We received a referral from a client looking to purchase an owner-occupied industrial building in Henderson, Nevada. The client had a timing problem and needed to close before the conventional lender could fund the loan request.
Given the reason for the loan was a timing issue and already had a take-out loan ready to fund, Fidelis was the perfect lender for such a bridge loan. However, we did not have the capacity to fund the loan at the time, so we quickly connected the borrower with a lender that could make the loan.
Fidelis Private Fund arranged a $975,000 bridge loan 1st Trust Deed with a local, private lender. 73% LTV.
The challenge was brokering the loan and arranging the loan with another lender in such a short amount of time. The exit strategy was immediately to refinance with a conventional lender that had already provided a loan commitment. (Fidelis was not the lender, we acted as the broker on the transaction)
The Fidelis Private Fund helped the borrower arrange a bridge loan to purchase a property in the time frame needed.
Our goal is complete customer satisfaction, and if the loan request doesn’t fit Fidelis Private Fund as a direct lender or we do not have the capacity to fund the loan, as was the case this time, we still help the client by assisting in whatever loan is needed. In this case, we tapped our other private lender database to arrange a bridge loan, accomplishing what the client needed.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.