Success Story
A client purchased two investment mixed-use properties for $650,000 with a seller carry-back note of $475,000. The properties were rented at below-market rents. The borrower needed a bridge lender to fund $200,000 in rehab costs to generate market rent.
Fidelis Action
Fidelis Private Fund provided the borrower a $200,000 short-term 2nd Trust Deed refinance loan secured by a two-story mixed-use commercial/residential property and a small multi-tenant office property along with four detached residential studio cottages. The market value upon remodel will be $1,440,000 or a combined LTV ratio of 47% using both the 1st and 2nd Trust Deeds.
The exit strategy is to refinance with a conventional lender.
Value Added
The Fidelis Private Fund helped the borrower with a refinance rehab loan creating substantial value in the property. At the same time, making it a smooth and hassle-free loan process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.