A client referral needed to refinance an existing loan and take out additional funds to repair, remodel and add additional units by reconfiguring the 7,419 sf. industrial warehouse building located on a 10,555 sf. corner lot in San Diego.
Fidelis Private Fund provided the borrower an $800,000 1st Trust Deed bridge loan with an initial disbursement of $700,000 and a holdback of $100,000 to cover renovation costs. Once renovations are complete, the subject property is projected to be valued at $1,600,000 or 50% LTV.
The exit strategy is to refinance with a conventional loan.
The Fidelis Private Fund helped the borrower add significant value while increasing cash-flow. 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.