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All California Lending can help with commercial loan requests of all types...
Hard Money Lending
We specialize in facilitating hard money loans in California. We can...
Are you searching for a hard money rehab loan for a fix and flip project?...
Construction and Construction Completion Loans
Construction and construction completion loans are two types of loans that many banks and institutions are not financing right now. We are able to help with both of these types of transactions and can assist in arranging the financing you need to get your project built.
Our construction completion loans are similar to our rehab loans. These are hard money construction loans, and include a builders control or fund control account for the cost to complete constructions. In addition, interest reserves (prepaid interest) are built into the loan so you typically will not have out of pocket payments due for a period of time.
Construction completion loans are based on the as complete value of the property. Typically speaking we can go to about 65% of the as complete value of your project and we are able to help finance the completion of most property types from single family homes and condos to apartment buildings, commercial properties and more.
For ground up construction loans our guidelines are similar, although they will differ depending the current stage of your project. If your project is shovel ready with permits in hand ready to go vertical we will have different options than if your project is raw land that still needs the horizontals done.
Typically speaking, on ground up construction our hard money loans will go to a maximum as complete value of 65% and a maximum of 80% of cost. The loan amount will be capped at the lesser of these two numbers. Funds will be held in a builders control account and will be disbursed on a draw schedule. Inspections will be required at various breakpoints to ensure the project is progressing properly. In addition, there will also be an interest reserve account set up, impounding a predetermined amount of interest so you will have no monthly payments due for a time.
For raw land or property with improvements most often times we will structure the loan in two stages - the first stage to get to the point where the project is shovel ready and the second stage to take the project to completion. With transactions of this nature each deal is different and it is best to simply give us a call to discuss how we can help.
If you are in need of construction financing for property located in California, please give us a call today. With a brief discussion upfront we will be able to give you a punch list of items we will need to move forward and discuss funding options we can provide.