A repeat client needed a creative lender to do a construction loan to construct 3 apartment units built out of containers on a vacant lot in San Diego.
Fidelis Private Fund provided the borrower with a $775,000 1st Trust Deed refinance/construction loan, resulting in a conservative “at completion value” of $1,400,000 value or 55% LTV ratio.
The exit strategy is to refinance with a conventional lender upon completion and stabilized occupancy.
The Fidelis Private Fund helped the borrower by providing a construction loan on a new building concept including container type construction. 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.