance with a conventional loan.
The Fidelis Private Fund loan helped the borrower recoup cash equity from an all-cash purchase in preparation to be in a better position to refinance with a conventional loan.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.