An experienced general contractor and repeat client needed a construction loan to build two detached single-family investment properties in North County San Diego. The borrower had previously split a parcel with a single-family residence on it into three parcels leaving two vacant parcels to build two new homes.
The borrower wanted a lender that recognized the value creation in splitting the parcel leaving two lots owned free and clear, and accommodate the existing construction already started out of pocket by the borrower while making it a hassle-free loan process.
Fidelis Private Fund closed a $900,000 construction 1st Trust Deed loan or 72% LTC and a 62% LTV ratio. The exit strategy is for the borrower to sell or refinance.
The Fidelis Private Fund loan helped the borrower by providing a construction loan after the borrower had started grading and building the foundations and made the fund control and disbursement process as easy and hassle-free as possible.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.