Success Story
An experienced real estate investor and current Fidelis client needed to close quickly on the purchase of an older, dilapidated residential investment property in the Sherman Heights neighborhood, near downtown San Diego, CA. This property, bought at a below-market price, was marketed as a single-family residence but was actually permitted as a triplex.
Fidelis Private Fund facilitated a $880,000 first trust deed purchase loan commitment. The initial disbursement was $580,000 with a $300,000 holdback for remodel costs. Upon completion of the improvements the estimated market value will be approximately $1,450,000 or a loan-to-value ratio of 60%.
The borrower plans to refinance the property upon completion.
Value Added
Fidelis helped the borrower purchase a below-market-priced investment property quickly, resulting in a smooth and hassle-free loan process.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.