Construction Lending in Oakland, CA (SFH -> Duplex+ADU)

[Pavan Gupta]

Hi!, I'm the happy owner of a single family home in Oakland, CA that may be ready for conversion into a multi-family home (Duplex+ADU) which requires a long list of things to come together, one of which is financing. The work that could take place with this project would add roughly 1200 sqft on top of the first floor as a second unit (the duplex) and another 1000 sqft as a detached, category 2 ADU. With a rough understanding of construction costs in the bay area, it seems like this project could cost as much as 700k and I'm trying to understand what the right method would be to make this dream a reality.

As of now, most of the banks I've contacted simply don't have a construction loan product, but perhaps I shouldn't be talking to BoA and Wells Fargo for this.

Any help would be greatly appreciated!

-P