Success Story
A repeat client requested a modification and additional advance on a $670,250 acquisition loan Fidelis Private Fund previously provided for a single-family residence in San Diego, CA. Now that the client has received building permits to construct six additional dwelling units (ADUs) and convert the existing residence into two units, for a total of eight multi-family units. Fidelis agreed to modify the existing note and provide additional funds for construction for a new increased total loan commitment of $2,365,000.
Fidelis Private Fund provided the borrower a $2,365,000 construction 1st Trust Deed loan commitment with an additional advance of $1,694,750 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 involves refinancing this loan through a conventional lender.
Value Added
The Fidelis Private Fund helped the borrower easily modify 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.