Spec Construction Loans in Los Angeles and throughout California
Construction Loans for speculation or “spec” are available to contractors, builders and developers who are seeking financing to build a home and plan on selling it immediately after completion. A spec construction project is typically built without a buyer in place. The borrower is speculating the future value and the end sale to turn a profit.
In today's economy, many seasoned spec builders can no longer receive financing from bank institutions with which they have formed successful relationships. This is usually due to the fact that the lender is either out of business or the lender's spec construction program has been discontinued.
With very few bank institutions and “private money” or “hard money” lenders financing spec construction loans, Vanguard Hard Money, located in Santa Barbara, California, a direct private-hard money lender is filling this need.
At Vanguard Hard Money, we understand each spec project has different financing needs; we don’t use a “one-size fits all” loan model. By being able to structure each deal according to its requirements, we are in a position to meet your spec construction loan needs.
Here’s what we can offer you:
- A business relationship offering the highest level of honesty and integrity.
- Financing of up to 75% of the future value of the property.
- A straight-forward loan approval process.
- Prompt loan pre-approval within about 48 hours of your completed loan request.
- No upfront fee assessment except for property appraisal and fund control review costs.
Here’s what we want from you:
- Borrowers who want financing between $100,000 and $1,500,000.
- A “Shovel-ready” construction project, which means the project already has local plan approval, completed feasibility studies, and approved grading and construction permits. Should your project not be in this position, don't be discouraged. Please call us because we may be able to come up with a game plan that meets your financing needs.
Additional SPEC Construction Loan Information:
Please call Vanguard Hard Money today for more information at 800-427-1441 or apply for a loan visit www.vanguardhardmoney.com.