Success Story
A repeat client and experienced real estate developer requested a construction loan to refinance an existing acquisition loan of a single-family residence in San Diego that is being converted into two units with plans to build another 10 ADU’s for 12 multi-family units.
Fidelis Private Fund provided the borrower a $2,980,000 construction 1st Trust Deed loan commitment with an additional advance of $2,086,000 as a holdback to be disbursed on a % of completion basis through fund control for a 60% LTV ratio at completion and stabilized occupancy.
The client’s exit strategy is to sell the property.
The client’s exit strategy is to sell the property.
Value Added
The Fidelis Private Fund helped the borrower easily refinance the existing note for the construction of the additional units, creating substantial value for 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.