A repeat Fidelis client needed a bridge loan to close on the purchase of a single-family residence in La Jolla, CA. The borrower qualified for a permanent loan with a conventional lender, but the seller would not extend the escrow long enough to close with the traditional financing.
This required the borrower to find a bridge lender to finance the acquisition due to timing.
The purchase price was $1,225,000, with sales comps supporting $1.3M plus. The borrower put $306,250 cash down.
Fidelis Private Fund provided the borrower a $918,750 short-term 1st Trust Deed purchase loan or 75% of the purchase price.
The exit strategy is to refinance the loan within less than two months. Before financing the subject bridge loan, Fidelis preapproved the borrower with a conventional lender and is arranging the refinance of the subject bridge loan with a new permanent loan at an exceptionally low-interest rate.
The Fidelis Private Fund helped the borrower close on the purchase of a great investment property and avoided the risk of losing it due to timing. During times of uncertainty, there are always opportunities, and Fidelis is here to help people take advantage of those opportunities. At the same time, we are making it a smooth and hassle-free process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.