RECENTLY FUNDED TRANSACTION: Long Beach, CA
Loan Amount: $835,000
Loan to Value: 54.242%
Loan Purpose: Purchase
Property Type: Multifamily Residence
Opportunity: Borrower is very strong with a lot of experience especially with “value-add” properties like this one. The program offered two years of interest only which will help with the buyers’ cash flow while they work to get the property up to “speed” and rents up to market. The rents were well below market so we needed a program that would be aggressive with the underwriting to maximize loan dollars. In addition, to that we had a short timeframe to get the deal closed and were able to ultimately get it done in less than 35 days due to us doing a lot of the work upfront and everyone from processing to funding working together to get it done.
For more information call:
Derek Dietzen – (714) 908-5137
Fidelity Bancorp Funding is an Orange, California-based firm providing mortgage options to meet the long-term needs of clients of all ages and scenarios, including Realtors, homebuyers and investors. Founded in 2000, the firm is dedicated to superior standards and best practices, and recently surpassed $9 billion in funding provided nationwide. Fidelity Bancorp Funding specializes in assisting homebuyers or those in complex situations or who need alternative options such as bridge financing to help ensure that they get the deal they want.