Success Story
A repeat client who is a general contractor owns a single-family investment property in Oceanside, CA, and needed a loan to remodel the existing improvements and add two additional rental units (ADUs) turning it into a three-unit property, substantially increasing the value.
Fidelis Private Fund provided the borrower with an $800,000 1st Trust Deed refinance loan with a holdback of $300,000 to complete the construction of the additional units, resulting in a conservative “at completion value” of $1,250,000 value or 64% LTV ratio.
The exit strategy is to refinance with a conventional lender.
Value Added
The Fidelis Private Fund helped the borrower refinance and quickly provide the funds needed to renovate and construct the additional two units, substantially increasing the value. 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.