Success Story
A client owned a residential lot in Vista, CA, which was unusable due to its size and topography unless combined with the adjacent property. When the adjacent property, a single-family residence, went up for sale, the borrower needed a purchase loan within days to acquire it, along with additional funds for remodeling and sewer hookup. This acquisition, remodel, and future lot split would significantly increase the value of the property.
Fidelis Private Fund provided a $762,000 1st Trust Deed loan on the single-family residential investment property, with an initial disbursement of $652,000 and a $100,000 holdback for the remodel. The loan was cross-collateralized with three properties, resulting in a combined Loan-to-Value (LTV) ratio of 46%.
The client’s exit strategy is to sell the property once the lot split is completed.
Value Added
The Fidelis Private Fund helped the borrower quickly close on the purchase, 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.