With the wildfires in California coupled with the shortage of housing, there is a need for construction of new homes. With that also comes the need for construction financing in California. Many banks are not making construction loans. We offer an alternative option with our California private hard money construction loans.
We can help finance ground up construction as well as construction completion projects. We have experience with fire damaged properties in need of rehab and/or tear down and new construction. We also have experience working with insurance providers and previous lenders, structuring transactions that can take out the existing lenders. This can help gain access to insurance funds they are holding. Once the lender is paid off, these can be released and set up into a new fund control that has enough funding to complete the project.
For our California private hard money construction loan products, we typically look at the completed value. Our loan amount is a percentage of this 'as complete' value. Funds are set up in a fund controlled account and released as work is done on the project. These funds can be released in arrears as work is completed, or we can often times structure a fund control that will release with draw advances, allowing work to be paid for with the fund control money. This structure can help leverage the funds available, as it reduces the amount of liquid cash that may be needed when work must be done prior to draw releases being made.
These hard money construction loans can typically be funded in a swift and uncomplicated manner. Typically speaking, our loans are for investment properties, spec homes, and other 'business purpose' transactions.
If you have been looking for a construction loan in California with no luck, give us a call today to discuss your scenario. We are available Monday - Friday 9-5 at 877 462 3422. You can also visit our California hard money construction loans page for additional details and ratios.
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