A repeat client, real estate investor, and entrepreneur wanted a loan to acquire an office/warehouse industrial property as an owner-user. However, the borrower needed a creative and flexible lender to utilize equity in his other real estate to obtain a higher leveraged loan on the subject acquisition.
Fidelis Private Fund provided the borrower an $875,000 1st Trust Deed purchase loan to acquire an office/warehouse industrial property at a purchase price of $969,000 and cross-collateralized the loan with two additional properties for a combined 64% LTV ratio.
The exit strategy is to sell one of the cross-collateralized properties, pay down the loan, and then refinance with a conventional loan.
The Fidelis Private Fund helped the borrower utilize equity in other properties to reduce the cash down payment for the acquisition of the subject property. At the same time, made it a smooth and hassle-free loan process.