Success Story
A real estate investor faced the challenge of converting a duplex in the Pacific Beach Community of San Diego into a five-unit apartment building while simultaneously paying off some debt. The investor required flexible financing to cover construction costs, consolidate existing debt, and maximize the property’s income potential.
Fidelis Private Fund provided a $525,000 2nd Trust Deed construction loan secured by two properties. The primary property is a duplex undergoing conversion into five units, with the loan consolidating some debt and funding the construction of three additional units. An existing seven-unit apartment building served as additional collateral, strengthening the loan’s security. The combined loan-to-value (CLTV) ratio was a conservative 54%.
Value Added
Fidelis delivered a customized and timely financing solution, enabling the borrower to unlock the property’s potential and significantly increase rental income.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.