Success Story
A seasoned real estate investor and repeat client needed construction financing to transform a single-family residence into a six-unit multi-family residential complex. This innovative development project will add significant value to the property and provide much-needed housing units in the San Diego market.
Fidelis provided a $1,840,000 loan to refinance an existing 1st Trust Deed and fund construction costs. The planned project includes renovating the existing home into a 3-bedroom, 2-bathroom unit, converting the garage into a 1-bedroom, 1-bathroom unit, and constructing two detached buildings with two 1-bedroom, 1-bathroom units each, totaling six units. The estimated total project cost is $2,300,000, with an anticipated after-repair value (ARV) of $3,000,000, reflecting a conservative 60% loan-to-value ratio at stabilization.
Exit Strategy
The borrower plans to sell or refinance the property
Value Added
Fidelis delivered a flexible and timely financing solution, empowering the borrower to advance this high-potential development. This project exemplifies Fidelis’ expertise in supporting creative, value-add real estate investments that contribute to market growth and investor success.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.