The subject borrower came from an existing client referral. The investor needed a loan to purchase a “Fixer-Upper” single-family residential investment property in the excellent community of Kensington in San Diego, CA.
The purchase price was $892,500. The borrower plans to remodel the property and add one Additional Dwelling Unit (ADU) on the property, substantially increasing the value.
Fidelis Private Fund provided the borrower an $845,000 short-term 1st Trust Deed purchase loan commitment with an initial loan disbursement of $715,000 or 80% of the purchase price with a $130,000 holdback for improvements. The completed value upon completion based comparables is around $1,300,000 or 65% LTV.
The exit strategy is to sell the property or refinance and keep it as a rental.
The Fidelis Private Fund helped the borrower capitalize on a great investment opportunity in a timely manner. Fidelis is here to help people take advantage of investment opportunities. At the same time, we make it a smooth and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.