Success Story
A repeat client needed a conventional long-term loan to refinance out of a $918,250 private money bridge loan funded by Fidelis as the direct lender on a single-family residence in La Jolla, CA. In the era of Covid-19, self-employed borrowers such as this client may find it challenging to find a lender that can accommodate self-employed borrowers with jumbo-sized loans.
In order to obtain favorable terms, Fidelis quickly connected the borrower with two conventional lenders to take advantage of conforming rates, which are loans at or below $701,250.
Fidelis Action
Fidelis Private Fund arranged the financing of a 1st trust deed loan in the amount of $701,250 (allowing for better terms than a jumbo-sized loan) and a 2nd trust deed HELOC for the remaining balance of $217,000, for 1st and 2nd trust deeds totaling $918,250. The combined loan-to-value was less than 65%. (Fidelis was not the take-out lender, we acted as the broker on the transaction on a loan that Fidelis funded)
Value Added
The Fidelis Private Fund helped the borrower arrange a term loan at the best terms possible.
We tapped our other conventional lender database to arrange for two conventional loans to pay off the original bridge loan Fidelis funded, accomplishing what the client needed.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.