Funding for 2 unit ADU project on RM1-1 San Diego city

[Sam K.]

Hi BP Community,

I have a RM1-1 zoned property in San Diego city. I know I'm allowed to construct to 2 ADU's on it. I want to do a ground up construction of 2 ADU's on top of each other. I have questions around financing.

I'm expecting a total hard and soft costs to be close 275K - 325K for this project. Trying to finance most of the cost. All will be permitted and all work will be done via licensed general contractor.

1. Given I have purchased the property 6 months ago, I do not expect HELOC and Cash-out Refinance to cover a significant amount
2. Renovation loan under Freddie and Fannie only allows construction of one ADU on the property and hence that is also not an option in my opinion.
3. So I need references of lenders in San Diego or California area who will provide construction to permanent loans for such a project.

Also open to other suggestions and options that I'm not thinking about. Thank you!