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Updated about 4 years ago,
Construction Loan Recommendations
My husband and I are under contract to purchase a property in Santa Barbara, California with seller financing and are looking to get a construction loan. We purchased the property with 23% down to seller, and are looking to build. Some important details include:
My husband is an architect and contractor, and will be doing the design and build.
Cost to build is $550k.
Current plan is to split the property into two pieces, build and sell one, then build and hold the second.
There is a run down existing structure on one piece of the property.
What are our financing options? Any recommended lenders in Southern California?