Success Story
A repeat client was in escrow to purchase a single-family investment property and needed a lender that would perform fast and accommodate a loan modification later in the loan term when permits were obtained to add 10 rental units in the form of Additional Dwelling Units (ADU’s) to make it a 12 unit multi-family property.
Fidelis Private Fund participated in the loan 50/50 with a repeat lending partner (Enact Partners) providing the borrower a $644,000 1st Trust Deed purchase loan. The “as is” estimated market value or purchase price was $920,000 or a 70% LTV ratio.
Later on in the term of the loan, the exit strategy is to amend the note in the future to accommodate the funds to construct the ADU’s, thereby increasing the property value not to exceed 60% LTV with an ultimate source of repayment with the permanent loan refinance.
Value Added
The Fidelis Private Fund helped the borrower close quickly and with the certainty of accommodating the modification for the future ADU’s proposed. 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.