A repeat client needed a bridge loan to purchase a single-family investment property in the Hillcrest Community of San Diego. It was the third of three properties the borrower purchased that were all contiguous to each other. The borrower assembled the three properties to be sold to a developer for a multi-family project.
Fidelis Private Fund provided the borrower a $770,00,000 short-term 1st Trust Deed purchase loan secured by a single-family residence at a 70% LTV ratio on the subject property. However, collectively the value of purchasing the third contiguous property created exceptional added value that did not show up in the subject LTV ratio due to the borrower now owning three adjacent parcels.
The exit strategy is the sale of the property.
The Fidelis Private Fund helped the borrower add value to his goal of assembling three contiguous lots for redevelopment into a higher and better use. 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.