Ground up construction loan needed in San Diego CA

[Lafo Manane]

Hi all,

I recently acquired an 2BR / 1BT SFR in San Diego, on a 6,000 sqft lot. The plan is to convert the single car garage and split the house into a 1BR SDU and a 1BR ADU, then build a new 2 story structure of some 2,500 sqft in the back yard, with 4 studios and 4 1BR units, average size 300 sqft. Total 10 rentable doors on the lot. We're already working on the main house and are submitting the plans for the whole thing within 2-3 weeks. This project is taking advantage of city of San Diego's "unlimited affordable bonus ADUs" which is specific to San Diego, and which has been very popular since its introduction in 2021.

I'm a licensed California GC and have completed 8 construction projects on my own properties totaling $1.5m over the last few years. Most properties are still held as short term or furnished 30+ days corporate rentals.

I'm looking for a construction loan lender who can do one loan to cover 80%+ of construction costs (estimated at $500K and 9-12 months to complete), and then roll that into a 30 year fixed loan post construction. 

DM me if you can get this done. Corporate financials and project info available on request.

Thanks