Success Story
A repeat borrower needed financing to unlock value in a residential property located in Point Loma overlooking the bay and the City of San Diego. With a first mortgage already in place, the borrower requested funds in 2nd position to do a complete remodel and add more usable square feet.
Fidelis Private Fund provided a $750,000 2nd Trust Deed construction loan to support the remodel of a single-family residence. The plan includes upgrading the existing 2-bedroom, 1-bathroom layout and adding approximately 1,800 sq. ft., transforming the home into a 4-bedroom, 3-bathroom single-story property totaling nearly 2,800 sq. ft. The completed project is projected to have an after-repair value exceeding $3.5 million. With a combined loan-to-value (CLTV) capped at 60%, the financing remains well-secured and conservative.
Exit Strategy
The borrower intends to sell the property upon completion of construction, capturing the increased equity generated by the expansion.
Value Added
Fidelis provided flexible financing in a subordinate lien position, empowering the borrower to significantly enhance the value of the property. This transaction demonstrates Fidelis’ ability to creatively structure well-secured second-position loans that support experienced investors in executing value-add strategies.
Another transaction where Fidelis Private Fund is helping our clients achieve their financial goals.